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Showing posts with label Najib Tun Razak. Show all posts
Showing posts with label Najib Tun Razak. Show all posts

Sunday 24 February 2019

For the love of our troubled nation in full parade


Casting whining and whinging aside, it's time we pull our socks up, put our best foot forward, and show the world what Malaysia is all about.

IT’S time for Malaysia to change its narrative. For a start, our leaders must end the hyperbole of how the previous Barisan Nasional government stripped and looted the country’s wealth.

We generally know enough about the financial crime of the century, the hunt and arrests of those implicated in the cases.

Datuk Seri Najib Tun Razak and his wife, Datin Seri Rosmah Mansor, are facing a barrage of corruption and money laundering charges, and they are expected to spend the next five years in court.

The main character, the infamous Jho Low, and his family, are on the run, and it’s a given fact that the long arm of the law will eventually reach them.

A corrupt government has collapsed, and it’s now coming to a year since the new federal leaders took charge.

Malaysia can’t continue telling the world how we’re a troubled country with a deep financial hole, and neither should we keep contradicting our stand.

We can’t be saying we’re near bankrupt one day, and the next, concede that our economy is in good shape.

The Pakatan Harapan government marks its first year at office in May. So, its ministers can’t still be whining about inherited problems of a 60-year-old government forever.

Many of the current leaders, including the Prime Minister, were part of the system, and in the case of Tun Dr Mahathir Mohamad, he was at the helm for 22 years, lest we forget.

Admittedly, an eye-watering amount of money has been pilfered, so, the government needs to retrieve what’s stolen.

Ironically, PH was elected to fix these problems.

Malaysia can’t seem like an attractive business proposition with our troubled nation in full parade, especially when investors have many countries to choose from.

The country’s economy for the next two years will be turbulent, but forming the Economic Action Council is a good start to indicate that we intend to tackle the issues together, with public and private participation.

The Prime Minister has made the right move, but the EAC must run fast to come up with confidence-building measures.

Against the backdrop of a challenging environment for global equity markets and a US-China trade war, Malaysia has continued to tread on a steady economic path. It’s slower than we want to, but at least a recession isn’t looming.

Finance Minister Lim Guan Eng must continue his positive tones, as he has finally been doing, to renew confidence both locally and internationally.

The idea of revenue through taxation should be canned, but grumblings among the small base of individual taxpayers is ringing out loud.

It’s unfair to keep scrapping for crumbs from these taxpayers. A more progressive tax regime should be in place. Give it a name if necessary, but importantly, a firmer consumption tax is required because it will be fairer. It’s simple, if you don’t spend, you don’t pay.

In a way, it needs to be balanced out since individuals can’t be paying both income tax and consumption tax.

Lim has taken the right direction to keep selling the messages of how Malaysia has introduced policies and measures to invigorate the capital market.

“Our stock market has remained resilient in comparison with our peers in Singapore, Thailand, Hong Kong and China.

“Amidst large capital outflows among emerging markets and Asean countries this year, the FBM KLCI benchmark index registered a year-to-date decline of 5.8% as at end-November, compared with other Asian markets that have experienced declines ranging from 9.1% to 22.7%.

“And, we are the second-best performing stock market in the Asia Pacific region,” he said recently.

There is other good news which we’ve yet to shout out loud enough for, like Malaysia currently ranking 15 from 190 economies in its facilitation of commerce, according to the latest World Bank annual ratings.

Malaysia’s ranking improved to 15 in 2018 from 24 in 2017. Ease of Doing Business in Malaysia averaged 18.18 from 2008 until 2018, reaching an all-time high of 24 in 2017 and a record low of 6 in 2013, it was reported.

Although we may have lost crucial time, we still have a year to make Malaysia look good because two major events take place next year.

Highlights for 2020 include Malaysia celebrating Visit Malaysia Year, and hosting the Asia Pacific Economic Cooperation (Apec) leaders’ summit, some 22 years after doing so for the first time.

Let’s do it right and make Malaysia proud. It’s not just an occasion befitting Dr Mahathir, but all Malaysians as stakeholders.

The government’s proverbial tale of empty pockets isn’t an excuse anymore. It just doesn’t work that way. If we need to spend, we need to find the money, because we expect a return on investments.

We need to finance-telling a good story internationally, it’s that simple.

However, the lack of momentum to galvanise the nation hasn’t been motivational.

The world doesn’t want to keep hearing our negative stories and neither do Malaysians.

Tell the world we have fixed it and now we’re on the road again.

Come May, and it’ll be crunch time for underachieving ministers.

Everyone invariably tries their best, but those who are unfit just shouldn’t get the nod. After all, the last thing PH needs is painting a picture of a failed administration, but the coalition should be wary of many Malaysians believing the Barisan government fared better.

It’s unfair how some ministers are passing the buck to the PM because they lack the confidence to decide or are just indecisive because the responsibilities of their portfolios exceed their ability.

Visitors to Dr Mahathir’s office have noticed the growing mountain of uncleared documents, which is surely too much a task for anyone, what more a 93-year-old man.

We need to take advantage of the new Malaysia to construct a fresh national narrative which emphasises Malaysia and Malaysians.

There is a need to build national pride over the coming years, one which makes trust and integrity its main framework.

A shared vision beyond 2020 is crucial. Also, to bring Malaysians together and not let race and religion hijack the national discourse.

The question now is, do our leaders have the gumption for this, or will they just let New Malaysia be another piped dream?

By the time world leaders take the stage in KL, Malaysia should be ready to display a new sense of direction, purpose and plan.

Wong Chun WaiWong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now editorial and corporate affairs adviser to the group, after having served as group managing director/chief executive officer.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

chunwai@thestar.com.my https://twitter.com/chunwai09 http://www.wongchunwai.com/

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Ex-PM Najib, his treasury sec-gen Irwan & spy boss Hasanah charged with CBT RM6.63bil

Wednesday 24 October 2018

Ex-PM Najib, his treasury sec-gen Irwan & spy boss Hasanah charged with CBT RM6.63bil

https://youtu.be/ybg_Hkxw-yc
Keys officials: Hasanah (left) and Irwan


https://youtu.be/K3jgWOpmKpc

https://youtu.be/W1IPMaJ9KEQ

Ex-PM and Irwan slapped with six counts of CBT



KUALA LUMPUR: Former prime minister Datuk Seri Najib Tun Razak has been brought to court several times but yesterday, he shared a dock at the Sessions Court with former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.

The two were jointly charged with six counts of criminal breach of trust (CBT) involving funds totalling RM6.636bil that belongs to the government.

Najib, 65, was the first accused while Dr Mohd Irwan, 61, was named as the second accused.

According to the first two charge sheets, the two men were entrusted with dominion over RM1.2bil and RM655mil respectively, and committed CBT in respect of those sums.

The third charge alleges that Najib and Dr Mohd Irwan committed CBT relating to RM220mil in the government’s Federal Consolidated Fund. The amount was allocated for administration expenses for the Kuala Lumpur International Airport.

The RM1.3bil at the centre of the fourth charge was in the same fund and classified as an allocation for subsidy and cash aids.

The fifth and sixth charges were for allegedly committing CBT in respect of 1.95 billion yuan (RM1.261bil) and RM2bil.

All the offences were allegedly committed at the Finance Ministry office in Putrajaya between Dec 21, 2016, and Dec 18, 2017.

The charges were framed under Section 409 of the Penal Code and each carries a jail term of between two and 20 years with whipping, if convicted.

Offenders are also liable to fines. Section 409 covers CBT by public servants and agents.

Najib and Dr Mohd Irwan pleaded not guilty, with both replying “Minta bicara (I claim trial)” after each charge was read out by the court interpreter.

Former Federal Court judge Datuk Seri Gopal Sri Ram, who was appointed by the Attorney General’s Chambers to lead the prosecution, suggested bail at RM3mil each.

Najib’s lead counsel Tan Sri Dr Muhammad Shafee Abdullah objected, saying that his client had already paid RM4.5mil bail accumulatively for his previous 32 charges, an amount which could be “highest in the history of Malaysia”.

“A bail’s only criterion is to ensure his attendance and nothing else. It cannot be punitive. It cannot be oppressive,” he said, adding that his client’s accounts and assets had also been frozen.

Dr Muhammad Shafee asked the court to make an order for Najib to utilise the RM4.5mil bail for his current case.

Datuk K. Kumaraendran, who represented Dr Mohd Irwan, said the prosecution itself did not object to bail, which showed that his client was not a flight risk, and suggested bail of RM500,000 for his client.

Sri Ram replied that the court should not allow the first accused to utilise his RM4.5mil bail for the case as the charges were new.

“The sum we asked for is not fixed on the totality of the sum involved,” he said.

Sri Ram added that the second accused was paid “excessively” during his tenure as the Treasury secretary-general.

“This is not a tale of a good Samaritan. He is the trustee of the highest order of money in this country. He stands before you accused of breaching that trust.

“Any other sum would not reflect the justice of the case,” Sri Ram said.

Sessions Court judge Azman Ahmad allowed bail at RM1mil in two sureties for each of the accused.

He also ordered Dr Mohd Irwan to surrender his passport. Najib had surrendered both his civilian and diplomatic passports in his earlier court case.

The court also allowed for the accused to pay RM500,000 yesterday and to pay the balance in 10 days. Both accused paid the bail.

The case is set for mention on Nov 29. - The Star by nurbaiti hamdanroyce tan


Ex-spy chief Hasanah claims trial to US$12mil CBT




KUALA LUMPUR: Former spy chief Datuk Hasanah Ab Hamid has been charged with criminal breach of trust (CBT) involving US$12.1mil (RM50.3mil) belonging to the government at the Sessions Court here.

The former Malaysian External Intelligence Organisation (MEIO) director-general claimed trial before Judge Azman Ahmad on Thursday (Oct 25).

Hasanah, 61, who was charged in her capacity as a director-general of a research division, was accused of committing CBT in the Prime Minister's Department in Putrajaya between April 30 and May 9 this year.

The charge was made under Section 409 of the Penal Code, which provides a maximum 20 years' jail and whipping, as well as a fine upon conviction.

Lead Prosecutor Datuk Seri Gopal Sri Ram asked for a RM1mil bail.

Hasanah's counsel Shaharudin Ali, however, asked for the sum to be set at RM300,000.

Judge Azman Ahmad later set bail at RM500,000 in two sureties pending mention on Nov 29. - The Star by maizatul nazlinaroyce tan

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(Updated) Najib, Irwan claim trial to 6 charges of CBT | New Straits Times ...

 

Najib to face RM6bil CBT charge - Nation


PUTRAJAYA: Datuk Seri Najib Tun Razak and a former key official of his government will be jointly charged with criminal breach of trust, said to involve more than RM6bil.

The former prime minister and former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah are expected to face six counts of allegedly committing CBT – all involving 1MDB.

The two are to be charged in the Kuala Lumpur Sessions Court over 1MDB’s dealings with Abu Dhabi’s wealth fund International Petro-leum Investment Company (IPIC).

Separately, another top official from the previous administration will also be charged in court.

Former spy agency chief Datuk Hasanah Abdul Hamid will also be charged with committing criminal breach of trust.

The Malaysian Anti-Corruption Commission said it had received the go-ahead from the Attorney General’s Chambers to charge Najib, Dr Mohd Irwan and Hasanah with committing criminal breach of trust involving the government’s money.

With Dr Mohd Irwan being hauled to court, it will be the first time a former civil servant is being charged in connection with the sovereign wealth fund scandal.

As for Najib, the number of charges against him is now close to 40. He is already slapped with a total of 32 charges today involving corruption, criminal breach of trust and money laundering.

Sources with knowledge of the case confirmed the number of charges and that the amount of money involved in the 1MDB-IPIC scandal “runs into billions”.

Yesterday, both Najib and Dr Mohd Irwan were summoned by investigators. Both came separately at 1.55pm and 3.25pm respectively.

At 5pm, Najib left the Malaysian Anti-Corruption Commission headquarters despite earlier speculation that he would be held overnight.

On the previous occasions, prosecutors had held the former prime minister and brought him to court the next day.

While Najib was released after giving his statement, MACC confirmed that Dr Mohd Irwan was arrested at 3.35pm and was being held overnight. Dr Mohd Irwan had made several trips to the MACC regarding the 1MDB-IPIC case, the last being on Aug 10.

Graft investigators had probed both Najib and Dr Mohd Irwan on 1MDB’s dealings over settlement payment of US$1.2bil (RM5.04bil) made to IPIC in 2017.

As for Hasanah, the former director-general of Malaysian External Intelligence Organisation is being charged with criminal breach of trust involving money belonging to the government.

She is being held answerable to committing one count of criminal breach of trust by misappropriating funds worth US$12mil said to be meant for the 14th General Election.

Despite earlier talk that Hasanah would also be held, sources said she was asked to present herself in court today instead.

Hasanah was among nine people who were remanded in September over the misappropriation of the fund. - The Star by mazwin nik anis and joseph kaos jr

Spotlight on Najib’s key officials


PUTRAJAYA: Datuk Seri Najib Tun Razak is to be hauled to court for a third time to face extra charges, but the spotlight will be on former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah and ex-spy boss Datuk Hasanah Abdul Hamid.

The two former top civil servants are expected to face a multitude of charges brought against them by the Malaysian Anti-Corruption Commission (MACC).

All three will have to present themselves today at the MACC headquarters here where they will be held overnight before being taken to the Jalan Duta Courts Complex in the morning.

While it will be the third date in court for the former prime minister, the fresh development involves Irwan and Hasanah, two key officials of Najib.

Irwan is expected face charges in connection with the 1MDB scandal while Hasanah, who headed the Malaysian External Intelligence Organisation (MEIO), is expected to be charged for alleged misappropriation of funds worth US$12mil (RM49mil).

Sources said Najib and Irwan will be charged in connection with 1MDB’s dealings with Abu Dhabi’s wealth fund, International Petroleum Investment Company (IPIC).

However, it could not be confirmed if Najib – who is expected to be slapped with six more charges – and Irwan will be jointly or separately charged.

Najib is already facing 32 charges of criminal breach of trust, corruption and money laundering.

Najib will first face the Public Accounts Committee (PAC) in Parliament this morning before heading to the MACC headquarters in the afternoon.

Sources familiar with the investigation said a statement would be recorded from Najib today. While they did not reveal the amount of the misappropriation involved in the six more charges expected to be slapped against him, one can expect the total to run into billions of ringgit.

“It is a lot of money involved here,” said an MACC source without elaborating.

Last week, Najib was called up twice by MACC to explain the payment of over US$1.2bil (RM5.04bil) made to IPIC by 1MDB in a settlement over a US$6.5bil (RM27.3bil) claim made by IPIC.

The settlement was triggered by 1MDB’s default on a bond payment due in 2016, which was guaranteed by IPIC in 2012 for the acquisition of two power plants. It is understood that Najib, who was chairman of the 1MDB advisory board, would be held liable for his role in the debt settlement.

It is, however, not known how many charges Irwan and Hasanah, both aged 61, will be facing. Irwan had been called up by investigators several times to be queried on the debt settlement between 1MDB and the Abu Dhabi wealth fund. His last session was on Aug 10.

Irwan had even lodged a report with MACC over the controversy involving the “missing” RM18mil in Goods and Services Tax (GST) refunds to determine if there were grounds for an investigation.

He later claimed that the allegation by the Pakatan Harapan government was baseless and that he lodged the report to enable the anti-graft body to investigate.

Finance Minister Lim Guan Eng had claimed in Parliament that the Barisan Nasional administration had stolen a total of RM18bil in GST refunds.

As for Hasanah, prosecutors are expected to bring several charges against her, mostly with committing criminal breach of trust.

She was among nine persons who were arrested in connection with misappropriating funds meant for the 14th General Election.

Hasanah, seven other former MEIO officers and a businessman were arrested in late August.

MACC deputy chief commissioner (operations) Datuk Seri Azam Baki was reported to have said that US$12mil (RM50.4mil) of government funds were allegedly misappropriated.

The cash was believed to have been brought in via air, possibly through the Kuala Lumpur International Airport.

Highly-placed sources in the anti-graft body had said that this needed to be looked into as it would be difficult to carry such a staggering amount of money undetected.

Malaysian law requires those bringing in US$10,000 (RM41,000) and above into the country to have it declared at the point of entry.

Investigators found out that the money was brought into the country in May.

Investigators also do not discount the possibility of the funds coming from 1MDB.

The MACC has already called several witnesses, including three foreigners, and at least 20 more witnesses will be tracked down to assist in the investigation, a source said.

MEIO was listed as the “research division” of the Prime Minister’s Department under the Barisan administration.

Hasanah had courted controversy after writing to US Central Intelligence Agency director Gina Haspel, appealing to the United States administration to support Najib.- The Star by mazwin nik anis


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US$3.5bil is the focale of 1MDB-IPIC dispute - Nation



Rosmah and sons to be questioned by police tomorrow - Nation 




Friday 22 June 2018

Najib is guilty of incompetence, he says: board to be blamed for 1MDB debacle, not me, I don't know !

https://youtu.be/6-Pv5Q-1wi8

Dr M: Najib always assumes people are stupid 

https://youtu.be/OG1MWiWIIKg
https://youtu.be/EF-cZlU2-e0

‘Najib assumes M’sians are stupid’

Every bit of money that was borrowed by 1MDB had Najib's signature, says PM


It is impossible for Datuk Seri Najib Tun Razak not to know of transactions related to 1MDB when his signature was on the documents, says Tun Dr Mahathir Mohamad.

The Prime Minister said he could not believe his predecessor’s claim that he knew nothing about money from the state fund ending up in his personal account.

“Who wants to believe him (that he didn’t know), when he signed (his name)?

“Every bit of money that goes in and out of the first borrowing of RM42bil, all (had) his signature,” said Dr Mahathir.

The amount refers to the total debt accumulated by 1MDB, a fund which was, in fact, founded by Najib in 2009.

“If he doesn’t know, it must be that he doesn’t understand what a signature means,” Dr Mahathir was quoted as saying in an interview with the Malay Mail yesterday.

Dr Mahathir described as “ludicrous” for someone to direct RM2bil to be transferred into his account, while refusing to be informed of the transaction.

“This cannot be. Because I have to sign to use the money.

“To use the money, I have to issue cheques. Najib always assumes that people are stupid,” Dr Mahathir added.

It was previously reported that about US$700mil (RM2bil) was allegedly misappropriated from 1MDB into Najib’s personal account.

In a Reuters report on Wednesday, Najib blamed his advisers and the 1MDB board for keeping the alleged embezzlement information from him.

He said he did not know if hundreds of millions of dollars that moved through his personal account was from 1MDB, and if money from the fund was eventually laundered to acquire assets globally, including yachts, paintings, gems and prime real estate.

To this, Dr Mahathir said the Government had all the information on Najib’s alleged involvement in moving the 1MDB money, and that it knew how much money had gone into Najib’s account.

On Wednesday, the Prime Minister disclosed that the authorities had “an almost perfect case” against Najib for embezzlement, misappropriation of funds and bribery.

1MDB had fallen RM42bil in debt since its inception in 2009, and Dr Mahathir had been at the forefront raising questions on it over the past three years. -The Star

Najib: If I was informed about the troubles the fund was in, I would have acted


He does, though, have explanations for the vast sums of cash, luxury handbags and jewellery recently seized from his homes by the Malaysian authorities.

Speaking to Reuters in his first sit-down interview since his shock May 9 election defeat, Najib said his advisors and the management and board of 1Malaysia Development Berhad (1MDB), had wrongly kept the alleged embezzlement of funds a secret from him.

Newly-elected Prime Minister Tun Dr Mahathir Mohamad told Reuters on Tuesday that the authorities have “an almost perfect case” against Najib on charges of embezzlement, misappropriation and bribery linked to 1MDB.

Najib, in some of his most extensive comments yet on the 1MDB scandal, said he did not know if hundreds of millions of dollars that moved through his personal account was from 1MDB, and if money from the fund was eventually laundered to acquire assets globally, including yachts, paintings, gems and prime real estate.

“I’m not party to the yacht, the paintings...I’ve never seen those paintings whatsoever,” said Najib.

“I was not aware of these purchases. This was done without my knowledge. I would never authorise 1MDB funds to be used for any of these items. I’ve been in government so long, I know what’s right and what’s wrong,” Najib said in the interview held at a luxurious sea-facing private villa in a five-star hotel on Pulau Langkawi.

He blamed 1MDB’s board, saying it was incumbent upon them to tell him if something was wrong.

Relaxing in a black T-shirt and brown pants, Najib said he was enjoying golf, food, and time with his family.

The family booked the villa to celebrate Hari Raya holidays together. Najib’s children, including stepson Riza Aziz, a Hollywood film producer, were with him for the week, his aides told Reuters.

Malaysian investigators looking into 1MDB say they believe that Najib and his wife Datin Seri Rosmah Mansor have amassed vast amounts of wealth and property using funds from the state fund.

Rosmah briefly appeared at the interview but Najib said she would not take questions.

Nearly 300 boxes of designer handbags and dozens of bags filled with cash and jewellery were among the items taken away by police in raids at properties linked to Najib’s family.

Items included Birkin handbags from the luxury goods maker Hermes, each worth up to hundreds of thousands of dollars.

Najib said the public seizure of handbags and other luxury items created a negative perception but most were gifts given to his wife and daughter and had nothing to do with 1MDB.

“Yes these were gifts, particularly with my daughter’s they were tagged, they were actually labelled: when, by whom,” adding that a lot of them were wedding presents.

Najib said his son-in-law Daniyar Nazarbayev, the nephew of Kazakstan president Nursultan Nazarbayev, also gifted many of the handbags to Rosmah.

“People might find it hard to understand, but my son-in-law for example, he gets Birkin from his source, five or six at one go,” he said.

“His family has got some means, so it has nothing to do with 1MDB if it comes from Kazakhstan.”

US prosecutors have alleged that more than US$4.5bil (RM18.02bil) of 1MDB funds were laundered through a complex web of transactions and shell companies. The US Department of Justice (DoJ) has filed several lawsuits to claim about US$1.7bil (RM6.8bil) in assets believed to have been stolen from 1MDB.

Some of the assets sought include a Picasso painting, luxury real estate in South California and New York, shares in a Hollywood production company and a US$265mil (RM1.06bil) yacht, and more than US$200mil (RM800.9mil) worth of jewellery – including a 22-carat pink diamond pendant and necklace.

Najib said this jewellery set was also meant to be a gift for his wife but she never received it.

“And until today we do not know...she says the item is not in her possession,” Najib said.

In the interview, Najib for the first time also spoke at length about Low Taek Jho, a Malaysian financier better known as Jho Low.

US and Malaysian investigators have named Low as a key figure who benefited from 1MDB funds.

Najib said he felt that Low’s connections in the Middle East, particularly with Saudi Arabia and the United Arab Emirates, could be helpful in pulling in more investment to Malaysia from those places.

But he said he had never instructed Low to get involved in 1MDB, and had no control over what he did.

“I didn’t give him instructions, but he volunteered to do certain things, which he thought would help 1MDB. But whatever he did ultimately is the responsibility of the management and board.”

Malaysia is seeking to arrest Low, believed to be residing abroad, for his involvement in the 1MDB scandal.

He described Low and Najib’s stepson Riza as friends but said he was not aware of any dealings involving 1MDB funds in Riza’s Hollywood production company, which produced The Wolf of Wall Street among other movies.

When asked if he was still in touch with Low, Najib said:

“We have cut off communication again. I don’t know where he is.”

Low’s lawyer did not immediately respond to a request for comment.

Najib has consistently denied any wrongdoing in 1MDB. He has said US$681mil (RM2.72bil) transferred into his personal bank account was a donation from Saudi Arabia, and not as US lawsuits have alleged misappropriated funds from 1MDB.

Najib said he had been given assurances from the late Saudi King Abdullah bin Abdulaziz Al Saud that Saudi Arabia would be sending a donation.

“All I knew, I accepted at face value that this is coming from the Saudis, from King Abdullah at his behest, at his instruction,” Najib said. – Reuters

Najib: I did not benefit from 1MDB in any way 

 
His say: ‘If anyone is found to be on the wrong side of the law, let the legal process take its course.’


LANGKAWI: Former prime minister Datuk Seri Najib Tun Razak has denied that he benefitted from 1MDB, adding that he believed that the sovereign fund had been created to do “something good for the country”.

“If I knew there was going to be misappropriation of funds, if that was my knowledge, I would have acted,” he said.

To a question if he blamed the 1MDB board for the fund’s troubles, he said:

“No. I am saying as a general principle, if they are in the know that something is not right, then it is incumbent upon them to tell me. It is the fiduciary duty of the board and the management to do the right thing. I expect them to do the right thing and to follow the law.”

He also said that they had no control over what Jho Low – who has been named the main suspect in the 1MDB investigation – did, adding that he could not pass judgment.

“But there are certain things which he may or may not have done. But I am right to say that investigations should proceed and if anyone is found to be on the wrong side of the law, let the legal process take its course.

“No, he was not working on my behalf. All those items he never invoked my name but he did say he was acting for someone else,” he said.

Asked who Low was acting for, Najib said: “You have to ask him that.”

He also said that he had not talked much about the 1MDB allegations because all these things happened out of Malaysia and that there were some “international ramifications” if he were to name certain prominent individuals who might affect the country’s diplomatic relations.

“I would also like to place on record that (his step-son) Riza has done very well – the movies, the box office sales has reached beyond RM3.2bil. So, it is not abusing concern. It is a profitable concern. But source of funding is subject to investigation. I think we will leave it at that.”

On RM2.6bil that was moved into his personal account in 2013, he said with the general election coming then, he had not wanted to get funding from companies as they would expect something in return eventually.

“If I have a source of funding, I could fund the elections and I could also do a lot CSR (corporate social responsibility) work without being obligated to anyone. That was my real intention you see. And I assumed everything was fine,” he said, maintaining that the RM114mil ringgit allegedly seized during investigation into 1MDB to be “genuine donations because the raid happened just two days after the 14th General Election. As president of the party, I had to prepare for the elections, and elections are very expensive affairs.

“Because donations are made in cash in election times. You don’t send cheques during election times, because people want cash. That is when monies are disbursed accordingly.”

On Barisan Nasional’s defeat in the elections, Najib said he saw part of it coming but that he did not expect it to be this catastrophic, blaming it on Opposition’s allegations that changed public opinion.

On the reopening of the Altantuya Shaaribuu murder case, he said the case had already been dealt with and denied that there was any evidence that he had ever met her.

“There are no records, no pictures or witness to say that I even knew her. It was subject to a proper trial and my name didn’t come up during the trial whatsoever.

“I’m on record to have sworn in a mosque in the name of Allah that I had nothing to do with the case.” - The Star

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Saturday 13 January 2018

Pakatan taking a step backwards’


PETALING JAYA: Pakatan Harap­an’s choice of Tun Dr Mahathir Mohamad as its candidate for prime minister is a step backwards for the Opposition grouping, said Institute of Strategic and Inter­national Studies Malaysia Senior Fellow Sholto Byrnes.

In an opinion piece yesterday in The National, a newspaper published in Abu Dhabi, United Arab Emirates, Byrnes wrote that Pakatan’s choice of Dr Mahathir showed it did not have confidence in its own leaders.

He said it also reflected badly on Opposition supporters who were strongly against the Government, which Dr Mahathir led for 22 years.

“The notion that this represents change, let alone fresh blood, is laughable and reflects very poorly on the Opposition’s confidence not only in its younger cadres, but also in those who have always opposed the Barisan Nasional governing coalition,” said Byrnes.

He said many Opposition supporters and leaders were imprisoned by Dr Mahathir, who is currently Pakatan Harapan chairman, for no good reason other than that their vehement opposition inconvenienced him.

“They are entitled to feel bitter at having to kowtow to their former jailer,” he added.

Byrnes noted that Dr Mahathir, who is now 92, would become the world’s oldest leader if elected in the event that Pakatan Harapan wrests power from Barisan.

This, he said, would open Malay­sia to international ridicule.

“Any who doubt that should imagine the incredulous laughter if either George H.W. Bush, aged 93, or Valery Giscard d’Estaing, a sprightly 91, were to seek to return to the presidencies of the United States and France respectively,” he said.

Commenting on Dr Mahathir’s Dec 30 apology for his past mistakes when he was prime minister, Byrnes pointed out that the former leader said sorry for nothing specific.

Dr Mahathir later suggested that it was Malay custom to apologise for possible past mistakes.

“Whatever charges might be laid against him over possible wrongdoing during the course of his premiership – and Opposition activists have in the past called for him to be put on trial for them – he is essentially unrepentant,” Byrnes wrote.

He said Dr Mahathir would never have switched to the Opposition if Datuk Seri Najib Tun Razak had been prepared to act as Dr Mahathir’s tame supplicant and do everything his former boss wanted.

“For ever since he stood down from the premiership, Dr Mahathir has not been able to let go,” he said.

Recognising that it was Chinese faces who had the track record and visibility in the Opposition after Datuk Seri Anwar Ibrahim’s jailing, Byrnes said Pakatan was trying to hide them behind a facade of Malay politicians to win the crucial votes of the majority Malays.

“There are decent people in the Opposition, whom I have come to know personally. But this new top ticket drives a coach and horses through the Opposition’s old principles and thus through whatever moral authority it had,” he said.

Choosing a nonagenerian former PM to head Malaysia's opposition is a regressive move

- REUTERS/Lai Seng Sin/File Photo

THE announcement last weekend that Malaysia's opposition coalition, Pakatan Harapan (PH), had chosen Tun Dr Mahathir Mohamad as its candidate for prime minister made international headlines for two reasons. Firstly, Dr Mahathir has been the country's head of government before, for a record-breaking 22 years from 1981 to 2003, during which (and afterwards) his governing style was described as "authoritarian". With trademark sarcasm, the good doctor now one-ups that by conceding that in office he was nothing less than a "dictator". He is not renowned as an advocate for reformist democracy, which is what PH claims to stand for.

Secondly, he is now 92, which would make him the world's oldest leader if elected. Opposition columnists have ludicrously compared Malaysia, much praised by the World Bank, the IMF and other international bodies for its current government's reforms, prudent economic stewardship and excellent growth, with Zimbabwe. In fact, it is the latter's former president Robert Mugabe, a 93-year-old gerontocrat deposed ignominiously last year, who was so close to Dr Mahathir that the BBC's John Simpson once paid him the backhanded compliment of calling him "a kind of successful, Asian Robert Mugabe."

Malaysia's opposition is now effectively helmed by two leaders from 20 years ago: Dr Mahathir and Datuk Seri Anwar Ibrahim, the deputy he sacked in 1998 and humiliated after the latter was charged and then jailed for sodomy and corruption. Anwar is currently in prison on a second sodomy charge. His wife, Datuk Seri Dr Wan Azizah Wan Ismail, is nominally PH's candidate for deputy prime minister but should the opposition win, its plan is for Anwar to be given a royal pardon, enter parliament via a by-election and then take over from his former nemesis as prime minister.

The notion that this represents change, let alone fresh blood, is laughable and reflects very poorly on the opposition's confidence not only in its younger cadres (and by younger, that means 50 and 60-year-olds) but also in those who have always opposed the Barisan Nasional (BN) governing coalition, which has never lost power since independence.

Theirs has not been an easy road. Many were imprisoned by Dr Mahathir for no good reason other than that their vehement opposition inconvenienced him. They are entitled to feel bitter at having to kowtow to their former jailer. And while Dr Mahathir might still be very sharp – his tongue has lost none of its spikiness – they cannot be oblivious to the fact that proposing a man who could be 93 by the time he became prime minister again opens the country to international ridicule. (Any who doubt that should imagine the incredulous laughter if either George HW Bush, currently aged 93, or Valery Giscard d'Estaing, a sprightly 91, were to seek to return to the presidencies of the US and France, respectively.)

So why has Malaysia's opposition proposed him as their leader? Ah, but Dr Mahathir has changed his tune, some will say and has even recently apologised. Firstly, he said sorry for nothing specific and secondly, he then suggested it was Malay custom to apologise for possible past mistakes. However, whatever charges might be laid against him over possible wrongdoing during the course of his premiership – and opposition activists have in the past called for him to be put on trial for them – he is essentially unrepentant.

The late Karpal Singh, the formidable Indian national chairman of the mainly Chinese Democratic Action Party (DAP), would never have stood for it. His daughter and others with a long record in the opposition cannot stomach Dr Mahathir at the top and have said so vocally, as have some significant members of Anwar's People's Justice Party (PKR).

No wonder, for this is no alliance of principle. It is one of convenience. And if the current prime minister, Datuk Seri Najib Tun Razak, had been prepared to act as Dr Mahathir's tame supplicant and do everything his former boss wanted, this would never have happened. For ever since he stood down from the premiership, Dr Mahathir has not been able to let go. First he undermined his handpicked successor, Tun Abdullah Ahmad Badawi, and then Najib – not for any malfeasance on their parts but for the crimes of not taking his "advice" as orders and for not indulging his dynastic ambitions.

Paradoxically, Dr Mahathir's appearance at the head of the opposition pact is actually a testament to how strong a position Najib has built over the last two and a half years. Recognising that it was Chinese faces who had the track record and the visibility in the opposition after Anwar's jailing, PH is now trying to hide them behind a facade of Malay politicians to win the crucial votes of the majority Malays.

But their new alliance is incoherent, with politicians having entirely contradictory records on matters of civil liberties and free speech, for instance – and, worse, deceitful ones, claiming that the goods and services tax that the current government has introduced could be removed, with no real plans for how they would replace the vital revenue.

There are decent people in the opposition, whom I have come to know personally. But this new top ticket drives a coach-and-horses through the opposition's old principles and thus through whatever moral authority they had.

Malaysia has a good government that has won accolades for its determined fight against violent extremism and its successful economic transformation programme. It deserves a better opposition. And there's a certain 92-year-old who deserves the gratitude of his people for services past – but also a retirement he has put off for far too long.

Source: by Sholto Byrnes, The Star

> Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies Malaysia

PKR gives up 14 seats to Pribumi for GE14


PETALING JAYA: PKR has given up 14 constituencies it contested in the last general election to Parti Pribumi Bersatu Malaysia (Pribumi) for the upcoming 14th General Election (GE14).

Pakatan Harapan’s approved distribution of parliamentary seats for GE14 shows PKR giving up seats in Selangor, Negri Sembilan, Johor, Perak, Kelantan and Pahang to Pribumi.

Notably, it has surrendered the Pekan seat – currently held by Umno president and Prime Minister Datuk Seri Najib Tun Razak – to Pribumi.

Notably, PKR has given up its Lumut parliamentary seat, currently held by Mohamad Imran Abd Hamid, to Amanah.

Since the departure of PAS from the now-defunct Pakatan Rakyat coalition, many of that party’s previously-contested seats were distributed evenly among Pribumi and Amanah, a PAS breakaway party.

Interestingly, Pribumi is the Pakatan Harapan party contesting seven seats in Kelantan, against five by Amanah and two by PKR.

Pribumi will have a strong presence in the Umno stronghold of Johor, fielding candidates in 10 seats.

Four of those seats (Sri Gading, Pengerang, Pontian and Muar) were previously contested by PKR, while Tanjung Piai was previously contested by DAP.

Johor’s Ayer Hitam seat, which was previously under DAP’s quota, will be contested by Amanah.

Pribumi is set to contest eight seats in Perak, after PKR gave up four seats there – Tambun, Bagan Serai, Tapah and Pasir Salak.

PKR is also slated to contest the Sungei Siput seat now held by PSM’s Dr Michael Jeyakumar Devaraj. Dr Jeyakumar won the seat under the PKR banner in the last election.

Apart from Johor, Pribumi also has strong representation in Perak (eight seats), Kelantan (seven), Pahang (six) and Kedah (six).

It is believed that Pribumi is thought to have a better chance against Umno in those seats, compared to Amanah.

Some instances of give and take were seen in the planned parliamentary seat distribution.

Amanah in turn has given up the prized Titiwangsa seat to Pribumi, leaving it with no potential representation in Kuala Lumpur.

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Dr Mahathir has hijacked Pakatan, says Liow

Dr Mahathir has hijacked Pakatan, says Liow

Friday 29 January 2016

Malaysia revised budget 2016 to GDP growth 4.0%~4.5% from original 4.0%~5.0%



PUTRAJAYA: The Government’s recalibrated Budget 2016 reinforces its pledge to look after the people in times of economic challenges.

The adjustments – reflected in 11 measures to be undertaken – largely serve to cushion the impact of the increase in the cost of living.

In presenting the adjustments yesterday, the Prime Minister said the recalibration and restructuring of Budget 2016 centred on the need to ensure the economy remained on a strong growth trajectory and to protect and safeguard the welfare and wellbeing of the people.

“These measures are proactive, transparent and realistic, in tandem with the current global economic challenges,” Datuk Seri Najib Tun Razak said in his 46-minute address to a packed audience comprising ministers, senior civil servants, economic stakeholders, foreign missions and representatives of non-governmental organisations.

Also present were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, Chief Secretary to the Government Tan Sri Dr Ali Hamsa, Treasury secretary-general Tan Sri Dr Irwan Serigar Abdullah and Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.

Najib said the recalibration was within the range of initiatives and allocation of the Budget approved by Parliament last year, and emphasised that Malaysia was neither in economic nor technical recession.

He noted that other countries were also affected by the slowdown, with world trade anticipated to be moderate from 4.1% to 3.4% and economies such as the United States, Brazil and China expected to grow at a slower pace.

“This trend proves that we are not alone in facing the global economic challenges. Other countries too, are affected by the uncertainties,” he said, adding the drastic decline in world crude oil prices had a significant effect on the nation’s revenue.

The strengthening of the US dollar also affected the economy and the ringgit, which depreciated by 11.3% from RM3.77 in June last year to RM4.25 as of Wednesday, said Najib.

Other currencies also affected are Brazil’s Real which depreciated by 23.2%, China’s yuan (-5.7%), Cana­dian dollar (-11.3%), Russian ruble (-29.3%) and Singapore dollar (-5.6%) against the US greenback.

“In fact, the ringgit is underva­lued and does not reflect the true economic fundamentals. However, the ringgit is expected to better reflect the strength of the economy when the global financial market stabilises and oil prices recover to more reasonable levels,” said the Prime Minister.

Sources: The Star  mazwin nik anis, foong pek yee, ho wah foon, joseph kaos jr, adrian chan, tho xin yi, tashny sukumaran, victoria brown, nurbaiti hamdan, akil yunus, hanis zainal, joash de silva, andrebecca grace rajaendram

Malaysia can withstand oil shocks

Meeting the media: (from left) Irwan, Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar and Bank Negara governor Tan Sri Zeti Akhtar Aziz at the 2016 Budget recalibration forum

PUTRAJAYA: Malaysia can withstand sustained oil price decline to US$25 (RM105) per barrel.

According to secretary-general of Treasury Tan Sri Mohd Irwan Serigar Abdullah, the various scenario analyses conducted by the Government showed that Malaysia would still be able to sustain its economic growth and its recalibrated Budget 2016 would remain on track as long as crude oil prices remain above US$25 per barrel.

He, however, acknowledges that if oil prices were to go any lower than that, there will be great challenges, not only for Malaysia, but also for the global economy.

“In our estimation (for Budget 2016 revision), we even went to US$25 per barrel and we find that the budget will still be intact ... that is not a problem because we have a lot of measures in place,” Irwan said.

“But if it goes further down to US$20 or US$15 per barrel, it will be a world recession! Every oil-producing country will face a problem,” he told reporters at a forum after the Budget 2016 recalibration announcement here yesterday.

The Government had been forced to revise its Budget 2016 three months after tabling it in Parliament due to the continuous decline in global crude oil prices.

The recalibrated Budget 2016 saw the Government lowering its average-price assumption for Brent, which is the international oil benchmark, to US$30-US$35 per barrel, compared with US$48 per barrel under the original Budget 2016 when it was unveiled in October last year.

Under the recalibrated Budget 2016, the Government’s revenue is expected to decline by 3.5%-4.2% to RM216.3bil-RM217.9bil, compared with the originally estimated RM225.7bil, while its total spending (operating and development expenditure) will be cut by 3.0%-3.6% to RM255.7bil-RM257.2bil from the initially proposed RM265.2bil.

“Most of the forecasts by analysts and research institutes expect oil prices to average at US$30-US$40 per barrel this year. But we have taken a more conservative estimate of US$30-US$35 per barrel.

“If it goes below US$30 per barrel, we can still sustain economic growth; it won’t affect the budget that much, given the various mechanisms we have at hand,” Irwan said.

Brent crude was traded at around US$33.50 per barrel yesterday. Last week, prices of the commodity fell to a 13-year low of around US$28 per barrel.

Irwan said the Government was expecting additional income from various sources to act as “buffer” if oil prices declined further.

He pointed out that the Government had yet to add this additional income into its revenue projection for the revised Budget 2016.

Among the new measures expected to generate extra income for the Government were the sale of telecommunications spectrums and greater reinforcement to reduce leakages in duty-free islands such as Labuan.

As for managing its expenses, Irwan said the Government would continue to optimise and slash unnecessary spending to manage its operating expenditure; and prioritise high-impact projects and programmes for the country’s growth and people’s well-being, while postponing non-critical projects to manage its development expenditure.

“In terms of reprioritising our development expenditure, what we are going to do is to go further into project-implementation planning.

“There are some projects that will be shifted to beyond 2016 but some important projects that will have an impact on people such as rural roads, schools and hospitals will continue to be implemented,” Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said.

Wahid, together with Irwan and Bank Negara governor Tan Sri Zeti Akhtar Aziz, were the three panellists at the forum yesterday.

Essentially, Wahid said, the Government would continue to pursue its overall fiscal consolidation targets.

On that note, the fiscal-deficit to gross-domestic-product (GDP) target for 2016 remained unchanged at 3.1% under the revised budget.

Malaysia’s GDP growth, however, had been revised to a narrower range of 4.0%-4.5% for this year, compared with 4.0%-5.0% under the original Budget 2016.

“We have detected moderation in domestic demand,” Zeti said. “The key to support domestic demand is to boost private consumption by putting money into the pockets of consumers through income transfers,” she added.

She pointed out that the newly introduced measure to allow employees’ EPF contribution to be reduced by 3% between March 2016 and December 2017 was one of the ways to boost consumer spending.

However, she stressed: “These measures are only temporary because retirement savings are important.”

By Cecilia Kok The Star

Main points of Budget 2016 revision

KUALA LUMPUR: Datuk Seri Najib Tun Razak had on Thursday announced the revised Budget 2016 in the face of the fall in crude oil prices which has affected the government's revenue.

The Prime Minister said the government revenue would be based on Brent crude oil at US$30 to US$35 per barrel when compared with the US$48 when it prepared the Budget 2016 last year.

He also said the economy was expected to grow at a slower pace of between 4% and 4.5% when compared with the earlier forecast of 4% to 5%.

Later, Ministry of Finance Secretary-General Tan Sri Dr. Mohd Irwan Serigar Abdullah said the recalibrated Budget 2016 remains on track even if Brent crude oil prices were to deteriorate further to US$25 per barrel

Main points of Budget 2016 revision:
  • Revised Budget 2016 will enable the government to save RM9bil
  • Govt will maintain the Goods and Services Tax
  • Fiscal deficit target at 3.1% of GDP
  • Govt revenue to be based on Brent crude oil at US$30 to US$35 per barrel from US$48
  • Trimmed GDP growth outlook for 2016 to 4%-4.5% from 4%-5%
  • Govt debt to be reduced to 55% of GDP
  • Govt will not peg the ringgit
  • Govt to reduce EPF contributions for employees by 3% from March 2016 to December 2017, contributors from employers unchanged Govt to give special tax relief of RM2,000 to individual tax payers earning RM8,000 a month for year of assessment 2015
  • Malaysia to restructure foreign labour system
  • Govt to give special tax exemption for some selected income groups
  • Govt to allocated RM5bil for the Higher Education Fund (PTPTN)
  • Govt will liberalise the control on import quotas or approved permits for eight agricultural produce for temporary period. It includes raw coffee beans, buffalo meat, beef and mutton
  • To enhance the efficiency and amount of tax collection, govt will double compliance and auditing efforts on tax evaders
  • Govt to give special consideration on relaxation for penalty on taxpayers to encourage them to come forward and declare their past years’ income. The tax arrears must be settled before 31 December 2016.
  • For duty-free islands, to reduce leakages which resulted in revenue loss of nearly RM1bil, the government will restructure the selling channel of cigarettes and liquors limited to duty-free outlets licensed by the Royal Malaysian Customs Department (RMCD)
  • The free duty treatment on imported vehicles in duty-free islands will be tightened.
  • However, the restructuring of sales on cigarettes, liquors and vehicles will not affect the tourists and locals who are residing in these duty-free islands
  • Govt will optimise the revenue from the telecommunication spectrum through a redistribution and bidding process which will be implemented soon

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