Anti corruption agency MACC to interview Lim, and Norlela who did the right thing


Malaysia Anti-Corruption Commission (MACC) will call up Penang Chief Minister Lim Guan Eng and Penanti assemblyman Dr Norlela Ariffin to facilitate investigations into the Sungai Lembu’s illegal factory case.

GEORGE TOWN: Chief Minister Lim Guan Eng and Penanti assemblyman Dr Norlela Ariffin are ex­­pected to be called up by the Ma­­­laysian Anti-Corruption Com­mis­­sion (MACC) to give statements over the illegal factory in Kampung Sungai Lembu, Bukit Mertajam.

MACC deputy chief commissioner (operations) Datuk Azam Baki con­­firmed that both would have their statements recorded at a suitable time.

“This is a normal procedure to call up them up as they have talked about the matter publicly.

“Their statements are needed to complete the investigations,” he said.

Sunday Star reported that the MACC is investigating two letters, which appear to have originated from state executive Councillor Phee Boon Poh, asking that no ac­­tion be taken against an illegal factory.

The letters, written in 2015 and 2016, directed the Seberang Prai Municipal Council (MPSP) from shutting down the carbon filter-processing factory which has been operating illegally for the past 10 years.

Phee was remanded five days since Saturday together with factory director Edmund Gan Eu Leong, 37, and his father Gan Buck Hee, 70, who is the factory mana­ger.

It is understood that a third MPSP officer has also been summoned to give his statement.

On Friday, two officers from the Enforcement Department and the Licensing Department were also called up.

“They were not arrested,” Azam said.

He added that the MACC also conducted several raids and seized do­cuments from Phee’s office at Kom­­tar and his house in Sungai Puyu.

Yesterday, MACC officers spent more than an hour at his service centre in Jalan Ong Yi How in Butterworth. With them was Phee.

It was learnt that the MACC also raided two of his houses in But­­terworth yesterday.

In Alor Setar, an attempt by lawyers representing Phee and two others to quash their remand order was rejected by the High Court.

Judge Hashim Hamzah told Ramkarpal Singh, R.S.N Rayer and Dev Kumaraendran that their application should have been filed at the Penang High Court as it was the “suitable forum” for the matter.

Ramkarpal said they would file an application at Penang High Court today.

The MACC and several enforcement agencies first raided the factory on Thursday following complaints from villagers that its fumes could affect their health.

Meanwhile, MCA religious harmony bureau chairman Datuk Seri Ti Lian Ker criticised DAP for “bullying and blaming” Dr Norlela for her request to the authorities to take action against the factory.

He said DAP cannot play the victim card now because Malaysians are beginning to see the party’s hypocrisy when it comes to corruption issues.

“DAP should allow the MACC to do its work without any hindrance and own up when their leaders are embroiled in corruption,” Ti said in a statement.

Transparency International Ma­­laysia president Datuk Akhbar Sa­­tar said MACC should be allowed to investigate the case professionally and fairly without fear or favour.

“Let the due process take its course and let us wait for the outcome of the investigations,” he said.

Source: The Star by Crystal Chiam Shiying and Lo Tern Chern

Teng: Norlela did the right thing – She’s merely fulfilling her duty to constituents, says state Gerakan Chief

 

Geroge Town – State Gerakan chairman Teng Chang Yeow has defended Penanti’s PKR assemblyman Dr Norlela Ariffin, who has been voicing out concerns on the illegal factory operation in Kampung Sungai Lembu.

“What we are concerned about is that the matter had been dragged on for so long.

“Her complaints fell on deaf ears for so long, so you can’t penalized her.

“She has raised it many times, in the state assembly, to the authorities and Village Security and Development Committee, but there was no action,” he told a press conference after attending the State Delegates’ Conference 2017 at the state Gerakan Heeadquaters in Macalister Road yesterday.

It was reported that Dr. Norlela denied that she was responsible for the action being taken against an illegal carbon filter processing factory in Kampung Sungai Lembu.

She refuted the accusations in a Facebook post on Saturday, saying that she had highlighted complaints from her constituents.

Dr. Norlela said she was disappointed that she was blamed for the arrest of state exco member Phee Boon Poh.

Commenting on several past actions against Dr. Norlela, including having a state allocation to her constituency withheld pending her written explanation for not attending the Yang di-Pertua Negri’s swearing-in ceremony in May, Teng said Gerakan may have differences with other Barisan National component parties, but it never penalized them.

He said that when Gerakan led the government, he had faced criticisms from MCA representatives but no action was taken against them.

Gerakan president Datuk Seri Mah Siew Keong opened the event. – The Star

Gerakan defends PKR’s Norlela over Penang illegal factory issue  

 

GEORGE TOWN: Penanti assemblyman Dr Norlela Ariffin should not be penalised for speaking up on the illegal factory in Kampung Sungai Lembu, said state Gerakan chairman Teng Chang Yeow today.

“Being the state assemblyman of the constituency, she had every right to raise questions about the illegal factory.

“She was merely performing her duty,” he said during a press conference here, today.

He was responding to Norlela’s claim that she was treated like a criminal after expressing her gratitude to the Malaysian Anti-Corruption Commission (MACC) for taking action against the illegal factory.

“Thank you to the MACC for solving the issues which have been plaguing the villagers there. We have been doing our best to help the villagers,” she had said in a Facebook posting recently.

She had said that in May this year, she received an 18-page petition, signed by 180 villagers, objecting against the illegal carbon filter factory.

“I raised several questions at the state legislative assembly sitting the same month. The state environment committee chairman had said the factory was burning 2,000 tonnes of sawdust monthly to be turned into activated carbon for water filters,” she had said.

On Thursday, MACC and other agencies raided the factory in Bukit Mertajam after numerous complaints to the authorities fell on deaf ears.

This was followed by further raids at the Seberang Perai Municipal Council licensing department offices and state Environment Committee chairman Phee Boon Poh’s office, service centre and houses.

Phee is being remanded for five days pending investigations into an illegal factory in Kampung Sungai Lembu in Bukit Mertajam.

He was detained after he went to MACC’s office to have his statement recorded on Friday.

Yesterday, Norlela revealed that she had been treated like a criminal since Phee’s arrest.

Source: NST By BALVIN KAUR

 

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 The Penang government will not protect any of its officials … Chief Minister Lim Guan Eng says he believes state exco man Phee Boon … Phee, who is in charge of the welfare, caring society and environment portfolio, was arrested yesterday by the MACC over alleged misuse of power.

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The rail economics of East Coast Rail Link (ECRL)


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Rail link seen as game changer but cost is a concern.

TOK Bali, a fishing village in Kelantan with its beautiful sandy beaches and pristine blue waters has long been a hidden gem among well-travelled backpackers. But that may soon change. The idyllic town is one that is touted to potentially become a tourist hotspot, as it sits along the alignment of the East Coast Rail Link (ECRL), a multi-billion infrastructure project that promises many economic spin-offs.

After almost a decade in planning, ECRL was launched with great pomp this week.

Touted as a key game-changer for the east coast states of Peninsular Malaysia, the interstate ECRL is expected to help the economy of the four states that it covers by an additional 1.5% per year over the next 50 years.

On a micro level, more employment opportunities, particularly skilled jobs, will be made available to Malaysians. Domestic industry players especially in the construction sector, can now anticipate construction contracts to the tune of RM16bil, at least.

   
Another milstone:Najib checking out a train model at the ground-breaking ceremony this week.He called ECRL ‘another milestore in the country’s land public transport history”.

The ECRL is expected to benefit freight transport because it would link key economic and industrial areas within the East Coast Economic Region such as the Malaysia-China Kuantan Industrial Park, Gambang Halal Park, Kertih Biopolymer Park and Tok Bali Integrated Fisheries Park to both Kuantan Port and Port Klang.

Prime Minister Datuk Seri Najib Tun Razak called it “another milestone in the country’s land public transport history”.

Despite the much highlighted economic benefits from the rail network, the venture is attracting its own share of controversies from the way the contract was awarded to the price of contract.

For one, China’s state-owned China Communications Construction Company (CCCC) has been appointed for the construction of ECRL via a direct negotiation method.

Detractors have labelled ECRL – at a cost of RM80mil per kilometre – as the world’s costliest rail project. Note that, the Gemas-Johor Baru double-tracking stretch costs RM45mil per km.

ECRL, however, will go over hilly terrain and has several tunnels to be built.

There are questions on whether the 688km rail venture, at RM55bil, will be financially feasible.

Sources say the price tag is unlikely to have included land acquisition costs.

They indicate that close to half of the land plots required for the rail link sit on private land and would require land acquisition. At this point, the total land acquisition cost is unknown.

No money in rail

The concerns of the critics are understandable, given the fact that public infrastructure projects, namely rail projects are usually not commercially viable.

A quick check on the finances of Malaysia’s very own Keretapi Tanah Melayu Bhd (KTMB) and a number of major rail operators abroad, affirms the fact that rail projects do not promise easy money.

The loss-making KTMB which was corporatised in 1992, has not been able to financially sustain itself, resulting in the deterioration of its level of service despite attempts to turn around the company.

According to the railway service operator’s latest publicly available audited report for financial year 2013, the group registered a total net loss of RM128.2mil. However, note that, the net loss had narrowed by 46% from RM238.5mil in the previous year.

Had it not been for the government’s subsidy which kept it afloat, KTMB would find it difficult to continue its operations without a further raise of its fare.

In India, where railway is a favoured mode of transportation, the Indian Railways has been incurring losses on passenger operations every year. Earlier this year, the lower chamber of the Indian parliament was told that the state-owned rail operator recorded a loss of Rs359.18bil (RM24.04bil) in the period of 2015 to 2016.

This was slightly higher than its loss of Rs334.91bil (RM22.42bil) in the period of 2014-2015.

On the other hand, China’s state-owned rail operator, China Railway Corp, was reported to have recorded a 58% increase in earnings last year despite huge losses in the first nine months. However, a zoom into its finances reveals that the high profit made was only possible due to a significant annual government subsidy.

Similarly, Singapore’s SMRT Corp which manages the city-state’s rail operations posted a profit of S$7.4mil (RM23.33mil) in its financial year of 2016. This was on the back of a revenue of S$681mil (RM2.15bil), which rose by 4.1% year-on-year.

While the rail operations saw higher ridership in that year, SMRT Corp would have registered a loss of S$9.6mil (RM30.26mil) for its rail business, if not for the net property tax refund of S$17.1mil (RM53.9mil).

Considering the lack of commercial viability in such rail projects, ECRL would ultimately require assistance from the government in ensuring smooth operations, while maintaining an affordable service for its users. This is akin a crucial trade-off, to complement the government’s move to provide an integrated transportation system in Malaysia, which is long overdue.

AmBank Group’s chief economist Anthony Dass tells StarBizWeek that for every ringgit spent on capital projects such as transportation, it generates a return or multiplier effect of around 5% to 20%.

In his estimation, he says the ECRL should create around RM50-55bil in terms of gross domestic product.

“The impact of this project to the economy will be multilevel. Impact on the respective states’ GDP and national GDP will be evident, though the magnitude of the impact on the respective states is poised to vary.

“On a longer term, once the entire project is completed, we expect strong benefits seeping into services related activities. Properties in the major towns is likely to enjoy more especially the port-connected towns, driven by logistics- and trade-related businesses.

“Other areas would benefit from the movement of tourism. As for the smaller towns, they are more likely to enjoy from the spillovers of this connectivity through movement of people commuting to work and new areas of business growth especially in areas like the small and medium businesses,” says Anthony.

High cargo projections

By the year 2040, an estimated 8 million passengers and 53 million tonnes of cargo are expected to use the ECRL service annually as the primary transport between the east coast and west coast.

By 2040, ECRL is projected to support a freight density of 19 million tonnes.

The freight cargo projections of the rail network stands in stark contrast to the total cargo volume running through the entire Malaysian railways today.

As of 2015, the entire Malaysian railways operations handled a sum of 6.21 million tons of cargo, according to a study related to the ECRL.

To note, the revenue from the operation of the venture is projected to be obtained through a transportation ratio of 30% passengers and 70% freight.

If the projections of ECRL are anything to go by, the planners are anticipating a ballistic growth in volume of cargo being moved along the tracks.

Is this realistic?

Socio Economic Research Centre executive director Lee Heng Guie remains concerned on the details of the project financing, albeit the expected trickle-down benefits of ECRL.

“While ECRL has been identified as a high impact public transport project that will connect east coast states with the west coast, especially Greater KL and Klang Valley, the high cost of RM55bil requires further justification. More clarity on the cost structure and terms and conditions of the loan is needed to ease public genuine concerns.

“It must be noted that the high costs, low profits and long gestation periods of transportation projects do not always make them financially viable. The financial viability of the ECRL would depend on the revenue generated to cover operating cash flow, including interest expenses.

“As the loan will have a seven year moratorium, the bunching of loan repayment together with interest payment will be substantial in the remaining 13 years,” he says.

Lowering cost the key

In terms of funding, 85% of the total project value of RM55bil would be to be funded by Exim Bank of China’s through a soft loan at a 3.25% interest.

The balance 15% would be financed through a sukuk programme by local banks.

There is no payment for the first seven years, and the government starts paying after the seventh year over a 13-year period.

At 3.25% interest per annum, the interest servicing bill for the project is huge.

“Hence the main challenge to this project will be to bring down cost as low as possible. The lower the cost, the lesser it would be the burden on the government’s balance sheet,” says an industry player.

Echoing a similar view, Lee noted the ERCL project loan is expected to be treated as “contingent liability” as it will be taken by Malaysia Rail Link Sdn Bhd, a special purpose vehicle owned by the Ministry of Finance.

This is also to ensure that the Federal Government will not breach the self-imposed debt to GDP ratio of 55%.

As at end-March 2017, the Federal Government’s debt stood at RM664.5bil or 50.2% of GDP.

At the end of the day, despite the concerns on the possible cost overrun in the ECRL project, proper management and efficiency in project delivery could lead to cost savings and ultimately lower overall expenditure for ECRL.

History has shown that Malaysian companies can lower the cost, especially on rail projects compared to foreign players.

In the late 1990s, a consortium of India and China state-owned companies were awarded the contract to build a double track electrified railway system from Padang Besar to Johor Baru. The cost was estimated at RM44bil and paid through crude palm oil.

However, an MMC Corp Bhd-Gamuda Bhd joint venture managed to win the job in 2003 with a RM14.3bil proposal. However this project was shelved and subsequently continued after a lull of few years.

ECRL is a seven year project to be built in stages. Many factors can come into play in that period like delay in construction and rise in material costs.

However in the bigger picture, the infrastructure venture should not merely be seen from a commercial-viable lens alone. The trickle-down benefits on the economy and the Malaysian population should also be factored into the calculations.

The lower the cost, the higher the multiplier effect.

Source: The Star by ganeshwaran kanaandgurmeet kaur

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Home locked by Penang City Council over RM468 paltry arrears of assessment


Hard lesson: After settling his assessment arrears, Chua Yung Lin, 37, finally receives the key (inside envelope) to unlock the chain used to seal up his unit at Taman Seri Hijau in Van Praagh Road, Penang. (Above) A closeup of the notice from the council pasted on the grille gate. — CHARLES MARI ASOOSAY/The Star

A SALESMAN is furious that his apartment unit was padlocked by the Penang Island City Council (MBPP) because he failed to pay two years of assessment arrears amounting to RM468.86.

A council official, however, defended the action, saying that MBPP was empowered to do so under the Local Government Act 1976 if a ratepayer failed to pay a year’s assessment.

Chua Yung Lin, 37, got the keys to the padlock when he paid up the arrears as well as the RM111.86 second half assessment for this year and a RM20 penalty in Komtar on Wednesday after a neighbour informed him a day earlier that the MBPP had sealed the unit.

But he is adamant in not unlocking the padlock himself, saying that the council should do so as its officials were the ones who locked up the unit.

“They gave me all the keys to the padlock and when I asked them if I needed to return the chain and padlock, they told me I could keep them,” Chua told reporters outside the unit at Taman Seri Hijau in Van Praagh Road, Penang, yesterday.

He lodged a police report on Wednesday to inform the police that he had settled the arrears and for his safety should he decide to unlock the place himself.

Chua, who has been renting out the unit for the past three years, said it was dangerous for MBPP to padlock the unit as there could be someone inside who would not be able to escape should there be an emergency.

“Thankfully, there was no one in the apartment as I think my tenants have gone out of town,” he added.

He claimed to have forgotten to pay the assessment because his tenants did not inform him of the bills.

Penang Gerakan vice-chairman Lee Boon Ten said MBPP had acted prematurely and could be charged with criminal negligence for sealing the gate of an occupied home.

“He only owed them a nominal amount. If someone was inside the apartment when they locked it, it would have been false imprisonment,” said Lee who was also present.

MBPP treasury revenue unit head Suhaida Kamalul Ariffin said Section 148(3) of the Local Government Act 1976 empowered the council to seal premises whose owners defaulted in a year’s assessment payment but the council usually only did so after the arrears were accumulated for two years.

“We can actually break down the door and seize the belongings inside. If we don’t do that to avoid destroying the door, we will seal the premises as an indication to the owner. This is however only carried out after we have checked to see if anyone is inside.

“Only after we are sure it is unoccupied, do we seal the premises,” she said when contacted yesterday.

Suhaida also said the council pasted a notice demanding the owner to settle the arrears on the unit’s grille gate in May.

“There was no response, leading us to seal the apartment. Once payment is made, we usually give the owner the keys to the lock as it is standard procedure to let them unlock it themselves,” she said.

Source: The Star

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Rail link a huge economic boost, big news for small towns in Malaysia


 
Boom time is here for railway towns, little places that dot the route of the RM55bil East Coast Rail Link from Port Klang to Kota Baru. Not only will the link shorten travel time between the west and the underdeveloped east of the peninsula, it will also unlock huge economic potential, create thousands of jobs and bring down the country’s carbon footprint. And it could all happen sooner than expected.

KUANTAN: Exciting days are ahead for the many small towns that dot the route of the East Coast Rail Link (ECRL) from Port Klang to the Kota Baru.

A host of towns including Bentong, Mentakab, Maran, Kuantan, Cherating, Chukai, Dungun, Kuala Terengganu and Tok Bali and Kota Baru, all of which are designated as ECRL stations, are looking at boom times ahead.

The ECRL will also benefit freight transport as it will link key economic and industrial areas within the East Coast Economic Region such as the Malaysia-China Kuantan Industrial Park, Gambang Halal Park, Kertih Biopolymer Park and Tok Bali Integrated Fisheries Park to both Kuantan Port and Port Klang.

Prime Minister Datuk Seri Najib Tun Razak called it “another milestone in the country’s land public transport history”.

With its slogan of “Connecting Lives, Accelerating Growth”, Najib said the project sets the tone for an economic spin-off effect and positive social impact for the east coast states.

“The ECRL is a high impact project that will provide easy access from the Klang Valley to Pahang, Terengganu and Kelan­tan.

“The 688km rail link will be a catalyst for economic equality between the west coast and east coast as it will stimulate investments, spur commercial activity, create ample jobs, facilitate quality education and boost tourism in the states of Pahang, Terengganu and Kelantan,” he said at the ground-breaking ceremony here yesterday.

Najib also urged local contractors with capabilities and know-how to seize the opportunity to take part in the project.

“We have together with our Chinese counterpart agreed that Malaysian contractors will be involved in at least 30% of this high impact project,” Najib said.

“The viability of the ECRL is undisputed as it is estimated that 5.4 million passengers and 53 million tonnes of cargo will use the service annually by the year 2030 as the primary transport between the east coast and west coast.

“Comparatively, revenue from the operation of the ECRL project is projected to be obtained through a transportation ratio of 30% passengers and 70% freight.”

Najib said the project was long overdue as the east coast states of the peninsula had only been connected to the west coast via a network of roads, highways and woefully inadequate rail lines.

Najib also urged local contractors with capabilities and know-how to seize the opportunity to take part in the project.

“We have together with our Chinese counterpart agreed that Malaysian contractors will be involved in at least 30% of this high impact project,” Najib said.

“The viability of the ECRL is undisputed as it is estimated that 5.4 million passengers and 53 million tonnes of cargo will use the service annually by the year 2030 as the primary transport between the east coast and west coast.

“Comparatively, revenue from the operation of the ECRL project is projected to be obtained through a transportation ratio of 30% passengers and 70% freight.”

Najib said the project was long overdue as the east coast states of the peninsula had only been connected to the west coast via a network of roads, highways and woefully inadequate rail lines.

The railway line, with 12 passenger-only stations, three freight stations and seven combined passenger-freight stations, is expected to increase the gross domestic product of the east coast states by 1.5%.

China’s state-owned China Communications Construction Company has been appointed for the construction of the RM55bil project.

Malaysia Rail Link Sdn Bhd is the special purpose vehicle under the Minister of Finance Incorporated tasked as the project owner.

Rail link a huge economic boost – ECRL project set to create over 80,000 jobs and promote businesses along its route

KUANTAN: The economic impact of the East Coast Rail Link (ECRL) is huge and critics who say it is not feasible are wrong.

“There will be a multiplier effect. When there are more business people, we can get more taxes and government revenue will increase,” Malaysia Rail Link (MRL) chairman Tan Sri Dr Mohd Irwan Serigar Abdullah said.

He said critics must also look at the development that would take place alongside the ECRL in the long run.

China Communications Construction Group chairman Liu Qitao said the ECRL project was of great economic significance.

“It will promote social development and improve the living standards of those along the railway line, especially in the east coast,” he said.

Liu said that the rail link was also expected to generate more than 80,000 jobs for Malay­sians during its construction period.

Another 6,000 jobs will be created during the rail’s operation and the Chinese government will also train more than 3,000 Malaysian students.

A total of 3,600 graduates will be trained in rail technology through the ECRL Industrial Skills Training (PLKI-ECRL) programme.

Its chief coordinator Prof Dr Rizalman Mamat said about 1,000 applications had already been received as of yesterday.

“The first intake of 50 participants will begin in September with the next intake of 250 scheduled in December.

The next batch of 700 trainees will be in April next year.

“The programme will be focused specifically on the socio-economic development of the east coast but this does not mean those in the west coast cannot take part.

Dr Rizalman said the training was open to graduates who majored in civil engineering, mechanical engineering and electrical engineering.

He added that Universiti Malaysia Pahang (UMP) had been appointed as the focal university for the implementation of the programme, with cooperation from Beijing Jiaotong University and Southwest Jiaotong University and other institutions of higher learning in Malaysia.

He said railway technology was developing rapidly and the programme was a stepping stone for UMP to develop rail engineering in the future.

The training under the programme will take four to six months, said Dr Rizalman.

China state councillor Wang Yong said ECRL was a landmark project for China and Malaysia.

“The team from our two sides have had productive cooperation. This is a full demonstration of the friendship between China and Malaysia and its efficiency,” said Wang.

MRL project director Yew Yow Boo said the railway would have 88.8km of viaducts mostly in Kelantan and Terengganu to bypass flood-prone areas.

Yew said the first phase would have a total length of 49km of tunnels at 19 locations with the longest being 17.9km connecting Bukit Tinggi and Gombak.

Source: The Star/ANN

Liow: Do not politicise the ECRL

//players.brightcove.net/4405352761001/default_default/index.html?videoId=5537464019001
KAJANG: The East Coast Rail Link (ECRL) is created for the people and country, and should not be politicised or turned into a racial or language issue, says Transport Minister Datuk Seri Liow Tiong Lai.

“I would like to emphasise that the ECRL is one of the most important projects for the nation.

“It’s a game changer for the east coast. It is for the country’s economic development and to help us reach greater heights.

“The theme is very clear, we’re pushing for connecting lines and accelerating growth,” he said after attending Universiti Tunku Abdul Rahman’s 15th anniversary celebration at its Sungai Long campus here yesterday.

The RM55bil ECRL from Port Klang to Kota Baru, which is 534.58km long, is estimated to be completed in 2024.

Liow cautioned actions that could harm good bilateral ties between Malaysia and China were counter-productive.

 

Varsity pillars: (Standing from left to right) Utar founding president Tan Sri Dr Ng Lay Swee, MCA vice president Datuk Dr Hou Kok Chung, Dr Chuah, Dr Ling, Liow, Dr Ting, Chong and Utar Board of Trustees chairman Tan Sri Dr Sak Cheng Lum cutting Utar’s anniversary cake. 

“We must explain to the people that the ECRL is for them and the nation. They should not be misled by those out to create a controversy,” he said.

The ECRL was launched in Kuantan on Wednesday.

Certain groups had criticised the rail link launch, claiming that it was “too Chinese”.

Liow described the launch as a successful event, adding that the project was set to bring many benefits to Malaysians.

“We have received a lot of support for the project. We are looking forward to its completion,” he added.
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Bitcoin must not in your retirement financial planning portfolio


Bitcoin investments have undeniably become a trend among savvy investors in search of the golden goose, but one financial planner is against the use of it as part of the financial planning portfolio for retirement.

Max Growth Wealth Education Sdn Bhd managing director Nicholas Chu said one should not use bitcoin as part of the retirement portfolio and the public must be well aware of the risk in bitcoin trading before getting in.

“It is not asset-backed, it is very unsecure. It is, basically, you want to participate in the future changes. It’s not a proper financial planning way. It is just an experimental thing that you want to go through in this era, but it is not a proper investment product,” he told SunBiz.

“I definitely don’t agree if they use this for their financial planning. But for those who are able to try new ventures, they can go ahead provided they have extra money. If this doesn’t affect their existing financial planning, then I’ll leave it to them. We need to tell them the pros and cons of this investment. It’s up to the clients to do the final decision,” he said.

Chu cautioned on the uncertainties of bitcoin trading, which is driven by market forces.
“It is beyond anybody’s control, all the participants contribute to the bitcoin value. From that, I can say that there are a lot of uncertainties in the future,” he said.

Nonetheless, with the setting up of a few bitcoin exchanges, Chu noted that there will be demand and supply with tradeable markets available.

Bitcoin was the best-performing currency in 2015 and 2016, with a rise of 35.8% and 126.2% respectively.

Year to date, bitcoin prices have leaped more than three times. It stood at US$2,840 (RM12,140) as at 5pm last Friday.

Bitcoins are by the far the most popular cryptocurrency, which exists almost wholly in the digital realm and has no asset backing it. Bitcoin generation, known as mining, while open to anyone with a “mining application” on their computer, needs a great deal of computing power to solve complex algorithms which are later verified with the entire bitcoin network.

Colbert Low, founder of bitcoinmalaysia.com, said the recent spike in bitcoin prices could be partly due to the legalisation of bitcoin by the Japanese government.

He is unsure if the sharp rise in bitcoin prices will create a price bubble, but stressed that one cannot judge its price movement based on the “old economic theory”.

“This is a new economy based on a different model. It’s very hard to say,” Low opined, noting that there has been a growing number of retail outlets that accept bitcoin.

He foresees the usage of bitcoin propagating, especially in different types of payment methods.

However, Low opined that there will not be any “big movement” in the local market if the regulators do not regulate bitcoin.

“Our new Bank Negara governor is forward thinking and he is very much into fintech, technology and innovation. So there would definitely be improvement,” Low said.

The positive development of blockchain will be a catalyst for the growth of bitcoin, he added.

“Blockchain is a real thing that will change the way the IP system is architectured. We need to go down to a deeper level to see how blockchain can change the current problem and solve it.

“There are a lot of projects right now, over 500 companies are looking at this (blockchain) right now. Even IBM, HP and Microsoft are looking at it.”

Blockchain refers to distributed database that maintains a continuously growing list of records, called blocks, secure from tampering and revision. Bitcoin is just an application or software that runs on blockchain technology.

“If you look at blockchain technology, government agencies like the United Nations, the World Bank and the International Monetary Fund are looking at it. This is the best way to secure your data,” Low said, noting that the usage of bitcoin will help reduce operating cost.

Currently, there are about 16 million bitcoins in the market and the number is capped at 21 million.

Bank Negara has said that it does not regulate the cryptocurrency and advised the public to be cautious of the risks associated with the usage of such digital currency.

Source: By Lee Weng Khuen sunbiz@thesundaily.com

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Local Council hoarding RM60mil in drainage funds


GEORGE TOWN: More than RM60mil collected from developers as drainage contributions in Seberang Prai has reportedly not been given to the state Drainage and Irrigation Department (DID).

Pulau Betong assemblyman Datuk Muhammad Farid Saad, who lashed out at Seberang Prai Municipal Council (MPSP) for withholding the money, said only RM2.2mil of RM63.39mil collected from 2008 to June last year was disbursed so far.

He said that according to the Auditor-General’s Report 2016, the move went against the directive which required contributions from developers to be channelled to a trust account maintained by the state DID director who would act as its controlling officer.

“MPSP’s failure to transfer the funds has resulted in many stalled flood mitigation projects.

“In 2016 alone, four places in central Seberang Prai were hit by flash floods 21 times.

“The rakyat are at the receiving end, all because MPSP wants to portray itself with a nice balance sheet.

“In the state assembly, the state government on April 2014, announced that it had increased the contributions from RM10,000 per acre to RM50,000 per acre.

“Did they spend part of the contributions on something else instead of drainage and irrigation or flood mitigation?” Muhammad Farid asked in a statement.

He said the Auditor-General also reported that MPSP’s Treasury Department was instructed to hand over RM400,000 annually to DID in 2010.

“That instruction did not get the approval from the state government. This is improper and action has to be taken.

“It is inappropriate for the local authority to make decisions behind the backs of the Chief Minister and state government.

He criticised MPSP for showing a lack of commitment in tackling floods.

“It is an irony that a local council which has won international accolades does not follow directives.

“The exposure by the Auditor-General has dented MPSP’s integrity.

“Its delay in handing over the contributions shows that it did not adhere to the state government’s CAT (competency, accountability and transparency) policy.

“Are they trying to secure another award — a local council with the healthiest coffers?”

MPSP president Datuk Rozali Mohamud said he would comment after reading Farid’s report in print.

Source: The Star

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The stalled building defects causing delays of relocation ..


Not ready: (Clockwise from top) The front view of the Batu Ferringhi market in Penang, exposed electrical sockets and cracked floor in the badminton court, and a leaking pipe in the washroom.

 
Defects causing delay of move to RM9mil Batu Ferringhi market

The scheduled relocation of traders to the RM9mil Batu Ferringhi market on Aug 14 is postponed to a later date until shortcomings such as leakage in the washrooms and cracks on the floor are fixed.

Lim checking on the condition of the market.- Photos: ZHAFARAN NASIB/The Star

SENIOR officers of the Penang Island City Council (MBPP) were left red-faced after Chief Minister Lim Guan Eng spotted several defects in the almost completed RM9mil Batu Ferringhi market during a site visit.

Lim, who was irked with the shortcomings, asked his officers to collect back copies of his text speech given earlier to reporters.

“Before I came in, I went to the washroom. I thought it would be ready.

“But the male washroom was locked and I had to use the unoccupied ladies washroom instead.

“If the market is considered ready (by the council), then it is unacceptable,” he said.

Washroom with missing taps
A leaking pipe pipe in the washroom

It is learnt that the ladies washroom was leaking and some of the taps had yet to be fixed.

Lim, who was walking to the dining area, was stopped by several traders who requested the council delay their relocation into the market which was earlier scheduled on Aug 14.

Speaking to newsmen, Lim said another date would be set.

“We cannot fix a date now until we are satisfied that the shortcomings have been rectified,” he said.

MBPP mayor Datuk Maimunah Mohd Sharif said she would hold discussions with the market contractor and architect.

“Cracks have also appeared on the floor of the badminton courts,” she said.

Maimunah said the council had issued the Certificate of Practical Completion (CPC) for the market but not the Certificate of Completion and Compliance (CCC).

The market was scheduled for completion by the end of last year.

There are 16 hawker stalls, 28 wet and dry market units, a multipurpose hall, a library, three badminton courts, playground, bicycle path, shower rooms and 90 parking bays.

Source: The Star/ANN by Intan Amalina Mohd Ali

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