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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Reporting an offence is not defamation


Whistleblowers cannot be sued for libel or slander, rules Federal Court

 

PUTRAJAYA: A person who complains about an alleged offence to enforcement agencies cannot be sued for defamation for lodging those reports, ruled the Federal Court.

The court held that such reports to agencies such as the Malaysian Anti-Corruption Commission (MACC), the Commercial Crime Investigation Department (CCID) and the Registrar of Societies (RoS) are protected with absolute privilege.

The unanimous decision was made during the appeal brought by former Selangor Chin Woo Athletic Association president Datuk Dr Low Bin Tick.

Justice Aziah Ali said the three authorities in the case shared a common feature in which they were statutorily empowered with investigative powers.

“The purpose (of lodging a complaint) is to notify these authorities of alleged unlawful conduct and to set an investigation in motion and, if appropriate, to take the necessary action against the alleged wrongdoer,” said Justice Aziah yesterday.

The Bench set aside the decision by the Court of Appeal and the High Court. The lower courts had ordered Dr Low to pay RM500,000 in damages to another former Chin Woo president, Datuk Chong Tho Chin.

Yesterday, the Bench also awarded RM150,000 in costs to Dr Low.

Chong, who was Chin Woo president from 1991 to 2001, had filed four defamation suits at the High Court in 2007.

Chong claimed Dr Low, who was president from 2001 to 2005, had made unfounded and defamatory complaints regarding him in the letters to the three authorities in 2005.

The Federal Court said Dr Low’s letters to the authorities had alleged probable misuse of power, breach of trust, fraud and negligence.

“The common vein in these letters is the request for the authorities to carry out investigations and to take action, if appropriate,” Justice Aziah said.

On republication of a police report, the court held the issue did not arise for their consideration since it was not raised in the appeal.

But she said a person who repeats another’s defamatory statement without privilege may be held liable for republishing the same libel or slander.

The five-man Bench was led by Chief Judge of Malaya Justice Ahmad Maarop. Apart from Justice Aziah, also in the panel were Chief Judge of Sabah and Sarawak Justice Richard Malanjum and Federal Court judges Justices Hasan Lah and Ramly Ali.

Source: The Star by Nurbaiti Hamdan

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Malaysian MACC Act’s Sect.62 declared unconstitutional will be challenged by prosecution



Court of Appeal: Section 62 of MACC Act unconstitutional


PUTRAJAYA: The Court of Appeal has ruled that Section 62 of the Malaysian Anti-Corruption Commission (MACC) Act 2009 is unconstitutional.

Justice Datuk Umi Kalthum Abdul Majid, who chaired a three-man bench, made the ruling after allowing the appeals by Penang Chief Minister Lim Guan Eng and businesswoman Phang Li Koon to declare Section 62 as unconstitutional in their corruption cases.

The panel held that Section 62 was ultra vires when read against Article 5(1) and 8(1) of the Federal Constitution.

Section 62 requires accused persons to disclose their defence statements to the prosecution before the beginning of the trial.

However, Article 5(1) states that no person shall be deprived of his life and personal liberty save in accordance with law, while 8(1) states for equal protection under the law.

“We allow the appeals and set aside the order of the High Court,” said Umi Kalthum, who heard the appeals with Datuk Ahmadi Asnawi and Datuk Abdul Rahman Sebli on Monday.

The Court of Appeal granted DPP Datuk Masri Mohd Daud’s oral application to stay the proceedings in the Penang High Court pending the prosecution’s appeal over the decision.

On March 7 this year, the High Court dismissed Lim and Phang’s application after ruling that Section 62 of the MACC Act was constitutional and valid as it did not impede the accused’s right to a fair trial.

Lim pleaded not guilty to charges of corruption in relation to the conversion of land from agricultural to residential and the purchase of a plot of land and bungalow at below-market value on June 30 last year.

Lim was charged with using his position as Chief Minister to gain gratification for himself and his wife, Betty Chew Gek Cheng, by approving the application for conversion of agriculture land to a public housing zone in south-west Penang to a company, Magnificient Emblem Sdn Bhd.

He allegedly committed the offence while chairing the Penang State Planning Committee meeting at the operations room, Level 28, Komtar building here, on July 18, 2014.

The charge under Section 23 of the MACC Act 2009 provides for imprisonment of up to 20 years and a fine of up to five times the sum or value of the bribe, or RM10,000, whichever is higher, upon conviction.

Lim faces a second charge of using his position to obtain for himself a plot of land and a bungalow located at No, 25, Jalan Pinhorn, George Town on July 28, 2015 from Phang for RM2.8mil, below market value.

The charge under Section 165 of the Penal Code provides for a jail term of up to two years, or a fine, or both, upon conviction.

Phang pleaded not guilty to abetting Lim in obtaining the bungalow at an undervalued cost.

She allegedly committed the offence at the same place and date.

The charge under Section 109 of the Penal Code read together with Section 165, provides for imprisonment of up to two years, or a fine, or both, upon conviction. – Bernama

MACC will appeal against ruling that Section 62 is unconstitutional


PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) will be appealing the Court of Appeal’s ruling that Section 62 of the MACC Act is unconstitutional.

The MACC stated in a statement on Tuesday that its prosecutors would be filing an appeal to the Federal Court “as soon as possible”.

“The MACC also wishes to clarify that this decision by the Court of Appeal does not affect the prosecution of Penang Chief Minister Lim Guan Eng and businesswoman Phang Li Koon,” it said.

On Monday, the Court of Appeal ruled that Section 62 of the MACC Act was ultra vires when read against Article 5(1) and 8(1) of the Federal Constitution, thus deeming it unconstitutional.

Section 62 of the Act requires accused persons to disclose their defence statements to the prosecution before the beginning of the trial.

However, Article 5(1) states that no person shall be deprived of his life and personal liberty save in accordance with law, while Article 8(1) states that all persons are entitled to equal protection under the law.

The ruling was made after allowing the appeals by Lim and Phang to declare Section 62 as unconstitutional in their corruption cases.

Lim currently faces charges for obtaining gratification for himself and his wife related to the conversion of land into residential development and another charge for using his position to purchase a bungalow below market value. Phang has been charged with abetment. – The Star

MACC: ‘Decision has no bearing’

PETALING JAYA: The Court of Appeal’s decision to declare a section of the Malaysian Anti-Corrup­tion Commission (MACC) Act as unconstitutional does not affect the prosecution of the Penang chief minister and a businesswoman, the graft busting body said.

The MACC said in a statement that its pro­secutors would be filing an appeal to the Federal Court “as soon as possible”.

“The MACC also wishes to clarify that this decision by the Court of Appeal does not affect the prosecution of Penang Chief Minister Lim Guan Eng and businesswoman Phang Li Koon,” it said.

On Monday, the Court of Appeal ruled that Section 62 of the MACC Act was ultra vires when read against Article 5(1) and 8(1) of the Federal Constitution, thus deeming it unconstitutional. Section 62 requires accused persons to disclose their defence statements to the prosecution before the trial begins.

But Article 5(1) states that no person shall be deprived of his life and personal liberty save in accordance with law, while Article 8(1) states that all persons are entitled to equal protection under the law.

The ruling was made after allowing the appeals by Lim and Phang who sought to declare Section 62 as unconstitutional.

Lim currently faces charges for allegedly obtaining gratification for himself and his wife related to the conversion of land into residential development and another charge for allegedly using his position to purchase a bungalow below market value.

Phang has been charged with abetment.

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Penang signs corruption pledge, faces calls for Chief Minister to step down




GEORGE TOWN: The Penang government finally inked a corruption-free pledge and almost immediately faced calls for the Chief Minister Lim Guan Eng’s resignation over corruption charges he faces.

The state government signed the corruption-free pledge with 10 additional integrity measures with the Malaysian Anti-Corruption Commission (MACC) in a ceremony at Komtar attended by Lim, executive councillors, state assemblymen and MPs, heads of departments and agencies along with public administration officers and MACC officers.

The additional measures signed by the state include the CAT (competent, accountable and transparent) policy, open competitive tenders, public declaration of assets, and full protection for genuine whistleblowers.

MACC chief commissioner Datuk Dzulkifli Ahmad welcomed the additional integrity measures.

“It will strengthen the pledge as a whole. But the state must put their pledge and integrity measures into practice,” he said, adding that the occasion was meaningful for him.

“I am a Penangite, born in Kepala Batas,” he said.

Barely an hour later, Lim came in for attacks from Penang Umno Youth chief Rafizal Abdul Rahim who wanted him to resign, and state opposition leader Datuk Jahara Hamid for not inviting the state’s 10 opposition members to the ceremony.

Rafizal and several members approached Dzulkifli to hand over a memorandum urging Lim to resign.

“By signing the pledge, Lim is indirectly showing others he is clean,” he said.

MIC central working committee member J. Dhinagaran, a Penangite, said Lim should set an example by resigning from his position as Chief Minister if he was sincere about combating graft.

Lim faces corruption charges over the purchase of his bungalow in Pinhorn Road for RM2.8mil, below the market value of RM4.27mil.

On Jahara’s complaint, Lim said Umno assemblymen were not invited for the ceremony because they had failed to show up on previous occasions.

“We invited her (Jahara) many times and even invited her to sit in a committee, but she didn’t want to,” he said.

Jahara later said they would hold a corruption-free pledge session.

Kelantan will sign the anti-corruption pledge next week. Dzulkifli said the MACC had yet to receive a date from the Selangor government to sign its pledge.

Source: The Star by Christopher Tan

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Local Council hoarding RM60mil in drainage funds

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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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Malaysian Public varsities, companies, GLC execs also recipients of EBA fake awards


Checks on local news reports show EBA bestowed ‘awards’ not just to Penang councils but also other Malaysian institutions.

GEORGE TOWN: Before the dust could settle on a shock expose that Penang municipal councils received “excellence” awards from a questionable outfit exposed by a UK newspaper, checks show that other Malaysian companies, universities and GLC execs were also recipients.

Checks by FMT show Malaysian companies, public universities and top executives of Malaysian government-linked companies had won awards from the dubious Europe Business Assembly (EBA) before.

UK’s The Times had alleged that EBA, run by Ukrainian businessmen, made use of the renowned Oxford University’s name and reputation to hand out awards to those who paid a sum.

According to EBA’s website, this year, seven Malaysian companies and their bosses were listed as award recipients.

Among them is a public-listed utilities company and an education provider.

Based on Malaysian news reports, past winners of EBA’s awards include three Malaysian public universities — namely Universiti Sains Islam Malaysia (USIM), Universiti Teknikal Malaysia (UTeM) and Universiti Malaysia Perlis (UniMAP).

USIM, UTeM and UniMAP received the “Best Regional University” award from EBA in 2013, according to a report by Utusan Malaysia on Dec 25, 2013.

Their vice-chancellors were reported in local Malaysian dailies to have won “Best Manager of The Year” in the same year as well.

One of the vice-chancellors was reported to have won “Best Scientist” separately from EBA’s “Oxford Summit of Leaders Science & Education”.

Another VC was reported to have won “The Name in Science” award, too.

EBA’s ‘International Socrates Award’

According to EBA’s website, the group is “an international corporation of social partnership” established in Oxford, UK, in 2000.

It lists developing and promoting social and economic links between companies, investors, education establishments, cities and countries worldwide as its main objectives.

The Times had reported that EBA advertises itself as an Oxford institution to sell “made-up prizes” such as “The International Socrates Award” and “The Queen Victoria Commemorative Award” for a price of up to £9,300 (RM52,000).

The report claimed the EBA outfit was run by Ukrainian businessmen, targeting areas where people had the financial power to buy such accolades.

A former employee told The Times that the outfit was told to focus on customers from the Middle East, eastern Europe and Russia “where the idea that money buys you credentials is still there”.

EBA was also revealed to have used images of Oxford colleges and even the same typefaces in its publicity materials.

It also claimed “exclusive” access to special lectures from Oxford, the report said.

However, the University of Oxford told the daily it has no relations with EBA.

“On the face of it, the guests gathered that evening did not have much to unite them.

Representatives from a Nigerian maritime security company rubbed shoulders with the vice-president of a Bulgarian mine.

“The founder of an international school in Malaysia mixed with the director of an Indian private medical institute,” The Times report read, in explaining the holding of an elaborate awards presentation ceremony.

Source: Free Malaysia Today (FMT)

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China holds parade in celebration of the People’s Liberation Army (PLA) 90th Birthday



Viewhttps://youtu.be/2fhP6IcIiv4

What message did China’s military parade send?

China holds ceremony to mark 90th anniversary of PLA founding

Chinese President Xi celebrates military in speech  focused on peace, future – CGTN America

BEIJING — President Xi Jinping said Tuesday that the Chinese People’s Liberation Army (PLA) is moving rapidly toward “strong” informationized armed forces.

Xi said the PLA has transformed from a “millet plus rifles” single-service force to one that has fully-fledged services and has basically completed mechanization.

He said that the PLA must be bold in reform and adept in innovation while staying away from rigidity and stagnation at any time and under any circumstances.

Xi reaffirmed the Communist Party of China (CPC)’s absolute leadership over the PLA.

“To build a strong military, [we] must unswervingly adhere to the Party’s absolute leadership over the armed forces, and make sure that the people’s army always follow the Party,” he said.

Xi called for a new generation of “capable, brave and virtuous” army “with souls” in order to build a strong military.

Calling political work the “lifeline” of the PLA, Xi said troops must have ironclad faith, beliefs, disciplines and responsibilities, and retain their nature and tenet as the people’s army.

Xi has urged the country’s armed forces to bear in mind the sacred duty of fighting for the people.

The PLA is deeply rooted in the people and the strength comes from the people, said Xi.

Xi called on the PLA to maintain its close relationship with the people and “go through thick and thin” with them.

The PLA should also actively contribute to the economic and social development in stationed areas to benefit the people with actions, said Xi.

Xi urged boosting integrated military and civilian development amid efforts to build a strong military.

China must build a national strategic system and capacity of military-civilian integration, he said.

The CPC has established its thoughts on building a strong military in a new phase, Xi said.

The Party has put forward a series of new ideas and requirements concerning national defense and military building in the past five years since the 18th CPC National Congress, which together constitute the CPC’s thoughts on building a strong army in the new phase, Xi said.

The Party’s military strengthening theories should be constantly enriched and developed to cope with new challenges and solve new problems under new circumstances, he said.

He stressed “coordinated, balanced and inclusive development” of economic and national defense construction.

China will never compromise on its sovereignty, security or development interests, Xi said.

“The Chinese people love peace. We will never seek aggression or expansion, but we have the confidence to defeat all invasions. We will never allow any people, organization or political party to split any part of Chinese territory out of the country at any time, in any form,” Xi said.

“No one should expect us to swallow the bitter fruit that is harmful to our sovereignty, security or development interests,” he said.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks while addressing a grand gathering in celebration of the PLA’s 90th founding anniversary.

Source: China Daily/Asian News Network

PLA ready to guard sovereignty 

 

Standing ready: Chinese paramilitary policemen stand in formation at Tiananmen Square after attending a ceremony to commemorate the 90th anniversary of the founding of the People’s Liberation Army at the Great Hall of the People in Beijing. — AFP

BEIJING: The Chinese army will step up its pace of improving its joint combat capabilities and “stand ready to fight and win at any time”, State Councilor and Minister of National Defense Chang Wanquan said.

Speaking about the cross-Straits situation, Chang said yesterday the People’s Liberation Army is “confident, capable and fully prepared to resolutely safeguard State sovereignty and territorial integrity”.

Chang made the remarks during a speech at a grand reception marking the 90th anniversary of the founding of the PLA, which fell yester­day.

President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee as well as chairman of the Central Military Commission, attended the reception along with other party and state leaders.

The PLA has come a long way since its birth during the armed uprising in the city of Nanchang on Aug 1, 1927, when it had only 20,000 soldiers.

Xi oversaw and addressed a grand military parade on Sunday marking the 90th anniversary at the Zhurihe Training Base in North China’s Inner Mongolia region.

Yesterday morning, Xi attended a grand ceremony in Beijing commemorating the 90th anniversary and delivered a speech.

Led by Xi, the PLA has been advancing reform, technological upgrades, boosting training and combat readiness, Chang said.

Through this, it has achieved thorough restructuring and greatly enhanced its combat effectiveness, he added.

The military will press ahead with reforms and staunchly focus on winning in combat and training for readiness, Chang said.

Speaking of the cross-Straits situation, Chang said adherence to the 1992 Consensus and opposition to Taiwan independence constitute the political foundation of peace and development of cross-Straits relations.

Any form of secessionist attempt by anyone at any time would surely be opposed by the whole Chinese people and nation, he added.

Noting the Chinese military’s role as a contributor to world peace, he said the PLA facilitates global development and supports international order.

As of June, the Chinese military had participated in 24 UN peacekeeping missions, sending 31,000 personnel, 13 of whom lost their lives on duty. — China Daily/Asia News Network

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