RM7bil to bail out 1MDB, CEO Arul Kanda utterly dishonest & untrustworthy said Finance Minister


PUTRAJAYA: On top of paying RM6.98bil to bail out 1Malaysia Development Bhd (1MDB), the Government is now facing the prospect of forking out an additional RM953mil to service the company’s debts by November.

“I have been informed that besides the RM142.75mil due at the end of this month, another RM810.21mil worth of interest is due between the months of September and November in 2018,” Finance Minister Lim Guan Eng told reporters after being briefed by ministry officers.

Lim, who was shocked at the revelation, added that the ministry had been bailing out 1MDB by servicing its debts since April 2017, which included payments for International Petroleum Investment Corp’s (IPIC) settlement agreement amounting to RM5.05bil.

“This confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that hit had paid via ‘successful rationalisation exercise’.

“It has been the ministry that has bailed out 1MDB,” he said.

He also said the previous government had conducted an exercise of deception with regard to 1MDB and even misrepresented the financial situation to Parliament.

Lim said 1MDB’s chief executive officer Arul Kanda Kandasamy, and directors Datuk Kamal Mohd Ali and Datuk Norazman Ayob will be grilled to determine the company’s state of affairs and its ability to service its debts.

He said officers from the ministry would conduct a detailed study on 1MDB’s debts and liabilities aimed at resolving the “crisis created by the scandal”.

“We will also submit our findings to the 1MDB task force formed by the Prime Minister,” Lim said.

Asked what was the full extent of 1MDB’s debts and liabilities, Lim said this would only be known with full access to files and accounts which had been previously barred or blocked to auditors.

He added 1MDB had contributed to the nation’s debts. – The Star

https://youtu.be/ZKoNfVcq5EQ PUTRAJAYA: Newly appointed Malaysian Anti-Corruption Commission (MACC) chief commissioner Datuk Seri Mohd…
https://youtu.be/fCZj0DuDNUk Robert Kuok attends CEP meeting Najib arrives at MACC HQ to have his statement recorded …
Dr Mahathir moves swiftly to inject confidence and stability into the market WHEN the results of the 14th general election were final…
  Mahathir to be sworn in as PM on May 10 https://youtu.be/zsOkQeJxojk After six decades in power, BN falls to ‘Malaysian tsuna…
Market impact: The reaction of investors following the past two GEs is an example of how investors value certainty and how Bursa will b…

Najib and Mahathir face off in fierce Malaysian election:   https://news.cgtn.com/news/

 

Advertisements

BN loss will see bad future ?


Towering achievement: The Tun Razak Exchange is one of the projects Ng says will be halted if the Opposition wins the polls. — Bernama

PETALING JAYA: An analyst has warned of a bleak economic future for Malaysia if the Opposition is voted into power in GE14.

About – CREATE – Centre for Research, Advisory & Technology

Ng Yeen Seen | 世界经济论坛

10ESD Conference 

Centre for Research, Advisory & Technology (fb)

Centre for Research, Advisory and Technology chief executive officer Ng Yeen Seen (pic) said Malaysia will be sidelined by China from the Belt and Road Initiative.

She said the Opposition will cease all China-linked projects such as the East Coast Rail Link, Tun Razak Exchange and the Country Garden Forest City development.

Malaysia’s palm oil industry problems will then be compounded with a boycott by China, she said.

She said many will be expected to lose their jobs if China decides to use another route to bypass Port Klang.

The abolition of the Goods and Services Tax (GST) will also result in a huge loss in revenue for the Government, she said.

According to her, government employees will be expected to lose their jobs as Petronas is no longer a formidable force like it was in the 80s, 90s and in the first decade of 2000.

“The Government will have to find alternative sources,” she said in a statement yesterday.

She added that this will result in national debt rising as it did in the 80s and 90s as privatisation will see a significant increase to sell more assets to “friendly parties” via cheap loans guaranteed by the Govern­ment.

Furthermore, as the Opposition has vowed to abolish tolls, Ng said the Government will have to borrow money from the United States, for example, in its plans to buy back these assets.

Ng said this was because the Government no longer had the oil money it once had in the past, coupled with China and the Middle East not being as strong as they were due to falling oil prices.

Although the abolition of BR1M will result in the B40 group being encouraged to work in newly privatised companies, she said this will hamper the nation’s dreams of becoming a high-income nation.

“To be globally competitive, these privatised companies will have to keep costs low and our high-income nation dreams will be destroyed,” she said, adding that foreign workers will return to compete with locals.

She pointed out that this will result in Industry 4.0 modernisation not happening and the country falling behind nations such as Thailand, Vietnam and Indonesia by 2023.- The Star

Related posts:

GE14 will be about race, warn analysts | ‘The outcome of such a strategy will deprive the Chinese community of some good politic.

Malaysian Chinese will lose out from DAP’s tactics

..

Down the wire with the Malays – With urbanites caught up in social media debates, it will be the quiet rural folks who determine the winn..

Halt all hillslope development, Penang Forum tells state | Free … FMT – GEORGE TOWN: The Penang Forum

https://youtu.be/kslhytLg-Wc Hills, landslides and floods: What to do?   The mega floods in Penang which followed the landslide…
NGO draws up own manifesto to assist the next state government  (From left) Anil, Ben, Dr Chee, Khoo Salma, Dr Anwar and Dr Ka…

Don’t brush aside the goodwill, Mahathir !


Fruitful friendship: National carmaker Proton
was given a boost when Chinese automaker Zhejiang Geely Holding Group
came to its rescue last year.

A graphic being circulated on social media has the Chinese flag planted all over a map of Peninsular Malaysia, suggesting that Red China has taken over our land. The political message is clear: the Najib Administration is hawking the country.

Framed against the backdrop of a heated general election, everything is fair game, with no sacred cows, but the anti-China campaign is detrimental to the country and people.

Besides reeking of racism, it will drive Chinese investors away from Malaysia if the country is perceived as being hostile.

The reality is that many other countries will roll the red carpet for China, inviting the eastern giant to pour money into their countries, but in an emotional elections campaign, rhetoric seems to have prevailed above rationale and logic.

It didn’t help that Tun Dr Mahathir Mohamad, in a recent interview with Reuters, warned that Chinese investors in Malaysia will face more scrutiny if he regained power in the upcoming election.

He reportedly said that Chinese investment was welcome if companies which set up ope­rations in Malaysia employed locals and brought in capital and technology to the country, but “this wasn’t the case now.”

“Lots of people don’t like Chinese investments,” the former prime minister claims, saying “we are for Malaysians. We want to defend the rights of Malaysians. We don’t want to sell chunks of this country to foreign companies who will develop whole towns”.

Last week, Dr Mahathir said Malaysia will stop borrowing from China, adding he would review Chinese investments if his political coalition was put in charge.

He told the Associated Press that “in the case of projects, we may have to study whether we would continue, or slow down or negotiate the terms”.

However, China is Malaysia’s top source of foreign direct investment, contributing 7% of the total RM54.7bil it received last year. That’s not a revenue stream to dismiss flippantly.

Recently, the Chinese Ambassador to Malaysia, Bai Tian, gave a firm reassurance that the republic would import more Malaysian palm oil and palm-based products, stressing there would be no cap on its imports.

He said: “We will not set any limit”, and “there will be no ‘glass ceiling’ for the import of Malaysian palm oil and related products”.

In the first six months of 2017, the total export of palm oil and palm oil products to China grew 9.8% to RM8.52bil, up from RM7.76bil a year ago.

As for the export of rubber and its products to China, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong revealed that China has overtaken the United States and the European Union to become the top export destination for Malaysia. The total export of rubber and related products to China in the first 11 months last year jumped by 76% year on year to RM7.45bil, compared to RM4.23bil in the same period in 2016.

These are real facts and figures. This is not fake news.

All these huge imports by China will directly benefit Felda settlers.

Surely we need to treat our No. 1 customer well, and not kick them in their derriere or allow ourselves to be viewed with fear and ridiculed in election rallies, which we seem to be adept at.

Palm oil is straining under the weight of huge challenges from unfriendly EU countries, which are dead against the industry.

In a move to lift oil seed prices and encou­rage domestic supply of soybean and grapeseed, even India has raised its import tax on crude and refined palm oil to its highest level in more than a decade.

As one news article reported, “over the last 30 years, China’s economic growth has been phenomenal. A country of 1.3 billion with the biggest number of poor people, has propelled more than 600 million into the middle class.

“She is adding 30 million (incidentally, Malaysia’s total population) to this number every year. Most respectable studies are predicting the Chinese economy will be bigger than the US’ before 2030. Bloomberg says this will happen in 2026.”

As commentator John Lo correctly wrote in Free Malaysia Today: “President Donald Trump’s inward-looking policy is hastening the decline of the US. The US and her allies have ruled the world and imposed their will on other countries in the name of democracy and promise of prosperity for a few hundred years.

“Very few countries have benefited, and many have suffered by adopting or submitting to the US’ will. China’s economic growth model has shown to be better than that of the West’s.

“The US’ presence in Malaysia has helped little to build up our economy. They have been pumping our oil for years but have not given us an oil industry. They have invested a lot more, I really mean a lot more, in Singapore’s oil industry.”

In June 2017, trade with China totalled RM22.75bil, up by 8.7% from RM20.92bil – and the cash registers will ring louder as China’s wealth increases.

Of course, then there’s Proton Holdings, which registered losses of up to RM1bil in 2017. No one dared touch the national car maker, which, to put it politely, was well past the ICU stage. Even a defibrillator was useless.

For decades, Malaysians had to pay so much for imported cars, having to put up with protectionist measures and the obligatory national pride. No one was prepared to tell Dr Mahathir that the business model wasn’t workable anymore.

Then, China stepped in. Chinese automaker Zhejiang Geely Holding Group came to the rescue and took up a 49% stake in Proton. Geely is also the owner of Volvo, Boyue and the London Taxi Company, which produces the city’s iconic cab.

After Proton was sold to Geely, Dr Mahathir said he was saddened, but in 2014, it was he who travelled to China to meet the manufacturer to seek a Proton partnership, a bid which ultimately fell through.

On the tourism front, Malaysia is expected to hit the four million mark for inbound tourists from China this year. This is a trickle from the Chinese point of view, but with a fast-expanding middle class, the figures will surely spike.

One report said that Chinese investments in Malaysia “have continued to be on an uptrend despite the stringent capital control introduced by the Chinese government last year, signalling China’s commitment to pursue long-term investments in Malaysia. Among the projects that have seen significant Chinese investments in recent years are the Forest City in Iskandar Malaysia (RM405bil), the East Coast Rail Link (RM55bil) and Melaka Gateway (RM29bil).

“While the outlook for China’s ODI (overseas direct investments) appears to have dimmed, Malaysia has become the fourth largest recipient of China’s ODI globally this year.

“In the latest China Going Global Investment Index 2017 report by the Economist Intelligence Unit, Malaysia has jumped to fourth position in 2017, compared with 20th in 2015.”

“The significant improvement is mainly a result of Malaysia’s important participation in BRI-related projects, apart from the welcoming attitude towards Chinese investment.”

The stakes are simply too high for politicians to turn China into a bogeyman and instil fear in the voters’ minds, particularly in the Malay heartland.

“I am willing to take a bet that should the Opposition take over the government, they will run to Beijing first for investment. The reason is simple, the US will not invest much here. Europe is down.

“Japan has been in the doldrums for more than 20 years. They need investments more than Malaysia does. It is not wise to run down China’s investment for the sake of political campaigning,” Lo wrote.

He added that “the proper way to address any issue on China’s investments is not to blame the Chinese. They have come because the Government has lobbied hard for China’s investments.

“If the Opposition has any reservations, they should direct their criticism at the Government and not implicate China. To say that China is giving kickbacks is in bad taste and shows insensitivity and crudeness.”

Another favourite China-bashing target concerns Johor’s Forest City project. Claims abound about the loss of sovereignty when, in fact, the properties were constructed on reclaimed land, and not on existing plots in the state. The sprawling property will be built on land that never existed prior.

The developer, Country Garden Holdings, isn’t a fly by night operation. Instead, it is China’s sixth most successful property developer in terms of sales, and has a market capitalisation of US$61.87bil (RM241bil). The owner, Yang Guoqiang, has family assets worth 45.5 billion yuan (RM28bil).

Another bit of nonsense implicating China is the claim that the Government had granted tax exemption to federal projects, such as the East Coast Rail Link (ECRL) built by the Chinese, a move designed to anger the Malays. But during Dr Mahathir’s time, under the Sales and Services Tax (SST) system in the 1980s, exemption was given to several mega projects, including the Kuala Lumpur International Airport (KLIA), Express Rail Link, Smart Tunnel, Bukit Jalil Stadium, as well as to independent power producers.

If GST relief was not offered to China Communications Construction (CCC) Sdn Bhd for the ECRL project, it would have cost a lot more, thus increasing the country’s debt and incurring huge losses.

But leading up to the elections, rhyme or reason get thrown out the window, and facts and figures take a back seat. For some people, in their anger, truths are brushed aside at the expense of damaging the goodwill extended by China.

Those who have dealt with China will tell you they value friendship. They remember their friends – and their foes, too.

Source: Wong 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 the group’s managing director/chief executive officer and formerly the group chief editor.

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.

Related:

Teng: Lims have to answer to Dr M’s remarks over China – Nation 

Video: //players.brightcove.net/4405352761001/default_default/index.html?videoId=5774368636001

 

Liow To Dr M: Stop Playing Politics On M’sia-China Relations 

 

Long ties: As one of the earliest countries supporting the Belt and Road Initiative, Malaysia’s collaboration with China takes the front row among Asean countries, says the writer, who has visited various development sites since he arrived here including the Exchange 106 in the Tun Razak Exchange (left) and the Iskandar Regional Development Authority office in Johor . China’s executive recruitment market growing fast as demand rises …

 

Embracing for common development – Nation

Tycoon Robert Kuok stands tall amid the bashings from Umno leaders


Well-regarded: Kuok in his office in Hong Kong. Picture taken from ‘Robert Kuok: A Memoir’.

 

DURING the two week-Chinese New Year celebrations, with the tossing of yee sang for better times ahead, the key topic of conversation among the Chinese revolved around the general election.

But the sudden eruption of high-level political attacks on Robert Kuok last weekend sent shockwaves through the community. Since then, the richest man in Malaysia has been the talk of the town.

The onslaught could not be taken lightly as Kuok is not just any ordinary businessman but someone of stature held in high esteem not only in Malaysia and China, but also by the global Chinese community.

It is a known fact that Kuok helped to lay the groundwork for the end of communist insurgency in Malaysia, played a role in easing racial tension after the May 13 racial riots and contributed funds to Umno and MCA during elections.

His generous donations have benefited the poor and rich.

Kuok has always stood tall among everyone.

Dubbed the “Sugar King of Asia”, Kuok has set up a huge international empire with businesses spanning from commodity trading to hotels, sugar and oil palm plantations, wheat flour milling, property development and entertainment.

In Malaysia, he retains control of Shangri-La Hotels and the wheat flour business after selling his sugar and property businesses.

Hence, the Chinese community here feels hurt to see their business icon being smeared based on hearsay. They see grave injustice done to this man whose loyalty and commitment to the country is being questioned.

However, due to suspicion that the whole episode could be a politically driven scheme ahead of GE14 for various reasons, Chinese community leaders only spoke up after Kuok defended himself.

While many are aware that Kuok’s recent memoir had irked some quarters due to his disdain for the New Economic Policy (1971-90), they are perplexed by the timing of this smear campaign.

Kuok’s political revelations in his book have also earned him brickbats from some people.

This round, the criticisms against the tycoon were based on three articles posted by blogger Raja Petra Kamaruddin on the online portal Malaysia Today.

The most startling allegation made by the controversial blogger, who has a record of stirring up racial hatred towards local Chinese in past writings, was that Kuok had donated hundreds of millions to the DAP in a bid to overthrow the Umno-led government.

Without verifying the content, Malay critics and senior Umno politicians told Kuok to be grateful to the Government as the tycoon had built his early sugar, rice and flour empire based on his good ties with Umno leaders.

The remarks by Tourism and Culture Minister Datuk Seri Nazri Aziz were particularly scathing, as crude and offensive words were used. In addition, he told Kuok to surrender his citizenship.

The critics might have misconstrued earlier statements by Datuk Seri Najib Tun Razak, who had said that some of the richest people, including Kuok, owed their success to opportunities created through government policies.

“If we look at the list of names of the richest people in Malaysia, such as Robert Kuok, who gave him the key to become the rice and sugar king? It was given to him by the ruling government,” said the Prime Minister at an event in Selangor on Feb 24.

“Yes, he is driven, hardworking, industrious and disciplined – but that is not enough. Everyone still needs the key to creating these opportunities,” he added.

Although DAP leaders promptly denied receiving money from Kuok, this failed to stop the tirade of aspersions cast against Kuok.

It was obvious that Kuok had to defend himself. He issued a statement last Monday, saying all allegations against him were “untrue, unjustified and amounted to libel”.

The 94-year-old Kuok, who moved his business headquarters from Kuala Lumpur to Hong Kong in 1975, denied funding The Malaysian Insight portal or opposition parties to overthrow the Government.

He also denied that he was anti-government, a racist or a Chinese chauvinist.

While Kuok’s hint of instituting libel suits might have some deterrent effect, the proposal by MCA president Datuk Seri Liow Tiong Lai to the Prime Minister to intervene in the matter could have shut the mouths of Umno leaders.

Liow tweeted: “I have conveyed the feelings of the Chinese community to the PM. We hope that the PM will intervene to put this issue to rest. Mr Kuok has contributed greatly towards the development of the nation.”

If the vicious attacks on Kuok were allowed to continue, the first casualty in GE14 could be MCA and Gerakan, and ultimately Barisan Nasional, as angry Chinese could be provoked to vote against the coalition in GE14.

And the unintended winner from this latest episode could be the opposition side.

The question now is: Faced with so many challenges in the coming polls, could Barisan afford to sow a new seed of discontent and allow it to germinate unchecked?

The Prime Minister’s Office issued a statement, saying Kuok’s success is “an inspiration” for other entrepreneurs.

Though this brief statement and its “cooling effect” came a bit late in the political sense, it was better than nothing.

In addition, a tribute to Kuok posted by Najib’s brother Datuk Seri Nazir Razak on Instagram is also a comfort to the Chinese.

“I may not agree with all his views but he (Kuok) is a patriot, the icon of Malaysian business and a first-class gentleman,” said Nazir, the chairman of CIMB Group Holdings Bhd last Wednesday.

However, the injustice done to Kuok on such a scale is unlikely to be forgotten soon, as this incident has also stirred up some debates.

Is there any hidden political agenda to vilify Kuok before GE14? Do successful businessmen owe their allegiance to ruling political parties? Is it morally wrong to change your political stand?

Dr Oh Ei Sun, former political secretary of Najib, offers some explanations to Sunday Star: “Robert Kuok has shown his contempt for the NEP in his book. This may be seen as questioning Malay supremacy and this attitude must be nipped in the bud.”

He adds that Kuok may not be forgiven for stating the obvious, which many Chinese have wanted to voice out but could not for fear of losing business opportunities.

In his memoir, Kuok stated that although the Chinese have played a significant role in the economic development of Malaysia and other South-East Asian nations, many did not receive just and fair treatment.

Sin Chew Daily, quoting unnamed Barisan sources, says the bashing of Kuok also carried a warning message to the business community to think twice before they contribute election funds to opposition parties.

“These attacks also sent a message to the Malay community that they must be united to support Umno, which is being ditched by others it has helped to prosper,” said the Sin Chew report last Thursday.

Although a life member of the MCA, businessman Tan Sri Lee Kim Yew believes people owe no loyalty to political parties.

He tells Sunday Star: “A businessman is expected to be loyal to his country, not to ruling parties. Politicians and political parties come and go.

“Whoever becomes the government has a duty to create a conducive environment for the people to prosper and live harmoniously. If politicians are not worthy of support, people are free to switch their political stand in a democracy.”

Apart from ordinary people, the business community is also watching developments linked to Kuok with concern.

“If the issue on Robert Kuok is not handled properly, there will be a negative impact on the sentiment of investors. We are all following these developments,” says a businessman at a CNY dinner.

by Ho Wah Foon, The Star

Related Posts:

https://youtu.be/cCoO3JEKZ48 PETALING JAYA: The recent attacks against multi-billionaire Robert Kuok, including those from Umno leader..

Penang govt shocked at payment of RM22m to Datuk Seri to cover-up alleged corruption in undersea tunnel project.


//players.brightcove.net/4405352761001/default_default/index.html?videoId=5742093581001

Mystery Datuk Seri in RM19m probe 

 

Under remand: MACC officers escorting the Datuk Seri away after obtaining a six-day remand order from the magistrate’s court in Putrajaya – Mohd Sahar Misni/The Star

//players.brightcove.net/4405352761001/default_default/index.html?videoId=5742093581001

GEORGE TOWN: The Penang state government is shocked at claims that RM22mil was paid to two individuals to cover up investigations into alleged corruption in Penang’s undersea tunnel project – and wants the developer consortium Zenith Construction Sdn Bhd (CZC) to come clean on the matter.

Chief Minister Lim Guan Eng said the state government was shocked by news that CZC allegedly paid RM19mil to an unnamed businessman and RM3mil to Baling MP Datuk Seri Abdul Azeez Abdul Rahim.

“This is something we had no knowledge of,” he said.

Lim was referring to the remand of a high-profile “Datuk Seri” for allegedly receiving RM19mil to close the corruption probe into the controversial RM6.34bil Penang undersea tunnel project.

An online news portal, quoting sources, has also reported that CZC has issued a demand letter on Feb 24 to Abdul Azeez.

The portal also reported that CZC was planning to sue Abdul Azeez and the businessman for allegedly failing to execute their tasks. – The Star

Related stories:

 Accounts frozen, house and cars seized

Pricey seizure: The luxury vehicles,
(clockwise from top left) a Toyota Vellfire, a Mercedes-Benz, a Land
Rover and a Hyundai Starex, seized from the Datuk Seri.

 

Abdul Azeez: I’m a victim of name-dropping – Nation

//players.brightcove.net/4405352761001/default_default/index.html?videoId=5743714793001

 

Related posts:


Lawyers participating in a peaceful rally,
calling for the Sedition Act to be repealed, in Kuala Lumpur in 2014.
The law was used in the … 


Opening up a can of worms from Penang Undersea Tunnel project to Ayer Hitam …

‘In the very first place, does Penang really need an undersea tunnel and three main highways? Are the new infrastructures going to so..

PTMP: Losses making fashion company in Penang Undersea Tunnel Project

Filepic: PenangPropertyTalk Did the Penang Govt do a “bait and switch” on the Penang people? That was the question pose.

 

Behind BJ Cove houses at Lintang Bukit Jambul 1 is an IJM Trehaus Project.  Approximate Coordinates : 5°20’38.47″N,100°16’…

 

Becoming bald: A view of the clearing work seen at Bukit Relau which was visible from the Penang Bridge in November last year. GEORGE..

 

  Fake Awards Scam for Penang Island City Council, Seberang Perai Municipal Council ! 
Home locked by Penang City Council over RM468 paltry arrears of assessment 

Penang floods and landslides, looking beyound natural causes! Seeking solutions: Penang Forum member and soil expert Dr Kam Suan Pheng giving her views during the dialogue session themed ‘Penang Fl..

https://youtu.be/ooyXvqmxbvw GEORGE TOWN: Some 20 houses located on a slope in Hong Seng Estate in Mount Erskine were flooded due


How to measure a politician?

Use technology to learn more about them before casting your vote Cheah taking a wefie with Tanjung Bungah assemblyman Teh Yee Cheu (be…

 

Wanted: Leaders who listen !

Turning a blind eye: The grumblings over exposed hills are growing louder but little is being done to rectify the situation   G…

It’s hard to deny when the effects of climate change are all around us  Andrew Sheng says that from increasingly intense hurricanes t…

 

Why did MBPP approve the Tanjung Bungah development project? Read more at https://www.malaysiakini.com/letters/399357#qbRd534yu1JfC551….

 

https://youtu.be/kslhytLg-Wc Hills, landslides and floods: What to do?   The mega floods in Penang which followed the landslide…

 

Choong (in white) surveying the deforested hillslope next to Majestic Heights. PENANG MCA has raised concerns about the safety of the r…

 

Wet, wet woes: (Above) Bukit Jambul is flooded once again after an evening downpour. Firemen installing a pump to draw floodwater…

 

Council should not bow to development or political pressure, says city councilor, Khoo ‘Politicians should be ‘wakil rakyat’ and n…

 

(From left) Dr Kam will deliver a talk on ‘Understanding the Causes of Floods and Seeking Solutions. State assemblymen expressing inter…

 

https://youtu.be/4qaOB1n5tgA GEORGE TOWN: The Penang Island City Council has lodged a police report against the consultant of the aff…

 

Speaking out: Penang Forum members protesting outside the CAP office in George Town. Don’t just make it about worker safety issues ..

 

https://youtu.be/QB45Q2_mOG0 Suspicious activity: A photo taken from Penang social activist Anil Netto’s blog showing an active s…

 

Some representatives of the 24 residents associations and management corporations showing messages urging the state to resolve the flood…

 

Our Environment is Our Life – YouTube THE year has barely started, and already we have so many reports of weather and climate-related e…

 

Sponge City: Solutions for China’s Thirsty & Flooded cities  China’s ‘sponge city’ projects may be worthwhile examp…

 

Malaysia to end cronyism?


https://youtu.be/vmqElJnDURI

//players.brightcove.net/4405352761001/default_default/index.html?videoId=5717349859001

KUALA LUMPUR: The Government has vowed to end “crony capitalists” whose wealth came at the cost of ordinary Malaysians, said Datuk Seri Najib Tun Razak.

The Prime Minister said lessons had been learnt from past mistakes in planning Malaysia’s economic transformation, after confronting many “legacy issues” along the way.

“Some of the country’s development under a former leader came with an unnecessary price tag, in the form of a class of crony capitalists,” he said in his keynote address at Invest Malaysia 2018 yesterday.

Citing public transport as an example, Najib said massive overhauls had to be done to rectify the issue.

“For decades, public transport was neglected. It was incoherent, with different owners, different systems and certainly no integration

“One man’s obsession with the idea of a national car – which is now being turned around under international joint ownership – led to Malaysia lacking an efficient public transport system.

“This was a serious obstacle to achieve high-income status and for Kuala Lumpur to be a world-class capital,” he said.

Although no name was mentioned throughout his speech, it was an apparent dig at former premier Tun Dr Mahathir Mohamad.

Najib also said that during this time, the Government had signed independent power producer concessions that were lopsided.

“Consumers had to pay far more for energy than they should have, even for energy they were not using.

“This was a real burden to the people, so we renegotiated these concessions – and determined that in the future, we would not allow private companies to earn excessively at the expense of ordinary Malaysians,” he said.

Najib also pointed out that the ringgit had been pegged against the US dollar for “far too long”.

“Investors and global markets lost confidence in us, and it took a long time to win that back. That was a very heavy cost to the country,” he said, stressing that the Government would never repeat that measure.

He also spoke on the challenges at state-owned institutions, such as 1Malaysia Development Bhd (1MDB), which were amplified and used as a tool to suggest that Malaysia’s economy was collapsing.

“I’m not going to brush over this issue. There were indeed failings at the company, there were lapses of governance. There was a valid cause for concern.

“This is why I ordered one of the most comprehensive and detailed investigations in Malaysia’s corporate history, one that involved multiple lawful authorities, including a bipartisan parliamentary body.

“Their findings were taken on board and the company’s board was dissolved, its management team changed and its operations reviewed,” he said.

On another note, Najib rubbished claims that Malaysia was welcoming foreign direct investments (FDIs) by selling out the nation’s sovereignty.

“My Government will never sacrifice an inch of our sovereignty,” he said, adding that while RM63bil in FDI stock came from China and Hong Kong, there was more from Japan at RM70bil.

“You don’t hear anyone warning that we are selling our country to the Japanese.

“Of course not. They are most welcome here. So are investors from Africa, the Americas, China, the European Union, India, Saudi Arabia and around the world,” he said.

Malaysia continues to improve in three key areas

Moving forward: Najib attending the Invest Malaysia 2018 launch together with (from left) Bursa Malaysia Bhd CEO Datuk Seri Tajuddin Atan, Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah, Chief Secretary Tan Sri Dr Ali Hamsa, Finance Minister II Datuk Seri Johari Abdul Ghani, Bursa Malaysia chairman Tan Sri Amirsham Abdul Aziz and Malayan Banking Bhd chairman Datuk Mohaiyani Shamsudin in Kuala Lumpur.

KUALA LUMPUR: Malaysia will continue to develop three key areas – transparency, accountability and efficiency – to attract more investments, said Datuk Seri Najib Tun Razak.

The Prime Minister observed that the country’s excellent economic and financial fundamentals had greatly benefitted local and foreign investors, providing them with stability, strength and certainty.

“We will continue to make our country even more business- and market-friendly, which means we are always working to improve transparency, accountability and efficiency.

“The Securities Commission, Bursa Malaysia, Bank Negara Malaysia and the Finance Ministry have continuously introduced and supported measures to increase the dynamism of our capital market.

“Towards this objective, I can assure you that we can expect further measures in the near future,” he said in his keynote address at Invest Malaysia 2018 here yesterday.

The two-day annual event is jointly organised by Bursa Malaysia Bhd and Maybank. A total of 61 local companies, with a combined market capitalisation of RM767.6bil were featured in the event.

The Prime Minister also cited figures that justified the confidence in Malaysia shown by investors and global institutions.

“Our total trade grew strongly by 20.8% between January and November last year, while in November alone, gross exports reached double-digit growth of 14.4%, with the highest receipts ever recorded, at RM83.5bil.

“Last year, foreign net fund inflow recorded a positive RM10.8bil, the highest since 2012, while corporate bond and new sukuk issuance reached RM111.2bil for 11 months of the year, close to 30% higher than the whole of 2016,” he said.

Najib also observed that Malaysia has enjoyed years of strong growth, with figures that most developed economies “could only dream of”, even during times of economic uncertainty.

“In fact, last year Malaysia exceeded all expectations, with the World Bank having to revise its estimate for our growth upwards not once, not twice, but three times – to 5.8%,” he said.

Najib added the World Economic Global Competitiveness index for 2017 and 2018 rate Malaysia very highly out of 137 countries.

The country is ranked third for Strength of Investor Protection, fifth for Pay and Productivity, fifth for the low Burden of Government Regulation and 14th for the Quality of Education System.

“The International Monetary Fund has also praised our sound macroeconomic policy responses in the face of significant headwinds and risks.

“The World Bank also recently confirmed that it believes Malaysia is on track, and that we are expected to achieve high-income status in the next few years,” he said.

Source: The Staronline

 

Related Links

MACC arrests Perlis DID senior officer by awarding projects to Crony Contractors – Nation

Industry 4.0 success depends on key factors

Govt watching seven PLCs with no women directors
Related Posts:

 

 Mereka Rasuah Kita Bayar! 3J drive: Jangan Kautim, Jangan Hulur, Jangan Settle!

 

Make environment our 2018 priority


Our Environment is Our Life – YouTube

THE year has barely started, and already we have so many reports of weather and climate-related events.

Heavy wind, snow storms and below-freezing temperatures paralysed cities in the United States’ East Coast. New York’s John F. Kennedy International Airport was in chaos with hundreds of flights suspended.

Yet, just weeks previously, big fires linked to a heat wave were sweeping through parts of California on the West Coast, burning 112.000ha of forest and threatening lives and homes.

Colder weather in one place and hotter temperatures in another are signs of global climate change, which can also cause heavier rainfall and drought in different regions.

While it is difficult to pin down any particular incident as a direct result of climate change, it is recognised scientifically that climate change generally exacerbates extreme weather events and may cause some of them.

We can expect the weather, and more broadly the environment, to figure prominently this year.

The alarm bells sounded long ago on the environmental crisis. But it is not easy to achieve a continuous high level of concern among political leaders.

After a calamity and public outrage, there are pledges to correct the situation. However, the interest fades after a while, and not much action is taken, until the next disaster happens.

In Malaysia, people are now looking at the sky constantly to anticipate whether it is going to rain.

Heavy rainfall has been causing floods in Kelantan, Terengganu, Pahang, Johor, Negri Sembilan, Kedah, Selangor, Sabah and Sarawak.

In Penang, severe state-wide flash floods seem to be occurring every few months, with localised flooding in several areas in between. The mud brought down from eroded hill-slopes into overflowing rivers and then into houses, makes floods an even worse nightmare for those affected.

For some unlucky ones, hardly have their houses and furniture been cleaned than they are under one metre of water again through a new flood.

Heavier rain and more floods is the new normal in Malaysia. There has been an increase in rainfall for most parts of the country in 2000-2009 compared to 1970-1999, with the major increase in 2005-2009, according to a 2012 paper by Yap Kok Seng, then the head of the Malaysian Meteorological Depart­ment (MMD), and his colleagues.

The global temperature increase has led to changes in weather including major wind patterns, amount and intensity of precipitation, and increased frequency of severe storms and weather extremes, according to the paper, Malaysia Climate Change Scenarios.

In Malaysia since the 1980s, there had been increasing number of days of extreme rainfall events, extreme wind events and annual thunderstorm days, added the paper.

Unfortunately the situation will worsen. A study published on Jan 10, whose authors are affiliated with Germany’s Potsdam Institute for Climate Impact Research, predicted that millions more people will be affected by river flooding as global warming increases severe rainfall in the next 20 years.

In Asia, the most affected region, people at risk from floods will rise to 156 million from the present 70 million in the next 20 years.

Global warming increases the risk of flooding because rain during an extreme downpour “increases exponentially” as temperatures rise, the institute’s Anders Levermann told Reuters.

“We have to adapt to global warming. Doing nothing will be dangerous,” he said.

Countries will have to act urgently and make major investments in flood protection to boost their flood defences, according to the report.

This advice surely applies to Malaysia as one of the countries already being affected by heavier rainfall and extensive river flooding.

Flood mitigation measures must be increased, including de-silting, widening and deepening rivers, improving urban drainage, strengthening river banks, redirecting water flows, constructing tidal gates, and pumping excess water into ponds.

Even more important is flood prevention. A main cause of the floods is deforestation, leading to the loss of the forests’ valuable roles in soil and water retention and climate regulation.

It is really short-sighted and irrational to damage and destroy forests, especially forest reserves and water catchment areas.

Exposed soils are swept by rain into rivers, clogging up streams and drains with mud and causing floods downstream in the towns and villages, while also depriving us of much-needed water supply.

There is a great deal of public concern over recent developments that threaten forests and hill lands in the country.

These include the de-gazetting of the Ulu Muda water catchment area in Kedah; the de-gazetting of hill lands in Penang that previously were protected under the Land Conservation Act and which are now being “developed” with the aid of higher permitted density ratio; the conversion of 4,515ha forest reserve to cultivate oil palm plantations in Terengganu (being opposed by WWF-Malaysia); and protests over the imminent loss of a forested park in Taman Rimba Kiara in Kuala Lumpur to make way for housing.

Federal, state and local governments should give priority to environmental rehabilitation of damaged forests and hills, prevent damage to the coastal ecosystem including mangroves, and take comprehensive flood prevention and mitigation measures.

They should stop approving environmentally harmful projects in ecologically sensitive areas.

They must make major financial allocations to protect and rehabilitate the environment, and implement finance measures to prevent and manage the floods.

As so many scientists are warning, and as more and more local communities and citizen groups are demanding, the time to act on the environment is now. Let us hope that in 2018 these calls will be heeded.

Global trends by Martin Khor

Martin Khor is executive director of the South Centre. The views expressed here are entirely his own.

Related posts:

Behind BJ Cove houses at Lintang Bukit Jambul 1 is an IJM Trehaus Project.  Approximate Coordinates : 5°20’38.47″N,100°16’…

https://youtu.be/ooyXvqmxbvw GEORGE TOWN: Some 20 houses located on a slope in Hong Seng Estate in Mount Erskine were flooded due

Wet, wet woes: (Above) Bukit Jambul is flooded once again after an evening downpour. Firemen installing a pump to draw floodwater…
Council should not bow to development or political pressure, says city councilor, Khoo ‘Politicians should be ‘wakil rakyat’ and n…
Seeking solutions: Penang Forum member and soil expert Dr Kam Suan Pheng giving her views during the dialogue session themed ‘Penang Fl…
(From left) Dr Kam will deliver a talk on ‘Understanding the Causes of Floods and Seeking Solutions. State assemblymen expressing inter…
https://youtu.be/4qaOB1n5tgA GEORGE TOWN: The Penang Island City Council has lodged a police report against the consultant of the aff…

Speaking out: Penang Forum members protesting outside the CAP office in George Town. Don’t just make it about worker safety issues ..

https://youtu.be/QB45Q2_mOG0 Suspicious activity: A photo taken from Penang social activist Anil Netto’s blog showing an active s..

 

Some representatives of the 24 residents associations and management corporations showing messages urging the state to resolve the flood…
Wanted: Leaders who listen !
Turning a blind eye: The grumblings over exposed hills are growing louder but little is being done to rectify the situation   G…

 

It’s hard to deny when the effects of climate change are all around us  Andrew Sheng says that from increasingly intense hurricanes t…
Why did MBPP approve the Tanjung Bungah development project? Read more at https://www.malaysiakini.com/letters/399357#qbRd534yu1JfC551….
https://youtu.be/kslhytLg-Wc Hills, landslides and floods: What to do?   The mega floods in Penang which followed the landslide…

Becoming bald: A view of the clearing work seen at Bukit Relau which was visible from the Penang Bridge in November last year. GEORGE..

Choong (in white) surveying the deforested hillslope next to Majestic Heights. PENANG MCA has raised concerns about the safety of the r…

%d bloggers like this: