Saturday, March 28, 2015

Unprofessional Police force - Malaysia

Police barricade KLCC as protest march nears

 | March 28, 2015
Tian Chua, Mat Sabu wave from police station while crowd marches towards
wedding reception.
KUALA LUMPUR: Police set up barricades around Kuala Lumpur City Centre
this evening to prevent a demonstration by hundreds of demonstrators
protesting against prime minister Najib Razak and his wife Rosmah Mansor,
whose daughter marks her wedding with a reception there tonight.
The protesters had paraded through central Kuala Lumpur today in a festive
mood, chanting protest slogans while conducting a mock wedding march
complete with “bunga mangga” and a traditional bridal song.
Along the way from Sogo to KLCC, they halted briefly outside Dang Wangi
police station and were cheered by detained opposition MPs Tian Chua and
Mohammad Sabu who were arrested this morning.
They were among those who had been slated to lead the march, held every
week in protest against the jailing of opposition leader Anwar Ibrahim, as
well as other grievances such as the impposition of the Goods and Services
Tax beginning on Wednesday.
Tian Chua and Mat Sabu were seen waving from the windows of the district
police headquarters as the protestors chanted “Free the detainees” before
breaking into song, Malaysiakini reported.
Along the way, the protesters had chanted slogans against the GST, demanded
the release of Anwar Ibrahim, the resignation of the Inspector-General of Police
for ordering arrests of rally organisers under the Peaceful Assembly Act, and of
politicians and activists under the Sedition Act. “Tolak GST”, “Undur IGP”
and “Bebas Anwar” were heard, as well as the traditional “Reformasi”.
The protesters also sang a parody version of the traditional wedding song
“Selamat Pengantin Baru” which they dedicated to Nooryana, daughter of
prime minister Najib Razak and his wife Rosmah Mansor, whose wedding
reception is being held at KLCC later tonight.
Among those present at the rally were Shah Alam MP Khalid Samad of
PAS, PKR Youth deputy chief Dr Afif Bahardin, Bayan Baru MP Sim
Tze Tzin, poet A Samad Said, Bersih chairman Maria Chin Abdullah, Jingga
13 leader Fariz Musa and activist Mandeep Singh.
The police should allow this protest to occur and not do the whims of 
the PM and his wife Rosmah.
If this were a truly democratic country with a professional and 
independent police force this protest would be allowed t take place.
There are violent and hardcore criminals to go after - WHY 
WASTE PUBLIC FUNDS ON HAVING SO MANY Policemen  - 
just to barricade the road!!
The IGP should RESIGN as he not professional arresting so many 
citizens on what is of FREEDOM OF SPEECH :so-called offences' 
- just doing the politicians wishes and commands - THIS IS SICKENING!

Tuesday, March 3, 2015

Sack the entire governing board of 1MDB BNM Zeti now!

PM must sack 1MDB bosses, Zeti must quit

 | March 4, 2015
Khairuddin Abu Hassan praises the Cabinet for rejecting 1MDB's cash
injection request and attacks the Bank Negara Governor for relying on
hope.
1MDB najib razak, Zeti, Arul Kanda2PETALING JAYA: A prominent critic of 1MDB has urged the Prime Minister to sack the entire governing board of the company as well as its CEO, saying they had failed in their moral and legal duties as evident in their recent request to the government for a RM3 billion cash injection.
The call was made by sacked Umno divisional leader Khairuddin Abu Hassan, who also said Bank Negara Governor Zeti Akhtar Abdul Aziz should resign for apparently ignoring the threat posed by 1MDB to the national economy.
In a statement given to FMT, Khairuddin congratulated Prime Minister Najib
Abdul Razak and the Cabinet for rejecting the 1MDB request which he said
was to “cover up the accumulating errors and misdeeds” of the company’s
chairman and board of directors.
“Given this very sensible and pragmatic decision,” he said, “I should like to
remind the Prime Minister of my prayer in December that the entire 1MDB
board be sacked for failing in their duties, both legal and moral.
“In addition, the Prime Minister should also dismiss the newly appointed
CEO, Mr Arul Kanda Kandasamy, who is clearly out of his depth and who,
after much fanfare, can only think of turning to the rakyat for even more
money to squander.
“Should the Prime Minister feel my prayer is out of order, then I would ask
him to consider if the 1MDB board and senior management, entrusted as
they are with Malaysia’s future development and her oil wealth, are
anywhere near the calibre of men like Raja Tun Mohar Raja Badiozaman,
Datuk Rastam Hadi and Tun Abdullah Salleh, whom his father, Tun Abdul
Razak, appointed as economic managers and advisors.”
His call for Zeti’s resignation came in a separate statement which referred to
reports of the central bank governor “expressing her hope that ratings agencies
will give Malaysia a fair assessment” and not downgrade Malaysia’s sovereign
ratings.
“It is as if the governor is unwilling to confront the real, obvious issue of the
1MDB loan default,” he said.
“That our beloved governor must now plead for fairness from international
rating agencies is really a reflection of where the country and the economy
is at – near the gutter, as it was during the Asian Crisis of 1997-98.”
He referred to news reports worldwide that “have attributed the fall of the
ringgit to the ever-growing risk of 1MDB defaulting on its loans”.
Khairuddin also referred to the 1MDB’s audited accounts for the period
ending on March 31, 2013. He highlighted the US$1.58 billion (RM4.9 billion)
meant to be used for the development of the Tun Razak Exchange (TRX) but
which 1MDB decided to place with overseas investment institutions.
“The US1.58 billion was part of the US$3 billion debt securities that had been
 issued by 1MDB’s subsidiary, 1MDB Global Investements Ltd (1MGIL), and
the debt papers were supported by a letter of comfort from its shareholder, which
is the Government of Malaysia,” he said.
“The amount was to be used as seed capital for the development of TRX by Abu
Dhabi Malaysia Investment Co Ltd (ADMIC).”
ADMIC is a 50:50 joint venture betweeen 1MGIL and Aabar Investments PJS.
Khairuddin noted that the Aabar group in 2011 thwarted efforts by Maybank and
CIMB to take over RHB Capital Bhd.
Sack the entire governing board of 1MDB BNM Zeti now!

Sunday, March 1, 2015

1MDB scam of the century


Jho Low allegedly siphoned off US$700 million from 1MDB, says website

Whistleblower website Sarawak Report claims that Jho Low channelled US$700 million to a company called Good Star Limited, which was owned by Low. – The Malaysian Insider pic, March 1, 2015.	Whistleblower website Sarawak Report claims that Jho Low channelled US$700 million to a company called Good Star Limited, which was owned by Low. – The Malaysian Insider pic, March 1, 2015.Businessman Jho Low orchestrated the 2009 joint venture between 1Malaysia Development Berhad (1MDB) and PetroSaudi International to allegedly siphon off US$700 million from the strategic development fund, whistleblower website Sarawak Report has claimed.
The UK-based website revealed that the 1MDB PetroSaudi joint venture company's US$700 million loan repayment to PetroSaudi in 2009 was a front and the funds channelled to a firm allegedly owned by Low, called Good Star Limited.
The US$700 million loan repayment provision was part of the joint venture contract between Petro Saudi International and 1MDB, Sarawak Report said, citing documents it had obtained. It also published those documents with its report.

“What that evidence goes on to show is that critical manoeuvres for transferring the USD$700 million ‘loan’ cum ‘premium’ into the control of Jho Low took place straight after the signing of the agreement (between PetroSaudi and 1MDB) on September 29 – that and Jho Low was involved and copied in on every step,” Sarawak Report said.

According to copies of the PetroSaudi loan agreement obtained by Sarawak Report, the US$700 million had been loaned from PetroSaudi Caymans Holdings to the 1MDB PetroSaudi joint venture company on September 25, 2009.
“However, there is no evidence to suggest that this ‘loan’ was anything apart from an entirely contrived transaction between two arms of PetroSaudi, a company with very little working capital.
“Three days later, 1MDB was committed to pay it back in hard currency,” it said.
On September 29, 2009, PetroSaudi CEO Tarek Obaid issued a letter of demand to 1MDB PetroSaudi Limited for US$700 million be credited to account number 11116073, at RBS Coutts Bank Ltd in Zurich, Switzerland.
Sarawak Report claimed that the account was registered under a company called Good Star Limited, which was controlled by Low.
“This means that the money, which was stated as having been paid back to PetroSaudi as part of the joint venture agreement, was in fact signed over by Tarek Obaid to an entirely separate third party, Good Star Limited.”
It added that the US$700 million was repaid by 1MDB alone, as PetroSaudi had brought in “zero cash” into the joint venture and had only committed the valuation of its assets.
Good Star then paid Tarek Obraid a “broker fee of US$85 million” on the same day the letter of demand was written, it said.
Sarawak Report claimed that the entire 1MDB-PetroSaudi joint venture deal had been initiated by Low and his team on September 8, 2009 – less than a month before the deal was signed.
Those involved in the initial meeting were Low, UK businessman Patrick Mahony, and Low’s colleagues Seet Li Lin and lawyer Tiffany Heah.
Mahoney worked for an investment group called Ashmore, which was funding PetroSaudi’s omain operation, while Seet is the chief investment Officer of Good Star Limited, and the vice-president of Low's company Jynwel Capital, said Sarawak Report.
The website said it managed to contact Seet to ask about his role at Good Star, but he denied knowing anything and then "turned off his phone".
In an email transaction between Low and Mahony, the latter said he understood Low wanted “to use PetroSaudi International as a front for certain deals” and that “we would be happy to do that”.
Sarawak Report said 1MDB’s CEO, Shahrol Halmi, and his Malaysian colleagues were only involved in the proceedings in September 15, on the initiative of Low, who organised the conference call between the parties.
The website also furnished an email, purportedly written by Shahrol, which it said showed that 1MDB was still in the dark about the actual business of PetroSaudi International, as Shahrol had yet to receive the company's profile days before signing the joint venture.
On February 21, 2015, 1MDB claimed that its joint venture with PetroSaudi had earned it a profit of US$488 million.
In a statement on the company’s website, 1MDB president Arul Kanda Kandasamy also claimed that the money it had invested in the venture had been converted into Murabaha notes when the plan did not go through.
“In 2009, 1MDB entered into a joint venture with PetroSaudi, which was set up to undertake investments in certain projects.
“Both parties eventually decided not to proceed with the joint venture and our investment was converted into Murabaha notes.
“These Murabaha notes were paid back in full, with 1MDB earning a profit of US$488 million, in 2013,” Arul said in the statement. – March 1, 2015.
 
Just beautiful with all this financial losses, we now have GST to pay for 1MDB losses. Umno/BN leaders enriches themselves, their cronies and supporters at taxpayers expense. How long before Malaysia goes bankrupt like Greece!!!

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