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Tuesday, June 30, 2015

Berita Daily : The troubles that beset Najib's administration are self inflicted. They are not caused by Dr Mahathir Mohamad, Anwar Ibrahim, not by Lim Kit Siang or by Hadi Awang. Nor were the Chinese or the Christians responsible.

Berita Daily


What WILL break the camel's back?
 
 
Scandal after scandal but still the ruling party and its leaders continue to hold control over us. What make Malaysians wake up to the rot that is now all around them?
 
Hussein Hamid
 
Last week saw the Mara Dudley House corruption story break in Melbourne and the arrest of Xavier Justo Andre in Bangkok. As in all things Malaysian, however tenuous and fragile the link, all things lead back to the Prime Minister Najib Razak - and rightly so.

The troubles that beset Najib's administration are self inflicted. They are not caused by Dr Mahathir Mohamad, Anwar Ibrahim, not by Lim Kit Siang or by Hadi Awang. Nor were the Chinese or the Christians responsible.

The state of the global economy can be labelled a contributing factor only because in good times corruption and bad governance by inept politicians can be ignored or simply papered over as the rakyat's attention can be distracted by the feel good spending by the government on projects that seemingly benefit the public.

But at a time when money is a premium and the lack of it is already being felt by those most in need of it - the millions being lost through capers such as the Mara Dudley House purchase and the 1MDB stretches the ability of the rakyat to tolerate anymore what Barisan Nasional is doing in the name of government.

The question is without doubt more pressing when the ailing opposition Pakatan Rakyat is in no position to offer a credible alternative.

click here to read more at Berita Daily


Correction : Oppss...Najib is NOT that Lucky a Guy after all!



Another Day another Malay Shamed!


What a misfortune at this age and time for the husband of a former minister to face charges of CBT. With RM 250 million awarded to him, and had he been truthful with is business of establishing a cattle farm, he would be a wealthy towkey lembu by now. Now, all that is gone and who would again trust him with another government project. For a charge of CBT, his life is in tatters and the same goes towards his reputation. The wife being an UMNO politician and a former minister, will he get a reprieve or some minor charges?

steadyaku47 comment : Saya setuju Pak!


Court to hear NFC chairman’s CBT charges in July

June 29, 2015 
Chairman Mohamad Salleh Ismail's appeal to set aside two criminal breach of trust (CBT) charges involving RM49.7 million will be heard on July 24.

salleh,nfc

KUALA LUMPUR: The hearing of National Feedlot Corporation Sdn Bhd (NFCorp) executive chairman Mohamad Salleh Ismail’s appeal to set aside two criminal breach of trust (CBT) charges involving RM49.7 million, which he faces, has been fixed on July 24 in the Court of Appeal.

This was disclosed by Deputy Public Prosecutor Muhammad Ilmami Ahmad when the case was mentioned before Sessions Court Judge Norsharidah Awang today. The court then set August 18 for remention of the case pending the outcome of the appeal.
Mohamad Salleh was not present at today’s proceedings.

On March 12, 2012, Mohamad Salleh (then director) of NFCorp, was charged with CBT amounting to RM9,758,140 to co-finance the purchase of two units of One Menerung Condominium in Kuala Lumpur.

He was alleged to have committed the offence using four cheques between December 1 and 4, 2009 at CIMB Islamic Bank Bhd, Jalan Burhanuddin Helmi, Taman, Tun Dr Ismail Kuala Lumpur.

He also faced another CBT charge for transferring RM40 million into the account of National Meat & Livestock Corporation Sdn Bhd between May 6 and November 16, 2009 at the same bank and address.

Mohamad Salleh and one of his children were owners of National Meat & Livestock Corporation Sdn Bhd.

Both charges under Section 409 of the Penal Code carry a jail sentence of at least two years and a maximum of 20 years, whipping and a fine.
-BERNAMA

Quickies : Thinking with your Dick!








Donplaypuks : On MARA, Dudley House and all the usual suspects!



29/06/2015

AUSTRALIAN VENDORS ADMIT $65 MILLION MARA FRAUD IN COURT, TOP COP CLEARS MARA POST HASTE OF CBT. WTF IS GOING ON? IS TOP COP PROTECTING OR COVERING UP FOR A BIG WIG?

by never mind being caught with the smoking gun, you are innocent, donplaypuks® intrepid correspondent for CBT affairs

The top cop's statement today that the cops found no element of Criminal Breach of Trust (CBT) in MARA Inc's 2013 $65 million purchase of Dudley House in Melbourne, Australia, does nothing to endear him in particular, and the cops in general, to the hearts and minds of the Rakyat (PEOPLE). Already, trust in the top cop, in particular, and the cops  in general, is at rock bottom. Where lower can their pride, dignity and integrity, slither?

MARA Inc is a wholly owned subsidiary of MARA, having been incorporated to manage MARA investments.

It took 'The Age', Fairfax Group's newspaper arm, which did the early investigative work, eight months of brilliant journalistic endeavour and snooping to uncover that top MARA officials and associated Malaysian businessmen had inflated the purchase price of Dudley House and pocketed some $14 million in bribes and fictitious "commissions".

The suspicious sale of Dudley House may have slipped public attention had not a project window making contractor, John Bond, raised the alarm. Fearing non-payment from the developer who had appointed an administrator to liquidated their assets, Bond blew the proverbial whistle. The vendors eventually admitted the crooked deal and payments to Malaysian officials and front businessmen. CLICK HERE.

Court documents and testimony in Melbourne reveal a classic case of corruption, involving the usual suspects:

1. Mr.10% Bumiputra Malay businessmen (fraudtrepreneurs) fronting for government officials, and possibly, Ministers and BUMNO/SCUMNO, creaming off the top.
2. Top officials at mollycoddled Government Linked Company (GLC), MARA.
3. Top officials sleeping at the central bank.
4. False invoicing and documentation.
5. Off-shore companies to create a convoluted path to facilitate corrupt payments, bribes and kick-backs.

Implicated one way or another in this financial fraud, CBT, scandal and fiasco, yet another in a long list of shady financial deals occurring under the leadership of PM Najib, are:

1. Prime Minister, Najib Tun Razak.
2. Idris Jusoh, currently Education and Higher Learning Minister II and ex-Chairman of MARA between 2008-2013.
3. Current MARA Chairman and Ex-Rural Development Minister, Annuar Musa.
4. MARA Inc Chairman, Mohammad Lan Allani.
5. MARA Inc Chief Executive Officer, Abdul Halim rahim
6. "Businessman" Yusof Gani.
7. "Businessman" Ahmad Azizi and his two son's Erwin and Erwan.

Note too, that the IGP and MSM have been totally silent on the fact that it was Idris Jusoh, former Chief  Minister of Terengganu, who was chairman of MARA when the deal was struck. 

Approval for the overseas "investment" by MARA was eventually obtained from the MOF and National Economic Council where Najib is the Minister and Chariman, respectively. It is evident now that PM Najib is very, very poor at monitoring, controlling and managing the numerous positions, portfolios and agencies he heads - PMO, Ministry of Finance, Chairman of Advisors of the disastrous 1MDB, Head of NEC etc. This is largely the result of an inflated, swollen ego of a poor time manager with limited intelligence and know-how, who takes on too many responsibilities he cannot possibly handle equally well. The result is a resounding 'F' in Finance, Economics and Leadership for Najib.

When the shit hit the fan, MARA Chairman Annuar made all the right noises - shock, horror..it happened before I was appointed Chairman...all proper approvals and procedures were adhered to.....we will leave no stone unturned....full internal inquiry.....we will co-operate with all investigating agencies....ho hum!

However, Annuar sounded stupid when he announced that MARA's internal audit had been looking into the scandal since March 2015. Internal audit's function ceases BEFORE the external auditors step in. So, why would internal audit be busy on this contract two years after it had been signed, sealed and delivered?  More than likely, MARA was stunned into paralysis by a Fairfax request for comment on its expose, before publication. Annuar is also plying the usual government official's card when caught with his pants down - the 'Tak Mahu Kalah' (safe face) Ketuanan card - which can never admit a weakness or fault less their imbecilic, fake and false Ketuanan (Malay Supremacist) philosophy and image take a severe battering.

The MACC and the cops both claimed they were already aware of the case (as long as two-six months ago) and they were investigating - we will leave no stone unturned...blah...blah...Yeah, and my grandmother plays for Barcelona FC!

Everyone and his uncle Mat in government seems to have known about this fraud and yet all were sitting on it, afraid to make the decent and right move to investigate and bring to book the thieves.

In the mean time, Melbourne police had raided the homes and offices of  Dudley House vendors and developer. They were leaving no stone unturned, especially since, there is grave suspicion that more corruption, CBT, bribery could be involved in MARA's other acquisitions in Australia. CLICK HERE.

MARA bought 4 properties in Melbourne, Australia, totalling $260 million as follows:

1. 5-storey apartment, Dudley International House at Caulfield near Monash Uni - $67 million.
2. 12-storey apartment block at 746 Swanton St. (281 apartments) - $67 million.
3. Office Tower at 333 Exhibition St. - $66 million.
4. Property at 51 Queen St. property - $60 million.

CLICK HERE  for more on allegations of fraud on the Dudley House deal, involving UMNO politicians and MARA officials.

PM Najib did not waste a second in coming out in defence of MARA, pleading on TV about the rule of law and that a person is innocent until proven guilty. 

However, the double standards of PM Najib and the entire BUMNO/SCUMNO polity was laid bare, naked, when they all leaped and latched on the detention of Xavier Justo in Bangkok. They claimed with undisguised glee, and falsely, that Justo and Sarawk Report, had forged and altered documents and blackmailed Petro Saudi to the tune of $15 million, thereby besmirching, slandering and defaming 1MDB's good name, even though Thai police had not revealed a scrap of paper or evidence confirming any crime had taken place. 

It confirmed the hollow space that exists between the ears of this group of Malaysian politicians. How on earth could Justo, a senior director at Petro Saudi, have blackmailed his employer for $15 million with false and altered documents and emails? Are the Arab owners, Chairman and CEO of Petro Saudi green children, a rank amateurs?

Pray tell us Jibby, why is Xavier Justo then not entitled to the benefit of the rule of law and the dictum that a person is innocent until proven guilty?

A sure sign that a crooked deal took place is the fact that no one, particularly the Malaysians named in the Australian press, have sued 'The Age' for defamation and slander.

The top cop and his cop out is yet another marker of a massive crime and CBT. When the top cop washes his hands off a corruption scandal in less than 4 days, it can only be because the trail leads to some unpalatable end, possibly a door or desk in Putrajaya. The top cop, who is busy feathering his nest for sweet post-retirement rewards, does not have the cojones to go after a Malay and Bumiputra institution like MARA, an icon to government forced affirmation action.

In the end, a government of thieves continues to prosper because we have allowed a near-police state to develop and thrive. It's time to reverse the trend. We must eliminate the most perverse and destructive of regimes to bring to book the brazen murderers, fraudtrepreneurs, thieves, swindlers, looters, economic plunderers, thieves and con artistes who are running riot in our land.

OFF-SHORE COMPANIES, TRUSTS AND SET-UPS

Let me also clear up one matter which constantly irritates me. The utter lack of understanding of off-shore companies and their necessity, even by veteran politicians like Lim Kit Siang, Tony Pua, Ibrahim Ali and Lim Guan Eng and many Opposition and BUMNO/SCUMNO politicians, is astounding. The issue of investing abroad through off-shore companies is a huge red herring, especially in the 1MDB case. It is totally irrelevant.

Many reputable companies all over the world use off-shore set-ups and tax shelters for very sound reasons:

1. When investing overseas, it is usually advisable to do so through an off-shore company. Should any serious troubles and problems arise, the fall out -fraud, law suits, bankruptcy etc. - can be isolated to protect the holding company at home and its share values from being too adversely affected. 

2.  Dividends and repatriated profits are often subject to Witholding Tax. This can often be safely and legally avoided or minimised by incorporating a company in an off-shore tax shelter - Caymans, Bahamas, Virgin Islands, Mauritius, Guernsey, Jersey etc, - which has the benefit of a tax treaty with the country in which one's investments are situated. The tax savings can often run into millions of dollars.

3. Depending on the location, off-shore financing may often be more flexible, economical and less onerous. Also, when exchange rates go haywire, parking funds off-shore helps buy time to ride out the financial maelstrom from forex losses.

4. Tax on many types of income like royalies and copy rights, can be as little as 5%-10% when the company is domiciled off-shore. Many MNC's like Starbucks, MacDonalds, AIG, Apple etc., and our own Petronas, Felda, Sime Darby, Maybank, Tenaga, CIMB, Scomi, Genting, Tanjung, YTL, Public bank, Berjaya Group and a host of local public listed companies, have all taken advantage of these of-shore vehicles!

5. Our own off-shore finacial shelter, Labuan, generates quite a lot of money and business for us.


So, the real issue is NOT whether an investment is made directly in a foreign country by a Malaysian GLC, or indirectly through wholly owned off-shore set-ups and companies. The issue is that the GLCs should be forced by legislation to be transparent and accountable for their structure and performance. The management of GLCs should  not allow any person or party to use the device of an off-shore company to launder money and pay bribes, illegal commissions and kick-backs, and promote or condone any kind of criminal or shady activity.

Chairmen of bodies like MARA and 1MDB should not be allowed to hide behind the Official Secrets Act. Cops should be gainfully employed nabbing thieves, and not protecting and making excuses for them, or else, how could you distinguish between a cop and a thief?

But if, by example from the person right at the top of the highest public office in the land, corruption and thievery is given free reign and licence through omission and/or commission, and that has become the very culture and business of government, then, Malaysia's descent into organized crimes is assured - the government Mafia kind
Donplaypuks® with dud and fraudulent investments, man!