‘Shame!’ – Dr M joins with Ku Li, big guns to slam Sosma arrests

Former premier Dr Mahathir Mohamad today linked arms with rival Tengku Razaleigh Hamzah to condemn the use of the Security Offences (Special Measures) Act (Sosma) against 1MDB critic Khairuddin Abu Hassan and his lawyer Matthias Chang.

In a joint statement clearly referring to PM Najib Abdul Razak, the BN big guns said it is “shameful” for someone accused of a wrongdoing not to defend himself but to persecute others instead.

The statement was jointly-issued by the duo, Umno deputy president Muhyiddin Yassin, Umno vice president Shafie Apdal, former Kedah menteri besar Sanusi Junid and ex-MCA presidents Ong Tee Keat and Dr Ling Liong Sik.

Ling, however, was not at the press conference in Putrajaya this morning.

“To the sound mind, the (Sosma arrests) shows that when someone lodges a report on a wrongdoing, all laws will be used to cover up that wrongdoing.

“Isn’t it shameful when someone who is accused of a crime does not do anything to prove his innocence, but instead the person lodging the report on the wrongdoing is arrested,” the BN big guns said.

They also demand the duo’s immediate release. Continue reading

Posted in Barisan Nasional, Dr Mahathir Mohamad | Leave a comment

Action against 1MDB vital for Bank Negara integrity, Zeti says

 Bank Negara doesn’t see the risk of faster inflation after the first quarter of 2016 and interest rates at current levels are supportive of growth, Zeti said. — Picture by Saw Siow Feng

KUALA LUMPUR, Oct 12 — Malaysia’s central bank had to take action against a debt-ridden state investment company to protect the integrity of the financial system, according to Governor Zeti Akhtar Aziz, who said an improvement in the country’s political situation would help the ringgit.

The attorney general’s office earlier this month dismissed the central bank’s second request for criminal proceedings against 1Malaysia Development Bhd for breaching the Exchange Control Act. Bank Negara Malaysia revoked three permissions given to 1MDB for investments abroad totaling US$1.83 billion (RM7.6 billion), and instructed it to repatriate the amount.

“He has the right to make that assessment,” Zeti said, referring to the attorney general. “But for the central bank we believe it is very, very important to comply with our rules and regulations that we have in place. This is vital, it’s critical for the functioning of the financial system” and its integrity, she said.

While growth could ease to as little as 4.8 per cent this year and the risk of a slowdown because of the global economy is bigger than the threat of inflation, Malaysia has a “high degree of resilience,” Zeti, 68, said in an interview in Lima, Peru on Sunday.

The central bank doesn’t see the risk of faster inflation after the first quarter of 2016 and interest rates at current levels are supportive of growth, Zeti said. Malaysia forecasts growth of 4.5 per cent to 5.5 per cent this year. Continue reading

Posted in 1MDB | Leave a comment

Pua warns 1MDB to respect Bank Negara directive

By Lim Kay Kay

KUALA LUMPUR: 1Malaysia Development Berhad must seek the first available opportunity to meet with Bank Negara Malaysia (BNM) to present its plans on how part, if not all, of the USD1.83 billion, “illegally” taken out by the company, can be repatriated for starters back to the country.

“1MDB should stop treating Bank Negara with contempt by giving unacceptable and irrelevant excuses. It should take all necessary steps to comply with the directive from the top financial services sector enforcement authority in the country,” warned Petaling Jaya Utara MP Tony Pua. “The refusal to comply means the Board of Directors and top executives of 1MDB are in breach of both the Exchange Controls Act 1953 and the Financial Services Act 2013.”

“Bank Negara will have no option but to seek the prosecution of these officials based on this latest attempt to break the law.”

Pua, who is also DAP National Publicity Secretary, said that based on its oft-repeated claims, 1MDB has the assets to repatriate the USD1.83 billion and must do so immediately to comply with the BNM directive.

He pointed out that the company must accept the fact that the central bank found it guilty of submitting false information in its applications to transfer funds overseas and, hence, had to issue it a directive on Friday under the Financial Services Act 2013 instructing the company to “repatriate USD1.83 billion to Malaysia and submit a plan to the Bank for this purpose”.

Unfortunately, lamented Pua, 1MDB in its response on Friday evening, thumbed its nose at Bank Negara, giving the excuse that the funds have already been used, and hence no money can be repatriated. Continue reading

Posted in DAP Updates, IMDB | Leave a comment

Azmi Sharom: Dangerous game to play with rulers

 By Susan Loone

Law lecturer Azmi Sharom is not too concerned about the Conference of Rulers recent statement that the wrongdoers in the alleged financial scandal involving the country’s sovereign fund 1Malaysia Development Berhad must be punished.

Azmi said he was more concerned about the fact that the rulers are not elected leaders, and that ordinary citizens are not allowed to criticise them.

“They are people and citizens as well and can say what they want but my only concern is they are not elected,” Azmi told the Nusantara Forum “It’s the Constitution, Stupid” in George Town last night.

Azmi was in Penang to launch his book ‘Brave New World’ published by SIRD earlier this year.

He was then asked to state his opinion on the Conference of Rulers decree that the probe on the embattled 1MDB, which is mired in unaccounted for debts amounting to about RM42 billion, be wrapped up and its wrongdoers be punished.

“We can’t criticise them, we can’t say anything about them, one day they say what you like, another day, they may say something that you do not like, therein lies the danger,” he cautioned.

“Rulers are there as symbolic heads but to be directly involved in politics, it can be quite dangerous.

“If (Home Minister) Ahmad Zahid Hamidi says something stupid, we can say his remarks are stupid, but I cannot say that if it is the sultan of Pahang or Johor,” he said. Continue reading

Posted in Royalty | Leave a comment

Put MACC under Parliament, says Chong in fiery speech

By Adrian Wong Gah Junn

MCA Youth has lent its voice to the demand by various quarters, including the opposition, that the Malaysian Anti-Corruption (MACC) be answerable to Parliament.

Citing the cases of 1MDB and former Selangor menteri besar Mohd Khir Toyo, Youth chief Chong Sin Woon said the MACC and Attorney-General’s Chambers faced “obstructions”.

In view of this, he said the government must strengthen the current anti-graft commission.

“MCA Youth suggests MACC be responsible to the Parliament directly, including the sacking of certain high-ranking officers having to be passed by Parliament,” he told delegates at the MCA Youth annual meet in Kuala Lumpur today.

“And Article 145 of the Federal Constitution has to be revised, stating the sacking of AG (the attorney-general) has to be through the basis and channel of sacking federal court judges,” he added, to applause from the audience.

At the height of the investigation by the task force on 1MBD, former attorney-general Abdul Gani Patail was replaced by Mohamed Apandi Ali, a former federal court judge, in a move which Abdul Gani claimed he was not aware of himself. Continue reading

Posted in Barisan Nasional, Corruption | Leave a comment

Zam: Sarawak people hold the same views about Najib

ZAINUDDIN-maidinBy FMT Reporters

KUALA LUMPUR: Former information minister Zainuddin Maidin says the Sarawak people share the same sentiments of peninsular Malaysians towards the prime minister, Najib Razak.

He said he learned of this after a trip to Sarawak recently in which he spent five days in the interior to learn about the local people’s feelings about the Chief Minister, Adenan Satem.

“The feelings towards Najib in Sarawak are similar to the ones in the Peninsula from my observation but surely the SB (Special Branch) knows better,” he said on his blog, Zamkata in which he posted remarks he had made on his Twitter account.

“BN (Barisan Nasional) will win if the CM seems independent,” he said.

Zainuddin noted that Adenan as well as Sarawak Governor Taib Mahmud had attended the Rulers’ Conference earlier this week. Continue reading

Posted in Najib Abdul Razak, Sarawak | Leave a comment

BNM directs 1MDB to bring back US$1.83b from overseas

KUALA LUMPUR: Bank Negara Malaysia (BNM) has directed 1Malaysia Development Bhd (1MDB) to bring back the US$1.83bil from overseas.

Below is the full statement issued by BNM on Friday:

The Attorney General’s decision with respect to the investigations on 1Malaysia Development Berhad (1MDB) relates to Bank Negara Malaysia’s recommendation to initiate criminal prosecution against 1MDB for breaches under the Exchange Control Act 1953 (ECA). It is to be noted that under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney General.

As an investigative authority, the Bank is duty bound to conduct its investigations with the highest professional care and diligence. The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA. On its part, the Bank concluded that permissions required under the ECA for 1MDB’s investments abroad were obtained based on inaccurate or without complete disclosure of material information relevant to the Bank’s assessment of 1MDB’s applications.  Continue reading

Posted in 1MDB | Leave a comment