In another week of multiple exposés by the Sarawak Report, Malaysians are repeatedly stunned by the secret alleged excesses and extravagance of the Prime Minister.
On Wednesday, the Sarawak Report revealed that Ministry of Finance subsidiary, SRC International has generously provided with the Prime Minister, and/or his wife, Datin Seri Rosmah Mansor with corporate credit cards.
The two cards involved were a Visa card (4585 8180 0000 5496) on which RM449,000 was spent, and a Master Card (5289 4380 0003 8961), on which RM2.8 million was spent in the course of the month of August in 2014.
The total sum of approximately RM3.3 million was spent on items which included hotels, meals, jewellery purchases and other personal luxury expenditures in the South of Europe, including Italy and Monaco during the month.
Saturday, January 23, 2016
Thursday, January 21, 2016
Najib must come clean over latest exposé that he spent at least RM3.3 million of personal expenses on SRC International corporate credit cards
We already know that the Ministry of Finance subsidiary, SRC International, is currently being investigated for transferring RM42 million into the Prime Minister Dato’ Seri Najib Razak’s personal account. This allegation has already been acknowledged by the Malaysian Anti Corruption Commission (MACC) when the scandal was exposed 6 months ago by The Wall Street Journal and the Sarawak Report.
The severity of the action led the Attorney-General's office to draft charge sheets against Dato’ Seri Najib Razak for graft or criminal breach of trust. As a result, the Attorney-General then, Tan Sri Abdul Ghani Patail, has since been unceremoniously replaced, and to this day Dato’ Seri Najib Razak has failed to provide Malaysians with any explanation as to how the money ended up in his personal account.
The Sarawak Report published its latest explosive exposé yesterday which alleged that SRC International has also generously provided the Prime Minister, and/or his wife, Datin Seri Rosmah Mansor with corporate credit cards.
The severity of the action led the Attorney-General's office to draft charge sheets against Dato’ Seri Najib Razak for graft or criminal breach of trust. As a result, the Attorney-General then, Tan Sri Abdul Ghani Patail, has since been unceremoniously replaced, and to this day Dato’ Seri Najib Razak has failed to provide Malaysians with any explanation as to how the money ended up in his personal account.
The Sarawak Report published its latest explosive exposé yesterday which alleged that SRC International has also generously provided the Prime Minister, and/or his wife, Datin Seri Rosmah Mansor with corporate credit cards.
Thursday, January 14, 2016
Arul Kanda appears more than happy to betray the Malaysian tax-payers to cover up billions of debt and losses to 1MDB
In his interview with the New Straits Times, 1MDB President Arul Kanda said the state-owned company that he leads could have obtained better deals in the sale of its assets had not the Opposition scared investors away.
“Arguably, we could have got better value for Edra Energy, Bandar Malaysia and the land in TRX and I would say yes, we would not have this problem if it had not been for the opposition which politicised this issue,” he is quoted as saying.
This argument is akin to saying that if the Opposition had not been so relentless in exposing the RM50 billion 1MDB scandal and so adamant in demanding accountability in the state-owned enterprise, Arul Kanda would have had an easier job stripping the assets of 1MDB to cover up the gaping losses.
“Arguably, we could have got better value for Edra Energy, Bandar Malaysia and the land in TRX and I would say yes, we would not have this problem if it had not been for the opposition which politicised this issue,” he is quoted as saying.
This argument is akin to saying that if the Opposition had not been so relentless in exposing the RM50 billion 1MDB scandal and so adamant in demanding accountability in the state-owned enterprise, Arul Kanda would have had an easier job stripping the assets of 1MDB to cover up the gaping losses.
Wednesday, January 13, 2016
As Finance Minister and PM, Najib must take full blame for impending economic crisis in Malaysia
Two days ago, Dato’ Seri Najib Razak finally conceded that “we are facing a challenging (economic) situation” in Malaysia. However, he tried to shift the entirety of the blame of the current and impending economic crisis to “factors outside our control”. He said “they are not our mistakes, not our weaknesses”.
First, he blamed the international oil price plunge “from about US$100 a barrel to between US$32 and US$33 a barrel, currently”.
Then, he blamed the United States Federal Reserve who normalised the interest rate which “made the US dollar stronger compared with the value of currencies worldwide”. And then he blamed China's economic slowdown for negatively affecting Malaysia’s economy.
No one denies the fact that the above factors are indeed beyond Malaysia’s control. However, our struggling economic conditions today are substantively exacerbated by the failure, weakness, mistakes and abuses of the Najib administration.
First, he blamed the international oil price plunge “from about US$100 a barrel to between US$32 and US$33 a barrel, currently”.
Then, he blamed the United States Federal Reserve who normalised the interest rate which “made the US dollar stronger compared with the value of currencies worldwide”. And then he blamed China's economic slowdown for negatively affecting Malaysia’s economy.
No one denies the fact that the above factors are indeed beyond Malaysia’s control. However, our struggling economic conditions today are substantively exacerbated by the failure, weakness, mistakes and abuses of the Najib administration.
Tuesday, January 12, 2016
Najib should give Ministerial Statement on how 1MDB has purportedly been rescued with public funds and allow a debate at the Special Parliamentary sitting on 26 January 2016
Prime Minister Datuk Seri Najib Razak declared yesterday that public funds were not being used to resolve 1Malaysia Development Berhad's (1MDB) financial woes.
"An end to the issues faced by 1MDB is forthcoming, as I had promised six months ago. What we are glad about is that we are resolving it not by way of a memorandum of understanding (MoU) but through an 'agreement', without touching any of the people's money," he said at the monthly assembly for the Prime Minister's Department today.
This follows 1MDB President Arul Kanda’s interview with the The Edge weekly where he boasted that 1MDB was not bailed out by the government like in the cases of national carrier Malaysian Airline System Bhd (MAS) or national carmaker Proton.
Any Malaysian who is financially literate would know that the Prime Minister is lying through his teeth, in his attempt to sweep the RM50 billion 1MDB scandal under the carpet.
"An end to the issues faced by 1MDB is forthcoming, as I had promised six months ago. What we are glad about is that we are resolving it not by way of a memorandum of understanding (MoU) but through an 'agreement', without touching any of the people's money," he said at the monthly assembly for the Prime Minister's Department today.
This follows 1MDB President Arul Kanda’s interview with the The Edge weekly where he boasted that 1MDB was not bailed out by the government like in the cases of national carrier Malaysian Airline System Bhd (MAS) or national carmaker Proton.
Any Malaysian who is financially literate would know that the Prime Minister is lying through his teeth, in his attempt to sweep the RM50 billion 1MDB scandal under the carpet.
Sunday, January 10, 2016
Only the financially illiterate will believe that there is no bailout for 1MDB
In an interview with The Edge this week, 1MDB President Arul Kanda boasted that 1MDB was not bailed out by the government like in the cases of national carrier Malaysian Airline System Bhd (MAS), or national carmaker Proton.
He claims, “now that we have legally binding agreements for the IPIC swap, Edra sale and Bandar Malaysia, we don’t need to take any money from the government. There is no question about a bailout.”
Arul Kanda perhaps has been a little too quick to forget that the Najib administration granted RM950 million of emergency credit to 1MDB in February last year, despite having promised the Parliament that the Government would not bailout 1MDB.
He claims, “now that we have legally binding agreements for the IPIC swap, Edra sale and Bandar Malaysia, we don’t need to take any money from the government. There is no question about a bailout.”
Arul Kanda perhaps has been a little too quick to forget that the Najib administration granted RM950 million of emergency credit to 1MDB in February last year, despite having promised the Parliament that the Government would not bailout 1MDB.
Saturday, January 09, 2016
With the sale of Bandar Malaysia land parcels, 1MDB must refund the Malaysian Government the RM2.7 billion cost of the airbase relocation
1Malaysia Development Bhd (1MDB) had made “further clarifications” with regards to the different values – RM7.41 billion and RM5.28 – billion announced by 1MDB and China Railway Engineering Corporation on 6 January 2015. The clarifications disclosed a key fact: that 1MDB intends to recover the cost of the existing military airbase (PUKL) relocation projects.
1MDB stated “the main relocation contract and development agreement was executed between 1MDB and the Government of Malaysia for a contract value of approximately RM2.7 billion. This cost includes, amongst others, new land acquisition costs, construction costs, fit out/equipment costs and relocation costs”.
1MDB also stated that “it is the intention of 1MDB and the Consortium to transfer the remainder PUKL Relocation construction costs… to the new special purpose vehicle”, of which 60% is to be acquired by the Iskandar Waterfront – China Railway Engineering consortium (IWH-CREC).
The share sale and purchase agreement will be subjected to, among other things, receiving the necessary consent from the Government of Malaysia.
We call upon the Government to withhold all approvals for the transaction to be completed unless 1MDB agrees that any relocation costs recouped and received by 1MDB will be returned to the Malaysian Government.
1MDB stated “the main relocation contract and development agreement was executed between 1MDB and the Government of Malaysia for a contract value of approximately RM2.7 billion. This cost includes, amongst others, new land acquisition costs, construction costs, fit out/equipment costs and relocation costs”.
1MDB also stated that “it is the intention of 1MDB and the Consortium to transfer the remainder PUKL Relocation construction costs… to the new special purpose vehicle”, of which 60% is to be acquired by the Iskandar Waterfront – China Railway Engineering consortium (IWH-CREC).
The share sale and purchase agreement will be subjected to, among other things, receiving the necessary consent from the Government of Malaysia.
We call upon the Government to withhold all approvals for the transaction to be completed unless 1MDB agrees that any relocation costs recouped and received by 1MDB will be returned to the Malaysian Government.
Thursday, January 07, 2016
The discrepancy between 1MDB’s “further clarification” and China Railway’s Hong Kong Exchange’s announcement becomes even more bizarre
Let me state upfront that we welcome the more detailed “further clarification” issued by 1MDB yesterday with regards to the discrepancy over the purchase price for the 60% of equity of Bandar Malaysia Sdn Bhd to the Iskandar Waterfront Holdings and China Railway (IWH-CREC) joint venture.
1MDB had earlier made the announcement that the state-owned investment firm will receive RM7.41 billion for the sale, while China Railway announced to the Hong Kong Exchange that the RM5.279 billion was the transacted price.
However, the more detailed “further clarification” yesterday effectively contradicted both 1MDB’s original statement issued on the 31 December 2015 and China Railways stock exchange announcement on 3 Jan 2016.
1MDB had earlier made the announcement that the state-owned investment firm will receive RM7.41 billion for the sale, while China Railway announced to the Hong Kong Exchange that the RM5.279 billion was the transacted price.
However, the more detailed “further clarification” yesterday effectively contradicted both 1MDB’s original statement issued on the 31 December 2015 and China Railways stock exchange announcement on 3 Jan 2016.
Wednesday, January 06, 2016
Only a clarification from 1MDB over the actual price paid for a 60% stake in BMSB could leave Malaysians and the financial community more confused than ever before
Finally, after a full day of confusion, 1MDB issued a statement late morning yesterday to “clarify” the actual price paid for the 60% stake in Bandar Malaysia Sdn Bhd.
The initial confusion arose because 1MDB announced that
On the other hand, China Railway Group announced to Hong Kong Exchange (HKEx) that
From 1MDB’s announcement, it appears that 1MDB will be paid RM7.41 billion, but from China Railway Group’s announcement, the latter will only be paying RM5.28 billion. This has caused many to ask questions with regards to the missing RM2.13 billion.
The initial confusion arose because 1MDB announced that
The Iskandar Waterfront Holdings (IWH) – China Railway Engineering Corporation (CREC) Consortium has valued 100% of the Bandar Malaysia land at RM 12.35 billion. Accordingly, its 60% share of land will cost RM7.41 billion. 1MDB will receive a 10% deposit of RM741 million upon execution of the Share Sale and Purchase Agreement, with completion of the transaction expected by end June 2016.
On the other hand, China Railway Group announced to Hong Kong Exchange (HKEx) that
On 31 December 2015, the Joint Venture entered into the Share Sale Agreement with 1MDB Real Estate (1MDBRE), pursuant to which the Joint Venture will purchase 60% of the equity interest in BMSB held by 1MDBRE at a price of MYR5.279 billion…
From 1MDB’s announcement, it appears that 1MDB will be paid RM7.41 billion, but from China Railway Group’s announcement, the latter will only be paying RM5.28 billion. This has caused many to ask questions with regards to the missing RM2.13 billion.
Tuesday, January 05, 2016
Did 1MDB sell 60% of Bandar Malaysia Sdn Bhd (BMSB) for RM7.41 billion or RM5.28 billion?
For the whole of yesterday, I received messages from journalists to critics to the ordinary men on the street “informing” me of the discrepancy between the announcement made by 1Malaysia Development Bhd (1MDB) to the press on 31 December 2015 and that made by China Railway Group Limited to the Hong Kong Exchange on 3 January 2016.
1MDB announced that
On the other hand, China Railway Group announced that
I had not made any immediate statement yesterday for the simple reason that such a glaring difference in the transaction price would have solicited an immediate clarification or response from 1MDB to allay market confusion.
Instead, unlike 1MDB’s usual speed in retorting its critics, absolutely nothing was issued yesterday. Such a tardy response over such a massive discrepancy only raises the suspicions of Malaysians and the global financial community.
1MDB announced that
The IWH-CREC Consortium has valued 100% of the Bandar Malaysia land at RM 12.35 billion. Accordingly, its 60% share of land will cost RM7.41 billion. 1MDB will receive a 10% deposit of RM741 million upon execution of the Share Sale and Purchase Agreement, with completion of the transaction expected by end June 2016.
On the other hand, China Railway Group announced that
On 31 December 2015, the Joint Venture entered into the Share Sale Agreement with 1MDB Real Estate (1MDBRE), pursuant to which the Joint Venture will purchase 60% of the equity interest in BMSB held by 1MDBRE at a price of MYR5.279 billion…
I had not made any immediate statement yesterday for the simple reason that such a glaring difference in the transaction price would have solicited an immediate clarification or response from 1MDB to allay market confusion.
Instead, unlike 1MDB’s usual speed in retorting its critics, absolutely nothing was issued yesterday. Such a tardy response over such a massive discrepancy only raises the suspicions of Malaysians and the global financial community.
Monday, January 04, 2016
What's wrong with wanting to ‘expose the crooks behind the multi-billion ringgit scam behind 1MDB which has resulted in tens of billions of ringgit of taxpayers losses’?
Not for the first time, Gerakan Secretary-General, Liang Teck Meng leaped to castigate me for speaking out on 1Malaysia Development Bhd (1MDB).
Liang, who is also the Member of Parliament for Simpang Renggam, who is never heard to raise issues which matter to the man-on-the-street, has recently been impressively first-off-the-mark in criticising me whenever I comment on 1MDB.
He not only accused me of being biased, but claimed that I was deliberately trying to get suspended from the Public Accounts Committee (PAC) by speaking up on the issue.
Let me state up front that I have no intention of getting thrown out of the PAC. It is my sworn duty to Malaysians as their elected representative to get to the bottom of scandals by questioning the officers involved in them.
Liang, who is also the Member of Parliament for Simpang Renggam, who is never heard to raise issues which matter to the man-on-the-street, has recently been impressively first-off-the-mark in criticising me whenever I comment on 1MDB.
He not only accused me of being biased, but claimed that I was deliberately trying to get suspended from the Public Accounts Committee (PAC) by speaking up on the issue.
Let me state up front that I have no intention of getting thrown out of the PAC. It is my sworn duty to Malaysians as their elected representative to get to the bottom of scandals by questioning the officers involved in them.
Friday, January 01, 2016
1MDB "survived" only because it was bailed out - and its ordeal is far from over
Datuk Seri Najib Razak today said 1Malaysia Development Bhd (1MDB) had overcome its major challenges this year, just as he had promised it would in June.
"It is therefore clear that 1MDB’s major challenges are now behind it, as I promised they would be last summer, and all that remains is for the deals it has entered into to be completed and the final steps of 1MDB’s rationalisation programme to complete," said Najib on his website.
I beg to disagree with the Prime Minister’s New Year Message claiming that he fulfilled his promise made in June.
"It is therefore clear that 1MDB’s major challenges are now behind it, as I promised they would be last summer, and all that remains is for the deals it has entered into to be completed and the final steps of 1MDB’s rationalisation programme to complete," said Najib on his website.
I beg to disagree with the Prime Minister’s New Year Message claiming that he fulfilled his promise made in June.
Monday, November 09, 2015
Why persecute Basheer Azmin out of up to 500,000 Malaysians who took part in Bersih4 peaceful rally?
We refer to the tweets by the Chief Minister of Selangor, Azmin Ali, concerning his son Basheer Azmin who has been summoned by the police pursuant to Section 111 of the Criminal Procedure Code in relation to the recent Bersih rally.
DAP Selangor urges the Home Ministry to stop such selective harassment on Basheer Azmin, a 15 year old school boy who is starting his final examinations in school this week.
What were the Police thinking? It has been two months since the Bersih rally and suddenly, out of the blue, is it merely sheer coincidence that the police require Basheer’s attendance on the day of his final exams?
Worse, of all the people the Police could summon to assist with the investigations, whether as a suspect or a witness, why summon a 15 year old boy who just happened to be the son of the Selangor Menteri Besar, Azmin Ali? Is the Police going to summon up to 500,000 people who took part in the Bersih rally for investigations?
Such high-handed police intervention does not assist in shaking off the perception that the police force is politically motivated and that the Barisan Nasional led Federal Government is utilising its every machinery to oppress the Federal Opposition.
With confidence in the Barison Nasional leadership at an all-time low causing a slowdown in the economy, crime is likely to increase, as warned by the Deputy Minister Datuk Nur Jazlan Mohamed recently.
As such, DAP Selangor implores the Home Ministry to be more professional in discharging their duties, and to employ its resources into investigating real crime instances, and we reiterate that participating in a peaceful Bersih rally is definitely not one of them.
DAP Selangor urges the Home Ministry to stop such selective harassment on Basheer Azmin, a 15 year old school boy who is starting his final examinations in school this week.
What were the Police thinking? It has been two months since the Bersih rally and suddenly, out of the blue, is it merely sheer coincidence that the police require Basheer’s attendance on the day of his final exams?
Worse, of all the people the Police could summon to assist with the investigations, whether as a suspect or a witness, why summon a 15 year old boy who just happened to be the son of the Selangor Menteri Besar, Azmin Ali? Is the Police going to summon up to 500,000 people who took part in the Bersih rally for investigations?
Such high-handed police intervention does not assist in shaking off the perception that the police force is politically motivated and that the Barisan Nasional led Federal Government is utilising its every machinery to oppress the Federal Opposition.
With confidence in the Barison Nasional leadership at an all-time low causing a slowdown in the economy, crime is likely to increase, as warned by the Deputy Minister Datuk Nur Jazlan Mohamed recently.
As such, DAP Selangor implores the Home Ministry to be more professional in discharging their duties, and to employ its resources into investigating real crime instances, and we reiterate that participating in a peaceful Bersih rally is definitely not one of them.
Tuesday, November 03, 2015
10 questions I would pose to Arul Kanda during the “live discussion, talk show or debate”
1MDB President, Arul Kanda, during his press conference on Saturday, has informed Malaysians that “I will meet YB Tony Pua for live discussion, or talk show, or debate, without any condition.”
I would like to announce that the Members of Parliament for Kulai and Serdang, Teo Nie Ching and Dr Ong Kian Ming, will be representing me to conduct the necessary discussions with the team from 1MDB to finalise the format and details of the proposed “live discussion, or talk show, or debate” between the 1MDB President, Arul Kanda and myself.
While we wait for the much anticipated face-off, I would like to offer Arul Kanda the heads up, so that he can prepare the necessary answers whether during replies or debate speech. This way, Arul cannot feign ignorance or pretend that the documents were unavailable with him to provide the necessary answers. Therefore, let me disclose here the 10 questions which I will ask during the “live discussion, or talk show, or debate”:
I would like to announce that the Members of Parliament for Kulai and Serdang, Teo Nie Ching and Dr Ong Kian Ming, will be representing me to conduct the necessary discussions with the team from 1MDB to finalise the format and details of the proposed “live discussion, or talk show, or debate” between the 1MDB President, Arul Kanda and myself.
While we wait for the much anticipated face-off, I would like to offer Arul Kanda the heads up, so that he can prepare the necessary answers whether during replies or debate speech. This way, Arul cannot feign ignorance or pretend that the documents were unavailable with him to provide the necessary answers. Therefore, let me disclose here the 10 questions which I will ask during the “live discussion, or talk show, or debate”:
Sunday, November 01, 2015
Looking forward to 1MDB "talk show" with Arul Kanda
Last Wednesday, after watching 1MDB President, Arul Kanda’s live interview with Bernama TV, I was left dissatisfied and frustrated with many questions which were either not asked or not answered.
I had issued a statement entitled “Can I do a talk show with Arul Kanda, where I ask the questions?” the next day. I had hoped that after Arul made the first offer to dialogue in January this year which was subsequently withdrawn, he would agree to this “talk show”.
At first, I was left disappointed that the 1MDB President “accepted” the challenge but attached an unacceptable condition that I resign from the Public Accounts Committee (PAC), citing a “conflict of interest”.
As far as millions of Malaysians are concerned, there isn’t any alleged conflict of interest because I will ask questions for Arul to answer, whether in the PAC or outside of it. Furthermore, I’m not related to Arul Kanda or 1MDB in anyway and hence such conflict does not arise.
Instead, I had argued yesterday that the real person with a conflict of interest is the Prime Minister, Dato’ Seri Najib Razak who is directing and influencing the investigation process despite having personally signed off all major transactions which took place in 1MDB. Hence if anyone should resign, it should be the Prime Minister.
I had issued a statement entitled “Can I do a talk show with Arul Kanda, where I ask the questions?” the next day. I had hoped that after Arul made the first offer to dialogue in January this year which was subsequently withdrawn, he would agree to this “talk show”.
At first, I was left disappointed that the 1MDB President “accepted” the challenge but attached an unacceptable condition that I resign from the Public Accounts Committee (PAC), citing a “conflict of interest”.
As far as millions of Malaysians are concerned, there isn’t any alleged conflict of interest because I will ask questions for Arul to answer, whether in the PAC or outside of it. Furthermore, I’m not related to Arul Kanda or 1MDB in anyway and hence such conflict does not arise.
Instead, I had argued yesterday that the real person with a conflict of interest is the Prime Minister, Dato’ Seri Najib Razak who is directing and influencing the investigation process despite having personally signed off all major transactions which took place in 1MDB. Hence if anyone should resign, it should be the Prime Minister.
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