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France Probes Possible Bribes in 2002 Malaysia Submarine Sale

Geraldine Amiel and Pooi Koon Chong
Bloomberg
February 5, 2016

French financial prosecutors said they have started a formal probe into whether bribes were paid by Thales SA officials to secure the sale in 2002 of two submarines to Malaysia for more than $1.2 billion.

Prosecutors placed former Thales International Asia President Bernard Baiocco under investigation for “active corruption of foreign governmental officials” and are seeking to determine if “kickbacks” were used to win the contract, a spokesman for the French national prosecutor’s office said Friday, asking to remain anonymous in line with office policy.

Malaysian Prime Minister Najib Razak, who was defense minister in 2002, is a suspect in the case, a French official said, asking not to be named because of the sensitivity of the investigation. The Financial Times reported earlier that Najib is suspected of receiving one of the bribes, along with his associate Abdul Razak Baginda.

Najib’s office said the allegations were “baseless smears for political gain.”
Continue reading “France Probes Possible Bribes in 2002 Malaysia Submarine Sale”

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Malaysia’s Anti-Graft Efforts Haven’t Put Investors at Ease

Andrea Tan and Pooi Koon Chong
Bloomberg
February 5, 2016

Bank accounts frozen. Bankers quizzed. As offshore authorities seek to track money flows involving Malaysia’s troubled government investment fund, fresh questions are rising about doing business in the country.

Crisscrossing countries from Switzerland to the U.S., Middle East and Singapore, investigators are chasing a trail of transactions linked to 1Malaysia Development Bhd. With the probes potentially running for years, investors and analysts say it may damage the perception that Malaysia is trying to become a more transparent place.

The risk is political, economic and commercial. Debt-ridden 1MDB, which is in the process of being broken up, was touted as the vehicle for the government to spur growth, investing mainly in property and power generation. Prime Minister Najib Razak — who has faced a separate furor over a $681 million personal donation from the Saudi royal family — sits on its advisory board.

The premier was cleared of any graft, and $620 million of the funds were returned. He and 1MDB have consistently denied any wrongdoing.

“The scandal has thrown Malaysia’s governance failings – both political and economic – into sharp relief,” said Nicholas Spiro, a partner at London-based Lauressa Advisory Ltd. “The 1MDB scandal raises the stakes significantly.” Continue reading “Malaysia’s Anti-Graft Efforts Haven’t Put Investors at Ease”

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Let us rediscover our greatness as Malaysians

(2016 Chinese New Year Message)

Forty-six years ago, on New Year’s Eve marking the end of 1969 and the decade of the sixties, I wrote to the DAP founding chairman Dr. Chen Man Hin from political detention in Muar about the challenges of the future.

I ended my letter thus:

“It is our duty, the duty of every one of our members, branch, state and national leaders, elected representatives, to march in the frontline of the struggle to spread the word of a multi-racial Malaysia to Malaysians of all races, in both the urban and rural areas.

“Let us not shirk from our responsibility and duty to our nation, ourselves, our children and children’s children.”

This is in fact a challenge for all Malaysians for all times. Continue reading “Let us rediscover our greatness as Malaysians”

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UMNO bukan lagi pilihan anak muda

This is the cry of a young UMNO activist in Penang over the summary and ignomious removal of Mukhriz Mahathir as Kedah Mentri Besar:

“Selepas TSMY dan DS Shafie Apdal, Kini giliran Mukriz pulak.

Sibodoh yang tak faham politik pun bijak menilai kenapa.

Benar bahawa pemimpin datang silih berganti.

Kepentingan parti perlu diutamakan.

Tetapi atas kesalahan apakah Mukhriz Mahathir perlu dihukum sebegini rupa?

Hanya kerana Mukhriz Mahathir lantang bersuara?

Pemimpin kami diatas dah kurang mendengar.

Di pekakkan telinga, dibutakan mata dan masih dalam sindrom penafian.

‘Menjaga’ pemimpin Bahagian dengan beri habuan semata-mata untuk mengekalkan kuasa.

Kami bukan pekak. Continue reading “UMNO bukan lagi pilihan anak muda”