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Request to PM Najib for me to appear before Cabinet meeting in Kuching on Wednesday to present case why Cabinet must take a stand on the 1MDB scandal and to give a briefing of my visit to 120 Parliamentary constituencies in six months

I am writing to the Prime Minister, Datuk Seri Najib Razak, to appear before the Cabinet meeting in Kuching on Wednesday to present the case why the Cabinet must take a stand on the RM50 billion 1MDB scandal.

There are at least eight recent developments which make a Cabinet stand on the 1MDB scandal urgent and imperative, viz:

1. The acceptance of the resignation of the 1MDB Board of Directors who have been found to have failed to exercise diligently their fiduciary duties to protect the interest of the shareholders by reining in a rogue management.

2. The acceptance of the recommendation by the Public Accounts Committee (PAC) for the Board of Advisors chaired by Dato’ Seri Najib Razak to be dissolved with immediate effect.

3. The acceptance of the recommendation by the PAC for Article 117 of 1MDB’s Memorandum and Articles of Association which provides for the ultimate decision-making authority to be placed in the hands of the Prime Minister be abolished. Continue reading “Request to PM Najib for me to appear before Cabinet meeting in Kuching on Wednesday to present case why Cabinet must take a stand on the 1MDB scandal and to give a briefing of my visit to 120 Parliamentary constituencies in six months”

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My three wishes for the 11th Sarawak state general election on May 7

I have three wishes for the 11th Sarawak state general election on May 7.

Firstly, that the DAP will be to defend the 12 State Assembly seats won five years ago in the 10th Sarawak state general elections – which have now been turned into 13 state assembly seats as a result of increase and redelineation of constituencies. This is to demonstrate that DAP’s support among the people of Sibu, Bintanggor, Sarikei, Kuching, Bintulu and Miri remains as solid and powerful as in the past decade.

Secondly, that DAP succeeds in its “political offensive” in the 11th Sarawak state general election to make a breakthrough to win seats in the Dayak-dominated areas like Tasik Biru, Mambong, Serian, Simanggang, Pakan, Mulu and Murum to demonstrate that it is not only in the urban areas, but also in the rural areas, Sarawakians support the DAP mission to create a more just, equal and more democratic society.

Both these objectives are not easy to accomplish. Continue reading “My three wishes for the 11th Sarawak state general election on May 7”

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The Cabinet must take the opportunity to explain the 1Malaysia Development Bhd and the RM4.2 billion donation scandal after its specially arranged meeting in Kuching

In a Sarawak state election where a record number of top opposition leaders have been barred or placed with travel restrictions in Sarawak, the Barisan Nasional ministers and leaders have had a free run to campaign throughout the state.

In fact, never before in the history of Sarawak elections, had the Prime Minister practically “camped” in the state since nomination day, as if his personal survival is wholly at stake from the outcome of the elections.

The weekly Cabinet meeting has even been shifted temporarily to Kuching on Tuesday to fit itself into the hectic campaign schedule of the Federal Ministers. Under the circumstances, it becomes especially relevant and pertinent for the Cabinet to discuss the exploding 1MDB crisis, especially to the Sarawakian voters who are now increasingly concerned that their tax-payers’ monies are being used to bailout the scandal-ridden firm.

The Cabinet must discuss, decide, announce and explain:
Continue reading “The Cabinet must take the opportunity to explain the 1Malaysia Development Bhd and the RM4.2 billion donation scandal after its specially arranged meeting in Kuching”

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Seven of the 13 seats carved out of the 12 State Assembly constituencies won by DAP in last general election are in “danger list” for the May 7 poll

This is the mid-point of the 12-day 11th Sarawak State General Election, and the four-prong strategy of the Sarawak Barisan Nasional campaign must not be underestimated as seven of the 13 seats carved out of the 12 State Assembly seats won by the DAP in the last general elections are in the “danger list” for the May 7 poll.

The four-prong strategy of the Sarawak Barisan Nasional election offensive are:

1. The Adenan effect.
2. The Najib effect.
3. Politics of Money.
4. Politics of Fear and Intimidation.

The Sarawak DAP strategy in the 11th Sarawak State General Elections are two-fold:

(I) to defend and win the 13 State Assembly seats carved out of the 12 DAP seats won in the last general elections; and to achieve a breakthrough by winning a few of the Dayak-dominated seats in the other 18 constituencies contested by the DAP;

(2) to prepare Sarawak DAP for a major plan to win the Sarawak State Government in the 12th Sarawak State General Election in 2021 if the DAP succeeds in demonstrating that it is not only capable of defending its state assembly seats in the urban areas in Kuching, Sibu, Sarikei, Bintangor, Bintulu and Miri but also to get support outside the urban areas like Tasik Biru, Mambong, Serian, Simanggang, Pakan, Mulu and Murum. Continue reading “Seven of the 13 seats carved out of the 12 State Assembly constituencies won by DAP in last general election are in “danger list” for the May 7 poll”

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Najib is fighting for his political life in Sarawak state general election, which is why he supports Adenan in the abuse of immigration autonomy powers and is bringing the whole Cabinet of 37 Ministers to meet in Kuching and campaign in Sarawak next week

The Prime Minister, Datuk Sri Najib Razak is fighting for his political life in the Sarawak state general election on May 7.

This is why he is campaigning as if the 11th Sarawak state general election is the 14th Parliamentary general elections, as he himself had declared on Nomination Day that the Sarawak polls on May 7 will be a “precursor” to the 14GE in two years’ time, which will decide his future as the Prime Minister of Malaysia.

This is also why he has aided and abetted the Sarawak Chief Minister, Tan Sri Adenan Satem in the abuse of Sarawak immigration autonomy powers although Najib should know more than anyone else that it is unconstitutional, illegal and against both the word and spirit of the 1963 Malaysia Agreement to ban Malaysians who are not Sarawakians from entering Sarawak for the sole purpose of carrying out “legitimate political activities”.

Najib is doing a third thing in the “fight for his political life” in the Sarawak state general election – bringing the entire Cabinet of 37 Ministers to campaign in Sarawak under the guise of holding the Cabinet meeting in Kuching next Wednesday. Continue reading “Najib is fighting for his political life in Sarawak state general election, which is why he supports Adenan in the abuse of immigration autonomy powers and is bringing the whole Cabinet of 37 Ministers to meet in Kuching and campaign in Sarawak next week”

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Salleh should stop making asinine statements like I have said its a waste to vote for the Opposition

The Minister for Communications and Multimedia Datuk Salleh Said Keruak should stop making asinine statements like I have said its a waste to votethe Opposition in the Sarawak state general elections.

Salleh was trying to be “little clever” when he twisted my admission that Adenan Satem will be the Sarawak Chief Minister and that the Sarawak Barisan Nasional will win the 11th Sarawak state general election into saying that in the circumstances its a waste to vote for the Opposition.

In fact it is an argument for voters to vote for the Opposition to ensure that there will be effective check and balance to ensure that Adenan will fulfill his election promises and not commit abuses and excesses of power. Continue reading “Salleh should stop making asinine statements like I have said its a waste to vote for the Opposition”

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Najib is only echoing his father’s pledge some half-a-century ago when Tun Razak’s pledge should have been achieved more than one generation ago

The Prime Minister, Datuk Seri Najib Razak, in his campaigning for the Sarawak Barisan Nasional in the 11th Sarawak state general election, promised that he is committed to bringing Sarawak to greater heights so that it will be on par with Peninsular Malaysia.

Before Malaysia was formed in 1963, many missions and study tours from Sarawak and Sabah were organised to visit Peninsular Malaysia to convince Sarawakians and Sabahans that Sarawak and Sabah would benefit if they agree to form Malaysia with Malaya and Singapore, promising that Sarawak and Sabah would enjoy the type of development in the rural areas in Peninsular Malaysia if they chose to federate with Peninsular Malaysia to form Malaysia.

The series of study tours and fact-finding visits by Sarawakians and Sabahans to Malaya succeeded because Malaysia was formed on Sept. 16, 1963.

One clear promise that Tun Razak, father of Najib, made on becoming the second Prime Minister at the end of 1970 was that Sarawak and Sabah would be developed on par with Peninsular Malaysia.

I am therefore surprised to read of Najib echoing his father’s pledge some half a century ago, when Tun Razak’s pledge should have been achieved more than a generation ago, and not be used as a campaign pledge in the 11th state general elections in Sarawak more than 52 years after the formation of Malaysia.

Najib’s repeating of his father’s pledge some half a century ago is a testimony of how Sarawak and Sarawakians had been neglected in Malaysia in the past decades although Sarawak was firmly under Barisan Nasional Sarawak rule and control all the time. Continue reading “Najib is only echoing his father’s pledge some half-a-century ago when Tun Razak’s pledge should have been achieved more than one generation ago”

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Four issues of the 11th Sarawak state general election

I want to discuss four issues of the 11th Sarawak state general election.

The first issue is Sarawak Chief Minister after the May 7 Polling Day.

This question is as good as decided on Nomination Day on April 25, because there is no doubt whatsoever that the Sarawak Chief Minister of Sarawak after the May 7 Polling Day will be Adenan Satem and nobody else.

Only the mentally weak or deficient would think that Adenan would not the Sarawak Chief Minister for the next five years.

In Siburan yesterday, the Prime Minister Datuk Seri Najib Razak said Adenan should be given five more years as Sarawak Chief Minister and it is not fair if Adenan is only given two years.

I fully agree with Najib and there is no doubt whatsoever that Adenan would be given five more years as Chief Minister of Sarawak. Continue reading “Four issues of the 11th Sarawak state general election”

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The only way Arul can earn some sympathy from the Malaysian public is for him to come clean and own up to all the frauds in the biggest global scam in Malaysian history – including those committed before his time

The only way for Arul Kanda Kandasamy to earn some sympathy from the Malaysian public is for him to come clean to own up to all the frauds in the biggest global scam in Malaysian history – the RM50 billion 1MDB scandal – including those committed before his time.

It is just not good enough for the 1MDB president to canvas the possibilities of “massive fraud” and “collaboration from our side” over the US$3.5 billion worth of payments made to the “fake” Aabar BVI, when the international news media and whistle-blower website Sarawak Report had been detailing such “massive frauds” and “collaboration” for almost the past year.

Didn’t Arul take the most elementary measures to check on the veracity of these very detailed reports in the international media and Sarawak Report?

Even more important and relevant, why did he defend the integrity and good governance practices of 1MDB in these these cases of “massive frauds” and “collaboration”?

Nor can Arul exonerate himself from being complicit in Malaysia’s mega scam by just washing his hands and quitting his MDB post, protesting that the issues and scandals at the 1MDB scam were not his and “not what I signed up for”. Continue reading “The only way Arul can earn some sympathy from the Malaysian public is for him to come clean and own up to all the frauds in the biggest global scam in Malaysian history – including those committed before his time”

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As Zeti Term Ends, Malaysia Poised to Name Central Bank Governor Shamim Adam

by Shamim Adam & Y-Sing Liau
Bloomberg
April 25, 2016

Malaysia’s central bank Governor Zeti Akhtar Aziz has one week to go in the job and investors still don’t know who will replace her.

Zeti is credited by investors with strengthening the credibility and independence of Bank Negara Malaysia in the 16 years she’s been at the helm and the longer Prime Minister Najib Razak drags his feet on announcing a successor, the more market analysts are worrying. It’s something the economy can ill afford with sentiment already under pressure as Najib faces his biggest political crisis since coming to power seven years ago.

“Trepidation is particularly pronounced” given the uncertainty over Zeti’s successor, said Jack Chambers, an economist at Moody’s Analytics Australia Pty Ltd. While the ringgit has gained about 10 percent this year after a 19 percent slump in 2015, a measure of its implied volatility is the highest in Asia. Continue reading “As Zeti Term Ends, Malaysia Poised to Name Central Bank Governor Shamim Adam”

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How long can Jho Low disappear or go incognito?

Two days ago, I posed five questions to the “alpha and omega” of Malaysia’s first global financial scandal, Penang-born billionaire Jho Low, but as expected, no answer had been forthcoming.

In the past 48 hours, there had been more world-wide developments in Malaysia’s first global financial scandal, a salutary reminder that in the borderless world of 24/7 era of information, where information travels at the speed of light, it is no more possible for one country to sweep scandals under the carpet, especially when the financial scandal is of global reach and dimension like the RM50 billion 1MDB scandal.

In Malaysia, Prime Minister Datuk Seri Najib Razak can try to impose a total clamp on all investigations and information about the 1MDB scandal, and even virtually ban discussion on the subject in the highest legislative and political chamber in the land, Parliament, but what is the purpose of such puny national efforts at censorship when the global community and some ten countries are conducting separate investigations related to the 1MDB scandal?

Malaysia’s 1MDB scandal has been described by the influential financial weekly, the Economist, as “an important test of how the world deals with cross-border corruption”, especially after the leaking of the Panama papers – after describing investigations within Malaysia as have been “timid or stymied”.

Such adverse international commentary on the 1MDB scandal a fortnight after the tabling of the Public Accounts Committee (PAC) Report on 1MDB to Parliament vindicated what I had said right from the beginning – that Najib was wrong in regarding the PAC Report as a “comprehensive, conclusive and definitive report” on 1MDB when it was only the first step to reveal and unveil the full “horrors” of Malaysia’s first global financial scandal. Continue reading “How long can Jho Low disappear or go incognito?”

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Five questions I would like to ask Jho Low

I said at my 108th parliamentary constituency visit to Tanjong in Penang during my “Pantang Undur – Berani kerana Benar” nation-wide tour yesterday that Penang billionaire Jho Low is the “alpha and omega” of Malaysia’s first global financial scandal, that he probably knows more about the RM50 billion 1MDB and RM4.2 billion ‘donation’ twin mega scandals than the Prime Minister, Datuk Seri Najib Razak, and that he should return to Malaysia to appear before the Parliamentary Accounts Committee (PAC) to testify in its unfinished inquiry into the 1MDB scandal.

There are five questions I would like Jho Low to elucidate to the PAC, Parliament and the Malaysian public, viz:

1. How much was spent in the special operations during the 13th General Elections to defeat DAP Secretary-General and Penang Chief Minister, Lim Guan Eng, in the Penang State Assembly seat of Air Puteh, when money flowed like water in the constituency with free dinners, free-wheeling angpows, lucky draws and the whole paraphernalia of give-aways to the Air Puteh voters? Was it RM30 million or RM40 million? Did the money come from 1MDB through various bogus off-shore companies? Was he ever investigated by the Malaysian Anti-Corruption Commission (MACC) for corruption and money politics for the special operations in the Air Puteh state assembly seat campaign in the 2013 General Elections? Continue reading “Five questions I would like to ask Jho Low”

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Malaysia Pays Bigger Premium in Debt Sale as 1MDB Delays Payment

Y-Sing Liau
Bloomberg
April 21, 2016

Malaysia paid a bigger premium to bondholders to own some of its new Islamic debt as a delayed interest payment by its troubled state investment fund weighed on demand.

The government priced $1 billion of 10-year notes at a wider spread than an offering a year ago. The sale, which also included $500 million of 30-year notes, drew $6.3 billion of orders, compared with $9 billion for an issuance of the same size in April 2015.

Malaysia warned investors that it faces as much as $4.5 billion in potential liabilities as government investment company 1Malaysia Development Bhd. remains locked in a dispute with Abu Dhabi’s sovereign wealth fund over debt obligations. The disagreement has led to a delay in an interest payment of $50 million on 1MDB bonds, hurting confidence in the sovereign just when the outlook for the oil exporter was improving amid a stabilization in crude and strength in the ringgit.

“The 1MDB risk might have spooked investors’ sentiment this round as it reemerged when the deal was about to close,” said Fakrizzaki Ghazali, a Kuala Lumpur-based strategist at RHB Research Institute Sdn. Continue reading “Malaysia Pays Bigger Premium in Debt Sale as 1MDB Delays Payment”

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1MDB gatecrashes party for new Malaysian sukuk

Jackie Horne
Finance Asia
Thursday, 21 April 2016

The Federation of Malaysia returned to the international bond markets on Wednesday with a $1.5 billion wakala sukuk whose success will almost certainly be overshadowed by the gathering storm engulfing state-owned 1Malaysia Development Berhad (1MDB).

The investment fund faces a cross-default across its $11 billion outstanding debt after one of its guarantors failed this Monday to make a $50 million interest payment on a $1.75 billion note that matures in 2022. It has now entered a grace period, which ends on April 25.

The event forced the government to issue a supplementary note to the preliminary offering circular for its sukuk on Tuesday. It said that non-payment will “constitute an event of default, which could result in acceleration of the 2022 notes and could result in cross-defaults or cross-acceleration of other indebtedness of 1MDB.”

The government added that it is liable for up to M$5.8 billion ($1.5 billion) in guarantees and a further $3 billion through a letter of support to 1MDB, but “does not believe any amounts it would be required to pay with respect of 1MDB’s indebtedness would be material to the government.” Continue reading “1MDB gatecrashes party for new Malaysian sukuk”

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Razak critic urges 1MDB findings be publicised

The National
United Arab Emirates
April 20, 2016

A leading critic of Malaysia’s prime minister Najib Razak said corruption had reached levels never seen before in the country and urged foreign governments linked to the controversy surrounding a state investment fund to make their findings public.

1MDB, whose advisory board is chaired by Mr Razak, is under investigation in at least five countries including Switzerland and the US over allegations of money laundering and embezzlement.

Dr Mahathir Mohamad, at one time the country’s longest-serving prime minister, said the investigations into the 1MDB fund were not just a problem for Malaysia.

“Being diplomatic isn’t going to help Malaysia or anyone else,” he said on the sidelines of the International Conference on Leadership, Innovation and Entrepreneurship in Dubai yesterday. “They must recognise action needs to be taken and do what is necessary.” Continue reading “Razak critic urges 1MDB findings be publicised”

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Let the four Tan Sris in the Special Task Force on 1MDB respond individually to Ali Rustam’s demand for an apology

Following increasing demands from UMNO quarters that former Prime Minister, Tun Dr. Mahathir should apologise to the Prime Minister, Datuk Seri Najib Razak over his “lie” about Najib’s RM2.6 billion “donation” scandal in the wake of the Saudi Foreign Minister’s controversial remark on the donation, former Malacca Chief Minister Tan Sri Senator Ali Rustam has upped the ante and asked the Special Task Force on Najib’s RM50 billion and RM2.6 billion “donation” twin mega scandals to also apologise.

Utusan Malaysia yesterday reported Ali demanding that the Special Task Force on 1MDB and the RM2.6 billion donation should also apologise, as the Saudi Foreign Minister Adel Al-Jubeir had “cleared the air” on the money transferred to the prime minister’s personal bank accounts.
Ali said the formation of the task force created a negative perception, as people had the perception that the Prime Minister had committed wrongdoings.

Ali claimed that the allegations by The Wall Street Journal (WSJ)” were just slander and had tarnished the good name of the Prime Minister and the nation.

Ali said: “This cannot recur. The task force must apologise.”

Ali is both wrong in claiming that the Saudi Foreign Minister had confirmed that the RM2.6 billion donation had come from Saudi Arabian government or that Wall Street Journal reports about the RM2.6 billion donation were just slander of Najib, or Najib would have filed defamation proceedings against WSJ to clear his name.

But he had re-opened a can of worms about the Special Task Force on Najib’s twin mega scandals in demanding an apology from the Special Task Force. Continue reading “Let the four Tan Sris in the Special Task Force on 1MDB respond individually to Ali Rustam’s demand for an apology”

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Opaque fund faces default, uncertain future

Babu Das Augustine, Banking Editor
Gulf News, Abu Dhabi
April 20, 2016

Massive debt burden seen impacting bond pricing

Dubai: Scandal-hit Malaysian government-owned fund 1Malaysia Development Berhad (1MDB) began as Terengganu Investment Authority (TIA) in 2008, a sovereign wealth fund aimed at ensuring economic development for the state of Terengganu. It was renamed 1Malaysia Development Berhad on January 2009 and made a federal sovereign fund in 2009.

The entity focuses on strategic development projects in the areas of energy, real estate, tourism and agribusiness. The 1MDB fund was founded to invest in new industries and attract foreign investment. While little of that investment occurred, the fund rolled up almost $13 billion (Dh47 billion) in debt, a big chunk from dollar-bond issuances, which today it is having trouble repaying.

While the company faced allegations of lack of transparency in its dealings there have been allegations that Malaysian Prime Minister Najib Razak and his associates benefited from various international and domestic deals. Continue reading “Opaque fund faces default, uncertain future”

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Malaysia Defaults on Payment Deal: Trouble Abounds for Prime Minister

Economy Watch
APRIL 20, 2016

1Malaysia Development Berhad (1MDB), a strategic development company that the government of Malaysia owns, defaulted on a $1.1 billion loan from a United Arab Emirates wealth fund. Prime Minister Najib Razak founded 1MDB and has faced a string of corruption allegations surrounding the firm, and critics have called for his resignation. 1MDB is a developmental firm designed to commence infrastructure projects and attract foreign direct investment.

Razak’s development firm is embroiled in complex scandals regarding the outright looting of funds, and the prime minister’s problems are just the beginning as domestic and international investigations ensue.

Razak is directly tied to the scandals, with critics alleging that funds had been withdrawn from the firm and deposited into his account, and he did not do himself any favors by squashing domestic investigations and removing critics from his administration. Investigators allege that over $1 billion entered Razak’s personal accounts, and a great deal of those funds supposedly derived from 1MDB, notes The Wall Street Journal. Continue reading “Malaysia Defaults on Payment Deal: Trouble Abounds for Prime Minister”

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Najib Is a Survivor in Malaysia’s ‘Game of Thrones’

Donald Greenlees
National Interest
April 20, 2016

In the court of domestic and international public opinion, Malaysian Prime Minister Najib Razak is guilty of a level of corruption and abuse of office not seen in Southeast Asia since the days of the dictators. Najib’s rule evokes memories of Marcos’ Philippines and Suharto’s Indonesia. The parallels include a family bent on amassing vast wealth.

There is now enough evidence in the public domain to warrant the removal of Najib from office. But will he go?

Najib did consider resigning last year when the scandals over the plundered sovereign wealth fund, 1 Malaysia Development Berhad (1MDB), split his cabinet according to a source familiar with discussions at the time. The condition Najib set was that he and his wife were granted immunity from prosecution.

But talk of an early departure has now dissipated. It appears likely Najib will try to stay in office and fight for re-election in 2018. Continue reading “Najib Is a Survivor in Malaysia’s ‘Game of Thrones’”

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1MDB board outrage as US$700m goes to Good Star

Aidila Razak
Malaysiakini
10 Apr 2016

Slightly over half a year since its conception as Terengganu Investment Authority, the now Finance Ministry-owned 1MDB made its first deal – and blunder.

On Sep 30, 2009, it parted with a massive US$1 billion after less than two weeks of due diligence – a whopping US$700 million of which went to an unrelated firm, Jho Low-linked Good Star Limited.

On social media that day, Li Lin Seet, an associate of Low whom Sarawak Report linked to the deal, mentioned feeling “the earth moving”. Eleven days later Li was in Las Vegas, guzzling world’s expensive champagne, Cristal.

Over in Kuala Lumpur, however, the 1MDB board was in a less celebratory mood. Continue reading “1MDB board outrage as US$700m goes to Good Star”