Nazir Razak ready to leave CIMB Group?


June 30, 2018

Nazir Razak ready to leave CIMB Group?

http://www.malaysiakini.com

When an Outstanding Banker like Nazir Razak decides to leave before his term of office ends, there’s bound to be speculation. In this particular case, the man who is at the center of this Star newspaper report happens to be  the younger brother of  former Malaysian Prime Minister Najib Razak.

 

Image result for CIMB Banking Group in Cambodia

“In six years, we have expanded from two branches to 12 branches as well as 14 off-site self-service terminals. We presently have over $450 million in assets, making us the 13th largest commercial bank in Cambodia. We intend to be in Cambodia for the long term and we feel it is important to grow sustainably and to invest in developing our local talent pool. Regionally, CIMB Group is ASEAN’s fifth-largest universal bank. Over the past decade, the group has been one of the fastest-growing banks in the region”. Bun Yin, CEO of CIMB Bank, Cambodia

 

A Cambodian friend of mine who heads CIMB Bank operations (pic above) in Cambodia alerted me of this possibility a couple of days ago. My response was that he should not listen to rumours.  Chairman Nazir is well known in the Kingdom where CIMB Bank operates a very successful and profitable network of bank branches.

I am not privy to what is happening in the Malaysian corporate scene post May 9 GE-14. I have been away from the country since 2014.  But I hope that the impending departure of Chairman Nazir has nothing to do with politics.  Ideally, I would like him to either remain with the CIMB Group, or be given some key appointment elsewhere so that his talent,  professional  competence, reputation for integrity, and wide experience can be used for  the benefit of the New Malaysia.–Din Merican

 

Image result for CIMB Banking Group Chairman Nazir Razak

CIMB Group chairperson Nazir Razak will leave the banking group when his term ends next March, reported The Star today.

The youngest brother of former Prime Minister Najib Razak has informed the CIMB Board of Directors that he will not seek re-election as chairperson, a post he has held since 2014.

He has also served as CIMB chief executive officer (CEO) for 15 years. “He (Nazir) has told the board that he will leave and not seek re-election. The board is already searching for a successor,” said the source.

Malaysiakini has contacted Nazir for his response. Speculation has been rife that Nazir could leave earlier than March. The source however said thus far, there has been no indication of him being “told to go”. “He has not been called in by the Council of Eminent Persons (CEP) or anyone else,” the source was reported as saying.

 

The CEP is headed by former Finance Minister Daim Zainuddin, and was set up to advise the new Pakatan Harapan government on how to achieve its economic promises in 100 days as per its election manifesto.

CEP is also looking into the performance of government-linked companies (GLCs) and reviewing the appointments of key executives. Several CEO at GLCs as well as government-linked investment companies (GLICs) have already vacated their positions following the change in government.

Nazir is prepared to go earlier than the expiry of his term if he is told to do so, according to another source.

Mahathir indicates possibility of a Malaysia-Indonesia car


June 29, 2018

COMMENT: This is going to be the shortest comment I intend to make. Stop wasting public funds by going into another car project. We have invested and lost millions of money on Proton. But you are free, Dr. Mahathir to put your own money in your proposed joint Indonesia-Malaysia car for the ASEAN market.–Din Merican

Mahathir indicates possibility of a Malaysia-Indonesia car

by Bernama

Image result for Dr Mahathir visits Indonesia

Prime Minister Dr Mahathir Mohamad Friday spoke of the possibility of reviving the proposed project of a Malaysia-Indonesia car for the Asean market.

He said the idea was brought up when he test drove a Proton car in Malaysia in February 2015 with visiting Indonesian President Joko Widodo sitting beside him.

“I was no longer the prime minister then,” he said.

Mahathir was the prime minister from 1981 to 2003 and became the premier for the second time on May 10, 2018.

“I drove the car at a speed of 180 km per hour on the Sepang race circuit. The President (Joko Widodo) did not complain at all (when the car was driven at that speed),” Mahathir said at the joint press conference with Jokowi, as the Indonesian President is fondly called, in conjunction with his official visit to Indonesia.

Jokowi had recalled the test drive when he spoke earlier at the press conference and said he had no cause for worry because the person behind the wheel was Mahathir.

“I was not afraid because the driver was Mahathir,” he said.

— Bernama

Cut out middlemen and save billions – and the rakyat


June 19, 2018

Cut out middlemen and save billions – and the rakyat

by P Gunasegaram
QUESTION TIME |Coming in the wake of the decisive election victory for Pakatan Harapan, the Ramadan bazaar scandal in Jalan Masjid India, Kuala Lumpur is a clear indication of the kind of corrupt patronage middlemen deals that the coalition has to face and overcome as it moves forward.

 

Such deals where political clout is used to dish out projects to essentially middlemen who subsequently just palm it off to others for huge profits is one of the major forms of leakage the economy is currently facing.

Most of the projects may be small but the same process is repeated in large contracts too where the company that gets the project oftentimes does not have any expertise in the project area and simply gets in partners from elsewhere, earning a fat commission in the process for basically doing nothing but getting the project in.

If the government had long ago stopped such middlemen from profiteering at the expense of nation and rakyat, we would be in much better shape now. But instead, such deals worsened with outright kleptocracy, using 1MDB to first borrow funds and then steal from it. It is now incumbent upon Harapan to bring about such a change, nothing less.

The Ramadan bazaar is an excellent case study of middlemen pilferage and how politicians and authorities facilitated it. According to the exclusive report by Malaysiakini, a Bersatu party leader used political connections via a DAP MP who issued a “letter of support” for the Ramadan bazaar in the heart of Kuala Lumpur.

‘Letter of support’

The Bukit Bintang Bersatu Youth chief, Mohd Noorhisyam Abd Karim, secured approval from Kuala Lumpur City Hall (DBKL) to organise the bazaar with this “letter of support” from DAP Bukit Bintang MP and DAP treasurer Fong Kui Lan. A letter from DBKL to Mohd Noorhisyam, which had gone viral on social media, showed that 80 lots were approved for nine days for RM6,238.

This included a payment of RM180 per lot (RM20 per day) for licensing, space and cleaning fees for the bazaar which stretched from the Mydin hypermarket in Pudu to Masjid India. In the Ramadan bazaar case, the government got a little over RM6,000, while the middleman allegedly could have pocketed RM400,000 from the sale of the 80 lots at RM5,000, each making an incredible 66 times his initial outlay.

This is classic UMNO-style patronage politics at its worst which worrisomely, has infected Harapan so early in its term of office. It has to get rid of this forthwith if it is to make plenty of savings from procurement contracts and get revenue for the government directly instead of much of it going to middlemen.

Fong, while admitting he issued the “letter of support”, told Malaysiakini that Mohd Noorhisyam promised him that no money would be collected. “He promised they would not collect money and they would not obstruct the shops. I gave him a support letter to help hawkers who could not get a license from DBKL,” said the five-term MP.

Fong also denied receiving a cut from Mohd Noorhisyam or his associates.

Meanwhile, DBKL hawker licensing and development department director Anwar Mohd Zain told Malaysiakini that City Hall was unaware that Mohd Noorhisyam was allegedly charging exorbitant fees for the bazaar lots.

Mohd Noorhisyam has since denied the allegations against him and told Malaysiakini that he had not taken any money from traders.

Still, there is vital explanation required. Why does DBKL have to issue lots through a third party? Why does Bukit Bintang MP Fong need to issue a “letter of support” to a middleman, when he could have done it directly to DBKL? What is the role of Mohd Noorhisyam in all these, especially when DBKL could have issued the lots directly to traders through a bidding cum draw?

Nefarious activities

If true, such an outlandish profit came from the poor stallholders who were trying to make some money during Ramadan but whose profits would have been massively scaled back by the RM5,000 they had to shell out for the nine-day period, equivalent to a massive RM555 a day.

That shows the nature of the greed of these unscrupulous people who during the holy month of Ramadan, fleece RM400,000 of their own kind who are poor and struggling to make ends meet. Where is their moral and religious conscience?

Think of things like these repeated many thousands of time all over Malaysia at local and district levels and the billions pilfered or lost. Think of all the hassle that people who are trying to make a living with small businesses suffer at the hands of enforcement agencies such as DBKL scattered throughout the country.

Think of all the bribes they have to pay and the harassment they get even if they are fully compliant with all council regulations and think of all the rules and regulations flouted by those who “pay” the authorities regularly.

Think of all the revenue that the government, state and local authorities can raise if they directly, properly, efficiently and cleanly allocate precious resources without resorting to politically-connected businesspersons and those willing to grease palms.

Harapan now controls seven out of 11 state governments in the peninsula while Sarawak and Sabah are already in the hands of parties now friendly to Harapan. Together they can draw up and implement measures throughout the country to ensure that everything is run in the interest of the rakyat and the government – and profiteering is no longer allowed at any level via middlemen.

Indeed, those who are involved in such nefarious activities must be brought to book and the weight of the law brought to bear upon them without discrimination from the largest to the smallest projects.

 

For those states still ruled by parties other than Harapan, the call should be made to follow the example of the other states in the award of all contracts and for all procurement. If they don’t, the warning should be issued that the police and the MACC will be on the lookout for any malpractices and will bring miscreants swiftly to the book.

Proper procedure

This does not mean sidelining bumiputera entrepreneurs and companies but ensuring that they really are that and not acting as middlemen for others and that they actually have the capacity to undertake projects and that they are actually needed to do the job.

Genuine bumiputera contractors who bid for the job could be given a small price advantage as part of the continuation of affirmative action programmes and other advantages, much like what some government agencies currently did for bona fide bumiputera contractors in the past.

This is not an abandonment of Malay rights or privileges provided for under the constitution but actually a reinforcement of that through a proper procedure which weeds out profiteering that only benefits middlemen at the expense of real bumiputera entrepreneurs as it was with this Ramadan bazaar incident.

Harapan has a responsibility to ensure that incidents such as this Ramadan bazaar spectacle never happens anywhere again and that all blood-sucking middlemen are removed forthwith from the scene. Doing so would not only save the country billions of ringgit but ensure that the rakyat benefits from the proper use and allocation of scarce government resources.

We did not vote in Harapan for another new crop of leeches coming up to suck the nation and the rakyat dry. Such notions must be suitably disabused by quick action over the Ramadan bazaar case to bring to account everyone involved – politician, middleman and the overseeing authority.

Otherwise, Harapan is going to lose credibility pretty fast.

 


P GUNASEGARAM says that being in government is more onerous than being in opposition. He hopes fervently that Harapan will rise to the occasion and not succumb to the habits of old. E-mail: t.p.guna@gmail.com.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.

Prime Minister Mahathir Mohamad speaks to VOA


May 30, 2018

Prime Minister Mahathir Mohamad speaks to The Voice of America (VOA)

 

Malaysia’s Prime Minister Mahathir Mohamad, back in power after a 15-year hiatus, says his first 20 years in office were “fairly easy” compared to what is confronting him now — massive debt in a country with an international reputation for corruption. Mahathir returned to power on May 9 in a spectacular election upset that saw him unite with his former opposition foes to overthrow a prime minister — Najib Razak — who is accused of helping to steal billions from his country in one of the biggest corporate frauds in history. Najib denies all the charges. “Well my first 20 years as prime minister was fairly easy. I inherited a system that is already there. All I had to do is to introduce new ideas so that we can expedite the growth and development of Malaysia,” the 92-year-old Mahathir told VOA in an exclusive interview. “But here I am dealing with a country that has been actually destroyed. Its finances have been destroyed. The system of government has been ignored and not used and a new system, or rather an authoritarian system has been introduced,” he said.

https://www.voanews.com/a/hold-for-vi…

Whither Sarawak As CMSB shares Nosedive?


May 24, 2018

Whither Sarawak As CMSB  shares nosedive?

 

Image result for Sarawak Report

According to Bernama, the present Chief Minister of Sarawak, Abang Johari, has confirmed that the Editor of this website is still banned from entering the state.

He has not yet made up his mind whether to revoke a ban slammed on the writer, along with a number of prominent agency journalists back in 2008, after they visited Penan blockades protesting against the logging of their indigenous lands.

Perhaps the sense of threat in the minds of the leading party PBB and its BN allies as they contemplate how to respond to the changed political scene, is related to this week’s release of a statement by the state’s largest conglomerate CMSB, largely owned by the family of the Governor Taib Mahmud.

CMSB’s shares went into a nosedive on Friday as the likely implications of proposed anti-corruption reforms on the favoured position of this company sank in with shareholders. Those shareholders fled, showing a plunge of prices after lunch of 30%, before trading was suspended to stem the panic.

Image result for Cahaya Mata Sarawak and Taib Family

Explaining the shameful event, the CEO of the company, Isac Lungan, could not have been more frank in his view that revelations over the years by Sarawak Report could affect the profitability of the company in a new cleaner ‘reformasi’ environment.

In a management note to investors he said the catastrophic collapse had been caused by factors, of which the first was the combined effect of the Bruno Manser Fund offer to release research first published on this website and also the decision of the federal government to unblock Sarawak Report, which has articles spanning a number of years covering corruption in the state, including its largest company.

CMSB statement

“The following in our view, has led to the steep sell-down:

1.  Bruno Manser Fund’s offer to share information and unblocking of Sarawak Report website:

Possible reaction to an article carried by the Star Online portal stating that the Bruno Manser Fund (BMF) is willing to share information with the new Pakatan government on the Tun Taib family as a basis for reopening of investigation.

This followed a report on Thursday 17 May 2018 that news portal Sarawak Report, which has been known to release anti Tun Taib family (as well as anti-CMS) related articles, has been unblocked. The Sarawak Report website was blocked by Malaysian Communications and Multimedia Commission (MCMC) in 2015. The news they publish is now widely available for the general public to access, including reports portraying CMS negatively.”

The statement, which then goes on to list various other anti-corruption demands issued by opposition MPs in the state as being further threats to the company, is a open acknowledement that CMSB does not see itself as being in a particularly strong position to refute criticisms of cronysm and corruption with regard to the Taib family connection.

 

Otherwise, the threats of a small NGO and reappearance of a small online portal would not  create such a devastating impact.

Johari Cannot Make Up His Mind?

What the admissions of CMSB and the waverings of Abang Johari prove is first that Taib still holds a continuing grip over business and politics in Sarawak and second that the present Chief Minister and his PBB followers have not been able to make up their minds about whether to throw their lot in with the new guys in charge in KL or to cling to the crumbling BN coalition, which still holds sway in the state government.

It is weak and vacillating behaviour that will not impress local voters, who will be entering state elections in the next couple of years or so. Admitting that he has yet to formulate a position on such a crucial matter as whether or not it supports the new federal government has revealed Johari to be every bit as stunned and indecisive as Najib was on election night.

The longer this Chief Minister fails to make up his mind about the political direction of the state that was once known as BN’s ‘safe deposit’, the less safe that ‘deposit’ is likely to remain.

As for Taib, much in the way that Najib railed against Sarawak Report over 1MDB, claiming dark plots and plans for an ‘overthrow of the state’, the former Sarawak Chief Minister had responded equally disproportionately and irrationally after he lost the urban vote in 2011, largely because of devastating corruption allegations online, followed up by opposition progress in the 2013 general election.

Not long after that disappointing election, Taib had marched into the state parliament and singled out Sarawak Report along with other NGOs as a dangerous force. He accused the website of seeking to overthrow the state and of malicious slander ‘poisoning the minds’ of the ‘simple people’.  The raging CM even went so far as to suggest that SR’s motive involved a plot to re-colonise Sarawak and to steal its remaining oil revenues!

It was following this somewhat unhinged and disproportionate rant that Najib apparently saw his chance to remove Taib from the position of absolute power that he had held as Chief Minister, Finance Minister and Planning Minister of Sarawak for over three decades.

It was no secret that his power and wealth irked the new Prime Minister, who nonetheless used him as a model for his own subsequent pillaging of public coffers.  Taib was booted upstairs into the Governor’s mansion on a vague understanding that it brought immunity.

What Do The People of Sarawak Want?

As they weigh up their best options for the future Sarawak’s ruling parties ought not to be placing a priority on the perceived dangers of incomers, such as SR, BMF or civil rights and reform campaigners from Malaysia.

Image result for abang johari abang openg

 

Sarawakians have access to information and can form their own opinions with or without such visitors these days.  The Chief Minister needs to listen to what people are now asking in the coffee shops or commenting online.  There has been very vocal concern from the moment of the election that the state could yet again be left out of the progress that is now sweeping federal changes.

People want to know if the programme to root out of corruption and open up of freedoms will reach their state and Abang Jo needs to finally get off the fence and decide if he can afford to ignore that yearning.

Source: http://www.sarawakreport.org/2018/05/whither-sarawak-as-cmsb-nose-dives/

Tun Daim Zainuddin and his Colleagues get down to business


May 13, 2018

Tun Daim Zainuddin and his Colleagues get down to business

KUALA LUMPUR: The newly set up Team of Eminent Persons meant business and wasted no time as they convened their first meeting soon after the announcement of its formation by Prime Minister Tun Dr Mahathir Mohamed.

Chaired by former Finance Minister Tun Daim Zainuddin (left), the meeting, which went late into the night, was also attended by three other members of the team, namely (from right) former Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz, former Petronas President and Chief Executive Officer Tan Sri Mohd Hassan Marican and economist Prof Jomo Kwame Sundaram. Billionaire tycoon Tan Sri Robert Kuok was not present as he is currently overseas. Bernama Photo

No honeymoon period and prolonged post-election euphoria as the government is determined to restore the confidence of the people and investors after Pakatan Harapan’s unprecedented win in the 14th general election on May 9.

Image result for Tun Daim Zainuddin

The Prime Minister with Tun Daim Zainuddin and Tan Sri Rafidah Aziz

Chaired by former Finance Minister Tun Daim Zainuddin, the meeting, which went late into the night, was also attended by three other members of the team, namely former Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz, former Petronas President and Chief Executive Officer Tan Sri Mohd Hassan Marican and economist Prof Jomo Kwame Sundaram.

Billionaire tycoon Tan Sri Robert Kuok was not present as he is currently overseas.

Speaking to Bernama after the meeting, Daim said the five-member team was briefed and deliberated on current economic situation, the national debt, the ringgit, Goods and Services Tax (GST) and fuel subsidies, amongst others.

“These are the major things. We are making the recommendations to the government. At the end they will decide,” he said.

Daim said the council would be calling the Public Private Partnership Unit (under the Prime Minister’s Department), related ministries and government-linked companies (GLCs) to brief them on various mega projects and the governance of GLCs, including Lembaga Tabung Haji, Majlis Amanah Rakyat and the Federal Land Development Authority.

“As for 1MDB, there will a special task force, I have identify those who can assist the probe into 1MDB. It would be under the purview of the Team which will submit the report to the government,” Daim said.

He said another pertinent issue that needed to be addressed quickly was the oversupply of office space and housing.

“Another example is the cost of security for schools. It cost more than the assets they’re guarding,” he pointed out.

Meanwhile, Daim said the team would hold meetings daily for 100 days, and in fact on some days, it would be a few times a day.

“I want this to finish this within 100 days. After that I want to sleep,” he quipped. –Bernama