I am truly amazed with the Rulers of Your Country Malaysia — What Is Wrong With You and them that together you allow the Najib & Rosmah farce to shame you before the entire world? Below is a compilation offered to to those in Malaysia who are subject to censorship and front page propaganda.
i know the answer already. Here it is: An Exile’s Farewell and Perspective on Postmodern Malaysia by Dr. Omar
MALAYSIA AWASH WITH UMNO VIOLENCE: HURLING VULGAR WORDS, PRO-NAJIB GROUP GATE-CRASH ‘MO1’ CARTOON EXHIBITION, KICK DOWN ART WORK
“Malaysians Underestimate The Trouble Their Country Is In” – The Economist Spells It Out Over The 1MDB Issue
Tainted analysts with vested interests in managing Malaysia’s corruption, like the ‘Asia Wealth Management’ boss for the bank UBS, have been putting themselves about the media in recent days, trying to talk up the ringgit.
But, it isn’t working. Excuses are being made for the continuing decline of the currency, such as ‘The Trump Effect’, when everyone knows the real problem is ‘The Najib/1MDB Effect’.
For the past fortnight the true dire state of the ringgit has been disguised by Najib’s tame new Central Bank Governor, who has been wasting the country’s reserves by throwing huge sums at buying up the currency, which everyone else is sensibly getting out of.
He has made it fundamentally worse by lecturing banks that they must stop the frantic selling, thereby proving the desperate nature of the crisis.
The fact of the matter is that no one wants to invest in a country which is run by a coven of criminals, who are locking up people left, right and centre in an arbitrary fashion for complaining that the rule of law is not being upheld.
No one wants to invest in a country where all respectable people from all sides of the political divide have been forced to unite in condemnation of a thief Prime Minister, who refuses to quit office.
It is particularly telling for observers of Malaysia that this is a country where it remains possible for a man to remain in office, despite having been exposed as a kleptocrat billionaire – who on earth can consider their money safe under the jurisdiction of such a man and his bought and corrupted cohorts, who are making up the rules as they go along to slap down anyone who points out the truth?
Because the UMNO leadership control the local media, these goons are still living in a mental bubble, telling themselves that they can keep up their crackdown and eventually obedience and order will reassert itself in their favour. But, this is not Operation Lalang, not least because Mahathir was competent and everyone can see that Najib is not.
Najib may succeed in continuing to hold on to power by attacking protestors, locking up the opposition, encouraging extremism and violence and then cheating the election, but the price will be a tumbling ringgit and poverty for all. Malaysians are used to a better life and they will not thank UMNO for this.
See the leader below in the UK’s respected ECONOMIST magazine – followed by its financial comment:
Malaysians underestimate the damage caused by the 1MDB scandal
FORTY thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the event. She was placed in solitary confinement, and can be held there for 28 days. Even by Malaysia’s dismal recent standards this marked a fresh low. Ordinary Malaysians should not stand by while their leaders undermine the rule of law so casually.
Ms Chin Abdullah’s detention was justified by an anti-terrorism law which the government had promised would never be used against political opponents. The true motivation was to stifle outrage over 1MDB, a state-owned investment firm from which billions have gone missing. In July American government investigators said they thought that $3.5bn had been taken from the firm and that hundreds of millions of dollars went to the prime minister, Najib Razak (who says he has never taken public funds for personal gain). The investigators’ findings corroborated exposés written by local and foreign journalists, who have been unravelling the saga for several years.
Elsewhere the scandal would have sparked a swift change in government. But the United Malays National Organisation (UMNO) has held power for six decades and enjoys broad support from Malaysia’s ethnic-Malay majority, some of whom resent their ethnic-Chinese and Indian compatriots. The party has devised many ways to protect its leaders from internal revolts, so Mr Najib found it easy to purge critics, delay a parliamentary investigation and replace an attorney-general said to have been preparing charges against him.
No one in Malaysia has been charged over 1MDB’s missing money. But a court has handed a prison sentence to an opposition politician who frustrated efforts to hush up the affair. The editor and publisher of one of Malaysia’s last independent news organisations face jail under a rule which forbids certain content published with “intent to annoy”. A competitor closed in March after authorities ordered its website blocked.
Mr Najib’s party is carelessly widening Malaysia’s ethnic and religious splits. Seeking to bolster support among conservative Malay Muslims, it is toying with a proposal to intensify the whippings which may be meted out by sharia courts. It has failed properly to condemn pro-government gangs that last year menacingly gathered in a Chinese part of the capital. Their leaders paint ethnic Malays as victims of sinister conspiracies—dangerous rumour-mongering in a country where politics is still defined by the racial violence of the 1960s.
Easily broken, hard to fix
Until now foreign investors have been fairly sanguine about the economy. But they are growing rattled. The ringgit has depreciated faster than other emerging-market currencies (see article). Last week the authorities asked foreign banks to stop some ringgit trading abroad, raising fears of harsher controls.
Rural ethnic Malays, a crucial constituency, feel that the scandal is a remote affair. Even some educated urbanites still favour Mr Najib’s government over the opposition, underestimating the damage being done by the scandal. If change is to come, the disparate opposition needs to do a better job of winning such people over; its fractious parties must overcome their divisions and present a plausible candidate to replace Mr Najib in a general election that could be held as soon as next year. Malaysia has always been an imperfect democracy, but the rot eating at its institutions is harming its international standing and its economic prospects alike.
Forward and backward
Malaysia’s central bank tries to stem a slide in the ringgit
The ringgit is underperforming other emerging-market currencies
“THERE is no new policy on capital flows. There is no proxy capital control either,” insisted Muhammad Ibrahim, governor of Malaysia’s central bank, in a dinner speech on November 18th. This echoed a similar central-bank promise 15 months ago. For those hoping to bring money in and out of Malaysia, the commitments are reassuring. The frequency with which they need reiterating is less so.
It is no secret that the central bank is worried about the sharp drop in Malaysia’s exchange rate. Like other emerging-market currencies, the ringgit has suffered from China’s slowdown in the past two years and Donald Trump’s upset victory on November 8th. But, like Malaysia’s politics, beset by lurid tales of financial malfeasance, the currency has been unusually skittish (see chart).
Mr Muhammad blames what he calls “the arbitrary and unpredictable devices of the offshore markets”. Whereas China has been keen to “internationalise” the yuan, Malaysia’s central bank has an equally determined policy of “non-internationalisation”. It prohibits the trading of ringgit assets outside of its jurisdiction.
International investors can nonetheless bet against the currency offshore, settling the bets in dollars rather than ringgit. These “non-deliverable forward” contracts (NDFs) allow foreign investors, who own over a third of Malaysia’s government bonds, to hedge their exposure to the currency. But the NDF market can also be turned to speculative ends. And this speculation, Mr Muhammad believes, is contaminating the onshore markets as well.
If the offshore side-bets all point in one, bearish, direction, the onshore markets tend to follow their lead. And foreign banks that take the other, bullish, side of these offshore trades might try to hedge by selling ringgit in the onshore market. A 2013 study of nine NDF markets by the Bank for International Settlements found that the offshore and onshore markets both influenced each other, except in Malaysia, where onshore followed off.
Malaysia’s central bank has instructed onshore institutions not to take part in the NDF market or help others to do so. Foreign banks with operations in Malaysia seem to be deferring to the central bank’s wishes, notes Stephen Innes of Oanda, a foreign-exchange broker, to preserve their good name in Malaysia. “They are not aggressively selling the ringgit right now.”
But one reason the offshore market is so spiky is because trading is thin. That illiquidity may worsen if banks retreat. And if foreign investors cannot easily hedge their exposure to the ringgit, they will be less willing to buy ringgit assets. That might leave Malaysia with a weaker currency over the long term even if it is more stable from day to day. “No one from the banks is willing to discuss the ramifications,” Mr Innes says. “I find that quite unique.” Others may find it worrying. Silencing the markets is not the same as calming them.
‘Not My Prime Minister’ – Why People Should Stop Calling Najib By That Title
The term Prime Minister is steeped in the history of democracy. It implies a modesty associated with being a servant of the people, who acts merely as the leader amongst a team of advisors elected to guide the Head of State, who in Malaysia is the Agong.
This first minister works within a Cabinet of equals and he or she can certainly be replaced or step down if they feel that, for whatever reason, they are no longer able to perform the duties of office to their maximum ability.
Normally, the office holder is allowed the dignity of submitting their own resignation when it becomes plain that they are damaged or no longer have the sufficient confidence of their party or the country.
David Cameron did exactly this after he lost the referendum on Brexit earlier this year, just months into government after a convincing (and genuine/without rigging) election victory. He realised that for the good of his party it was time to hand on the baton to a leader with hopefully more authority.
Such a sacrifice almost invariably brings the politician concerned a measure of respect, which they would not otherwise have after things have gone wrong.
However, confronted with the consequences of his own fatal mistakes, Najib has taken an opposite approach and clung on to office, come what may. In the process he has demonstrated that he has no sense of his status within a democracy at all.
Caught in a crime that would have caused any Prime Minister worth the title to step aside, he has sought to devise a whole new raft of laws and principles, which he is trying to ram down the throats of his countrymen, purely to save himself from the consequences of his own actions.
In particular, there is his claim that it is somehow unconstitutional for a Prime Minister to be replaced or pressured to resign, unless defeated in an election. This conveniently ignores the fact that he himself pressured and then replaced his predecessor in 2009, just a year after winning an election.
Under Najib’s logic it doesn’t matter what crime he might commit or whether confidence fails entirely both at home and abroad, causing the ringgit to plunge to new lows, he has a personal right to remain in power.
And what level of power that has evolved to become. In Malaysia the ‘Prime Minister’ is no longer the first amongst equals, he is an effective dictator, because he has taken control of everybody else’s job and has started breaking key rules on appointments (in particular the firing and replacing of the Attorney General).
The grandiose posturing and lavish extravagance of this man and his wife, who have appropriated at least two jets for their personal use and spend money (stolen from the public as we now know) like water, are simply not in keeping with the constitutional position of the job. He is strictly not the Head of State.
Yet, Najib now runs the country like his personal fiefdom. He has grabbed the finance portfolio as well as his own. And he has appropriated more and more of the budget, so that the Prime Minister’s private office now accounts for practically half of entire government expenditure.
UMNO’s party hierarchy has been allowing him to do all this and ride roughshod over tendering of contracts and other golden principles, because he has been paying each key place-holder large sums of money stolen from the public purse.
In short, his position is a complete disgrace to the term Prime Minister and bears no semblance whatsoever to the recognised democratic framework of the role. He is no longer running a government, he is running a mafia.
What’s more, as everyone well knows, he didn’t win the election he is harping on about. He cheated in myriad ways, as the clean election movement Bersih has demonstrated time and again, calling for reforms on the practices of vote buying, gross gerrymandering, use of false identities and double voting, ballot box stuffing and all the rest.
It has now been proven beyond all reasonable doubt in the minds of the public (and would also be proved in court of law had he had not illegally vetoed his own arrest and trial) that he stole billions of ringgit of public money, in order to pay for all these gross election frauds.
Yet, he chooses to swan about, as if he had a genuine mandate like other Prime Ministers around the world.
Because everyone knows that Najib is in fact an election cheat and fraud, he naturally views all criticism against him by NGOs, civil society activists and opposition voices, both inside and outside his own party, as extremely dangerous to his position.
Other more credible politicians, who do have genuine mandates, can afford to tolerate verbal attacks, because they know that the majority of people respect them above their critics and can shrug them off.
Najib, by comparison, is weak. He lacks popular respect and his sins are well known. So, he has responded by abusing his excessive powers to try and shut these people up – illegally.
He has spent the last year passing law after law to give him further authority to silence and lock up critics. The National Security Act even enables him to kill anyone he likes with impunity, just in case he feels he needs to. This is not about terrorism it is about terrorising.
Such behaviour comes not from strength (as many like to parrot), it comes from fundamental weakness.
It was weak and fearful to lock up a woman, like democracy campaigner Maria Chin on terrorism charges, which will soon be dismissed as spurious. Maria must be freed, when she is finally allowed to get before a court of law. Meanwhile the mother of three is being disgracefully held in solitary confinement, in a windowless cell with 24 hour lighting.
This desperate man hopes by such thuggish acts to scare and bully people into cowered silence over his own short-comings. He calculates that if he ‘cracks down’ hard enough, eventually he will be able to stop people talking about all the money he has stolen and how he spent it on himself and keeping power.
However, what he needs to face up to is that one mild and proper-minded lady has managed, in the face of naked threats, to raise the support of hundreds of thousands of marchers for reform, whereas he and his all-powerful, wealthy UMNO party only managed to persuade around four thousand paid thugs to counter-march in support of him.
Maria showed Najib up and this is his shameful attempt to pay her back.
People should therefore cease to describe this man, who ought to have resigned and to have probably have been arrested long ago, as “Prime Minister”. He should be referred to more accurately by such terms as “The Fraudster”, “The Office Snatcher”, “The Usurper”, “The Imposter”, “The Pretender”, “The Crime Minister”, “The Tinpot Dictator”, “The Desperate Kleptocrat”, “The Godfather” – until Malaysia has reasserted proper governance, take your pick.
Just don’t besmirch an historic noble office by describing Najib Razak as Malaysia’s Prime Minister.
RINGGIT HEADED FOR ‘OBLITERATION’: SON OF SLAIN AMBANK FOUNDER WARNS NAJIB RINGGIT WILL BREACH 5.00 & GO FOR 6.00 ‘DUE TO YOUR DICTATORSHIP’
International Observers and Investors alike are waking up to the fact that Dictatorship and total absence of Justice will bring down the Malaysian Ringgit into its obliteration.
With the latest unlawful arrest of the Malaysian critic and leader of the democratic movement Bersih, Mrs. Maria Chin Abdullah, the Malaysian top government has not only committed an unconstitutional blunder trampling the human rights, law and justice in Malaysia with boots, but it also fuels the continued decline of the Malaysian Ringgit.
“We are troubled by the ongoing detention and solitary confinement of Maria Chin Abdullah under national security laws,” Alicia Edwards, a spokeswoman for the US state department, told Reuters in an emailed statement.
Such statements from serious governments around the world are especially sensitive to all those who monitor Malaysia’s decline on their trading floors. Because they well know from history, Zimbabwe is only one of many horrid examples, that dictatorship never paid off, quite the contrary, it has always resulted in the economic collapse of nations under Dictatorships.
Mr. Najib and his collaborators have embarked on their adventure of total destruction of a once thriving rich nation called Malaysia. Expect the Malaysian Ringgit to sail past 5.00 to the USD with flying colours and beyond. The Malaysian Ringgit is bound to continue its total failure.
A direct result of unconstitutional Dictatorship that has become a world champion in kleptocracy. Add to this situation a weak Bank Negara with melting hard currency reserves and you are left with only one question as an investor: To buy or sell the Malaysian Ringgit?
A large short position will be the only way to make money out of the Malaysian Ringgit. Selling it has become the trade of the day for investors abroad.
Consequently it is sad to observe that only a collapsed Ringgit can offer real change for the better. Freedom in Malaysia has become a scarce element and the Ringgit is on its best way to obliteration.
Sad but true.
WRITER: PASCAL NAJADI
Under Tun Dr Mahathir, Felda became financially independent – meaning Felda did NOT require anymore development funds from the government Budget. This happened a long time ago in the 1990s.Now under The Kleptocracy of MO1, Felda (Federal Land Development Authority) is in deep trouble. And the listed vehicle FGV Bhd or Felda Global Ventures Bhd is in deep trouble as well.
The reason is not incompetence. An organisation that has been such a huge success for decades under Dr Mahathir cannot suddenly become incompetent overnite.
But FELDA is now under The Kleptocracy. It has been inflicted by FRAUD and CORRUPTION. This is what has happened under The Kleptocratic gomen of MO1.
Here is bad news, very bad news about FELDA. The worse part is this news is only going to get worse. There is no turnaround for FELDA anytime soon. Not even if they hire more consultants for another RM7 billion. (Hmm…maybe if they spent RM14 billion for consultants, will it do the trick? You think so?)
Here be the New Straits Times bringing the very bad news from Bernama :
KL: Federal Land Development Authority (Felda) lost millions
poor planning, execution of projects
Light Detection and Ranging (LiDAR) data collection project
broadband project and three other ventures.
Auditor-General’s Report 2015 released today
management by Felda & subsidiaries unsatisfactory
not meeting stipulated objectives
65 LiDAR contracts for RM148.42m
signed by Director without authorisation
terms of all contracts with Bumitouch, Skyline Access incomplete
full payment RM40.57m made for 53 contracts with Bumitouch
deliverables not fully received
use of LiDAR for replanting could not commence
Broadband Project RM566m
completed up to blueprint only worth RM40m (BLUEPRINT COST RM40 MILLION !!!)
pilot, full roll-out suspended since 2015 said report
FELDA’s RM73.63m loss : Sturgeon Fish Farm, Savaro Rest, Schneeballen Pastries
no feasibility study, no due diligence to determine need, location, technology
no approval from relevant Minister, MOF for 4 subsidiary companies
for Sturgeon Fish Farm, Savaro Restaurant, Schneeballen Pastries projects
FELDA Caviartive spent RM47.62m but no returns from sturgeon farm
Global Settlers SB spent RM8.4m for FIVE Savaro Restaurants
all ceased operations after two to three years
Schneeballen Pastry project terminated in Oct 2015
RM6.39m payment for pastry machines.
AG stressed Felda take disciplinary action or surcharge officers –BERNAMA
Read More : http://www.nst.com.my/news/2016/11/190618/felda-lost-millions-due-poor-planning-execution?d=1
My comments : I have some “inside information” about that sturgeon farm as well as that restaurant business. The fellow behind the sturgeon fish farm deal is an MO1 crony who is as fishy as they come. Recently he suffered loss of function of both his kidneys. He reads my Blog and has a sidekick post comments here as well.
The restaurant idea has been festering for a long time and I once sat in a meeting with some really dumb but overconfident Felda people (bodoh sombong type) and they wanted to open a restaurant in London ! ! Fuiyyo.
Anyway here is news No 2. Here is http://www.malaysiakini.com/news/363775
FGV pre-tax loss RM23.23m for (Q3) Sept ’16
pre-tax loss RM62.43m same quarter ’15
revenue drop to RM4.19b compared to RM4.51b same period last year
nine-months ended Sept ’16, FGV lower pre-tax profit RM14.14m
compared to RM200.71m recorded last year
due to lower crude palm oil production
lower earnings from downstream segment
losses incurred by jointly controlled entity.
significant losses suffered by jointly controlled entity due to stock losses
board expects FGV Group to record loss for full financial year
Fuiyyo what a disaster story.
But folks, wait first. It is not over yet. What I have reproduced above is OLD news.
Yesterday there was another case of serious fraud in Felda, this time in their subsidiary in Turkey.
Here is the news :
The FGV subsidiary in Turkey has suffered losses due to fraud. How much? Not much lah. RM57 million ONLY. Peanuts.
Because FGV is a listed company they also had to make an announcement to the Bursa about this fraud in Turkey. Here it is :
But rest assured folks, all these crooks are the sembahyang lima waktu type, they will go to the umrah and the pilgrimage, they will never miss the sembahyang Jumaat, they wont eat any food without the halal sticker etc. First class munafik – pecah rekod neraka sekali.
And the FGV share prices have been crashing. Here is the FGV share price chart from the Bursa Malaysia :
When it was listed in 2012, FGV’s share price was RM4.55.
This year it hit a low of RM1.35 – toilet paper price.
Currently the FGV share price is about RM1.60 which is 35% of the listing price.
Ok folks, now here is the real bad news.
A few days ago on 16th November, 770 Felda settlers lost a legal case they filed against Felda in Court.
Here are some of the settlers. These are simple kampong people.
Their complaint is that Felda has begun short changing them in calculating the oil extraction rates from their FFBs.
This dispute is fairly new, only after Moron became PM. Under Tun Dr Mahathir there was no such complaint filed by the Felda settlers. Dr Mahathir never cheated the Felda settlers. Or the Felda settlers never felt cheated during Dr Mahathir’s time.
Here is more. Since the 770 settlers lost the case in Court, they now have to pay RM350,000 legal fees and Court fees. That is about RM500 per person.
There is more bad news. Before the Moron came to power, the Felda settlers were paid cash almost immediately for their harvest.
Under Moron, it became 15 days. Then one month. Now it takes 45 days post harvest before the Felda settlers get paid their hard earned money. Felda and FGV are facing cash flow constraints.
With so many hundreds of millions of Ringgit being lost through FRAUD, CORRUPTION and CHEATING, there is less immediate cash to pay the settlers.
Can you imagine waiting 45 days to get paid for your labour?
How do the settlers survive without being paid for 45 days?
The short answer is hutang.
The Felda folks are now in debt.
The situation is very bad in the Felda settlements. It is getting more worse.
There is no turnaround in sight for FELDA or FGV.
p.s. I forgot, so what was the secret of Felda’s success under Tun Dr Mahathir for 22 years?
The Felda idea is based on a cooperative. It was NOT based on a 100% commercial, profit making model. Felda was a cooperative undertaking.
The settlers provide the labour and manpower. FELDA provided the land and capital to grow the oil palms.
The settlers only job was to tend to the oil palms and harvest the fruits. FELDA would take care of the rest.
FELDA bought the FFB from the settlers at a price that was ‘below’ market – at a certain discount. In return FELDA provided for ALL their immediate needs – roads, housing, water, electricity, schools for the kids (all paid for), hospitals etc. It had to be a give and take.
And for decades this was very successful. It worked – for decades.
Then some dunggus came and changed it. The tried to change something that was already succesful and working very well. They tried to fix something that was NOT broken.
They tried to make it more commercial. They went for a listed vehicle. They wanted to build restaurants overseas, set up pastry shops (??) – all of which deviated from the original intent of Felda.
Felda is a cooperative organisation – a self help organisation that is NOT fully market oriented or 100% commercial based.
Then to make things even worse the thieves, the crooks and the kleptocrats took over.
That mamak fellow is in the background. That CEO with the fake PhD was another introduction by the mamak – so they say.