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Showing posts with label poor governance. Show all posts
Showing posts with label poor governance. Show all posts

Thursday, July 25, 2024

China is unable to save Malaysia which is corrupt and pro-Bumiputera - UM Researcher

Kuala Lumpur. Gambar Hiasan

KUALA LUMPUR: An Associate Researcher at the Institute of China Studies, Faculty of Arts and Social Sciences, Universiti Malaya described Malaysia as being in a dire situation for failing to end pro-Bumiputera policies and rampant corruption.


Writing in the South China Morning Post in conjunction with the 50th anniversary of China-Malaysia relations, Dr Michael Tai described China's investment will not cure the cancer that plagues Malaysia's economy.


"Malaysia's problems stem from corruption and poor governance, which are closely related to race-based privilege. Outsiders are in no position to fix it.


"Malaysia's progress continues to be hindered by affirmative action programs that give priority to the Malay majority over the Chinese and Indian minorities," added the Universiti Malaya Associate Researcher.


"This policy was supposed to end after 20 years but was replaced by the National Development Policy, which maintains the privileges of the bumiputra; the Malays regard it as a right," added Tai.


According to Tai, the pro-Bumiputera policy has also created an extreme state of corruption.


"Systemic corruption is so entrenched, that it is almost impossible to eradicate it without eradicating race-based privilege. In the last five years, the government has lost approximately US$59 billion to corruption, which Anwar considers a "major cancer" that weakens the economy, erodes morale,  and reduce confidence," Tai wrote again.


He also cited former Minister's view Trade and Industry (MITI), Tan Sri Rafidah Aziz who expressed regret at the "puzzling" loss of integrity so that no sector of society was spared from the "toxic abuse of power."


Tai also questioned the dependence on China which may not be as good as expected.


"Malaysia strives to capture that part of the supply chain is said to have left China due to the trade war.  But that hope may be in vain.  Although China has moved up the value chain, it remains competitive in low-value sectors.  It enjoys many advantages in terms of size, productivity, infrastructure quality, and industrial ecosystem.


According to Tai again, it is very difficult to compete with Chinese factories in terms of speed, cost, or quality, and it does not make sense for them to outsource or move to countries that lack skilled manpower.  Chinese entrepreneurs go where they can make a reasonable profit.


For Tai, the problem of Malaysia's nation building stems from poor governance and outsiders are not in a position to improve it.a tidak mampu selamatkan Malaysia yang korup dan pro-Bumiputera – Penyelidik UM


China tidak mampu selamatkan Malaysia yang korup dan pro-Bumiputera – Penyelidik UM

Thursday, July 29, 2021

Lack of integrity detrimental to nation's economic growth, Malaysia's coffers run dry COVID-19 pandemic worsens


LIPUTAN BERITA MAJLIS 7TH ANNUAL ECOFI VIRTUAL SYMPOSIUM (AES 2021) OLEH TV3 

Mustapa: Lack of integrity in institutions detrimental to nation's economic growth

The COVID-19 Impact in Kuala Lumpur

KUALA LUMPUR: No country can graduate to become high-income status without first improving governance, eliminating corruption and promoting integrity in every sector, according to Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

As the public is closely watching the government’s performance in areas of governance and integrity, the Auditor General’s Department must carry out its responsibility to audit all expenditures by ministries and agencies.

Amid the aspiration to be a developed nation in both the public and private sector, Mustapa admitted that issues of concerns have emerged in the country such as fraud, corruption, poor governance, weak financial management, abuse of power, and many unethical practices.

“Lack of integrity in institutions, public and private sector will be detrimental to our nation’s economic growth.

“In the current situation when we are facing tough economic and health challenges, these subjects (good governance and integrity) have become more important.

“We must be prudent in our spending. There must be zero tolerance for abuse of power and weak governance,” he said in his speech when officiating the virtual seventh annual ECoFI Symposium (AES) 2021 yesterday.

Mustapa said every sen spent on the government’s stimulus packages has to be monitored closely to ensure that the objectives of assisting the people and businesses were achieved in times of crisis, while strengthening the governance and integrity for swift economic recovery.

Meanwhile, Malaysia Association of Certified Fraud Examiners president Datuk Seri Akhbar Satar said there are numerous actions that needed to be taken in the Covid-19 response and recovery.

These include building fair framework for data openness and access; address immediate risks in the emergency public procurement, mechanisms for effective implementation, compliance and review, safeguarding fairness in the enforcement of public integrity standards and foster a culture of integrity in leadership.

“Transparency is even more crucial during a crisis. (The) lack in checks and balances can lead to abuse of public procurement as some rules and regulations have been loosened.

“It can even lead to the practice of price fixing and collusive bidding – which are normal methods used in emergency procurement,” he said. — Bernama

 Source link

Commentary: Malaysia's coffers run dry as COVID-19 pandemic worsen - CNA

Contract doctors participate in a walkout strike at Kuala Lumpur Hospital in Malaysia on Jul 26, 2021. (Photo: Reuters/Lim Huey Teng)

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Thursday, October 4, 2018

Najib & his strong wife Rosmah with 17 charges in Court over money laundering

> https://youtu.be/tMl-fpyH388

https://youtu.be/rh39urccnYw


PUTRAJAYA: In an unprecedented turn of events, former prime minister Datuk Seri Najib Tun Razak and his wife Datin Seri Rosmah Mansor will both be in court today.

After spending a night in the MACC lockup, investigators are bringing Rosmah to the Sessions Court in Kuala Lumpur to face a slew of money laundering charges while the case management for one of Najib’s cases will take place at the same time.

Najib is facing some 32 charges including criminal breach of trust, abuse of power and money laundering of funds linked to 1Malaysia Development Bhd and its offshoot, SRC International Sdn Bhd.

So far, Najib has been brought to court three times to face charges since July 4.

As for Rosmah, today will be the first time she will be formally charged in relation to money laundering activities.

It is believed that Rosmah could be slapped with up to 20 charges.

Rosmah, 67, will go down in Malaysian history as the first wife of a prime minister to be indicted.

The arrest came after she was questioned for more than four hours yesterday morning at the Malaysian Anti-Corruption Commission (MACC) headquarters here.

The Star, followed by other media, broke the news of her arrest after the lunch break yesterday.

At 3.20pm, MACC confirmed her arrest.

The MACC made the arrest after being given the go-ahead by the Attorney General’s Chambers.

The commission also said that Rosmah would be charged under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

However, Rosmah’s lawyers said they were unaware of the charges that would be brought on their client.

“We were only informed by the MACC of her arrest and that she would be brought to the Kuala Lumpur Sessions Court to be charged tomorrow.

“They did not tell us the nature of the charges,” said Datuk Geethan Ram Vincent.

The media who were stationed outside the MACC building from 9am waited for Rosmah who was called in for questioning for the third time since June 5.

The investigations are related to the trail of funds from 1MDB and SRC International.

She arrived at the MACC headquarters at 10.42am, dressed in a light green baju kurung and a matching selendang.

As she walked past the crowd of reporters, she appeared calm and even stopped to shake hands.

Sources said that Najib was informed of his wife’s arrest.

“He appeared calm,” said a source when asked on Najib’s reaction to the news of Rosmah’s arrest.

Asked about Rosmah’s condition, Geethan said: “She’s ok.”

Rosmah was first called to the MACC on June 5 to answer questions on SRC International Sdn Bhd.

On Sept 26 and yesterday, she was interrogated over the 1MDB scandal and money laundering.

The first inkling of Rosmah being charged was on Sept 24 after MACC chief commissioner Datuk Seri Shukri Abdull was quoted as saying that the investigations on her had been completed and the report had been submitted to the Attorney General.

He said then that it was up to the AG to prosecute Rosmah.

Yesterday, Najib was also detained for questioning on matters related to 1MDB but in another location and by a different law enforcement agency.

While Rosmah was in MACC, Najib was giving his statement at the Anti-Money Laundering and Anti-Terrorism Financing Prevention Unit (Amla) headquarters at Menara KPJ in Jalan Tun Razak.

Pemantau Malaysia Baru president Datuk Lokman Noor Adam, who is also an Umno supreme council member, announced the day before on Facebook that Najib would be called in by the police at 10am yesterday.

Najib was taken into the building through a side entrance after he arrived at Menara KPJ at about 11am, giving the media the slip.

He managed to evade the press when he left the building from the elevated car park at 1.05pm, nearly three hours after he came to the Amla headquarters.

Yesterday morning, a white luxury MPV was seen leaving the couple’s house in Jalan Langgak Duta earlier in the morning.

However, it was not known whether it was transporting the couple or either one of them.

Prior to his questioning at Menara KPJ yesterday, Najib, who is Pekan Member of Parliament, was called up on Aug 27 and 30 and then on Sept 30 to have his statement recorded on the case.

In both instances, it was with the MACC.

Exactly a week ago on Sept 26, Rosmah was called in for a second round of questioning – this time on 1MDB – which lasted 13 hours, also at the MACC.

Credit: mazwin nik anis, joseph kaos jr, royce tan, vincent tan, chu mei fong The Star

 The 17 charges on Rosmah - MalaysiaGazette

Datin Seri Rosmah Mansor, wife of former Malaysian Prime Minister Datuk Seri Najib Tun Razak was being charged under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 at the Kuala Lumpur Sessions Court. PIC: AFIQ RAZALI / Malaysia Gazette / 4 OCTOBER 2018
Datin Seri Rosmah Mansor, wife of former Malaysian Prime Minister Datuk Seri Najib Tun Razak was being charged under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 at the Kuala Lumpur Sessions Court. PIC: AFIQ RAZALI / Malaysia Gazette / 4 OCTOBER 2018 

By Mohd Zaini Samsu Hadi
KUALA LUMPUR – Datin Seri Rosmah Mansor, wife of former Prime Minister Datuk Seri Najib Razak was slapped with 17 charges on money-laundering involving a total of RM7 million.

Following are the list of charges on Rosmah:

  • Depositing RM200,000 from illegal activities into personal account on 4 December 2013
  • Depositing RM100,000 from illegal activities into personal account on 15 December 2013
  • Depositing RM200,000 from illegal activities into personal account on 23 December 2013
  • Depositing RM100,000 from illegal activities into personal account on 28 January 2014
  • Depositing RM100,000 from illegal activities into personal account on 29 January 2014
  • Depositing RM200,000 from illegal activities into personal account on 28 February 2014
  • Depositing RM100,000 from illegal activities into personal account on 14 March 2014
  • Depositing RM100,000 from illegal activities into personal account on 8 April 2014
  • Depositing RM1.6 million from illegal activities into personal account through 8 transactions between 4 September 2014 and 22 December 2014
  • Depositing RM3.85 million from illegal activities into personal account through 127 transactions between 21 January 2015 to 12 December 2015.
  • Depositing RM510,000 from illegal activities into personal account through 87 transactions between 28 January 2016 and 7 November 2016
  • Depositing RM30,000 from illegal activities into personal account through 5 transactions between 28 March 2017 and 8 June 2017
  • Failure to declare RM500,000 deposited into her personal account between 4 December 2013 and 23 December 2013 as required by the Income Tax Act
  • Failure to declare RM2.2 million deposited into her personal account between 28 January 2014 and 22 December 2014 as required by the Income Tax Act
  • Failure to declare RM3.85 million deposited into her personal account between 21 January 2015 and 12 December 2015 as required by the Income Tax Act
  • Failure to declare RM510,000 deposited into her personal account between 28 January 2016 and 7 November 2016 as required by the Income Tax Act
  • Failure to declare RM30,000 deposited into her personal account between 29 March 2017 and 8 June 2017 as required by the Income Tax Act
Rosmah was charged according to Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001,
She shall be liable to imprisonment for a term not exceeding fifteen years and shall also be liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity or instrumentalities of an offence at the time the offence was committed or five million ringgit, whichever is the higher upon conviction. – MalaysiaGazette


Friday, September 28, 2018

After laughs at Trump, globalism or patriotism?

https://youtu.be/rewri7OdEZA https://youtu.be/QqZv3SLx1oI

US-ROK trade: 'horrible' to 'wins'?

US President Donald Trump delivered his speech loud and clear at the UN General Assembly on Tuesday covering a spectrum of issues, ranging from global security, trade, and above all - his idea of "sovereignty." His bragging also attracted some chuckles among the world leaders. What key messages did Trump fixate on? And how is the international community reacting to Trump's speech and his "America First" policies?

The US has revamped a trade deal with the Republic of Korea (ROK). The new version of the United States-Korea Free Trade Agreement specifically aims to boost US auto sale, but its effectiveness remains in doubt. Will this deal set a new precedent for more so-called "US wins" in its multi-front trade war?


NZ Prime Minister Jacinda Ardern Explains Why The UN Laughed At Trump

  https://youtu.be/aYsZv9JXmio 
https://youtu.be/samRCVQTa-M 

https://youtu.be/9lXNF-_cmnM

https://youtu.be/ZjjNKDlwpDc

What's next in the escalating China-US trade war?
 
https://youtu.be/V73Cgcy3dTA

China vs USA: Trade war


https://youtu.be/aHSSDQYaIjQ

Trump’s tariff policy has failed: analysts


After China slammed US President Donald Trump's accusation that China is meddling in the US midterm elections, analysts noted that Trump's behavior shows he has been shamed as his policy toward China didn't bring what he wants but has hurt his supporters.

If Trump discovers he is losing support due to China's trade retaliation, which has hurt the interests of his supporters, then he should blame himself and people who convinced him to impose additional tariffs against China, because it was his administration that started the frictions and led to China's retaliation, Chinese experts said on Thursday.

"We do not and will not interfere in any country's domestic affairs. We refuse to accept any unwarranted accusations against China," Chinese State Councilor and Foreign Minister Wang Yi said at the UN Security Council at once after Trump made his accusation.

Trump accused China during his remarks at the UN Security Council on Wednesday, saying, "Regrettably, we found that China has been attempting to interfere in our upcoming 2018 elections in November against my administration," CNN reported.

Trump offered scant details or evidence, which came during a session meant to focus on nonproliferation issues. He suggested the meddling attempts came as retribution for the budding trade war he has waged with Beijing, CNN's report said.

China's Ministry of Foreign Affairs also responded to Trump's remarks on Thursday. "China has always stood by the principle of non-interference in other countries' internal affairs, and this is a Chinese diplomatic tradition, and the international community knows this," Chinese Foreign Ministry spokesperson Geng Shuang said at a routine press conference.

"The international community is also clear on which country is most interested in interfering with others' internal affairs," Geng noted. He urged the US to stop making groundless accusations and slandering China, and refrain from making wrong statements and actions that damage bilateral ties and the fundamental interests of the two peoples.

'Not what he wants'

"They do not want me or us to win because I am the first president ever to challenge China on trade," Trump said at the UN Security Council. "We are winning on trade. We are winning at every level. We don't want them to meddle or interfere in our upcoming elections."

However, Chinese analysts disagree with Trump's rhetoric.

"This shows that Trump has been ashamed into anger due to his unsuccessful policy on China," said Ni Feng, deputy director of the Chinese Academy of Social Sciences' Institute of American Studies.

"After a series of tariffs and provocations on the Taiwan question, and sanctions on the Chinese military department and personnel, China has continued to retaliate without any compromise and even refuses to negotiate with the US under the current circumstances. So this situation is not what he wants, which is why he is so angry and tries to make new accusations," Ni noted.

The US midterm elections are approaching, and the Republicans are facing a serious challenge and might lose the House after the elections. So Trump is trying to "pass the buck," said Diao Daming, an American studies expert and associate professor at Renmin University of China.

"Blaming China is a good option for him, and some radical Trump supporters will believe him regardless of the truth," Diao noted.

Due to the interdependency between China and the US, China's retaliation will definitely hurt US people's interests, including those of Trump supporters. But don't forget it was Trump who irrationally began the trade frictions with China, and China is forced to retaliate, Diao said.

"If the US people want to blame someone, they should blame their president. If Trump wants to blame someone for losing support or even the elections, he should blame himself and his advisers who urged him to start the trade row, rather than pass the buck to China," he noted.

A Chinese State-run English language newspaper inserted a four-page supplement in the Sunday edition of the Des Moines Register, an Iowa-based newspaper, to highlight the negative effects of the trade frictions Trump launched.

"China is actually placing propaganda ads in the Des Moines Register and other papers, and making them appear like news," Trump tweeted on Thursday.

"According to US laws, foreign media can cooperate with US media," and many other foreign media companies do the same thing. So, accusing this normal act as evidence of meddling in the elections is far-fetched and groundless, Geng said.

However, the US government, the Congress and the media have done a lot to interfere in China's internal affairs on Taiwan, Xinjiang and Tibet, Diao noted. "This is real interference in others' internal affairs." - Global Times By Yang Sheng


Related:

Trump's 'blame China' midterm strategy won't secure GOP victory

It would be best if Trump could assert a level of caution when speaking at UN headquarters. Fabricated stories and slogans designed to trick American voters will not have the same effect with UN members.


US trade war has no international support

As long as China keeps upholding its opening-up, foreign enterprises, including many US ones, will continue participating in the development of the China market. China should continue cooperating with the Western world and the US on climate change, anti-terrorism, nuclear nonproliferation, global poverty and stabilizing the financial situation. As long as China keeps its development momentum, the US is doomed to lose the trade war.


Sovereignty, equality should go hand in hand, if Trump really means it

There are positive aspects as Trump emphasized the idea of national sovereignty in his UN speech. Meanwhile, it is common sense that sovereignty will only play a positive role if it is pre-conditioned on equality, the basic principle everyone abides by.



China won't yield to US trade stick

We also hope that the Chinese public gets to know the causes and effects of the event and the steadiness of the Chinese government's policies. No matter how long China-US trade conflicts last, China is doing what it should. China is honest and principled and a major trade power with intensive strengths. No one can take us down.


US hysterical in blocking sci-tech exchanges

The US is anxious about its temporary gains and losses. One minute it wants Sino-US exchanges, but the next it worries China is taking advantage. Its relevant policies are bound to change all the time. Its latest decision is like the trade war. Washington's purpose is to drag Beijing down, but it will mostly hurt itself.


China must open up despite external risks

The road to solidarity will reflect the times and China still needs to accumulate experiences. But as long as all of China's policies aim at serving the people, the country's solidarity won't go wrong.
Source: Global Times | 2018/9/19 23:33:40


Thursday, September 27, 2018

Najib's wife Rosmah says she is okay after 13 hours long grilled by anti corruption agency over 1MDB

https://youtu.be/aGMpsnADOpU 



When asked for comment, she said: “I’m okay. Alhamdulillah (Praise be to God).”

Wife of ex-PM questioned by MACC for 13 hours over 1MDB

While MACC investigators question Datin Seri Rosmah Mansor at length, believed to be over the 1MDB saga, a Dubai-based firm wants RM20.69 mil in bling back. The royal jeweller claims that he could bring his exquisite masterpieces to the ex-premier’s wife without having to go through Customs – thanks to officers from the PM’s Department. PUTRAJAYA: It proved to be a long, gruelling day for Datin Seri Rosmah Mansor as anti-graft officers interrogated her for 13 hours.

She entered the Malaysian AntiCorruption Commission (MACC) headquarters here at 9.50am yesterday.

Speculation was rife that the wife of former prime minister Datuk Seri Najib Tun Razak would be held overnight and charged today.

But at 10.40pm last night, Rosmah emerged from the MACC headquarters. Although she looked exhausted, the 66-year-old afforded a meek smile to waiting journalists outside the building.

When asked for comment, she said: “I’m okay. Alhamdulillah (Praise be to God).”

Her lawyers Datuk K. Kumaraendran and Datuk Geethan Ram Vincent said Rosmah would not be returning for further questioning.

“Datin Seri Rosmah has finished giving her statement. I will not comment further,” said Kumaraendran.

On June 5, Rosmah was questioned for about five hours by MACC investigators over a probe into SRC International Sdn Bhd, a former 1Malaysia Development Bhd (1MDB) subsidiary.

The latest interrogation is believed to evolve around the 1MDB scandal.

Rosmah looked calm when she alighted from a Proton Perdana and walked past a horde of journalists who converged outside the MACC building earlier in the morning.

Her attire and accessories were the centre of attention, as she had colour coordinated her green baju kurung and tudung with a Loewe designer handbag and wedge shoes.

The last time out, she wore a blue baju kurung and red tudung, with her bright red Versace handbag drawing the most stares.

Throughout the day, her lawyers were seen coming in and out of the MACC building at least three times.

As is the practice, lawyers are usually not allowed in the interrogation room. Both spoke of their long wait as journalists tried to find out from them how long the questioning would take.

This was the second time Rosmah had been questioned by the MACC.

Last Thursday, Najib was slapped with 25 fresh corruption and money-laundering charges. He was granted bail of RM3.5mil with two sureties in his latest court case.

Investigators have not ruled out that Najib as well as other individuals could be faced with even more charges related to the 1MDB case. - The Star

Saturday, August 25, 2018

1MDB scandal: Cops charge Lows, How Low will Jho go? He proclaims innocence!

Credit: The Edge

'He helped, among others, bring down a government that had ruled for 61 years, helped bring criminal charges against a former premier and friend, and catalyzed the return of a 93 year old man to power... - S. Jayasankaran'

 

https://youtu.be/txYy9oVWGCw
Headline News

Cops file charges against the Lows  


KUALA LUMPUR: Police have filed criminal charges against businessman Low Taek Jho and his father for offences under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 over money allegedly stolen from 1Malay­sia Development Bhd (1MDB).

A source said the charges were filed in absentia by the police with the sanction of the Attorney Gen­eral’s Chambers at the Putrajaya Sessions Court yesterday morning.

According to the charge sheets made available to The Star, Low – also known as Jho Low – is facing eight counts of money laundering.

In the first, second and third charges, the 37-year-old allegedly received US$261,449,960 from unlawful activities into his BSI Bank Limited account.

In the fourth to eighth charges, he allegedly transferred €41,100,073.22 and US$140,636,225.10 into the account of World View Limited, Caymans Island, in Caledonian Bank Limited, Caymans Island.

The offences were allegedly committed at BSI Bank Limited, No.7, Temasek Boulevard, #32-01 Suntec Tower One, Singapore, between Dec 26, 2013, and June 3, 2014.

Jho Low’s father Tan Sri Low Hock Peng, 66, also faces a charge of money laundering where he allegedly transferred monies from unlawful activity amounting to US$56,449,980 from his bank account into his son’s BSI Bank Limited account.

He allegedly committed the offence at the same BSI Bank Limited on Feb 4, 2014.

All the charges were under Section 4(1)(a) of the Act, which carries a fine up to RM5mil, imprisonment for a term up to five years, or both, upon conviction.

The source said police also applied for warrants of arrest for Jho Low and his father.

The source said a portion of the money was used to purchase the luxury yacht Equanimity, which was seized by Malaysia two weeks ago.

Under Section 401 of the Criminal Procedure Code, an absent person with no immediate prospect of arrest may be tried by the court for an offence in his absence.

In a related development, Inspec­tor-General of Police Tan Sri Mohamad Fuzi Harun said the new charges enabled the Royal Malaysia Police to obtain new warrants of arrest for Jho Low and his father.

“From there, we will ask Interpol to issue a fresh Red Notice alert on the duo. The Red Notice will seek the cooperation of relevant countries in tracking down the wanted persons,” he told The Star.

The Red Notice will also expedite the extradition process, which will be handled by the Attorney General’s Chambers, and to bring the duo back to Malaysia, he said.

“Our priority has always been to track them down and detain them as soon as possible,” he added.

Based on the charge sheets seen by The Star, journalists visited Jho Low’s family home in Tanjung Bungah, Penang, but no one appeared to be home.- The Star.

 Statement by Equanimity (Cayman) Ltd


Despite being owners of the yacht in question, Equanimity (Cayman) Ltd. has received no legally valid notice of any filing related to a Sale Pendente Lite, nor any notice of a pending court hearing in the matter. This would be a requirement under law.

We also note that there are ongoing proceedings before U.S. courts – including a U.S. appellate court – regarding the ownership and custody of the asset, with active requests filed before a U.S. judge within the past 24 hours. Indeed, the U.S. Department of Justice submitted a filing in the U.S. court less than one week ago. For Malaysia to act unilaterally while there are pending court requests in the U.S. would be an affront to the international rule of law. In fact, Malaysia’s seizure of the vessel is already contrary to a U.S. court order appointing the U.S. Government as custodian of the yacht.

The U.S. has previously stated that it had no advance knowledge of Malaysia’s seizure of the yacht, and presumably the U.S. had no advance notice of this current Malaysian action either. It is important to note that, despite conflicting statements coming out of the Malaysian government, the U.S. has not proven its case regarding the Equanimity. The U.S. has only filed unproven allegations in court proceedings, after which the U.S. put the entire case on hold over Claimants’ objections. The result of that is that no party has been able to substantively respond to the allegations, and nor has the U.S. been required to prove them.

In addition, it is indisputably clear that Malaysia’s seizure of the vessel and apparent intent to immediately sell it goes entirely against the interests of the yacht and will drastically reduce – indeed, it is already drastically reducing – its potential sale value. Due to the Malaysian government’s precipitous, ill-conceived, and misguided actions, the yacht is running 24 hours per day, 7 days a week on generator power, which is unsustainable and harmful to the vessel. Moreover, Malaysia has currently docked the yacht in a hazardous environment in which toxins such as water pollution and nearby smoke are greatly damaging it. Because Malaysia apparently does not have – or does not want to spend – the necessary funds to properly maintain the vessel while it is prepared for a value-maximizing sale, Malaysia has instead proposed a “fire sale,” in which the yacht is to be sold for a fraction of its true value.

To move for a sale in Malaysia immediately would be a remarkable violation of due process and international legal comity and would call into question the actual ownership of the yacht for any potential buyer. These misguided actions would create a cloud on the Equanimity’s ownership that could easily take years to resolve in several courts around the world.

Tsuey Shan Ho
Account Manager
cid:image001.png@01D37B19.DFA09BC0Tel +44 (0)20 7092 3992



How Low will Jho go?

Superyacht: A file picture showing seized luxury yacht Equanimity being brought to the Boustead Cruise Terminal in Port Klang on Aug 7. — Reuters
A man who has never gone to school may steal from a railcar but a man who has gone to a university may steal the entire railroad –- former US President Theodore Roosevelt

FUGITIVE businessman Low Taek Jho, also known as Jho Low, 38, has described Malaysia’s legal proceedings to quickly sell the Equanimity superyacht as a vindictive “sham”.

According to the rotund reprobate, it was a sham because the boat’s ownership was also being contested in the courts of the United States so the ‘hasty” Malaysian admiralty hearing was, at best, iffy.

But what the corpulent conman seemed not to want to concede was that both governments agreed – unequivocally, unarguably and emphatically – that the yacht was not his to roam the oceans with.

They both agreed that the RM1bil boat was bought with monies that were skimmed out of a Malaysian sovereign wealth fund.

Our man Jho has since been keeping a low profile, so low that no one seems to know where the fat fugitive is.

You might say he was distracted: the bulging bandit even left a multi-million dollar private jet back in Singapore and he hadn’t even complained, once, of the uncivil way the authorities just left it out in the sun for over nine months!

In this case, however, the pudgy pirate brought forth his spokespeople to complain about the way the yacht was kept “under the sun” in polluted waters, and with its batteries running 24/7. In short, it was not being treated as a superyacht should have been.

He should be consistent and set forth similar arguments about his private jet. Did I forget to mention that Singapore issued a warrant of arrest for him way back when?

In fairness to our man Jho, he has maintained that he has not stolen anything at all and all the money was his family’s inheritance to begin with.

The problem with that is that at least three countries – the US, Malaysia and Singapore – disagree with its reasoning. Another problem would be his absence from places where people want to ask him hard questions.

It is said that a fool and his money are soon parted. But Fat Boy and Other People’s Money was soon partying and the money seemed endless.

Mario Puzo, the author of the Godfather, put it like this: “A lawyer with a briefcase can steal millions more than a hundred men with guns.”

Let’s face it. He lived, what the Eagles called, Life in the Fast Lane.

He had a private jet and a superyacht.

He had palatial homes all over the world.

He dated Hollywood actresses.

He helped bankroll a Hollywood blockbuster.

He helped bring down a government that had ruled for 61 years, helped bring criminal charges against a former premier and friend, and catalysed the return of a 93 year old man to power.

He may have had more citizenships than Caesar.

And – wonder of wonders - he had no official position in 1 Malaysia Development Bhd. His name must surely resonate in future history books.

Breaking news! Just got word that Fat Boy and his father have been charged by the Attorney General’s Chambers for money laundering offences involving RM1bil, funds that were allegedly used to buy the yacht.

This will make Malaysia the first country to charge our man Jho. Not bad for an Attorney General who was said to “know nothing” of criminal law.

Now we know why they say money launderers are filthy rich.

What will the dodgy deviant say now?

Catch me if you can?

By S. Jayasankaran

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