From 1MDB to ValueCap

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Well, the big news today is that The FBI has opened an investigation into money-laundering allegations related to 1MDB, according to the WSJ. This follows the Swiss attorney general’s probe.

Meanwhile, ValueCap, which has been below the radar since 2008, has suddenly resurfaced. The government wants to give it RM20bn to prop up the stock market.

ValueCap is equally owned by Khazanah, Kumpulan Wang Persaraan (Diperbadankan) and PNB. It claims to have achieved an average return of more than 11 per cent on the funds it managed from 2003 to 2013 with its “equity portion of the fund consistently outperforming benchmark returns”. Presumably, that does not take into account the recent drop in the stock market.

At the end of 2013, ValueCap had just RM3.0bn in net current assets/shareholders funds. The question is, how is it going to raise the RM20bn it plans to use to prop up Bursa? By issuing more bonds? Who will have to stump out the money? The controversies plaguing the 1MDB bond issues are still fresh on our minds.

Rafizi is now trying to table a private members’ bill to get parliament to agree to separate the post of finance minister from the prime minister. About time too.

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benny

Investors have voiced doubts over potential conflicts of interest posed by Malaysia’s plan for an equity fund to buy “undervalued” shares, reflecting their growing unease as a scandal over an indebted state fund engulfs Malaysian Prime Minister Najib Razak. Analysts and investors have raised questions over the plan.

“Why is the government intervening into the private sector?” said Tricia Yeoh, chief operating officer of Malaysian think tank IDEAS. “How is the government planning to identify which companies are undervalued versus those that are sufficiently-valued?”

geremy

Pakatan Harapan: We Welcome All Quarters To Join Us To Save The Rakyat & Country From BN

ringo

A new beginning for a new hope to end the BN/Umno regime.

geremy

Here’s why every man should look up to Najib as a role model and Not to hate him:

benny

A U.S. federal grand jury is examining allegations of corruption involving Malaysian Prime Minister Najib Razak and individuals close to him, the New York Times reported on Monday, quoting anonymous sources.

The inquiry, run by a unit of the Justice Department that probes international corruption, is centred on U.S. properties bought in recent years by Najib’s stepson and properties relating to “a close family friend”, the newspaper said.

It is also examining an allegation that US$681 million was deposited into Najib’s personal bank account, the New York Times added.

geremy

Ringgit to Recover When 1MDB Issues Resolved: Zeti

ringo

Zeti should disclose to us how the RM2.6 billion could be deposited to Najib’s personal account and it is not money laundering?

benny

The history on US Grand Juries show, said former New Straits Times Group Editor-in-Chief Kadir Jasin, that many arrest warrants have been issued by them. “Many of the suspects were caught, tried and found guilty.”

The work of the Grand Jury was not to try a suspect, he added, but examine the evidence and decide whether the suspect should be tried or otherwise. “In short, the Grand Jury system was to determine probable cause and not to find anyone guilty or otherwise.”

bigjoe

You know what is really scary about ValueCap, after announcing it, they have stayed silent on the exact detail meaning they did not sort out how to fund it. With 3 shareholders, its going to get complicated meaning only real choice is to borrow putting the shareholders and our money at risk. Mr. Cash is King, our cash that is..

TEE

X Files of 2015 calling FBI agents and somebody now nowhere to hide except at Sekinchan Ikan Bakar territory?

azmi

M’sians reminded Mahathir the villain, not hero
Lin KayKay | September 21, 2015

The people seem to have short memories of the former Prime Minister’s 22-year-old repressive rule during which he created much of the mess the country is in.
http://www.freemalaysiatoday.com/category/nation/2015/09/21/msians-reminded-mahathir-the-villain-not-hero/

zoro

You want to right the past or the current state first? Do what is now and not what was past

benny

Azmin,
You should read this: UMNO’s Corporate Cornucopia
http://www.asiasentinel.com/politics/umnos-corporate-cornucopia/

tunglang

One has the MH370 + APTA trump cards to throw at US.
FBI is searching a Yellow card to sideline Obama’s ill-chosen golfing partner.
What will be the outcome?
Let us just sit still as spectators bigger than the Super Bowl’s.
And hold your breath.

benny

The news came two days after Khairuddin Abu Hassan, a former Umno official who has traveled the globe to highlight corruption allegations against Najib, was barred by police from boarding a plane in Kuala Lumpur bound for New York where he was to meet with FBI officials, Khairuddin’s lawyer Matthias Chang said. The appointment had reportedly been made with the help of the US Embassy in Kuala Lumpur. According to local bloggers, Khairuddin’s arrest on his way to the FBI in New York came shortly before he was to have left by “a private jet belonging to a VVIP” which… Read more »

Chikiboom

The cash injection to ValueCap is to protect the equities of the cronies?

benny

“There is a risk that inefficiently run companies are artificially propped up by the government, thus preventing new entrants from setting up which is a natural process required in rejuvenating businesses,” said a statement from the institute’s top economic experts, Dr Lim Kim-Hwa, who heads the economics unit, senior executive officer Tim Niklas Schoepp, and senior analysts Dr Lim Chee Han and Ong Wooi Leng. Worse, said Yin, was the prospect of ValueCap bailing out non-performing companies with crony links.

http://www.themalaysianinsider.com/malaysia/article/who-will-benefit-from-rm20-billion-pumped-into-economy#sthash.mBHwLA2p.dpuf

zoro

Red shirt or red guard. Do something. Now the foreigners are insulting our honour. Or jib better use the new jet and play more golf with o ba ma and see lu tolong wa, wa tolong lu

johan khun pana

To have honor , 1st. there must be honesty.
It is extremely easy to be honest and that is to show the truth.
It is pure plain simple to be honest isn’t it
But when honesty is lacking, all sorts of allegations surfaces.
As we all can get to see and read, there is not a single honest nor truthful answer.

Can “Red Shirts” helps?
Sure, of course they can help.
They recently helped added a racial issue.
BN is now as smelly as a skunk. But do they care?

zoro

Why red guards are very silent? Our navy recently had exercise with so call ” cina …#” navy in straits of melaka”. Red guards did not demostrate?

johan khun pana

This comment is unrelated to the topic

But, i’ve read that our MACC engages the services of bomoh/pawang or dukun?
Is it true that the govt & it’s agencies are using tax money to hire people to do black magic?
” Claiming there were cases where “DPPs became tongue-tied after being cast with magic spells”, he said MACC had its own bomoh to counter the spells.”
What is going on?

Please refer-
http://m.thestar.com.my/story.aspx?hl=Threats+an+occupational+hazard+for+prosecutors&sec=news&id={85E26361-8CD8-4BF8-8927-43EE65F29DCA}

tunglang

Recall the Mona Fendy black magic saga?
Even a national leader can engage an Indian guru to perform monthly ’empowerment’, what holds surprises anymore than in BolehLand?

glissantia

Why not also use “fung shui” to counter the bad bomohs?