While the nation’s attention was focused on 1MDB’s sensational unaccountability, Petronas quietly slipped in a bombshell. It wrote off RM23.3bn in net “impairment losses” in its accounts for 2014.
The gross impairment losses written off in 2014 added up to RM25.3bn (see below) but there were also write backs credited to the accounts totalling RM2.0bn to arrive at a net figure of RM23.3bn.
From a Tanjung Bungah kiddo who used to struggle to keep up with the other boys at the Penang Swimming Club, Low Taek Jho aka Jho Low has paddled away to more enticing waters as an international wheeler and dealer. But now, he has come under intense scrutiny as 1MDB struggles to keep afloat in a sea of liquidity constraints.
Check out this pretentious video and then decide whether you would want to do business with an outfit like this.
This was one of those rare occasions when Mahathir is talking some sense. But of course, we know this wily politician invariably has something up his sleeve.
It doesn’t need Mahathir to tell us that it is game (almost) over for the PM. Najib is in extra time now as the pressure mounts on all sides. Across the length and breadth of the nation, people are murmuring and texting and WhatsApp-ing about 1MDB, Jho Low, Najib and Rosmah, and Sirul. That’s when they are not grumbling about the rising cost of living and soaring home prices – this, even before GST is imposed.
Folliwng a related earlier piece I wrote, an irate resident of Tanjung Bungah has lashed out against the construction of pavements, complete with railings around small greens in quiet neighbourhoods.
The resident said:
(The agency responsible for this) (JKR?) has poured concrete for “drainage purpose” around the Pelangi field and created a so called “walk-way” – and now in the midst of putting grilles all around the circumference of the field. This is a small field with single-storey terrace houses fronting the whole circumference.
A distressed resident of Langkawi sent me these photos about the clearing of greenery in Pulau Tuba. Local speculation is that a factory is to be built here.
One of the factors contributing to the persistent fiscal deficit in Malaysia has been the deliberate and gradual reduction of income tax rates over the years.
From a fairly progressive tax system, Malaysia has moved towards a regressive tax system. The government has trimmed the tax rates for the rich and super-rich over the years.
Singapore is now bucking the trend by raising income tax rates for high-earners by 2 per cent.
2% increase in income tax rates for higher income earners from YA2017. Top 5% earners affected #SGBudget2015 pic.twitter.com/jcxmDuPvhb
— MOFsg (@MOFsg) February 23, 2015
Now that Anwar Ibrahim has been incarcerated, what will happen to the quest for reforms? Will it be derailed? Obviously, some people are hoping that this will be the case.
Anwar may have been the catalyst for the unleashing of the reformasi movement when he was arrested in 1997. But the quest for reforms began much earlier, decades earlier in fact.
This is what Ambiga has to say of Dr Jeyakumar Devaraj’s new book.
Whether one is a capitalist, socialist or just interested in good governance, there is real benefit in reading this collection of speeches and essays by Dr Jeyakumar, one of the most principled politicians I know.
This could be a leading contender for the Dirtiest Stream in Penang. It is frightening to think that the polluted water could end up in the sea of Tanjung Bungah, not far from beach hotel resorts and popular stretches where many children wade into the sea.