The need for economic literacy

On Budget Day last Friday, Member of Parliament for Bachok, Syahrir Sulaiman called the budget as limping or "tempang" in Malay. It can be misconstrued to also mean handicap, but its him expressing concern on the moderate growth that generate limited fiscal leeway for development. 

Yesterday, Opposition Leader, Hamzah Zainuddin created controversy with Perikatan Nasional counter offer for cash-aid of RM6,000 annually without restrictions and more free education programs. He raised other pertinent issues on the RM50.8 billion development expenditure by GLC and GLIC, lower Petronas dividend of RM20 billion, and somewhat in-sync with government concern on taxation, national revenue, etc. However, it is the cash-aid remark that attracted attention and suspected to be intended to viral. 

The math does not add up and criticised as populist rhetoric. Spending on STR and SARA for 2025 is RM15 billion and for 2026 budget is RM15 billion. Hamzah's plan means allocating  RM51.6 billion for the 8.6 million recipients!

Transforming Tabung Haji: Obviously Rashid Hussein not learned from his past

TH chairman Tan Sri Abdul Rashid Hussain outlined his vision for the institution's long-term financial sustainability with a proposed revision of the Tabung Haji Act 1995 (Act 535). [The details in the Business Times report reproduced at end of this posting.] 

He is suggesting reforms to align with TH's operation by strengthening its depositor base, improving cost-of-fund management, and regulatory safeguards for long-term investments. The gist of his transformation is to turn TH from a syariah-based savings institution into a full fledged Islamic investment company. 

Naturally it is appealing to bankers conversant with such terms as asset-liability mismatch, cost of fund and pursuit for "competitive" return. And there is a professor fascinated with digitalisation, and AI to the prospect of effectively investing in Bitcoins and Stablecoins. 

But it is not unique. 

Rashid is duplicating his rise and fall path as a former securities salesman from Singapore, who established RHB by the rapid growth of acquiring D&C and Kwong Yik Banks. 

Bank Pembangunan's sham litigation to cover Zafer bribe perpatrators

Unmasking the BPMB Scandal: A Web of Conspiracy, Bribery, and Betrayal Targeting the Innocent

By Elena Vargas, Independent Corporate Investigative Journalists @ICIJnews

Corporate Secret  August 27, 2025 

In the shadowy corridors of Malaysia’s financial institutions, where billions in public funds are meant to fuel national development, a chilling conspiracy has unfolded – one that reeks of corruption, collusion, and a blatant disregard for justice. 

At the heart of this saga is Bank Pembangunan Malaysia Berhad (BPMB), a Malaysian Development Financial Institution mandated to provide medium to long-term financing to the country’s infrastructure, maritime, and oil C gas technology sectors, wholly owned by the Malaysian government through the Minister of Finance.

Instead, it appears to have become a vehicle for protecting the guilty while ensnaring the innocent in a RM564 million legal quagmire. 

The Politics of Outrage by Philip Golingai

Reform interests? Rafizi with his allies voicing their concerns regarding the recent judicial appointments in a press conference. — LOW BOON TAT/The Star

IT'S JUST POLITICS 

The Star, Sunday, 13 Jul 2025

POP quiz.

Which politicians or parties are vocal about the proposed Royal Commission of Inquiry (RCI) on the judiciary, the expansions and rate increases in the Sales and Service Tax (SST), and the perceived slow pace of the Reformasi agenda?

1. Bersatu and PAS

2. DAP

3. Rafizi Ramli

Is the expanded SST much ado about nothing?

"Much ado about nothing" is a Shakespearean play about courtship and scandals. Much ado is seldom used when someone is overreacting and makes a big fuss over something unimportant. 

Introduction of new taxes will not be taken well by anyone, so there is something to ado over the government announced expended Sales and Service Tax (SST) to take effect soon.

It will have an impact on the mid- to high-income households, and businesses in the construction, healthcare, beauty, and education sectors. 

There were much ado over Anwar's mistake to mention GST as broad based General Services Tax. 

But the bigger ado was the nitpicking over taxing import dependent supply of fruits, in which apples and orange (but not pears) have been taken off the list. 

Supposedly the expended SST is targeted on imported goods, and goods and services for the higher income bracket, primarily T20s. 

It will be translated into the cost of living in all aspect of Malaysian life.

Beyond the constraint of Donald Trump's tariff

"My earth is spacious" - Quran Surah Ankabut Verse 56

On April 2nd, 2025, POTUS Donald Trump announced his reciprocal tariff strategy in a White House Rose Garden ceremony. 

Since the day dubbed by Trump as Liberalisation Day to liberate American from being "cheated and ripped off" by other countries and instant return to manufacturing, countries dependent on the US for export revenue turned nervous, and worried on its implication to their respective economy. 

Vietnam and India seen to panic and were first to concede to the US. There were commentators praising the two countries for their swift action. 

Its a classic case of tunnel vision mentality, which intensely focus on a single goal or aspect of a situation, while neglecting or ignoring other important factors or possibilities. 

And it is also a myopic snapshot view unable to see beyond the visible horizon. 

As an entreport relying on import for sourcing and export for revenue, Singapore reacted the same to this change in attitude by their important Western allies. Perhaps it was a political ploy of PAP to apply fear factor on the voters to get reelected.  

13 with Tan Sri-s, Dato Seri-s and LGE cronies in MBI round-up

As of the latest tonight, sources mentioned Eddie Ong and wife, Dato Keh Chuan Seng or known as Ramen (mentioned in this blog's April 9th posting), ECK's Tan Sri Khor Eng Chuen, and owner of Chin Hin Berhad, Dato Sri Chiau Beng Teck. 

[Read Corporate Secret https://www.the-corporatessecrets.com/blog/2025/04/23/bagaimana-ceo-hextar-group-dalang-bersama-tan-sri-tan-kean-soon-t7-global-tan-sri-khor-kroni-mb-kedah-terima-wang-haram-lebih-rm3b-scammer-tedy-teow-mbi/]

[Read Corporate Secret https://www.the-corporatessecrets.com/blog/2025/04/25/skim-mbi-tan-sri-ketiga-tan-sri-datuk-alex-ooi-pengerusi-ideal-property-group-ditahan/]

The figures mentioned for all named up up to total RM7.6 billion. Street estimate the whole scam involved RM11 billion. 

As a result of the bust, Bursa Malaysia felled by 13.22 points today. 

Damn slow cause this blog been rewriting about MBI since March 26th. Almost an effing month ago!

This blogger is telling now that this is just the beginning. The widespread existence of scammers including those linked to MBI and Corporate Mafia have been the conversation at the highest international level.