Thursday, December 28, 2023

What good is there to support Mahathir and Daim?

Tun Dr Mahathir is visually and vocally active again advocating to topple yet another government not to his preference for reasons obvious to all and many. 

Mahathir met Isham Jalil few weeks ago and likely to have recruited him into his fold since Isham was caught in discussion publicly with his henchman Khairuddin Abu Hasan and admitted to have met him several times. 

His criticism of UMNO was in unison with Mahathir and certain PAS leader. However, the go-between man between him and Mahathir is someone else. 

The latest development surrounding Isham gives the impression Najib is cooperating with Mahathir, but that is affirmatively not true and in contradiction. 

It is also not true the Mahathir's claim that Najib was involved in the Sheraton Move to topple the Pakatan Harapan government he led and instilled Muhyiddin as Prime Minister. 

He made the claim in The Star interview last year October leading to GE15th in November. 

Friday, December 08, 2023

China's rating downgrade have impact on Malaysia

AP reported on Moddy's downgrade of China's debt yesterday here.

For Malaysia, the bilateral trade with China for 2022 is US$203.6 billon and a delicate situation arising from the semi-conductor boycott. May need to read Edge's June 2023 article:

According to a 2019 study, a 1% slowdown in the Chinese economy will translate to a fall by 0.11% of the Malaysian economy. 

Tengku Zafrul proudly announced recently FDI commitment of RM212 billion, in which the bulk of it, RM170 billion is from China. It will mean some of the commitment may not come to realisation just like what is happenned to Country Garden in Johor Baru. 

Friday, December 01, 2023

Declining productivity concern

An illustration of declining productivity 

This is not a new issue but had been left to prolong. SERC contributed an article to BERNAMA in 2020 here in view of the challenges to come from the pandemic. An updated view is the extract from Thick as a Brick's Declining Productivity: Worrisome economics beyond politics below: 

To ... appreciate the problem and able to understand the implication, the issue of declining productivity raised in the recent Keluar Sekejap interview with World Bank Chief Economist for Malaysia, Aporva Sanghi incapsulate the crossroad situation we are in.         

Aporva mentioned of the long term decline in productivity. Decline in investment at below 20% of GDP and the investment coming Malaysia's way lack quality.

One area in investment decline is education or in other words, human resource investment. He described and quantified Malaysia as facing learning poverty at 40%. There is lack of nutrition in school children,  in which we recalled the late Ungku Aziz (Al Fatihah) talking about kerangka minda decades ago. 

Monday, November 20, 2023

Muhyiddin on the way out

It is openly known that Wan Muhammad Azri or called Papagomo on social media and blog is now working with Mahathir. 

When he demanded on Muhyiddin to present himself to Mahathir, it was a clear signal that things are not going well with him and there was an internal strife in PPBM. The question on every political observers lips were who is Mahathir working with to regain control PPBM.

He has already positioned himself with PAS as adviser to the four PAS-control states and has one leg inside PN. It is a question of time he step his other foot in PPBM. 

The departure of four PPBM MPs to support Anwar in exchange for MP allocations is seen as the death nail for PPBM and eventually PN. However, the reluctance of  Hamzah to negotiate en bloc with Anwar's appointed Fadilah for PN MPs' allocation raise the question that there is more than meets the eye. 

It could merely be testing the water and a reverse could happen.

Tuesday, November 14, 2023

What is a Kafir?

Drawing of two “kufaar” (farmers), plowing a field

The Confusion in English Regarding the Quranic Use of the Word ‘Kafir’ 

By Abdullah Al Abdalusi 

May 5, 2016 

An extract below:

Like  the Christian concept that no one except God can determine whether someone is ultimately saved or not, or a theological [1] ‘Kafir’, since sincerity can only truly be known by God, and only He judges the hereafter of anyone.

There will be people on the day of judgement that never labelled themselves a ‘Muslim’ and will not suffer perdition (i.e. a Hanif – rightly inclined). One famous example of this (partly) during the lifetime of the Prophet Muhammed (pbuh) is Zayd bin ‘Amr who never labelled himself a Muslim before he died (probably because he died before the Prophet Muhammed announced his prophethood ﷺ).

Thursday, November 09, 2023

Too many questions hanging on Covid 19 procurement

PETALING JAYA: Former health minister Khairy Jamaluddin says he takes full responsibility for the cost of wasted Covid-19 vaccines, following the release of the Public Accounts Committee’s (PAC) report on the matter.

Read on in FMT here.

Despite doing so, questions still abound because the procurement for Covid 19 was widely suspected to be abused by the Muhyiddin administration to build-up the political war chest of PPBM and the UMNO faction aligned to him.   

In Khairy's defense, a public health practitioner, M Muralittharan asked readers of his FMT column here to recall the mad rush for vaccine when the Covid 19 virus was spreading rapidly and government success. Extract below:

Friday, November 03, 2023

Days numbered for Chow Koon Yeow

After months of controversy surrounding the collaboration between Umech Construction Sdn Bhd and Penang Development Corporation involving a piece of land in Batu Kawan, CM Chow Koon Yeow called off the deal to develop Batu Kawan Industrial Park 2 last week. 

Penang Chinese Chamber of Commerce President, Dato Seri Hong Yeam Wah questioned the  undervalued sales of 558.96 acres of the said land to Umech in early October. Life Honorary President of the PCCC, Tan Sri Tan Kok Ping raised issue with the financial capability of Umech and revealed the deal to flip it to Sunway.  

Talk is Kok Ping had also put up a bid at a higher price but lost out. Koon Yeow should have taken the criticism constructively, said his former Deputy, P Ramasamy, but he chose to respond with a threat to sue Kok Ping

As President of PCCC, it was the influence of Kok Ping that led to the fall of Gerakan-led BN government for DAP to takeover. Since suffering from cancer, he has been reclusive for quite sometime. This issue brought out the fighter in him. 

Kok Ping was heard to have said if he falls, Koon Yeow will fall together. That explains the derogatory remark towards Koon Yeow. Its October 30th, 11 days after he issued the threat, will Koon Yeow dare proceed with it?  

Tuesday, October 31, 2023

Gain consumer confidence for new chicken pricing mechanism

Chicken prices will begin to be floated from tomorrow onward. There will no more price ceiling as determined by government. Market will be allowed to set its price based on supply and demand. 

It served the government purpose to remove subsidies. Agriculture Minister Datok Seri Mohamad Sabu said subsidies removal will end leakage, but for the time being the free float only applies to chicken and not yet for eggs

The Federation of Livestock Farmers' Association Malaysia finally got what they wanted all these years. They gave assurance there will be sufficient supply. In theory, market pricing allows stability in supply thus price ceiling is not a constraint to inhibit production and ensure availability. 

Approaching the November 1st deadline, there was incident of a short surge in prices following police raid seized RM20 million worth of smuggled non-halal chicken repackage as halal by illegal syndicate. Producers released frozen chicken stockpile to fill up the void. 

It gave Government the confidence to ensure there will be no sudden hike in prices. However, certain segment of the population is still sceptical and in fear of big chicken companies jacking up prices. Cynicals remarks can be heard all over social media. 

Past experience of chicken farmers burning day old chick to prop prices is still remembered. It is worsen by government officials stereotyping food producers as cartel and even Anwar as opposition leader called them leech. 

It will take time to gain their confidence. The public need be educated and farmers must be disciplined themselves. 

Friday, October 27, 2023

Weaker Yen to pit Japan against China

The public attention and concern in Malaysia is on the weakening Ringgit vis-a-vis US dollar. Deputy Minister of Finance, Dato Ahmad Maslan explained the reasons as external in Parliament. Except for this blog's geo-global political take, similar reasons given

Nevertheless, there is a more interesting development on Yen. US dollar rose against Yen to touch the 150.00 level briefly for the second time early this week. It is only the fear of intervention by the Bank of Japan (BOJ) that is holding it from breaking the key psychological level. 

The intervention to tame the volatility is making the short term Yen movement appear unnatural. Early October intervention failed to stem the fall and Yen is still hovering at sub-150.00 level. 

Underpinned by the interest rate differential favouring the US dollar, it is a matter of time for dollar Yen to pierce through.  

US interest rate is expected to move up while Japanese short-term interest rate remain at zero level. It seemed US condoned a weaker Yen and not mind a stronger Japanese export. It was the G7 policy in the 80s that strengthened Yen to address the American twin deficit in trade and current account. 

In view of the rise of China as a new economic power, is there a shift in the political economic policy on Japan?

Monday, October 23, 2023

PTD Mafia budget: Civil service bonus, No opex rationalisation

Back in March 2021, the parent blog Another Brick in the Wall wrote of the self serving PTD Mafia in the civil service. The link here need a VPN to access.

Since Annuar Musa left the Ministry, the blog remained blocked by MCMC under the block-happy Fahmi Fadzil and still serving the former Minister's self serving interest. Latest victims are  Nuclearbursaman and Corporate Secret blogs and portals. 

Does any critic of MCMC or civil service, especially the PTD, these days will mean online writers to suffer their wrath?

This issue is raised because the current budget 2024, which is going through debate in Parliament, came off below the pre-budget expectation and its neither here nor there economic management to reform and prepare the nation to face the current economic storm. 

Is this a "no change" budget dictated by the PTD Mafia upon the Prime Minister aka Minister of Finance? 

Sunday, October 08, 2023

Bernas’ role questioned amid country’s rice dilemma

By Esther Lee, Jose Barrock and Vasantha Ganesan / The Edge Malaysia

28 Sep 2023, 02:10 pm

This article first appeared in The Edge Malaysia Weekly on September 18, 2023 - September 24, 2023

THERE is a lot that is not known about the concession agreement the government signed with Padiberas Nasional Bhd (Bernas) when the latter took over the role of Lembaga Padi dan Beras Negara in January 1996 via a privatisation exercise.

For instance, a number of social obligations listed in the concession agreement seem very broad and general. News reports have it that some of these obligations have yet to be carried out, including the establishment of a disaster fund, the development of a paddy database and the supply of machinery.

In June this year, there was talk of Bernas sharing 30% of its profits from rice imports with local paddy farmers, said to be initiated by Prime Minister Datuk Seri Anwar Ibrahim. This came about after Bernas agreed to import an additional 150,000 tonnes of rice to ensure no disruption to its supply in the country.

Bernas’ concession as the country’s sole importer of rice was extended another 10 years to January 2031 by the federal government towards the end of 2020. This came about after the late Datuk Seri Salahuddin Ayub, who was agriculture minister under the Pakatan Harapan administration that collapsed in February that year, had sought to end Bernas’ monopoly of rice imports.

In a press conference announcing an end to Bernas’ concession in June 2018, Salahuddin reportedly said, “In the effort to protect the interests of local paddy farmers, we have identified the models used by other countries [for importing the staple], among them Indonesia, which has been successful in its approach in opening up the monopoly on rice.”

Wednesday, September 27, 2023

After eating out, targeted subsidy is on deck for Raja Formula

A poster is going around ridiculing Rafizi as Raja Formula for his past smart alec remarks during campaigning as opposition to criticise then BN government's economic policies. 

He was recently on the receiving end for commenting eating out reduced disposable income. Thick as a Brick commented:

He is not wrong in his assessment. In fact, this blogger have taken the same position for quite a long time. 

Its just his bad luck for sharing an unpopular view in the midst of social media getting back at "Minister Formula" for his GST statement to reintroduce the cancelled tax regime. Indirectly, he admitted wrong for his past criticism of Dato Najib for implementing the GST.  

Read on HERE

There is a situation of shortage and big jump in retail price of rice albeit imported rice. It is followed by price increases for premium sugar, and non-white bread. Coming next in your bills to come will be tariff increase for electricity. Government contemplating of bringing back a previous plan Najib's  to introduce targeted subsidy. 

Rafizi will have to ready himself to be criticised for copying again a plan prepared by the man he pursued to prison.

Thursday, September 21, 2023

Syed Saddiq's gig economy exuberance proven wrong

During the Johor state election, there were talk ehailing companies, particularly Grab, were struggling to meet profit forecast due to low margin and high cost of operations. 

They had to cut cost by 30% within short number of years. It means slashing the driver's commission and increase charges to customer. Increase commission limit the viability of the second option.

Then caretaker MB of Johor, Dato Hasni campaigned to promise for a youth employment program. He commented that gig economy is not a permanent career. 

Tuesday, September 19, 2023

Zahid's untold DNAA story

Don't tell us he (Ganesan of GK TV) not know Anwar's first liwat case was an outright fix-up. 

Perhaps he could be excused because this blogger too made the same mistake and realised upon confession by a party involved in the fixing up.

Ganesan did justified his presumptions (of Zahid's DNAA decision by DPP), but it crossed the helm of prejudice to brush off the RCI, which is an opportunity for Anwar's plan for judicial reform, as red herring.   

However, one should appreciate his effort to compile post GE-14 corruption cases involving politicians to support the need for high level of tranparency and accountability. 

He dare not mention 150 cases withdrawn during Mahathir's return under PH 1.0 government. 

Tuesday, September 12, 2023

Saravanan's human trafficking will affect Malaysia's ESG rating

Abdul Malik Dasthigeer or known as Dato Malik ... is widely believed to be the proxy and bag carrier for M Saravanan cum a man of various business exploits and wealth. 

He was arrested and investigated for money laundering and reported on July 23rd to have been released on bailOther media also gave wide coverage to his release similar to RGB. Similar isn't it? So what happen to his case?

Anti-MACC and PDRM whistleblower and PN sympathiser, Edisi Siasat accused it is also hushed hushed.According to whistleblower portal gaining credibility, Corporate Secret, his asset forfeited by MACC includes RM38 million cash, 17 luxury cars and 200 kg of gold bars.  

Tuesday, September 05, 2023

Noor Hisham: Hero approaching to zero

In a recent Thick as Brick article (read here), the former Director General of the Ministry of Health, Tan Sri Dr Noor Hisham Abdullah was exposed for holding back on the death side-effect of mRNA vaccine namely from Pfizer. A grave duty of care

He admitted during cross examination on an MCMC case against one Dr Roland Victor. Making matter worse and it is widely known on social media, he collaborated with socmed media platform owners and one Dr Musa Nordin to suppress public discussion and fair professional views on the Covid handling.

There is another old doctor in Malaysia renown for his cruel and suppressive ways, but not doctors in general. They are generally individuals of intelligent, soft and caring character. 

After the article was published, another development came to being. A 3-judged Malaysian Court of Appeal ruled uninamously that Ministry of Health had no rights to prevent doctors from prescribing Ivermectin to Covid patients

From hero in the fight against Covid 19, Noor Hisham is slowly disintegrating in his retirement to a zero and glorified only by PPBM leaders to justify their inhumane lockdown and raping of the public fund. 

Friday, August 25, 2023

Voters indifferent to corruption

Troubling questions about politics and corruption

Are voters taking a softer stance against instances of corruption in politics?

A. Kathirasen - 17 Aug 2023, 7:00am


Perikatan Nasional (PN) performed very well in the Aug 12 state elections in Penang, Kedah, Selangor, Negeri Sembilan, Terengganu and Kelantan, winning 146 of the 245 seats contested.

It proved stronger than the Pakatan Harapan-Barisan Nasional combination despite a concerted attack by PH-BN against its leaders over corruption allegations.

Friday, August 18, 2023

The Green Wave stopped, but time bomb ticking

Thick as Brick hoped for a 5-1 victory but it turned out to be the expected 3-3 status quo. The released bomb did not exploded as hoped to be, but then it is a ticking bomb. Taken from the pre-polling posting below:   

Last minute bomb hardly could sway election result these days. It is post-election that could be devastating especially when PMX Anwar is expected to be more firm on "tatakelola urus" i.e. corruption and governance issues. 

This time it could be different.

Monday, July 03, 2023

A B C D E F G .. now I need the GST 🎵

Eight years ago, DAP launched this song to instigate the public to hate GST and the then ruling government BN. 

After the disaster to the national fiscal policy in 2018 following Lim Guan Eng's single handed abolishment of GST for the higher rate and difficult to collect SST, the PH-led multicoalition Unity Government have to face to the fact that Najib's introduction of GST was the needed initiative to reform the tax structure of Malaysia. 

Five years down the road, the situation has not reached acute level but debt reached RM1.5 trillion, global economic condition challenging, inflation from the post pandemic effect and Russia Ukraine war, and government spending needed to stimulate the economy. 

Anwar will need to make that difficult decision and it means a lost of face. An extract of Edge weekly interview with IRB CEO, Dato Nizam Sairi explains the need for GST below:      

There are 4.5 million individual taxpayers in Malaysia, higher than the 2.5 million at end-2017, according to MoF data. However, Mohd Nizom acknowledges that the number is still low. The 4.5 million taxpayers are just slightly more than one quarter of the country’s labour force of 16 million, versus a total population of 33 million, the ministry’s data shows.

Mohd Nizom attributes the relatively small community paying personal income tax to the country’s high tax threshold, even though Malaysia’s income tax rates are relatively high compared with other countries in the region.

“Our highest [income tax] rate is 29%, so the rate is high. But in terms of threshold, I think this country is among the most generous [in the region]. [Even if you earn a salary of] RM3,200 a month, you are not required to pay income tax. Plus, there isn’t any consumption tax,” he says.

“If you have a family, there are deductions, so the threshold would be higher. Probably for the single breadwinner in a household with a monthly income of RM5,000 is still not subject to tax.”

Of the total personal income tax collected, 85% is contributed by the T20 (top 20% income group), who earn more than RM10,000 in monthly income, says Mohd Nizom, who sees this as an unsustainable trend. He understands the grouses of the high-income group as they feel they are being penalised for working hard to earn more. “That’s why the government has to think of other ways of raising revenue, rather than just targeting the T20,” he adds.

Mohd Nizom’s answer to the question of tax reform is the Goods and Services Tax. He describes GST as a low hanging fruit for tax reform. The consumption tax will effectively help widen the tax net and it is a fairer tax in his view. In addition, he believes Malaysians are more receptive to it now.

“I think [the government is] convinced that it needs the tax [GST]. Everyone in the country is [convinced]. Even the ones that took it away. Not only for revenue, but from an equitable perspective,” he says.

GST was implemented at 6% in April 2015 during Datuk Seri Najib Razak’s administration in the former premier’s bid to raise more revenue amid a rising national debt and falling oil prices. The consumption tax was abolished in 2018 by the Pakatan Harapan administration after various controversies in handling the GST refunds were brought to light following the downfall of the previous government.

Additionally, Mohd Nizom says the government should relook its existing tax incentives for multinational corporations (MNCs) amid the growing adoption of a minimum effective tax rate of 15% globally under the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework on Base Erosion and Profit Shifting initiative.

Read further on tax reform in Thick as a Brick here

The need is there and urgently required, but the timing is less than perfect. 

Tuesday, June 20, 2023

Did UMNO and privatisation assets end up in Mahathir and Daim's hand?

The UMNO Veteran Secretary General, Dato Mustapha Yaacob begin to raise questions over it. 

Question he should because both Mahathir and Daim insist to remain Trustee for UMNO's assets which include the party headquarter and adjoining convention centre. And, Halim's letter claimed he paid for the construction. 

After 2018 BN lost, Mahathir and Daim almost succeeded to pressure UMNO to sell but pressure from few vocal MT members halted its transfer. 

It is widely believed within the remain of the Team B faction of Tengku Razaleigh Hamzah that UMNO's assets in the form of Fleet Group were stolen by Mahathir and Daim

Proxies and intermediaries are used before the UMNO assets or crown jewels of government's privatised agencies and projects or businesses of their so-called cronies come under their control.

Since the two old duo control many strategic businesses, how much is each of their net worth?

Thursday, June 15, 2023

Was Tajudin Ramli scammed for bailing out BNM?

This poster sprang up on the social media prior to GE14 following an anonymous video recording by a snooper. Subsequently a formal interview was conducted with Tan Sri Tajudin Ramli, the former Chairman of MAS and founder of Celcom. 

Although Mahathir went on to win Langkawi and subsequently became Prime Minister again, the Malays and Malaysians yet again realised too late the disaster he is capable of doing. 

Now he is at it again and the gullible Malay will likely mudah lupa. Nevertheless, lets put the political hantu raya and his self-serving motivation on hold first.  

The recent Pandora Paper investigation on Tun Daim in which it is heard Halim Saad, Nor Mohamed Yakcop, Mokhzani Mahathir, Mukhriz Mahathir, most likely Mirzan Mahathir, and others were called in by MACC. 

It is timely that Newswav portal made a call on MACC to investigate Tajudin. 

Thursday, June 01, 2023

Is there a cover-up in the biggest drug bust in Malaysian history?

In September 2019, police made the biggest drug bust in Penang in which 12 tonnes of cocaine worth RM2.4 billion seized. This is larger than the Shah Alam drug bust worth half a billion in August the same year.

Then IGP, Tan Sri Hamid Bador proudly announced police succeeded to foil a South American cartel to smuggle the drugs via Malaysia. Straits Times reported drugs was found in three containers filled with 60 sacks of coal at Butterworth port on September 10.

It was reported by another news source that the transportion was sophisticated and mixed with charcoal to mask from the drug sniffing dogs. Ops Eagle required an advance method for detection.

Was there interference from above? 

Thursday, April 27, 2023

Selamat Hari Raya, Victor Chin

Ruichi Sakamoto's composition for the 1983 movie, Merry Christmas Mr Lawrence became a Christmas music in the US, Britain and Japan. 

The movie title is pun using the coming Hari Raya celebration to dedicate to the man in pursuit, Victor Chin. 

Set during World War II, the movie depicted a British colonel who "tries to bridge the cultural divides between a British P.O.W. and the Japanese camp commander in order to avoid blood-shed." 

The current Malaysian setting is the head of Corporate Mafia attempting to avoid financial blood-shed. 

He is already facing dissension within his fold, Banks pulling back credit lines, and dam bursting that could lead him and his syndicate of criminal involving network into law enforcement rounded up and charged for crimes. 

Sunday, April 02, 2023

To QE or not QE? That is the SVB crisis question!

Andrew Sheng and Tan Yi Kai/The Edge Malaysia

March 21, 2023 13:45 pm +08

The sudden collapse of Silicon Valley Bank (SVB) has sent shock waves and ripples from the US outwards. Two other American banks have also closed, one voluntarily (Silvergate Bank) and the other (Signature Bank) was taken over by the Federal Deposit Insurance Corporation (FDIC), causing even Japanese bank shares to tumble for a few days. 

Credit Suisse is now embroiled in the contagion. Even as the US Treasury, Federal Reserve and FDIC raced over the weekend to stop contagion by guaranteeing all deposits exceeding the US$250,000 (RM1.1 million) deposit guarantee limit, serious questions were being asked. 

Where did SVB slip up? Was this a regulatory failure? Is this systemic with worldwide implications? 

Monday, March 27, 2023

Kedah MB-condoned illegal pursuit for RM43 trillion REE?

A general view of an alleged illegal rare earth mining process lab in Bukit Enggang, Sik. - NSTP file pic

NST Leader: Malaysia, a can-do-anything country?

March 23, 2023 @ 12:01am

If Malaysia doesn't get serious, it may turn into a can-do-anything country. Not just for Malaysians, but for foreigners, too. Yes, the Wild Wild East.

Take rare earth mining in Bukit Enggang, Sik, Kedah. Here is how to go "wild wild" there. Just fly in as a tourist from China, take a few excavators to Bukit Enggang and mine the rare earth elements (REE) away. And if it is a forest reserve, all the better for you get logs as a bonus.

When asked about approval, just say the government has given the go-ahead. No one will know given the secrecy shrouding the project. 

That's exactly what a Chinese national did until he was arrested on Sept 26 with a lorry-load of REE. He paid a compound of RM630,000 and walked away a free man when he should have been jailed and banned from entering Malaysia again.

Saturday, March 25, 2023

Bursa should take control of Revenue account

Without anyone to carry the can, Bursa Malaysia should seize control of Revenue Group Berhad. 

Subsequently, Bursa should appoint an auditor to manage the company's accounts to safeguard the company and shareholders from criminal vultures.

Failing which, the almost RM70 million cash in the company could be squandered by the group dubbed by The Corporate Secret as Corporate Mafia.    

On Monday, the estranged founders of Revenue submitted their resignation. Extract of The Edge report below:

Two and a half months after their executive functions were suspended, Revenue Group Bhd executive directors Brian Ng Shih Chiow and Dino Ng Shih Fang have resigned from the board of the e-payments service provider. Brian and Dino’s departure from the board effective Monday (March 20) was “due to [them] not [wanting] to be on the same board of directors with the current directors”. While the brothers have vacated their executive director post, Dino remains as the group’s largest shareholder with 85.38 million shares or a 17.71% stake.

FMT headlined the resignation as a surprise, but since the former MD cum Chairman, Eddie Ng resigned and off-loaded all his shares (and at the same time, committed insider trading), it is not so. 

The Ng brothers pre-empted from being the "last man standing" in the Board of Directors and end up holding the baby left by the Corporate Mafia. 

According to blog nuclearbursaman, more than RM20 million cash faded from the  company books and more at risk under the cloak of receivables and bank borrowings.

Wednesday, March 22, 2023

Enbloc resignation at Revenue to protest Corporate Mafia fix up

On Tuesday, the Founders of Revenue Group Berhad were charged by MACC over a superflous offense for changing the resignation on a car won from a lucky draw car from CIMB. 

For the relatively petty and technical-in-nature offense, the MACC Investigating Officer froze the personal Bank accounts and shares belonging to Brian and Dino Ng.  

However, the staff and management seemed unconvinced by the charges. In protest to the seemingly obvious fix up job by the Corporate Mafia group exposed by The Corporate Secret , the key staff running the payment gateway system at Revenue have apparently resigned enbloc. 

Among them are three Senior Managers, Subsidiary Managing Director, and technical Team Leaders.

Despite having an armed guard to protect the server, the payment gateway system is deemed not secured and safe for use as payment without the technical personnel. 

The new management attempted to entice the staff to stay with offer to raise pay by as much as three times but to no avail.

Without the presence of the Founders in the company, the Banks, Credit Card Companies and Bank Negara Malaysia will lose confidence on the system and likely to pullout. 

Without the technical personnel to running the system, the asset will be deemed useless to the company. 

Sources claimed the MACC officers and DPP privately claimed they were under instruction from MACC Chief Commissioner, Tan Sri Azam Baki to charge. 

However, it does not make sense for the top boss to indulge in petty offense in the midst of the Jana Wibawa debacle. More so it is demeaning for a corruption enforcement agency to be pursuing non-corruption case such as alleged car theft. 

There has to be a powerful hand calling the shots for officials to be blatantly daring to act for the interest of an allegedly underworld-linked group.    

Edge reported on Tuesday:

Revenue Group co-founders charged with disposing of a company vehicle illegally

Timothy Achariam/

March 14, 2023 12:48 pm +08

KUALA LUMPUR (March 14): Revenue Group Bhd co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang were charged in the Sessions Court here on Tuesday (March 14) with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without a resolution from its board of directors.

Brian Ng
The brothers had claimed trial by pleading not guilty to the charge before judge Rozina Ayob.

In the charge which was read out to them in court, the brothers had, in order to achieve common intention, allegedly misled and fraudulently caused an officer of CIMB Bank Bhd to dispose of company property, which was a Toyota Vellfire, on Oct 3, 2018.

The charge further stated that the brothers had allegedly registered the car under Dino’s name without the resolution of the board.;

The charge was framed under Section 403 of the Penal Code and is punishable under the same Act.

Dino Ng
If found guilty, the duo could face imprisonment of between six months and five years, with whipping, and are also liable to a fine.

Deputy public prosecutor Raya Low Chin How prosecuted, while the duo were represented by former Malaysian Anti-Corruption Commission (MACC) chief commissioners Tan Sri Dzulkifli Ahmad and Amer Hamzah Arshad.

The DPP asked for a bail amount of RM20,000 per accused in one surety and for their passports to be surrendered by the court.

However, Hamzah objected to the amount and asked that they be released on a personal bond.

“This is because this isn’t an offence; what is actually happening is an ongoing corporate dispute between members of the board which are split in two separate camps,” he said.

He also alluded to this group called the “corporate mafia” which is allegedly planning a hostile takeover of the company, which is the reason the brothers were charged.

“Even the media carried out news report known as ‘corporate mafia’ to do a hostile takeover; now they’re (the brothers are) under attack,” Hamzah said.

Hamzah alleged that the “corporate mafia” had made the report against the brothers at the MACC.

However, the judge said that these are mere allegations, as there were no affidavits or police reports about it.

The court then set a bail amount of RM10,000 each in one surety.

She then set a case mention on April 14.

The fact that the bail amount is set at a mere RM10,000 and passport not withdrawn for a prisonable offense indicate the judge is not convince on the gravity of the case. A source claim the freezing of the Bank account and shares have yet to receive endorsement by the court. 

In addition, the conduct of the investigation is marred with inappropriate practices that will likely be responded by police reports and civil lawsuits against various parties. 

In a lucky draw, the Revenue Group won a lucky draw conducted by CIMB. In view of the tax implication on the company, the two Ng brothers and then Managing Director Eddie Ng agreed and requested on CIMB to transfer the ownership to Dino Ng. The car had always been used for company purpose. 

Victor Chin is known in the underworld for his car business thus the familiarity with car registeration process to pick up on such misdeamenour offenses is only expected. He may have conveniently picked on this petty issue as facade to justifiy the permanent remove of the Ng brothers.  

The Corporate Mafia expect the Ng brothers to fight back to buy control of Revenue. However, they went the other way to sell and they are stuck with diminishing value in the view of the latest quarterly losses and the bearish market. 

It explains for the poorly concocted and executed hostile takeover plan aided by some invisible hands dictating MACC.   

In the meanwhile, Eddie was caught doing short selling prior to announcing the bad result. He has since sold all his shares and resigned from the company. He joins his other three conspirers who has resigned earlier

Eddie can run but he cannot hide. Stock up on the popcorn. More episode coming up. One of the party will end in prison. With the IGP in pursuit of the Corporate Mafia, the better bet is not the Ng brothers. The walls will come down on Victor Chin and the corrupted MACC officers.  

Thursday, March 16, 2023

Is the SC another Corporate Mafia group?

Ah! Plez Nuclearbursaman ... 

"ONE blog, which seems to be ahead of the rest, when it comes to the real underworld's involvement in the corporate world"?

That's too much compliment for a blog still not fully unblock by MCMC and short of hits. Ran out of handphones and laptops to give investigators whenever any complain arise. Just got one back yesterday. 

With a background in financial market, stocks & shares and observing corporate, its just natural instinct to put two and two together. 

The same method applies in politics. Unfortunate that political watchers lack the corporate background, thus unable to "follow the money" to anticipate the politics. 

Since the explosive revelation by The Corporate Secret (TCS) website on Victor Chin and its link to going-ons at Revenue, Green Packet, Caely and other PLCs, the mysterious, detailed, and revealing blog gave updates on Victor Chin's plan to restructure Revenue in the March 13 AGM

They plan to bring in corroborating former BNM and SC officials and their rep from their previously acquired PLCs into Revenue. 

If the speed Victor Chin is being apprehended, asset frozen and Investigation Paper forwarded to AG, is anything to go by, will the same be expected of Chong Loong?

Friday, March 10, 2023

Police should use POCA in probe on Corporate Mafia, Victor Chin

Over the weekend, an explosive story went viral on an underworld-linked syndicate involved in corporate piracy to undertaking a hostile takeover of public-listed companies using MACC's officers to abuse AMLA to freeze accounts of targetted companies and shareholders

It answered this blog's curiosity on the happenings at Revenue Group Berhad here and here. At the same time, it explained the exploratory link between Hong Seng Consolidated Berhad to the happenings in Revenue and Ooi Chieng Sim, the ex Chairman who quit a BOD of a PLC amid a drug bust in 2019

In the previous postings, the group involved in the hostile and illegal takeover of Revenue is believed to use the same modus operandi of the collusion of law enforcement at Green Packet and former Caely Holdings Berhad (now Classita Holdings). 

The same website's latest exposure here revealed Khairy Jamaluddin link to Green Packet through his man and current Chairman, Dato Firmanshah Ang bin Muhammad @ Dax, which indirectly linked them to the underworld syndicate.     

Apparently, there was a police report made by Caelygirl and police have move in on the report following the weekend expose. The Edge reported below:

Wednesday, March 08, 2023

Revenue Group: Why unanswered, suddenly insider trading?

In this blog's February 13th posting here, there were 13 why (including how, what and did they) posed but no answers found in the media or online. 

There was a created dispute among the founders of Revenue Group Berhad ("Revenue"). The "salesman" Managing Director, Eddie Ng Chee Siong ousted the Company "brains" in the Ng brothers of Brian and Dino with help from outside. 

Coincidentally, MACC freeze the accounts and CDS of the brothers worth tens of millions based on alleged wrongdoing over company car and thermal paper orders worth RM400,000.

A serious oversight or gross abuse on the part of the Director of Investigation or AMLA at MACC. The allegation has no corruption in nature for them to act and originated from MACC own report.

In midst of the company turmoil, Bursa suddenly reported Eddie blatantly selling his shares a day prior to announcing a  poor quarterly financial results. 

That is outright insider tradingoutright insider trading. And, it would be strange for SC to not investigate and charge. The alleged insider trading could certainly shed a new light on the company. 

Is something insidious happening behind the payment gateway company? 

Monday, March 06, 2023

Where is the reformasi?

Following his dismissal as Deputy PM and UMNO member, Anwar Ibrahim started the reformasi movement as his political platform. 

After 25 years, he finally managed to step into the Prime Minister's Office he was involved in the development of Putrajaya. Over time, he has articulated on the repeated over many elections of the corrective programs he wish to undertake. 

The social media is now regurgitating the promises and manifesto items he made under the then Pakatan Rakyat at GE 12 and 13 and later the Pakatan Harapan's for GE14. 

However, Anwar is not expected to deliver in abolishing PTPTN student loan, 20% royalty for Sabah and Sarawak, change the Wang Ehsan for certain states in Peninsular to royalty, immediate cut in the retail oil prices by 50 sen and the list can be longer. 

Understandably, the government is in a slippery situation constrained by debt and revenue shortfall. Many of the promises have rightly been pointed out by then BN government of the day as ridiculous.

To be more rational and mature in our politics, lets ignore the usually mindless and deceptive campaign sloganeering.  Election promises are sensational but seldom delivered. 

But the 25 years of chanting, "Reformasi!" is ideological and cannot be put at bay.

Tuesday, February 28, 2023

The growth status of the Malaysian economy

Rafizi gave a sarcastic and patronising reply to Opposition Leader, Hamzah Zainuddin attempt to give a political spin to the growth statistic data in Parliament.

Economic growth will be the issue opposition intend to dwell on to gain political points despite knowing well there is an impending global recession and current inflationary concern. 

It is expecting too much to pursue high growth now. 

Wednesday, February 22, 2023

Shahrizat thrown down the gauntlet

In difficult times ...

The idiom "throw down the gauntlet" means to invite someone to fight or compete with you. 

Tan Sri Shahrizat Jalil is not the incumbent to invite, but where she submitted her application form to run for Wanita UMNO Chief, the incumbent Dato Noraini Ahmad have yet to do so.  

Defend Aini will. Her supporters are already exuberant with their campaign. It is not Aini to condone, but the whispering campaign is accusing Shahrizat as a Muhyiddin proxy. Its no secret that her son works with Hishamuddin.  

More such talk will be coming and Shahrizat expect the husband's NFC issue will be used against her. It need be reminded that Dr Salleh Ismail was acquited from alleged misappropriation in 2015. 

Monday, February 20, 2023

Too many whys in the Revenue corporate saga

Left to right: Eddie Ng (MD), Brian Ng (COO) and Dino Ng (CTO)

Revenue Group Berhad (Revenue) is not a major company to keep a watch on. Its nature of business in IT deals with systems, proprietary knowledge and involved security and confidentiality. 

The happenings in the company seemed to raise many questions, and strange links surfaced. 

Since late last year 2022, Revenue was embroiled in controversy following the suspension of two founder-Directors, Brian and Dino Ng, from its Board of Directors. 

The payment gateway company brought in MACC into the picture for some claims made against them. One can expect it will complicate the situation and even be more destructive than preventive. The detailed story will be dealt with in later posting, 

If it is a case of abuse of power, why must MACC got involve? 

Their primary concern should be corruption. Complain over company vehicle or procurement could be dealt by Securities Commission and perhaps, police. 

Thursday, February 16, 2023

The lies in Muhyiddin's denial and seemingly consistent narrative

Expectedly no response from Tan Sri Muhyiddin Yassin on the 1MDB settlement from Goldman allegation. Its customary for politician to not response to allegations to avoid from being misconstrued. Better remain silent and hope it will go away.

Give time Muhyiddin will eventually respond as it could be a significant contribution to his GE15 war chest. He will on the 5G contract to Ericson and continuing the SPANCO privatisation to Robert Tan.   

Last Thursday, Muhyiddin responded to the allegation of his family involvement in the NIISE contract to Iris. It is his standard denial which include diverting responsibility to others. Having written extensively on the deal, it is not a convincing denial. 

If they could, MACC should comb the historical shareholding structure of 5S, trace the present and past shareholders, and association of Nexbis Soluions and S5 Systems. Who decided on the technical prequalification on      

A contributor, FLK asked on, "Opinion: On why MACC stop at possible abuse of power in connection to the NIISE?

Muhyiddin is known for the consistency of his narratives but to the familiar, it is a convenient camouflage to lie and habit of "what he say is not what he do".  

Muhyiddin was caught lying incessantly on the RM600 billion stimulus package. He was reluctant to response and had Dr Marzuki to do so only to expose him lying in his capacity as Prime Minister. 

Tuesday, February 14, 2023

Food security to food sovereignty

The conversation on the concern for food security have long been heard. Since the days of yours truly's early career in banking and later in the capital market, concern over food security due to high food import have long been the talk. 

However, a serious government policy was not forthcoming. Availability of land for agriculture was increasing in scarcity and losing to the more lucrative sectors such as property development, tourism and leisure industries, manufacturing, etc. 

Financiers were saying why reinvent the wheels as it is more  efficient to import. They prefer to invest into food retailing, high-end agri-product, or easy cash crop in which planting is once for every 15 years but harvesting every quarterly.   

The attitude then and in fact still remain so. When there was a shortage of chicken prior to GE15, the  former PM Ismail Sabri's natural affinity was to import chicken. 

This is strange because Malaysia is one of the world's cheapest and efficient broiler producer. So efficient that CP Pokhphand could not enter the highly competitive Teo Chew clan dominated industry. The first sight of problem and government  open the local market for foreign entry.   

The early part of the shortage in certain food items was blamed at global supply chain problem during the C19 pandemic and later, the war in Ukraine. It rightly is but as time goes by and more realisation creeped in, the age old conversation on food security began to emerge. 

In a 2021 article on NST, Muhammad Hisyam Mohamed highlighted the need to deal with issues of availability, access, utilisation and stability in food security. By December 2022, Dr Goh Chun Seng in Borneo Times shifted the food security discussion to food sovereignty. 

Thursday, February 09, 2023

Anwar's boy, Farhash corporate misadventure

One month after Anwar Ibrahim announced his cabinet line-up, Berjaya Group announced his former Political Secretary, and PKR Perak Chief, Farhasy Salvador Wafa as its new Chairman for 7-Eleven Malaysia Holdings Berhad

The official communique gave a glowing resume of Farhasy corporate experience, education and related positions held, but its a dime too many.

Those in the know are more concerned with his association with the Seremban-based stockbroking outfit, Apex Holdings Berhad. 

The public attention is on the fiery, temperamental and explosive close confidante of Anwar joining Vincent Tan's outfit. 

My Say