Irregular and peculiar transactions of Fashion Valet

The tip-off by Thick as a Brick (TAAB) on November 4th on the takeover of Vivy and Fadza's company, 30 Maple Sdn Bhd towards the end of 2018 by the Khazanah and PNB funded Fashion Valet for RM95 million finally got the attention of the public after several days of interrogation by MACC.  

Earlier posting on the identity of Vivy's father as the mastermind behind FV viral with large hit of readers and republished by The Coverage. The portal made a stark revelation that throughout their loss-making tenure as managers of FV, the couple paid themselves annual dividend of RM4.2 million.  

These issues were highlighted by a Facebooker, who linked to a new Corporate Secret portal which exposed the link between Khazanah and Afzal Abdul Rahim, owner of NXBT Sdn Bhd, the company taking over FV for RM3.1 million. 

Afzal is the CEO of Time Dotcom, which Khazanah has a stake and a member of the Board of Director of Khazanah controlled banking group, CIMB. Afzal has joint interest with Khazanah in several companies with interest in Time Dotcom. 

The tax loss benefit for FV to set off makes the RM3.1 million sales as too cheap. Questions is why did Khazanah and PNB decided not try to turnaround as usually is the case but prefer to take a big loss? 

Budget 2025: Show me the money

Extract from Thick as a Brick's Challenging budget to be tabled Oct 18th:

Suggestions to address the problems of the rakyat is greatly appreciated. 

Still, its about the spending side. Government's PR machine can gloat on the stronger ringgit to claim country is out of the deep hole but remember that Malaysia is not out of the wood yet. 

One can talk about raising living standards, or various enhancements or fiscal responsibility or 16th Malaysia Plan and its challenges, but do "show me the money" to finance all the plans! 

Otherwise all the planned expenditures will end up being repeatedly mentioned at every Budget to give false impressions of big plans in the works which is no different than the myriad of past PAS Kelantan government grandeur project launches.   

Government need to look at the rakyats' needs and problems wholeheartedly from "cradle to the grave" and strategise a way forward. 

Privatising all the governments' revenue generating assets have proven to be a disaster to the government coffer and social programs. The outcome is presently felt with the masses becoming victims of depravation.

Rafizi need to start showing formulae more original and effective than growing chilies or introducing vending machines or announcing civil servants' copycat of policy ideas from UN or World Bank/IMF or WEF.

Bloomberg paid to hit M'sian govt. by Mahathir, Daim?

According to Dato Lokman Nor Adam, Bloomberg became the spokesman for Tun Daim and his wife Toh Puan Naemah to create a false claim that MACC were instructed by the Prime Minister to investigate him and his wife. [Go to his FB here and here]

Its obviously another of Daim's delay tactic to buy time from making his asset declaration. The old man has not exhausted his bag of tricks. Its a matter of time he will resort to claim of suffering from serious mental health to evade trial. 

An old trick was to have foreign media float a claim and other media viral the media report. In this case, the wife make a police report as though it is the truth that vindicated them. 

One wonder why a so-called credible foreign media willing to be an accomplice to cover up alleged crime?  

Is it the end for Western hegemony?

That is how the above documentary sounded. 

Generally, the following video is the western attitude to the dedollarisation trend that is in play as it is revealed recently that Japan, China and Saudi Arabia are reducing their dollar holding to buy gold.

Ceterus peribus? Everything remain the same? Or its just putting up a bold front?

Read on in Thick as a Brick HERE. 

What to come of Malaysia's semiconductor industry?

A lecturer and Senior Manager for InvestPerak was all praises for the National Semiconductor Strategy announced by Dato Seri Anwar Ibrahim at an event that month. 

However, off-late tech stocks have been taken a beating in the market on Wall Street and Bursa Malaysia since the Yen carry trade driven sell-off early in the month. For one, the incumbent darling semiconductor stocks, Intel having been on a reversal trend to the other rising semiconductor stocks. 

The new darling, Nvidia have taken a tumble due to some anti-trust issues, a usual front for corporate battle in the US. 

In addition, both Donald Trump and Kamala Harris are campaigning to revive manufacturing sector in the US to compliment the sanction strategy imposed on China. The globalisation promoted by Clinton and Obama doing a reverse due to geopolitics. 

This could have an impact on Malaysia and the layoff by Intel Penang, though an Intel problem, is seen by certain business and stock investor as prequel to a pullout.   

Few days ago, Trump threaten at imposing 100% tariff on countries involved in dedollarisation indirectly hitting at countries active in BRICS - members and associate by virtue of BRICS plus in which a new BRICS payment system seemed to be forthcoming. 

Read on in Thick as a Brick here. 

Should chequered past YTL involve in public transportation?

On Monday September 9th, Dato Seri Anwar Ibrahim unveiled PIKAS 2030 or Public-Private Partnership (PPP) Masterplan, It aims to boost governance and management of projects under PPP framework or in the decades used parlance, privatisation.  

There will be more competitive bidding, transparent and merit-based to ensure good governance, free from corruption, and high standard of management. The "whole nation" approach will be used to build a progressive nation approach for all.

Taking that into account, then companies with a poor track record of governance, having their past unraveled and implicated in court cases should not be allowed to participate in any PPP projects. 

Any  application and bid put on hold pending investigation or revelation in court proceeding. Only then PMX seriousness for governance not taken lightly. One such company is YTL. 

YTL's bid for Johor's ART or MyHSR should not be considered, especially with the age old 1Bestari.net controversy is a hot conversation on social media and among the knowledgeable public. 

Their takeover of Ranhill should be reviewed by UKAS and government.

Read on Thick as a Brick here. and Corporate Secret here.

UMNO need to retake the mantle of Malay leadership

For one, the Malay brand is no more the sole ownership of UMNO but that of many. 

So do the alternative Islamic branding, in which PAS has an oligopoly nearing a monopoly on conservatism and only left is a niche progressive Islamic segment to be shared with others.  

Despite remaining in government, UMNO has yet to set itself apart and be seen as holding the mantle of Malay leadership and the agenda setter it once was. 

It is not enough to talk of merely of Bumiputera empowerment or educate members on TVET initiatives or efforts of the various UMNO Ministers in their Ministries 

At the UMNO General Assembly, the discussion; ever since losing government in 2018 till the recent one, remained focus on politics, party matters, and conduct of its political affairs. 

It is still repeating and convincing the same explanations and matters arising since 2018 and 2022 GE15. Is the UMNO masses that blase?

Sinkhole and sinking coastal cities

Taken from the Youtuber EARTHBOUND, 3 years ago: 

Temperatures and sea levels are rising all over the world. Low-lying coastal cities are already dealing with disastrous floods and are desperately trying to find innovative ways to combat rising sea levels. Here are ten sinking cities that will soon be underwater.

Jakarta was mentioned. In South-East Asia, two other cities are also seriously facing the risk of sinking; namely Manila and Bangkok.

Malaysia's Kuala Lumpur and other coastal cities are not spared too.

The effect of climate change is not a hoax as claimed by Donald Trump. During his 22 years 'reign', Mahathir too ignored the environmental cause championed by fomer US Vice President, Al Gore. 

Is "end is near" for Mahathir man, Vincent?

 

Extract from "The Impending Fall of Vincent Tan":

Sources claimed Vincent's allegation against Spanco is libelous and does not represent the true picture of his contract. 

Without revealing the details yet, the terms of the concession awarded to Vincent from Mahathir is not the same with the original Spanco contract. Vincent's does not include vehicle maintainance in the contract.   

An intelligent guess would be that Spanco did not take kindly to the allegation by Vincent. The reason their lawyer Edmond Bon disagree with the term of withdrawal. Is a counter lawsuit in the making? 

Robert Tan who was questioned by MACC for Spanco have every reason to be angry for the ordeal the he had to go through. 

Can Thaksin's "return" revive Thai economic crisis?

Star Online published the following report from Reuters:

Thai economy is nearly in crisis: Caretaker finance minister

Thailand

Wednesday, 21 Aug 2024 12:14 PM MYT

BANGKOK: Thailand's economy is nearly in crisis due to declining exports and uncompetitive manufacturing, the country's caretaker finance minister said on Wednesday (Aug 21).

Exports accounts for 70% of the economy but the manufacturing sector can't meet market demand, Pichai Chunhavajira told a business seminar.

"We can't compete. We can't adapt in time," he said.

Malaysia’s GDP grows 5.9% in Q2 2024

KUALA LUMPUR: Malaysia’s economy grew 5.9% in the second quarter of this year (Q2 2024) thanks to stronger household spending amid positive labour market conditions and larger policy support.

Bank Negara Malaysia also attributed the strong growth rate to a pick-up in exports and tourist arrivals, as well as robust expansion in investment activities.

The figure is slightly above the statistics department’s advance estimate of 5.8% released earlier this week.

At a press conference here, BNM governor Abdul Rasheed Ghaffour said headline inflation is projected to average between 2% and 3.5% this year.

He said household spending remains the anchor of Malaysia’s growth, with consumer spending expected to improve going forward.

Read on in Thick as a Brick HERE

Stock meltdown bring attention to Malaysia

 And, so much for market getting more pessimistic on the possibility of  recession after last week's public relation exercise by Wall Street to claim it is not as bad. In Star Online today, "Market pricing in higher recession odds", the sub-heading reads "Goldman, JP Morgan say chances of downturn still remain".

Not too far off from this blogger's expectectation of the post- "crash" market condition  here. There is also the contrarian view such as this Wells Fargo strategist's prediction of 1995 re-run here.

However, the "crash" seemed to be a blessing in disguise. Despite the fear of war in the Middle East and Russia-Ukraine war could erupt with a Ukraine attempt to encroach into Russian controlled area, Malaysia is on the spotlight.

Its getting re-rating from none other than Goldman Sachs, the Investment Bank in a legal dispute with Malaysia in relation to 1MDB.  

Bloomberg reported:

(Aug 9): This week’s upheaval in global equities is prompting investors in Asian stocks to turn their attention to markets where their ownership has been falling in recent years, with China and Malaysia fitting the bill.

Impact of Trump's return on Malaysia

The elephant in the room is the possibility of Donald Trump returning to White House. He anticipate Trump to renew trade war against China and there will be a massive wave of relocation that will benefit Malaysia, Singapore and Vietnam.  

However, there is a contrarian view by the ANZ banking group. Malaysia is said to be the most vulnerable. Trump's second term is expected to be more isolationist, inward in foreign policy, and trade policy against China will be more prohibitive. 

Quoting from Edge report below:

Justification for M'sia-Thai cooperation for Kra Landbridge

Of late, the Panama Canal is running dry and water is at critically low level for the waterway to operate. The lack of rain due to the El Nino phenomenon has resulted in the second driest season in the canal's 110 year history. [read BBC here]. 

According to IMF blog, Panama Canal saw trade fell by 32% in the early part of 2024. Larger still is Suez Canal, by 50%. Since late December 2023, Suez Canal and Red Sea are under threat. Houthi rebels from Yemen attacked ships in response Israel's bombardment of Gaza and so-called retaliation to Hamas rocket attacks. 

Ships were diverted through the Cape of Good Hope and it added 6,000 nautical miles to journey. Situation may worsen with Israel seemed destined to attack Hezbollah in Lebanon and the possible confrontation with Iran. 

If that is not problematic enough for international trade, the Straits of Melaka recently faced a massive congestion.  

Is Black Monday 2024 over?

Come August till October, it is usually the time of the year crashes were to happen. ....

By the look of it, the global financial market is entering the witching period of the year. There was a sell-off on Wall Street last week arising from a poor job data which indicate recession is coming in.  

Extract from The Guardian last Friday, below:

The US labor market cooled significantly last month as unemployment unexpectedly rose, sparking fears of a slowdown across the world’s largest economy.

American employers added 114,000 jobs in July – short of the 180,000 additions expected by economists, and a marked decrease from the 179,000 added in June.

The headline unemployment increased to 4.3%, its highest level since October 2021, up from 4.1% the previous month.

Wall Street fell sharply following the official release. The S&P 500 declined 1.8% to a two-month low, as the technology-focused Nasdaq fell 2.4% and entered “correction” territory, having retreated 10% from the record high it scaled last month.

Reforming the audit system

Its about her (Wan Suraya) tasking "to transform and restructure the auditing system and strengthen the country's financial management".

In last year's report for 2022, she commented that there was an improvement in financial position from 2021 despite increasing national debt and liabilities and recommended strengthening public financial discipline. 

But she highlighted the glaring wastage of RM122 billion recurring annually. The public sector had serious issue. Had not for the wastage, the almost RM80 billion annual subsidy could still be provided to the rakyat. 

Thus, don't blame the ruling party - past and present.      

Malaysia's GOP need a reality check

In the early part of this season of annual UMNO Divisional meetings, voices have emerged to demand that UMNO break-out from the Unity Government. It came from groups within UMNO exploiting PH's colossal lost at the Sungai Bakap by-election. 

Among the voices are the faction aligned to the 11 BN MPs that signed the SDs after the 15th General Election to support Tan Sri Muhyiddin form a marginal majority government akin to the Perikatan Nasional government of 2020-22.   

There is also voices expressing the reluctance of grassroot members to accept the current political reality of a Unity Government. 

This segment of UMNO members either could not cope with the sentiment of being in a coalition with DAP and ridiculed as UMDAP or unable to accept Anwar Ibrahim, UMNO's former political enemy as Prime Minister. It is partly attributed to peer pressure from former UMNO members, who migrated to PN. 

And it is also partly in-denial of the party's present predicament. They initially digested the party's explanation that the Unity Government was to respect the request of the Yang Di Pertuan Agong, but could not come to term with the party's decline in fortune. 

The revival of the Teoh Beng Hock case

Cynical of Lim Kit Siang and DAP's attitude of excessive politicizing of the death, this blogger was initially defensive of MACC. However, there was a change of mind following Government DNA expert, Dr Seah Lay Hong revelation to the Coroner of Beng Hock's snapped belt in the August 9th 2009 Inquest on the cause of death. 

Enquiries made with certain sources went silent.

In her 3 parts series on the untold story of Beng Hock, the former Research Officer to the Selangor MB, Tricia Yoh mentioned the name of Dato Seri Hishamuddin Hashim, the then Deputy of MACC Selangor in the final part. 

At the time of writing in July 2017. he was promoted to Director of Special Operations Division or  seldom referred to as B.O.K. in MACC. 

He is now the current Senior Director of Investigation of MACC and the gossip at the courts are saying his IOs threatened a suspect by claiming involvement in Teoh Beng Hock interrogation.   

RCS Edin exposed false claims of PP proponents

Bo-Su-Lynn revealed in yesterday's report HERE that RCS Edin "never guaranteed" PP program for CTS for UK specialist registration. In other words GMC did not recognised PP. 

This proves Dr Rafidah Abdullah and Dr Hanafiah Harunarashid may have lied in their early June claim that two of the trainees got a job abroad, presumably as CTS specialist. Perhaps, a police report should be made against Rafidah for her false claim and abusing her position to lie to the public. 

At the end of March, the MP for Kuching, Dr Kevin Yii claimed seven practising CTS have RCS Edin qualification to push the argument against MMC for inappropriately rejecting the PP graduates which have their diploma issued by RCS Edin.    

He was speaking in concert with Senator Dr RA Lingeswaran from DAP Penang to apply political pressure on MMC to break the law and recognise PP. 

Nor Hisham broke the law, messed up Medical Specialist training

Not many is aware, the budget for the teaching hospitals in this country were slashed few years ago. It happened before Tan Sri Nor Hisham Abdullah introduced the Parallel Pathway in his so-called attempt to shortcut the process of producing more medical specialist.

PP used up the budget of Ministry of Health (MOH), which is not responsible for medical education but that of Ministry of Higher Education (MOHE). Budget meant for public health were diverted into areas which is not supposed to be spent by MOH and compromised public health well beings. 

Since this issue will be addressed in Parliament, Member of Parliaments should be looking into the implication on the budget and not narrowly channeled by what was briefed to them. Its practically attempt by MOH to kill off medical education of local Universities. 

As the next Parliament session draws near, the same happening as before and reported by this blog in earlier postings is happening.

Proponents of PP attempted to confuse the public to deflect the weakness on the accredition of PP, bad planning of MOH, lack of assessment and monitoring for academic quality, and the more serious matter of patients' safety. 

--------

In a briefing by MMC to Health Parliament Committee, they acknowledged Noor Hisham's initiative since 2016 had broken the law. 

Parallel Pathway Must Follow Existing Laws, Says Ex-MOH Deputy Director

By Alifah Zainuddin | 14 June 2024

Codeblue

Former MOH disease control deputy director Dr Zainal Ariffin Omar says the parallel pathway must comply with existing Medical and MQA Acts and be regularised through “recognised institutions”; all medical specialty training must be accredited by MMC/ MQA.

KUALA LUMPUR, June 14 – Dr Zainal Ariffin Omar has called for the parallel pathway to comply with existing legislations, emerging as the first former Ministry of Health (MOH) official to publicly criticise the programme.

The former MOH disease control division deputy director’s rebuke of the alleged irregularity in the MOH’s parallel pathways with foreign royal colleges indicates dissent within the medical profession itself on this particular medical specialty training programme – instead of a simplistic conflict between specialist doctors in the MOH and those in universities who are also professors.

“Under the Medical Act 1971 [Act 50] (Amendment 2012), it is clear that training is required for NSR registration. And under the Malaysian Qualifications Agency (MQA) Act 2007 [Act 679], all local educational institutions must be accredited.

“For foreign institutions, approval must be granted by the respective country before it can be accepted by NSR/ MMC. All specialist training must be part of a system approved and accredited by MMC/ MQA, unless the Act is amended. Otherwise, much of the training will be unregulated,” said Dr Zainal Ariffin, who is also a former elected council member of the Malaysian Medical Council (MMC), told CodeBlue yesterday.

The lies and fraudulent claims of MATCVS proven!

In "MATCVS made fraudulent claim", Star Online reported them making false claims. The immediate question was:

If so, why was it that those trainees that undergone training in the UK were not issued Certificate of Completion by RCS Edinbrugh and the FRCS they acquired are not recognised by FMC for work in the UK. Ask MATCVC for proofs to all their claims!

Their claims was: 

“The Cardiothoracic Parallel Pathway training and curriculum are quality assured by the Royal College of Surgeons of Edinburgh (RCSEd) and follow the same standards and requirements as the Malaysian National Postgraduate Medical Curriculum (NPMC) for Cardiothoracic Surgery and the UK Intercollegiate Surgical Curriculum for Cardiothoracic Surgery regulated by the UK General Medical Council (GMC).

“The exit examination is the RCSEd Joint Specialty Fellowship (JSF) examination in Cardiothoracic Surgery. This examination follows the same standards and format as the Intercollegiate Specialty Board examination conducted in the United Kingdom and regulated by the GMC.

MATCVS resort to lying and underhanded means to get illegal FRCS recognised

They were selling shortage of Medical Specialist to get public and political support to push for the unrecognised Parallel Pathway program for the 'illegal' FRCS International of RCS Edinburgh.

The shortage could not be overcome by the PP program since it is not recognised by the Malaysian Medical Council. PP does no not comply with the amended Medical Act 1971, Medical Regulation 2017 and Malaysian Qualifying Agency Act 2007 on the criterias of running a foreign educational program, recognition of the program, registration of the program, acceptance as Specialist, and registration into the National Specialist Registrar.  

The champion and coordinator of the program, the Malaysian Association of Thoracic and Cardiovascular Surgeons (MATCVS) resorted to lie and claim their PP program was already recognised but it was duly dispelled by MMC. 

Honours to stiffle M'sian Medical Specialist programs

NST: Royal College of Surgeons of Edinburgh honours health D-G for contributions to surgery

The first posting entitled "FRCS medical training scam?" dated February 14th attracted cynical and criticism comments. 

Most important, more feedback came this way. One is this Facebook status dated February 3, 2018 in which former Director General of the Ministry of Health, Tan Sri Noor Hisham Abdullah received Fellowship Ad Homimem from the Royal College of Surgeons of Edinburgh (RCSEd). However, that status is no where to be seen and was removed from his Facebook. 

Apparently a month earlier on January 17th, 2018, there was a launching ceremony for the RCSEd International Office at UKM for the FRCS International program allegedly referred as "scam" program not accredited by the Malaysian Medical Council but pressure is being applied to accredit the inadequate surgery training program. 

When asked by a commentator whether FRCS can now be done in Malaysia, Noor Hisham proudly gave the affirmative and claimed it has been going on since 2016. 

On May 29th 2022, he jubilantly published the successful 8 trainees that passed the Joint Specialty Fellowship Program for Cardiothoracic Surgery. An effort from the Edinburgh accredition visit on June 27th 2015.  To the horror of the trainees, the program was inadequate and rejected by MMC. 

It explains the frantic pressure applied on Minister for MOH by The Malaysian Association for Thoracic and Cardiovascular Surgery (MATCVS), Malaysian Urological Association, Academy of Medicine, and other NGOs. All seemed many but are the same group of people with personal vested interest.  

MATVS "illegal" medical specialist program challenged

Reported in the Malay Mail Online yesterday of Medical Specialist questioning a program run by a Medical NGO as sub-standard and demeaning local Med School programs. 

The report in full below: 

Members challenge association for thoracic and cardiovascular surgery for putting its training on par with IJN courses

By Anis Zalani

Thursday, 15 Feb 2024 5:14 PM MYT

KUALA LUMPUR, Feb 15 — A group of concerned members have disputed the Malaysian Association for Thoracic & Cardiovascular Surgery’s (MATCVS) assertion about the quality of its certification, accusing the group of implying this was possibly superior to those offered by local institutions such as Universiti Teknologi MARA (UiTM) and the National Heart Institute (IJN).

Najib's last chance

The official communique from UMNO is they respect the decision of YDPA and will continue with effort to seek for Najib's release. If it is any consolation, Shad wrote below: 

In accordance with the Board’s order, Najib can be released from custody on Aug 23, 2028. However, there are several variable and unpredictable factors.

First, there is no bar to repeated acts of clemency. In due course of time, he may receive another remission to hasten his release.

Second, under Section 43 of the Prisons Regulations 2000, a prisoner sentenced to a term of imprisonment exceeding one month may be granted remission of one-third of his sentence for good behaviour. However, this is subject to the terms of an order of the Pardons Board, and that order is to release him on Aug 23, 2028. So, the one-third remission rule cannot apply to Najib.

Third, under Section 46A of the Prisons Act, there are complicated rules about parole. A prisoner may be released to serve any part of his sentence outside the prison pursuant to a Parole Order.

Fourth, as there is no bar to repeated acts of clemency, Najib could be gifted with another act of clemency and given a full pardon, which would wipe away the conviction and all disabilities.

Sanusi's explanation on Kedah FA confusing

Another interpretation of Sanusi's explanation raised suspicion of corruption and abuse of power similar to the case against Muhyiddin involving Bokhary Equities donation to PPBM, as below:

Adding to the confusion is the bit about Tulangi requesting the return of RM1.3 million instead of the whole RM5 million. 

Some details would be nice because apparently a reliable source said there was no flow of money into KFA account to show the donated money went to KFA. This contradict Sanusi's claim the money is all in the account. 

Sanusi mentioned in his press statement about the RM5 million received was to pay debt. So which is which: 

Money in the KFA account used to pay debt or KFA could only afford to repay RM1.3 million because money never went into the account?