Malaysia Defence & Economy Forum

[UMNOPutra]

Former directors say 1MDB can't pay its debts, RM9.8bil of 'investments' are scams

PUTRAJAYA: 1Malaysia Development Bhd (1MDB) is insolvent and unable to repay its debts, two of the company's directors have told the Finance Ministry.

The revelation was made at a meeting between the Finance Ministry and 1MDB directors Datuk Norazman Ayob and Datuk Kamal Mohd Ali.

"The directors of 1MDB confirmed that 1MDB was insolvent and unable to repay its debts," Finance Minister Lim Guan Eng told reporters on Wednesday (May 23) after the meeting.

"The former CFO (chief finance officer) Azmi Tahir had also written to the ministry in March to state that 1MDB will not be able to service its interest due in April and May 2018."

Kamal also called the US$940mil (RM3.743bil) worth of investment "units" held with Singapore's BSI Bank and US$1.56bil (RM6.21bil) worth of overseas investment "funds" belonging to 1MDB Global Investments Limited as "scams".

"These investments are worth purportedly some RM9.8bil, which if redeemed, would be more than sufficient to meet 1MDB's financial obligations for the next few years," said Lim.

"The board of directors claimed they have repeatedly disputed the value and the existence of these investments during monthly board meetings. This is because the 1MDB management had repeatedly failed to supply the board with evidence of the existence of these investments over the past two years.

"Datuk Kamal called these investments a scam. That's the director himself saying it," said Lim.

Besides the two directors, Lim had a separate meeting with 1MDB chief executive officer and president Arul Kanda Kandasamy as well as former 1MDB CFO Azmi and former 1MDB general counsel Ivan Chen.

Lim lambasted Arul Kanda as "utterly dishonest and untrustworthy".

"Arul Kanda claimed that all financial matters were handled strictly by the company CFO and he is uncertain what the value of these investments are – or whether they exist in the first place.

"It is completely unbelievable that a highly-paid and experienced investment banker can be so irresponsibly clueless as to not know whether RM9.8bil worth of investments are even real," said Lim.

The Finance Minister said he had instructed the ministry's legal advisers to review Arul Kanda's position as president of 1MDB.

The ministry will also appoint accounting firm PricewaterhouseCoopers (PwC) to conduct a special position audit and review of 1MDB.

"We want Malaysians to know the true financial state of affairs in 1MDB. We will then be able to determine the cost to the taxpayers," said Lim.

"The PwC report will be submitted to to the 1MDB Special Committee once it's completed."

Also present with Lim at the meetings were deputy treasury secretary-generals Datuk Siti Zauyah Md Desa, Datuk Ahmad Badri Mohd Zahir and Datuk Asri Hamidon.

Read more at https://www.thestar.com.my/news/ ... WPWmLjOUzuKGqBI8.99

 

[rambro]

Meme worthy, arul ceo of 1mdb getting grilled. His winning smile is not going to save him this time.

 

[UMNOPutra]

Malaysia to build island in waters near Singapore

KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad said Wednesday (May 30) he wants to develop an island on a cluster of rocks previously disputed with Singapore, a move that could anger its neighbour.

The strategically located area has long been a flashpoint between Kuala Lumpur and Singapore, and they previously took a territorial dispute to the United Nations top court.

The International Court of Justice in 2008 awarded two rock clusters, called Middle Rocks, to Malaysia while a nearby island was deemed to be Singaporean territory.

Malaysia launched a challenge to that ruling last year but Singapore's foreign ministry said Wednesday it had been withdrawn by Kuala Lumpur.

The 100km strait is one of the world's busiest commercial shipping routes, with vessels using it to access the city-state's port.

"It is our intention to enlarge Middle Rocks into a small island for us," the 92-year-old – who started his second stint as premier this month after a surprise election win – told a press conference.

He gave no more details about what the proposed island would look like or how long it would take to build.

Dr Mahathir added that Malaysia had already built a structure on Middle Rocks. Reports said Malaysia inaugurated a maritime base there last year.

James Chin, a Malaysia expert from the University of Tasmania, told AFP that Singapore would see the move as "hostile".

"Among the Singapore elite, they will see it as part of Dr Mahathir's anti-Singapore stance," he said.

It came after Dr Mahathir announced this week that he was scrapping a planned high-speed railway between Kuala Lumpur and Singapore, as he seeks to improve the nation's finances.

Both developments are likely to alarm the Singapore government, already wary of Dr Mahathir's return as ties between the neighbours were famously stormy during his first stint as premier from 1981-2003.

Still, Kuala Lumpur's decision to drop its case at the ICJ could assuage fears.

Malaysia had lodged its challenge in February 2017, calling for the court to overturn its earlier ruling granting its neighbour sovereignty over the disputed island. – AFP


Read more at https://www.thestar.com.my/news/nation/2018...O22rd4Hzfbsp.99

 

[powastick]

Malaysia to build island in waters near Singapore

KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad said Wednesday (May 30) he wants to develop an island on a cluster of rocks previously disputed with Singapore, a move that could anger its neighbour.

The strategically located area has long been a flashpoint between Kuala Lumpur and Singapore, and they previously took a territorial dispute to the United Nations top court.

The International Court of Justice in 2008 awarded two rock clusters, called Middle Rocks, to Malaysia while a nearby island was deemed to be Singaporean territory.

Malaysia launched a challenge to that ruling last year but Singapore's foreign ministry said Wednesday it had been withdrawn by Kuala Lumpur.

The 100km strait is one of the world's busiest commercial shipping routes, with vessels using it to access the city-state's port.

"It is our intention to enlarge Middle Rocks into a small island for us," the 92-year-old – who started his second stint as premier this month after a surprise election win – told a press conference.

He gave no more details about what the proposed island would look like or how long it would take to build.

Dr Mahathir added that Malaysia had already built a structure on Middle Rocks. Reports said Malaysia inaugurated a maritime base there last year.

James Chin, a Malaysia expert from the University of Tasmania, told AFP that Singapore would see the move as "hostile".

"Among the Singapore elite, they will see it as part of Dr Mahathir's anti-Singapore stance," he said.

It came after Dr Mahathir announced this week that he was scrapping a planned high-speed railway between Kuala Lumpur and Singapore, as he seeks to improve the nation's finances.

Both developments are likely to alarm the Singapore government, already wary of Dr Mahathir's return as ties between the neighbours were famously stormy during his first stint as premier from 1981-2003.

Still, Kuala Lumpur's decision to drop its case at the ICJ could assuage fears.

Malaysia had lodged its challenge in February 2017, calling for the court to overturn its earlier ruling granting its neighbour sovereignty over the disputed island. – AFP


Read more at https://www.thestar.com.my/news/nation/2018...O22rd4Hzfbsp.99

No money to build HSR, but got money build useless island. Great.

 

[lcloo]

Durian prices dropped to RM 1 per fruit, that is less than USD0.25 per fruit. Bumper harvest this year produced so much fruits that farmers find it hard to sell all of them.

Durian prices drop to lowest at RM1 per fruit

• Eat & Drink
• Saturday, 21 Jul 2018
  
  • 
    arnold loh
• 
  
  
  
  A photo of durians sold at RM1 each in Sungai Kob, Kulim, making its rounds on Facebook.
  
  
  
  SUPPLY appears to have exceeded demand for durian. As the harvesting season goes past its peak, sellers are marking down prices till it’s just RM1 per unit to encourage buyers to snap them up before the fruits go bad.
  
  A photo of the price slash was making rounds on Facebook yesterday, showing a durian stall in Sungai Kob near Kulim, Kedah. Larger and fresher durians were going at between RM3 and RM8.
  
  
  In Chai Leng Park, Butterworth, a durian seller was spotted selling Musang King at RM28 per kg.
  
  “The wholesalers are sending us durians twice a day. We are now desperate to sell as fast as we can because we are committed to take their stock daily,” he said.
  
  
  
  This has been the longest durian season in recent memory in northern Malaysia.
  
  Makeshift durian stalls mushroomed in late February and the season was supposed to be over in May. But another round of durians began falling in late June, removing any perceptible break in the season.
  
  In March, sellers slashed the price of Musang King from RM125 per kg last year to RM50 and RM65 per kg. Black Thorn Grade A was being sold at RM75 per kg, compared with RM100 last year. Some ‘vintage’ varieties only saw a minor drop in prices.
  
  The Hor-Lor went for RM30 to RM45 per kg compared with RM40 to RM55 per kg last year, while the D158, nicknamed Ganja, was going at RM28 per kg compared with RM35.
  
  
  Read more at https://www.thestar.com.my/metro/ea...o-lowest-at-rm1-per-unit/#Ubh0R9ZedmR0rKwg.99

 

[UMNOPutra]

 

[lcloo]

PM remains focused on his goal and shrugs off anti-China label

• Nation
• Thursday, 23 Aug 2018
  
  
  • 
    beh yuen hui
    
    
• 
  
  Hello Malaysians: Dr Mahathir waving to the crowd who turned up for prayers during Hari Raya Aidiladha at the National Mosque in Kuala Lumpur. — Bernama
  
  TUN Dr Mahathir Mohamad has undone his predecessor’s debt diplomacy during his five-day visit to China by axing mega projects awarded to Chinese firms.
  
  The Prime Minister was focusing on one goal – to get the country out of huge debts – as he kept up with the hectic programmes in two Chinese cities some 1,300km apart.
  
  
  After meeting top Chinese leaders, namely President Xi Jinping, Premier Li Keqiang and National People’s Congress chairman Li Zhanshu on Monday, he finally offered his answer to the million-dollar question by announcing that the East Coast Rail Link, Multi-Product Pipelines and Trans-Sabah Gas Pipeline would be scrapped.
  
  The deals were signed during Datuk Seri Najib Tun Razak’s term.
  
  Dr Mahathir had been vocal against Najib’s friendly policies towards China, accusing him of “selling off” Malaysia’s sovereignty.
  
  But the 93-year-old sought to clear his “anti-China” label as he visited Alibaba Group headquarters and automotive manufacturer Zhejiang Geely Holding Group in Hangzhou, Zhejiang province, and later met Chinese entrepreneurs in Beijing.
  
  “I explained and proved to them I am still as China-friendly as before and Malaysia is still business-friendly to all,” Dr Mahathir, who appeared fresh and energetic when meeting the Malaysian media on Tuesday, said.
  
  This was Dr Mahathir’s eighth official visit to China as the premier, but his first since returning to power in May.
  
  He led a big delegation of six ministers – Datuk Saifuddin Abdullah (Foreign Affairs), Teresa Kok (Primary Industries), Ignatius Darell Leiking (International Trade and Industry), Datuk Salahuddin Ayub (Agriculture and Agro-Based Industry), Mohd Redzuan Md Yusof (Entrepreneurial Development) and Datuk Liew Vui Keong (Minister in the Prime Minister’s Department).
  
  At Geely, he witnessed the signing of a memorandum of understand (MoU) between the company and Proton Holdings in setting up a production plant to assemble and market Proton cars – a step forward to fulfil his long dream of seeing the national car being sold in China.
  
  Set up in 1983, Proton is Dr Mahathir’s brainchild. In May last year, Najib’s administration sold 49.9% stake in Proton to Geely, a move which was heavily criticised by Dr Mahathir.
  
  During this trip, the Prime Minister was charmed by the advance technology and innovative ideas from the Chinese and realised how far Malaysia is left behind by the world’s second biggest economy.
  
  From Hangzhou, he rode the High Speed Rail to Shanghai, before flying to the Chinese capital of Beijing.
  
  Although impressed, he believed the country is too small for the technology.
  
  “The train travels at a speed of 300kph. It is for long distance, the KL-Singapore line is only 350km,” he said.
  
  Dr Mahathir also visited drone-maker Da Jiang Innovations and National Agricultural Science and Technology Innovation Park of the Chinese Academy of Agriculture Sciences, where he was briefed on modern agriculture techniques and home farming by using artificial sunlight.
  
  He also witnessed the signing of six MoUs in the fields of agriculture, technology, commodity and finance between the two countries.
  
  Astonished by China’s ability to produce their own goods, Dr Mahathir urged Malaysians to take a leaf out of the Chinese book instead of relying on imported goods.
  
  He also appealed for the return of overseas citizens to contribute to the country.
  
  He left for home on Tuesday.

 

[striver44]

heard that you got problems sending those birds to the sky??????

 

[UMNOPutra]

 

[UMNOPutra]

Hari Merdeka 31 Ogos 2018

 

[UMNOPutra]

Military Parade 31 August 2018

 

[UMNOPutra]

The Real Problem With The Sukhois: The Russians
By MT Webmaster On Sep 7, 2018

(FMT) – The fighter jet problems as revealed by Defence Minister Mohamad Sabu last month have nothing to do with weaknesses in maintenance, says a high ranking official with knowledge of the air force.

Speaking to FMT on condition of anonymity, he said the Royal Malaysian Air Force (RMAF) was under pressure due to the limited budget to maintain its fleet comprising different types of aircraft.

Mohamad, or Mat Sabu, had last month said that only four of the country’s 18 Russian-made Sukhoi Su-30MKM could fly, while the others were under repair.

But at the centre of the problem, said the official, is the manufacturing country itself.

“The problem with the Russian planes is the Russian way of doing business,” he said.

The Sukhois, the most advanced fighter jets in the RMAF’s inventory, was purchased in a deal worth US$900 million in 2003, in the final year of Dr Mahathir Mohamad first stint in office.

The deal was inked in 2003. Six Sukhois were delivered in 2007 and the rest in 2009.

As part of the deal, Russia bought palm oil from Malaysia, and trained a Malaysian astronaut, who in 2007 became the first Malaysian to travel to space.

The official said initially, RMAF received good support from the Russians, but soon it found out about the “complications” of Russian bureaucracy.

Among the problems is that customers must go through a state-owned company, which would then deal with the original manufacturer or design bureau.

“That makes things difficult,” he said.

He said the Russian way of doing business wasn’t as “open or transparent” compared to other Western nations.

“They are supposed to support us for a certain time after we procured the jets, they don’t disclose everything. In the midst of procurement, we weren’t informed on the need to carry out certain types of maintenance after 10 years, which only they can do.”

On the other hand, US-made jets are easy to manage as their maintenance and procurement systems were straightforward and systematic, he added.

He said the Americans have the Foreign Military Sales (FMS) programme to facilitate the sales of arms, defence equipment, defence services, and military training to foreign governments.

“Ultimately, this means anything purchased from America and the subsequent servicing was very reliable,” he said.

The source said although the government had over the years delivered its allocation for RMAF, it was not enough taking into account its diverse and ageing fleet.

Meanwhile, an industry source, echoing similar concerns, said the servicing of Russian planes was more expensive as it had to go through third parties.

He said the more transparent manner in dealing with countries like the US and the UK was not something that local officials would welcome.

“The problem with defence procurement in this country is that Malaysian officials don’t like to buy from the US or UK because with them everything is above board.

“National security is often used as an excuse for corruption,” he added.

 

[UMNOPutra]

Shepard Says Malaysia Bought Javelins

Marhalim Abas
September 12, 2018
Malaysian Army

SHAH ALAM: Shepard says Malaysia Bought Javelins. Shepard Media – a UK based aerospace, defence and security industry publication – is claiming that Malaysia has purchased the Raytheon FGM-148 Javelin anti tank guided missile. In its subscriber only part of its website it claimed that Malaysia were among the countries that purchased the Javelin. The site says Malaysia purchased 60 missiles.

I do not have susbcribtion to the Shepard Media website but its editor had kindly put up a screenshot of the Javelin page which listed Malaysia as one of the countries that had purchased the missile.

The screenshot of the Shepard Media page which says Malaysia bought the Javelin.

Perhaps Shepard got the information from the manufacturer about Malaysia buying the Javelin. It is not like that we know about every purchases the Defence Ministry makes. There was no heads up when we bought the LAW, MAPAM and even the NLAW

I was told sometime back that as an advanced ATGW, the Javelin must be purchased through the Foreign Military Sale program, resulting in a sale notice via the Defense Security Cooperation Agency. I checked the DSCA website and there is no notice of a Javelin sale to Malaysia.

It had a notice from 2012 which states:

The Defense Security Cooperation Agency notified Congress November 15 of a possible Foreign Military Sale to the Government of Indonesia for 180 Block I Javelin Missiles and associated equipment, parts, training and logistical support for an estimated cost of $60 million.

As the notice was six years old, it is likely that Indonesia had taken delivery of the missiles. It is interesting to note that the Wikipedia Javelin page did not list Malaysia as a user though Indonesia correctly listed though with 189 missiles.

 

[UMNOPutra]

Can we afford new fighter jets?
Kua Kia Soong
September 10, 2018 6:50 PM

Our new Minister of Defence Mohamad Sabu recently dropped a bombshell (well, not literally) when he revealed that only four out of the 28 Russian fighter jets owned by the Royal Malaysian Air Force (RMAF) are air-worthy.

He said that the RMAF had 18 Russian-made Sukhoi Su-30MKM and 10 MiG-29 jet fighters and that the remaining 14 Sukhois are under repair. He further said the RMAF was unable to properly maintain the airworthiness of these fighter jets.

Not long after, as expected, Mohamad, or Mat Sabu, cheerily told us that the Langkawi International Maritime and Aerospace Exhibition 2019 (LIMA’19) will become “a reference point for the government to develop and modernise the military, civil aerospace and maritime requirement”.

From their past purchasing patterns, you know what to expect when the defence ministry goes shopping at LIMA 2019…

https://www.freemalaysiatoday.com/category/opinion/2018/09/10/can-we-afford-new-fighter-jets/

 

[PDW]

Could be a mix up between one Javelin missile and another? Malaysia has ben reported to have or have had UK made Javelin MANPADS, delivered around 1990?

Shepard Says Malaysia Bought Javelins

Marhalim Abas
September 12, 2018
Malaysian Army

SHAH ALAM: Shepard says Malaysia Bought Javelins. Shepard Media – a UK based aerospace, defence and security industry publication – is claiming that Malaysia has purchased the Raytheon FGM-148 Javelin anti tank guided missile. In its subscriber only part of its website it claimed that Malaysia were among the countries that purchased the Javelin. The site says Malaysia purchased 60 missiles.

I do not have susbcribtion to the Shepard Media website but its editor had kindly put up a screenshot of the Javelin page which listed Malaysia as one of the countries that had purchased the missile.

The screenshot of the Shepard Media page which says Malaysia bought the Javelin.

Perhaps Shepard got the information from the manufacturer about Malaysia buying the Javelin. It is not like that we know about every purchases the Defence Ministry makes. There was no heads up when we bought the LAW, MAPAM and even the NLAW

I was told sometime back that as an advanced ATGW, the Javelin must be purchased through the Foreign Military Sale program, resulting in a sale notice via the Defense Security Cooperation Agency. I checked the DSCA website and there is no notice of a Javelin sale to Malaysia.

It had a notice from 2012 which states:

The Defense Security Cooperation Agency notified Congress November 15 of a possible Foreign Military Sale to the Government of Indonesia for 180 Block I Javelin Missiles and associated equipment, parts, training and logistical support for an estimated cost of $60 million.

As the notice was six years old, it is likely that Indonesia had taken delivery of the missiles. It is interesting to note that the Wikipedia Javelin page did not list Malaysia as a user though Indonesia correctly listed though with 189 missiles.