Matters of opinion that enables me to understand or make some sense of my country- Malaysia

1mdb-made-rm184-million-from-sweetheart-deal-with-tabung-haji-

—————————————————————————————————-

Holy Cow.!.Dejavu indeed.!

Watch this exchange between Rafizi and chairman of Tabung Haji- Abdul Azeez-

just recently in Parliment.when Rafizi was raising warning about Tabung Haji fund being “used” for some 1MDB scheme…

sourced :

————————————————————————–

those-who-leaked-th-info-to-be-probed-under-osa/

Why are transactions involving public funds a secret,don’t shareholders have a right to know how their savings are being used,or worst mis-used?
There is a real need to get priorities in order.. Seems so misplaced

The emphasis seem to be that a secret has being leaked…

instead off wondering if there was a breach of Trust or if the affair was un-principled.

And this involves Tabung Haji funds, the institution where people’s savings are for them to make a once in a lifetime Holy Pilgrimage to be closer to their GOD.
What if they think that the funds are contaminated by misuse or un-principled use ? It may be troubling thought that needs to be addressed just to reassure them that their savings are not used in any deviating manner against their faith.
All clean and above board and especially no “non-halal” elements..

Maybe JAKIM or even ISMA has something to say about it..since religion is their domain.

Just mulling :

Read a quip somewhere that : O.S.A(official secrets act) perhaps means that our “Officials” may have “Secrets” of power abuse and mis-use of public funds so they need an “Act” to protect them from being exposed if they engage in unscrupulous dealings.

Tun Mahathir on the Tabung Haji and 1MDB land deal.

Tun Dr Mahathir Mohamad  in his blog , commented on the land deal  purchase of  Lembaga Tabung Haji (TH)  from 1MDB

The Tun remarked that  the money belonged to TH contributors and should not have been used to bail-out the financially ailing 1MDB.

The Tun wrote “Is this how TH uses other people’s money that was entrusted to them? “. Contributors hoped the money they gave TH would be used for their benefit and not to bailout 1MDB which has lost billions of ringgit.”

Tun M is calling for the land deal to be scrapped immediately,. He also noted at how 1MDB will reap a huge profit  if the land deal is to go through.

1MDB had purchased   70 acres of TRX  land for RM194.1 million. But selling off  a mere 1 and half acres to Tabung Haji – for a staggering RM188.5 million.

“Tabung Haji  funds are from contributors and Tabung Haji  is entrusted to manage these funds well  in            a “ halal “ manner as permitted by Islam. “  This money does not belong to TH.” Tun M commented!

Originally,  land was earmarked  to develop a Bumiputera trading centre. But 1MDB had set aside this project ” . TH have plans to build a residential tower on the  1 and half acre site  purchased.

Conflict of interests?

The chairman of Tabung Haji – Umno MP for Baling -Abdul Azeez Abdul Rahman  was rumoured to have been appointed to the post in 2013 amid heated speculation that he was hand picked by the wife of PM Najib- Rosmah Mansur to the Chairman’s post.

And as if that is not damning enough . As it turns out ,in a MKini article ,3 top directors  in Tabung Haji are directly involved with debt-laden 1MDB – which raises the question of conflict of interest in the land deal of  the two entities.

Which prompted Umno Youth and Umno supreme council member -Saifuddin Abdullah -to query whether this deal could be tainted by conflict of interest.

The three figures are:

Ismee Ismail is the Tabung Haji group managing director and CEO. He also sits on the 1MDB board.

Johan Abdullah is the Tabung Haji deputy group managing director and deputy CEO.

He is also the chairperson of 1MDB subsidiary Edra Global Energy Sdn Bhd.

Edra acquired power assets from Powertek (formerly known as Tanjong Energy), Genting Sanyen and Jimah.

Abdul Samad Alias sits on the Tabung Haji investment panel.

He also sits on the 1MDB advisory board, which is chaired by Prime Minister Najib Abdul Razak. – Mkini

Is there a behind the scenes mutiny in UMNO ?

 Even DPM Tan Sri Muhyiddin Yassin has remarked against the 1MDB scandal ,warning  that the issue was serious and potentially explosive..as he commented to  reporters with him on a working visit to Milan, Italy,

He said that the debt-ridden 1MDB may have been among the factors for  BN to lose in the Permatang Pauh by-election.

The Umno deputy president  was not even able to explain the 1MDB scandal when campaigning because,

“I don’t even know what to say”. “The rakyat wants to know, not just Tun M. -Why no one has been charged, Why the 1MDB board has not been sacked, and about the position of the CEO and the PM as adviser,” .

He said the situation was toxic and might have a huge adverse impact not just on the people, but Umno as well.

 Pm Najib is getting into a tough indefensible position

Khairy Jamaludin (KJ) ,the charismatic Youth and Sports Minister and UMNO youth chief ,who has always shown a die-hard loyalty and support to his boss.PM Najib , seem to have changed his tone and stance.

“The Finance Ministry (meaning Finance Minister Najib ) must explain how 1MDB will use the RM188.5 million from its land sale to  Lembaga Tabung Haji (LTH), KJ  demanded to know.

In a series of questions posed to the ministry and LTH, KJ said  that any bailout of the state-owned investment firm of 1MDB , in which Malaysians stood to lose was unacceptable.

“1MDB will receive RM188.5 million from the sale of the land to LTH. What will this money be used for?” Khairy posted on his official Facebook page.

“The public knows that the 1MDB issue is becoming more severe..Umno Youth is really worried if an institution like LTH is used to save 1MDB,”

“Any effort to save 1MDB that can disadvantage the public cannot be accepted. –

Mutiny on The Not So Bountiful 1MDB ?

Are PM Najib’s Top officers  abandoning their captain in a mutinous act before  the ship sinks and the whole lot goes down with the vessel.

And before that can happen , the Top guns seem to be already jostling for strategic positions in eyeing the Top post, that may be vacated sooner than expected- PM Najib is on a very tenous position.walking on thin ice. Will he be dislodged by sustained pelting of scandal after scandal.? Ground sentiments are sensing its an inevitable and unavoidable eventuality.

Dissenting voices from within UMNO , across the ranks , are increasing in intensity and getting louder and more daring in challenging their president’s investment arm of 1MDB, which basically is a subtle move ,going against the UMNO leader and PM Najib.

And those  in the top ranks of UMNO  now – seem to be jostling for vantage points ,  so that they may  be better positioned to benefit from the shifting dynamics of the UMNO leadership hierarchy, if or when PM Najib does fall !

——————————————————————————————————-

Meantime ,

From 1MDB being technically ” foreign investment fund entity” that explains that the funds need to be kept offshore-from Caymans-Singapore etc because of Bank Negara regulations-Theory is do make money to bring back into Malaysia to contribute to the economy,enlarging the economic pie .

Isn’t that the whole point of “foreign investments “, particularly this 1MDB ” Sovereign” foreign investment fund?

What is it doing messing about in “In-shore” investments to make money?TRX- IPPs etc are all Malaysian entities,nothing “foreign” about these companies, nor 1MDB using them as “foreign investments”.? So confusing.? And alarming-seeing these money making schemes are GLCs which “assets ” the Goverment has control-of  and can easily  manipulate,Just needs complicity/co-operation of those the Goverment appointed and put-in charge, of these entities.Where does this all end?

So many GLCs- (hundreds )-,Tabung Haji -Petronas- Amanah Saham Bumiputra -EPF-Khazanah-

to name a few.

Just need a desperate administration to formulate some “nefarious” scheme  and greedy accomplices to raid

So much time/energy wasted by the opposition and the ruling goverment on scandals and mis-behaviour of the powerful.

When without these distractions-the opposition can use more energy/time/resources  to investigate and highlight actual policies of the Goverment – issues that really affect the people’s well being and prosperity of the country.

No smoke without fire-and UMNO/BN ,particularly certain elements / factions within  UMNO  is lighting fires everywhere they see opportunity-to further their greed-at the expense of the nation’s best interests.

As if these factions  rather burn down the whole forest ,if it can ensure that – their own interests-will be preserved intact- or worst -if burning the entire forest can be exploited to their advantage.-there will be no hestitancy to do so !

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Tag Cloud

%d bloggers like this: