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Friday, July 3, 2015

Bank Negara Malaysia, Ambank and Affin (Islamic, UnIslamic, Private, Not So Private etc) Please Confirm The Denial

I was in Perak this morning when this news broke. The guys have already denied everything. 

There is some circular stuff too. I dont wish to belabour you with what has been reported in the Wall Street Journal, by Reuters, Sarawak Report and I believe by dozens of other foreign media soon.

(New Straits Times, Utusan, Star etc will be trying on three layers of protection tonite - they wont feel anything.) 

If there is any truth at all to all the exposes by the Wall Street Journal and Reuters it should be earthshaking. 

The Wall Street Journal and Reuters are not gossipy tabloids. They are serious media organisations who depend a lot on the integrity of the news that they carry.

Plus they can be sued in any number of countries for carrying false news. This is because they are international news publications. And they can of course be sued within their own domicile which in this case is the United States (I believe).

It  is not legal for banks to divulge any information about a client's account. This is the standard rule for banks in Malaysia and I believe throughout the world. 

It is called banker / client confidentiality (or similar). I think we all get the meaning. 

However it is not breaking any rules or breaking any laws for any bank to confirm :

the non existence of any account
the non existence of an account holder or 
the non existence of a transaction that did not happen.

For example if the Wall Street Journal report saying that 

"on xx March 2015, RM3.0 Billion was transferred into account number 123456789111213  belonging to Rumplestiltskin at Bank Guatipulu"

 was  found to be totally untrue, then Bank Guatipulu should have no problem confirming this untrue statement.  

Because there was no such account number at the Bank Guatipulu  belonging to a Rumplestiltskin and there was no transaction of such amounts of money either. 

Hence a simple confirmation by Bank Guatipulu that the Wall Street Journal's report was untrue would be in good order.

This is what we need from Ambank and Affin Bank  (whether Islamic, UnIslamic, Private, Not So Private etc).  Their good names and their good standing have been implicated in a massive allegation of ...of... (lawyers can you help out here?) by the Wall Street Journal, by Reuters and last but not least by Sarawak Report.

And of course our mother who is closer to god at the Bank Negara Malaysia should do the same as well.

There is no banker / client confidentiality at stake here because these accounts, in those names and the alleged transactions simply did not exist.

So I hope the banks involved will quickly confirm the denials.  

I hope the media have already called these banks and Bank Negara Malaysia to confirm the denial.  

Wednesday, July 1, 2015

The Gomen Is Not Monitoring The Effects Of The GST

This is from The Malay Mail :
  • Malaysians struggling to cope with GST, Jobstreet survey finds
  • Monday June 29, 2015
  • Nine in 10 working Malaysians finding hard to deal with living costs after (GST)
  • according to a survey
  • 90% of 1,454 employees surveyed said not able to cope with daily expenses 
  • Nearly one in four said faced problems even before GST 
  • 56% said minimised having lunch with their colleagues
  • 47% started packing food from home
  • resorted to other frugal activities
  • utilising pantries more frequently 
  • carpooling to control expenses
  • 40% said they would need 10 - 20% increments to salaries
  • 36% claimed their salaries need to go up 20 - 50% to soften effect of the tax 
  • 63% voiced need for petrol allowance 
  • 35% considering job change 
  • 33% looking at part-time and freelance jobs.
  • employers, 41% faced increased pressure to raise wages 
  • only 19% of 490 employers said they offered salary increments.
  • GST to offset billions of ringgit in losses incurred through leakages and corruption 
  • new tax not necessary if government prudent with taxpayers’ monies.

My comments :   What the gomen has done is to make the people poorer and make their lives more difficult.  Thus the gomen has earned the curses of the people everyday. 

The morons will say silly things like cook at home, fry fish without oil, Fitch has not downgraded our rating and other such foolish talk which they are famous for.

Allow me to give an example of just how foolish these people are. 

Husni Hanadzlah has said that by early next year 1MDB would have settled all its debts and still have assets worth RM10 billion.  He considers that a job well done.

Then what about those RM51 billion worth of assets? What happened to them?

Macam ini Dato. I dont know which bukit you come from or what type of school you attended but let me give you a simple example that even you should understand.

Lets say you pinjam RM450,000 housing loan (90% financing) from the bank and you bought a house. Your own money was RM50,000. 

Every month you paid the bank the instalments. You must pay back the loan of RM450,00 plus interest. 

After you paid back the loan to the bank, you must have the entire RM500,000 house as your asset. Plus whatever the appreciation of the value. 

Katakanlah you are clever and you can buy three such houses (which many people do).  Then after you have paid back all your monthly instalments, you should own three houses worth at least RM500,000 each. 

Then you can tell your children, 'Papa worked and saved and every month I paid the bank the monthly instalments. And now I have three houses to my name. I am giving them to you.'  

That will make sense.

But if you tell your children, "I have settled the hutang for all three houses. Sekarang kita tak ada hutang bank lagi. Hooray. However I only have one house to give you. The other two houses have also been sold, also to bayar hutang", surely your kids will ask you "Ini sudah bayar dua kali. First you paid off the bank hutang in full. Then you also sold the two houses for money. Where is that money from selling the two houses?'

Then papa will confess, "Well I have another ...interest.. in my life'. 

If Husni Hanadzlah says those assets were still under hutang and 1MDB is selling it early to avoid hutang, then what type of business is that? 1MDB is a strategic investment fund.  Ini strategy apa pula ? 

What has 1MDB's 'strategic investment' achieved for the country? How many jobs have you created?

And let me guess - the remaining RM10 billion assets will come from the revaluation of assets (revaluation of lands, revaluation of IPP projects, present value of future developments, insha Allah etc). Not from doing real business. Semua atas angin. 

For example buy taxpayer owned land for RM60 psf then sell it for RM2600 psf, RM3000 psf etc. Untung buta atas angin. The 'untung buta' business model again (since I cannot insult nenek tua anymore). 

Back to the GST - are there any folks here from Section 15 Subang Jaya (USJ) ? I hear that many shops there have closed down recently. Kedai China, kedai Melayu etc. No business.

As the Jobstreet survey shows, people have no money now to pay for the higher prices of things. 

The gomen has now closed both eyes. They are refusing to monitor the post-GST scenario.  

During the Asian Financial Crisis, the NEAC would meet at 10 am EVERYDAY to monitor food prices, factory orders, fuel prices, export figures, Forex rates etc. It was crisis management at its best.

The morons in gomen today are probably lining up more projects to siphon out money.  We dont even know how many of them will even be in the office today to do any real work.

Today petrol prices have gone up another 10 sen a litre.  This will dampen spending even more. More businesses are going to shut down.

Workers will need an increase in wages of 20% or more to offset the price hikes caused by the GST.  But how can employers raise wages even 1% when businesses are closing down? 

When will this nightmare end?

Whatever it is I really marvel at all of us - Malaysians. We are able to tolerate so much bullshit so stoically. We seem to bear all this bullshit in this country so patiently and just continue to suffer. 

Here is Surah 103 from the Quran :

103:001   By the time 
103:002   Verily Man is in loss,
103:003   Except those who have Faith, and do righteous deeds, and counsel each other to the Truth, and counsel each other to Patience. 

So may Allah continuously shower his support upon all of us patient Malaysians and lead us out of this nightmare. Soon. 

p.s. Ananda Krishnan did not give / lend / pay RM2.0 billion to anyone recently. The money came from us - the taxpayers. The gomen issued bonds to borrow more money.