- Anticapitalist protesters who have been camped outside London's St. Paul's Cathedral since last October were evicted by authorities early Tuesday
- Police moved in shortly after midnight to clear the campsite pitched on the plaza outside one of London's best-known landmarks.
- Some protesters were forcibly moved by police while praying on the church steps. Police said they had arrested 23 people by 9 a.m. Tuesday.
- .. eviction by the owners of the site, the City of London Corporation. After Tuesday's eviction, the corporation announced that the site had been cleared and was ready for cleaning.
- Police also removed another Occupy London group from an abandoned school in East London. By then, several protesters had already moved on to a third Occupy London protest camp in Finsbury Square in the heart of London's financial district.
Please Send Me Stuff
Wednesday, February 29, 2012
- began undergoing firing tests last week, the next big step toward putting the electromagnetic superweapon on U.S. warships by 2020. The Navy envisions using railguns to destroy enemy ships, defend against enemy missiles, or bombard land targets.
- prototype railgun using an electric-powered launcher rather than gunpowder to fire a huge hypersonic bullet.
- weapon capable of hurling 40-pound projectiles at speeds of 4,500 mph to 5,600 mph over 50 to 100 miles (7,240 to 9,010 kilometers per hour over 80 to 161 kilometers).
- $240 million test phase
- Because of its hypersonic speed produced by the railgun, a projectile shaped like a bullet could deliver devastating damage even without exploding.
- ".. invested internal funds of more than $20 million for a subscale prototype to move the technology forward,"
Well their test phase cost US240 million (RM720 million). Isnt that cheap - for a game changing weapon that can subdue oil producing Third World countries?
Over here in Malaysia RM720 million can buy you
i. slightly more than a bus station (Tasik Selatan),
ii. maybe two galvanised iron roofed LCCT terminals (the old one)
iii. three lembu farms
iv. pay off Arab land scammers in Medini or
vi. buy five kilometres of airconditioned walkway near KLCC or Jalan Bukit Bintang (built by Petronas).
Just making comparisons.
Tuesday, February 28, 2012
- Move will enhance integrity in the civil service and cabinet
- PUTRAJAYA: THE Malaysian Anti-Corruption Commission chief commissioner will have access to statutory declarations made by ministers, deputy ministers, chief ministers and menteris besar on their assets.
- Najib said he agreed to the recommendation on this matter made by the MACC's advisory board last month.
- "It is compulsory to declare every asset disposed of or gained," he said after launching the Certified Integrity Officer programme here yesterday.
- MACC Chief Commissioner Datuk Seri Abu Kassim Mohamed said he would only focus on assets amassed during the tenure of a minister or deputy minister and that of their immediate family.
- "Our concern is if there is a sudden increase in assets during the individual's tenure as a minister or deputy minister that can raise doubts."
- Abu Kassim was asked to comment on a statement by Minister Mohamed Nazri Abdul Aziz, who was against the idea.
- Nazri had said that revealing details about the amount of money and properties owned by ministers and their families would expose them to "danger" and make them a target for robbers.
Monday, February 27, 2012
FOR IMMEDIATE PUBLICATION
SUNDAY 26 FEBRUARY 2012
NFCorp clarifies use of loan
MP Tony Pua Misleading Public
KUALA LUMPUR --- National Feedlot Corporation Sdn Bhd (NFCorp) responded today to say the opposition MP for Petaling Jaya Tony Pua’s statement that NFCorp had violated conditions of the loan agreement was clearly meant to mislead the public when providing the media with only a selective set of the facts.
His accusations, NFCorp said, did not reflect the full details and true picture on the use of the loan approved by the government for the National Feedlot Centre (NFC) programme.
In a statement to clarify, NFCorp said the loan agreement had to be read concurrently with the implementation agreement, the powers of the company as set out in its memorandum and articles of association and other related documents.
In law, the articles of association represent the understanding between the shareholders of the company on their relationship with each other and the powers of the company as a legal entity on how it would actually conduct its business under the law and in accordance to the Companies Act 1965.
Under the Third Schedule in NFCorp’s memorandum and articles of association, Article 19 (K) entitles NFCorp, “to invest and deal with the money of the company not immediately required in such manner as may from time to time be thought fit.”
NFCorp said that it was important that the loan agreement be read together with the implementation agreement and the company’s memorandum and articles of association for a holistic understanding of MoF’s terms and conditions for the loan.
Also in the same Third Schedule in NFCorp’s memorandum and articles of association, Article 19 (L) states, “To lend and advance money or give credit to any person or company; to guarantee and give guarantees or indemnities for the payment of money or the performance of contracts or obligations by any person or company; to secure or undertake in any way the repayment of moneys lent or advanced to or the liabilities incurred by any person or company; and otherwise to assist any person or company.”
In addition, Article 19 (M) states, “To borrow or raise or secure the payment of money in such manner as the company may think fit and to secure the same or the repayment or performance of any debt, liability, contract, guarantee or other engagement incurred or to be entered into by the company in any way and in particular by the issue of debentures perpetual or otherwise, charged upon all or any of the company’s property (both present and future), including its uncalled capital; and to purchase, redeem, or pay off any such securities.”
NFCorp said the fact that the government subscribed to a preference share in NFCorp would have meant that the authorities had taken cognizance of the powers of the company, among others to extend inter company loans, as provided in NFCorp’s memorandum and articles of association.
The loan agreement signed on 6 December 2007 also provided for the following important clauses which were not highlighted by MP Tony Pua –
12.1 - In the event that the Loan Facility is utilized to fully pay for the purchase of landed properties, the Borrower hereby agrees that it shall create the necessary charge/assignment over such landed properties in favour of the Lender.
12.2 - In the event the Loan Facility is utilized partially to pay for the purchase of landed properties, the Borrower hereby agrees that it shall create the necessary charge/assignment over such landed properties in favour of the
Lender in proportion to the amount of the Loan Facility used for the purchase of the said landed properties, subject to obtaining of agreement by other financiers or parties who contribute to the purchase of the said landed properties. It is hereby understood by the parties that such proportion of the Loan Facility shall rank pari passu with other financing or loans secured for the purpose of purchasing the said landed properties.
In the course of the project implementation, the government had in April 2009 put on hold the building of an Export Quality Abattoir that was to be completed and rented to NFCorp. This was to facilitate a feasibility study of the viability of the feedlot project by an independent consultant appointed by the government.
As such, the effective date on the loan repayment has been renegotiated with the government due to the deferred construction of the Export Quality Abattoir that has yet to be built by the government. The request is for the repayment to only start after the completion of the delayed Export Quality Abattoir.
Had an Export Quality Abattoir capable of 350 heads of cattle a day been built by the government in 2008 and leased to NFCorp as agreed in the implementation agreement, the possibility of the beef production numbers would have been achieved. The contract farmers under the Entrepreneur Development Programme and NFCorp targets would be able to see 246,000 heads of cattle bred by 2015 and deliver 44,000 metric tonnes of beef.
According to NFCorp, it was during this temporary deferment that monies were invested with the objective of ensuring that the company is able to meet its loan repayments. Rather than just placing the monies in money market instruments, it was deemed more prudent a business decision to invest in properties in the short-term. The intention to invest in properties was to hedge the funds in order to protect its value. Clearly this was not a dissipation of funds.
In the event that the Government resumes the NFC programme to construct the Export Quality Abattoir, NFCorp would dispose off its other short-term investments in properties, and the funds and profits will be readily available for the company’s operations.
The property market said NFCorp, is sound and secure, more protected, and less volatile than others, and the investments could be liquidated when the company needs it for the implementation of the bio gas plant, feedlot phase 2 and 3, palm kernel crushing plant and the feedmill.
Just prior to the NFC programme being suspended, NFCorp had taken it sixth draw down amounting to RM64.723 million as per schedule. However, in the following month, the government announced that the Export Quality Abattoir was deferred until a full viability study was done. This made a stringent call for the company to decide what to do with the drawn down funds.
NFCorp said that amounts drawn-down from the special loan account are irrevocable which meant it could not be returned. In addition, the interest rate cost for the funds transferred to the special loan account becomes chargeable regardless of how much of the RM250 million had been specifically drawn down for the various stages of the project.
Therefore, the investment decision was well within the powers of the company as set up in its memorandum and articles of association that provides for NFCorp, “to invest and deal with the money of the company not immediately required in such manner as may from time to time be thought fit.”
NEWS RELEASE prepared and issued on behalf of National Feedlot Corporation Sdn Bhd (NFCorp) by public relations consulting firms - GRA Communications Sdn Bhd and Prestige Communications Sdn Bhd. FOR MORE INFORMATION, please contact GHAZALIE ABDULLAH at +6017 3361090 or email@example.com OR HAMIDAH KARIM at +6012 2672397 or firstname.lastname@example.org.
Sunday, February 26, 2012
FOR IMMEDIATE PUBLICATION
SUNDAY 26 FEBRUARY 2012
NFCorp questions motive of director of commercial crimes
KUALA LUMPUR --- Following media reports that Federal Commercial Crimes Investigation Director Datuk Syed Ismail Syed Azizan had stated that police investigations into the RM250 million cattle venture issue had indicated that there were elements of criminal breach of trust (CBT) and cheating, NFCorp is concerned that the statement had been prematurely given.
According to news reports, the statement given suggested that money had been channeled from NFCorp to unrelated companies in which NFCorp held no shares; that certain NFCorp directors also sat on the boards of these unrelated companies; and that the police in view of the above, had recommended for the directors of NFCorp to be charged for CBT.
NFCorp, as advised by its lead counsel Datuk Seri Shafee Abdullah, wishes to address in reply to each of these statements.
Firstly, NFCorp is shocked and puzzled that the Director of Commercial Crimes had prematurely issued such a statement when he himself had admitted that the investigations are still ongoing and therefore still incomplete.
Further NFCorp questions the prudence and motive behind such a statement as it seems to be an attempt to unfairly pre empt the honourable Attorney General’s decision over the matter.
Is the Director of Commercial Crimes attempting to usurp the powers of the honourable Attorney General who in law is the sole authority under the constitution to decide if there is a crime or not for purposes of prosecution, asked NFCorp.
Secondly, the Director of Commercial Crimes seems to have forgotten that the so-called ‘unrelated companies’ of NFCorp where the fund was channeled to, were always meant to be the subsidiaries of NFCorp.
The Commercial Crime division, according to statements given by the directors to the authorities, is aware of the 2009 proposal by NFCorp to the government to novate the loan agreement so as to rationalise the structure of NFCorp to bring in all associated companies and assets within the hold of NFCorp so that the government loan be better secured.
Thirdly, the fact that the directors of NFCorp sat on the board of these associate companies prove exactly the point of the attempt to rationalise the above said structure.
Fourthly, the Commercial Crimes fails to understand the dynamics of the facts and the law in the NFCorp issue.
According to counsel, a loan document is never a document of the nature of a trust. If the loan is used for a different purpose (which is not the case here), it is therefore at worst, a breach of the loan agreement for which a civil remedy has been inbuilt in the loan agreement. It is not a criminal matter.
Counsel also added that the fact of NFCorp wanting to rationalise the various associated companies demolish any perceived dishonest intention on the part of NFCorp and/or their directors.
NFCorp therefore wishes to enquire the police if, in their investigations, they had paid enough consideration to the fact that there is total lacking of the elements of dishonesty in this case, which is a primary ingredient of CBT and cheating?
In the last three and half months, the directors, management and staff of NFCorp had extended its fullest cooperation to both the police and the MACC wherein especially the directors had been subjected to intensive interviews. NFCorp will continue to extend its cooperation to ensure that the truth prevails.
NEWS RELEASE prepared and issued on behalf of National Feedlot Corporation Sdn Bhd (NFCorp) by public relations consulting firms - GRA Communications Sdn Bhd and Prestige Communications Sdn Bhd.