It is MAIS that is not honouring agreement by seeking to annul. Are they hoping that by throwing the name of the Sultan that law and order and agreement can be simply thrown out?

Now that MAIS has resorted to take on bloggers, they have exposed themselves as not honourable. Once signed, an agreement is to be honoured and not annuled.

I believe it is haram not to honour ones agreement. There is a Mufti on MAIS council. Don't tell us he will justify and defend such dishonourable conduct of MAIS.

SINCE 1999, Malaysia has been host to the premium Formula One motor race (F1) sports event. Then, it was the only race in South East Asia and the second in Asia after Japan. The Sepang International Circuit (SIC) had a unique circuit and its two fast straights were a favourite with drivers.

The novelty has faded. There are now six F1 venues in Asia, including another one in South East Asia. The government has decided to call it quits. This 2017 season will be the last.

One of the benefits then was international recognition and promotion of the country. F1 promote the country on the global stage via its worldwide TV coverage. The event is broadcast to 130 countries and the one-and-half hour race is viewed by an estimated 390 million TV viewers worldwide in 2016.

In turn, there is brand awareness for Malaysia. It then should help the economy.

However, it is difficult to quantify. Of late, viewership has been on the decline due to losing interest from the dominance of the Mercedes AMG Petronas team. In 2014, the estimated viewer worldwide was significantly higher at 550 million.

Before critics argue to offer alternative item for budget cut, Singapore was reported to consider quitting earlier than Malaysia.

It could be a ploy by Singapore to renegotiate a new contract. Nevertheless, the 100,000 three-day attendance in the first year has declined to a daily average of 73,000 in the last season. Critics need be aware too that Shanghai and other venues are on the verge of quitting too.

In 1999, Malaysians gloated for securing a sports event sought after by the Americans and beating Singapore to it. Again, when Singapore expressed interest in organising F1 in 2012, Malaysians gloated.

But, the competition may have contributed to Malaysia’s declining attendance.

Empty grandstand in 2016 Sepang race

Back in 1999, the forecasted sale from just the grandstand seats was about RM50 million. There are one-day, two-day and also three-day passes sold to foreigners at RM500 and RM250.

For the past four years, ticket sales have been on the decline. It is a daunting task for SIC to fill up the 30,000 paddock seats and 100,000 hill-side seats.

F1 tickets are expensive and beyond the affordability of average Malaysians. Only motor sports fanatic and foreigners could afford paddock seats. After the initial few years, Malaysian corporate lost interest in buying the corporate seats and in advertising.

Although the sport is expensive, the argument was that the potential revenue is huge. The New Straits Times then used the Australian Grand Prix in Melbourne as an example of success.

Has the Sepang race been so, ever?

Only Monaco do not pay racing fee

Local race promoters have to also pay race fee to the F1 owner. The actual figure is not known. Contract agreement prohibits disclosure to third party but is known be continuously on the rise.

According to a March 2017 article on Forbes magazine website, the annual racing fee range from US$49 to US$58 million. It is usually a flat fee and is continuously rising due to a built-in annual fee escalator to take into account rising prices.

According to Datuk Nazri Abdul Aziz, since 2008, the government had spent RM300 million a year to host the event. As Tourism Minister, he would have been aware of the declining number from F1-related tourism.

F1 owner receives all revenue from trackside advertising, TV rights and corporate hospitality?

Furthermore, the revenue generated from track-side advertisement has to be shared with the F1 owner. TV broadcasting rights is with the FIA owner that Malaysian TV stations have to pay to broadcast the Sepang race.

The cost could not be recouped. This has yet to take into account the capex for construction of SIC, and its maintenance. More so, F1 is not the only user of the SIC race track.

After 19 years, it is looking more to be an ego trip than economics. Basically, the host is merely a facility manager and assisting the race promoter.

When organising team personnel arrives in Sepang, they take over the show. Equipment, including helicopter for emergency use, food for racing crew, and catering equipment at the pit building are brought in together.

Local participation in organising and retail business is limited.

Engine development was inextricably linked to the national car project, Proton and the private transportation mode of the past. In the long-term, the car ownership policy is unsustainable and public transportation is urgently needed.

Though the Proton car project was meant to spearhead Malaysia’s drive into industrialisation that started in the 1980s, the car ownership policy failed and emulated similar transportation problem experienced by the US.

In the US, the car ownership policy has eaten up much of the  government subsidy and came with long-term economic cost!

The car ownership policy put the country stuck in a vicious cycle. More cars on the road require more car infrastructure, thus less funds and construction for mass transit. Commuters have no choice but to use their own cars. In turn, it resulted in more cars on the road, a demand for more car infrastructure and congestion.

Valuable economic time wasted for the hours stuck in traffic jam daily. There is the high occurrence of stress, and stress-related illnesses. The number of cars on the road  has resulted in air pollution and high CO2 emission.

The car ownership policy tailored to artificially meet an indicator of wealth came with large amount of subsidy channeled for cheap oil, highway construction, and Proton.

There were economic benefits and acquisition of technology and management skill derived, but in the long term, and it is happening now, it became an inconvenience and discomfort for the public and city dwellers.

The excuse to not plan for mass transit then was that it was expensive. Resources were needed for other economic priorities.

If a cost benefit analysis is to be undertaken today, the economic surplus will likely be limited and artificial. If the rising cost of living and billions lost to bailout and keep Proton afloat is considered, it is not a surprise that it turns out negative.

In 1999, the then Prime Minister said, Malaysian could learn from the technology related to engine design and production.

The Petronas engineers in the Sauber F1 team acquired the knowledge and experience to develop the E01 gasoline motor engine in 1997. Proton acquired the engine rights in 2012 for more than RM45 million, some reports mentioned RM63 million.

The engine was renamed as Proton E01 engine. However, more R&D is needed before Proton could replace the current CamPro engines. The amount runs in the hundreds of millions that at one time, Proton wanted to sell the engine to a tractor manufacturer in China!

There was technology intent but the only technology venture yet to generate any return.

Petronas and Malaysia benefited more from the visibility of the four-year champion Mercedes AMG Petronas team than the one and half hour TV coverage of the Sepang race once a year. And, Petronas does not need to waste money to sponsor the event.

There was economic benefit derived from the use of Petronas lubricant for Mercedes road cars sold and research collaboration on lubricant development.

One concern then was the capability of Malaysia and Malaysians to benefit from too fast technology advances. The benefit from F1 could be limited. After 19 years, it is partly proven as true.

It is time for a reality check. F1 is considered a luxury past-time for the rich and famous but without the returns for the promoter. In view of the current austerity drive, it is an endeavour the government should no longer waste money on.

Current administration has better foresight to seriously look into public transportation to build new train line, and put the linkages together. As Malaysia becomes part of China’s One Belt, One Road Master Plan and site for the recently launched Digital Free Trade Zone initiative with Jack Ma, logistics will be the future economic growth sector.

If the main shareholder of Malaysian Airline System (MAS) had the foresight to strategically pursue cargo air transport over people transport, and stayed the course on the investment in Hann Airport near Frankfurt, Germany, there would not have been a Malaysia Airline Berhad (MAB).

The overturn judgement that form negative impression of Court of Appeal

Friday, 14 April 2017 | MYT 10:04 AM

Court of Appeal makes landmark decision over Selangor land acquisition

by Chelsea LY. Ng

PETALING JAYA: In a landmark decision, the Court of Appeal ruled that the forced acquisition of 26 acres of private land by the Selangor state government and five state authorities including the Selangor Islamic Religious Department (Jais) was unlawful and tainted with bad faith.

The court in its grounds of the judgment made available Friday morning restored and enhanced the protection of landowners' rights in Malaysia against such possible land grab.

It stated that there must be strict adherence to the procedural requirements and steps in law that public bodies must fulfil before forcibly acquiring private land.

The judgment stemmed from the case between the landowner and developer United Allied Empire Sdn Bhd (UAE) that had accused Jais and the other state bodies of abuse of power for the unlawful acquisition of the land in Bestari Jaya in 2013.

The panel led by Justice Abang Iskandar Abang Hashim, in allowing UAE's appeal, described the response by Jais and the other defendants as "a curious mix of bare denials, contradiction of themselves", Justice Abang Iskandar said, adding that the evasive conduct clearly constituted mala fide (bad faith).

The case clearly was one of procedural impropriety, the court held in its 36-page judgment.

The appellate court also granted all 24 reliefs that UAE had sought, including a court order compelling the Selangor bodies to declare their actual intention for acquiring the massive plot of land in Selangor's Bestari Jaya.

The Court of Appeal granted a total of RM100,000 in costs to UAE for proceedings here and in the High Court, with half of it to be paid by four respondents - the Selangor Land and Mines Department director, the Kuala Selangor land administrator, Jais and the Selangor government.

The other half is to be paid by two others which UAE had sued, namely the Selangor Islamic Religious Council (Mais) and Selangor Zakat Board.

The High Court had on Dec 3, 2015, dismissed UAE's application for a judicial review to quash the acquisition decision.

The court was told that there was an existing mosque occupying 0.2 acres of the 26 acres of land. In its development plans for the entire plot of land, UAE had, on its own accord, set aside 0.8 acres for the existing mosque's expansion.

The defendants claimed that the acquisition was bona fide as the planned "mosque" on the 26 acres of land would include a religious school and a burial site, for public purposes.

Lawyer Rosli Dahlan, assisted by Bahari Yeow and Ho Ai Ting, acted for UAE while lawyer Kama Azura Md Kamel represented Mais and the Zakat Board. Selangor assistant legal advisor Naziah Mokhtar appeared for the state and the remaining defendants.

Trolls attack tall poppies

By HAZLINA AZIZ - March 29, 2017 @ 9:00am

WE sometimes have a strange way of reacting to success stories of our fellow Malaysians. We are also quick to shoot down any dare-to-dream ambitions.

In the recent incident of the viral video interview with Natasha Qisty Mohd Ridzuan, who scored 9A+s in her Sijil Pelajaran Malaysia (SPM) — we all read how she was subjected to a torrent of humiliating attacks online for speaking Malay with an English accent.

On the other hand, when Faiz Subri won the Puskas Award early this year, the comments on social media condemned his lack of command of English.

If there was news on local education achievements on the Internet, there would be at least one comment downgrading our education system instead of recognising the scholarly attainments.

A constructive criticism is when advice is given with good intentions because they want to see the person grow and prosper.

The vindictive comments shared online — like those about Natasha or Faiz — sometimes sound as if they were made just out of spite to tarnish credibility or keeping them down.

The Internet makes it easy for trolls to hide in the shadows. It drastically increases the ability to shut off the empathy virtually, allowing them to emotionally divorce themselves from people they don’t like and those they don’t know.

There is a term used to explain Netizens’ reactions. It is called the “tall poppy syndrome” — a phenomena of a social culture commonly identified in the United Kingdom, Australia and New Zealand.

Poppies are beautiful flowers that stand tall from other flowers. A tall poppy is defined as a high achiever who stands above the crowd and the backlash. The tall poppy syndrome is the reaction of those less successful to “cut down” what they think as an ostentatious conduct or display of behaviour to normalise these successful individuals.

Perpetuating the tall poppy syndrome is like cutting down achievers for no other reason than to mask one’s own shortcomings and insecurities.

These sorts of social psychological processes — perhaps symptomatic of social injustice, economic disadvantage or disenfranchisement — are likely to occur in many social groups, including businesses, politics or even the school environment.

Some argue that the tall poppy syndrome is not broad resentment at other people’s success, but is rather a levelling social attitude, an attempt to deflate the pretensions of those who flaunt their success without due humility.

Do you think we have a tall poppy syndrome going on in our country? The more I read about it, the more familiar it sounds, similar to the online attacks.

The danger of this tall poppy syndrome is that it would lead to a culture of resentment, indirectly striving to celebrate mediocrity while putting down successful individuals and even ideas.

For Australians, it is said the syndrome is rooted in their culture; it had ruined the success of creative and energetic people and in the long run, hurt the economy.

A research has found that Australian high-performance school-age athletes became victims of the tall poppy syndrome.

It revealed that these female athletes — competing at national and international sports events — were bullied at school about their sports achievements by less successful students. Findings indicated that the bullying had resulted in a detrimental impact on their school life and wellbeing.

It is quite common for us to identify the traditional patterns of bullying in school environments, which are usually of vulnerable children, such as those who had few friends or poor body image.

But, there is also the likelihood of victimisation even among high achievers, who might be ostracised or alienated by their peers. I won’t be surprised if similar bullying takes place in our schools and may affect more students.

When those high achievers are victimised, the negative consequences can be magnified. This could be because they had more to lose or, perhaps, because they were more unsuspecting victims. High-performing pupils can experience more depression, anxiety, anger and social marginalisation as the result of bullying.

We have taught our children, generation after generation, about how to be street-smart. In this digital age, parents and teachers require a greater awareness about tall poppy syndrome behaviours, and teaching them to handle cyber-bullying as well as digital empathy. Schools should promote an anti-bullying culture that includes resilience training for talented individuals.

​Things might still be fragile in our education system and there is more work to be done. But, it is also vital to recognise the achievements of Malaysians. We need to protect the tall poppies who deserve their high status because they may do so much to promote the advancement of our country.

**The writer left her teaching career more than 20 years ago to take on different challenges beyond the conventional classroom. As NST’s education editor, the world is now her classroom.

The tall poppy syndrome (TPS) is a pejorative term primarily used in the United Kingdom, Australia, New Zealand and other Anglosphere nations to describe a social phenomenon in which people of genuine merit are resented, attacked, cut down, or criticised because their talents or achievements elevate them above or distinguish them from their peers.

Australia and New Zealand’s usage of the term has evolved and is not uniformly negative. In Australia, a long history of “underdog” culture and profound respect for humility in contrast to that of Australia’s English feudal heritage results in a different understanding of “Tall poppy syndrome”.

Pix from Utusan Malaysia article here on Mekah's Malay community

Monday, 17 April 2017

With Arabisation, whither Malay culture?

by Johan Jaaffar

You don’t need to be an Arab to be a Muslim, but many seem to be abandoning their customs and traditions.

I HAVE said it many times: as the Malays become more Muslim, they become less Malay. They are discarding almost everything that they perceive as positing “Malayness” and embraced what they believe to be “Islamic.”

In doing so they are losing their real identity by trying to be what they are not. There is a real issue pertaining to identity struggle and contestation among the Malays today. In the name of religion, they are questioning not only how they look but their tradition, even folktales and performing arts.

Islamisation is not about Arabisation. You don’t need to be an Arab to be a Muslim.

But what we are seeing in this country today is the process of Arabisation of the Malays. The Malays have never been as confused in manifesting their true identity as they are now.

Islam is never against the discourse on race. The Quran acknowledges the existence of tribes.

But propagating a notion of one’s race as superior to others is not acceptable. In short, there is nothing with wrong with manifesting one’s race and at the same time professing the religion.

It used to be a lot less complicated back then. The race is Malay, the religion, Islam. Insofar as there is no conflict, race and religion co-exist.

But things have changed significantly over the last few decades. The Islamic movement of the 1970s has pressured the Malays to rethink their culture.

The fault lines were established. It is like telling the world that one needs to “look Muslim” to be one. To “look Muslim” is by imitating the Arabs.

There is a new demand to be “more Muslim”, for example in attire. Gestures, too, matter.

Read on here.

1. Economies and scale and passage to grow. Bumiputra corporations would be supported, facilitated and encouraged to grow into the market.

2. Empowering the talents of Bumiputra. Government would make it a national agenda to facilitate and support the building of talents amongst Bumiputra, in any fields be it academic, commercial, science and technology, professional, arts and culture and sports

3. Improve the resilience of Bumiputra entrepreneurs. Special programs such as Skim Jejak Jaya Bumiputra identify highly potential Bumiputra companies and being nurtured with the target to be listed in Bursa Malaysia.

4. Enabling the social mobility amongst Bumiputra. Bumiputra entrepreneurs would be facilitated and supported to explore and strengthen their trade beyond our waters, as part of the social mobility transformation plan with increasing the quality of life to another level.

5. The holistic transformation for the Bumiputra

RNS Number : 1128D

IPIC GMTN Limited

24 April 2017

START

International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.

Under the terms of the Settlement, IPIC will receive an amount of US$602,725,000 by 31 July 2017 and a further amount of US$602,725,000 by 31 December 2017.

Separately, 1MDB and MoF Inc., undertake to IPIC to assume responsibility fory all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.

The parties have provided suitable undertakings and indemnities in respect of the performance of obligations under the Settlement.

The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities.

STOP

This information is provided by RNS

The company news service from the London Stock Exchange

END

Media statement by 1Malaysia Development Berhad

Issued on 24 April 2017

For immediate publication

Settlement of Arbitration Proceedings and Monetisation of Investment Fund Units

We are pleased to confirm that 1MDB and IPIC have agreed on a settlement of the arbitration proceedings at the London Court of International Arbitration.

As per the settlement, 1MDB will, amongst others, make certain payments to IPIC and will assume responsibility for all future interest and principal payments for two bonds issued by 1MDB Group companies due in 2022.

These obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units. 1MDB is pleased to confirm that a first tranche monetisation of approximately US$50 million has been received, in cash.

This arbitration settlement and monetisation of investment fund units represents the resolution of a significant challenge, and is a major part of the 1MDB rationalisation plan, which is now at its final stages of conclusion.

###

April 2017 IPIC-1MDB Settlement: What you need to know ...

1. To save murderer Sirul but has no new evidence to offer the court; 

2. Government wastage with BR1M as example but other opposition leaders disagree and he U turned; 

3. Government introduction of GST and he promised to abolish it but now Pakatan Harapan leaders now say they won't abolish it. 

4. The now settled 1MDB with no evidence presented by accuser Mahathir to proof Najib's direct involvement in any wrongdoings and no criminal charges made against anyone in the Singapore courts. 

After Swiss FINMA has stopped, is the Swiss AG or UK investigation via Standard Chartered Bank internal enquiry getting anywhere? 

Swiss AG is elected position. He could be doing his political drama. 

5. Personal issues with Datin Seri Rosmah. Does self appointed Leader of the Council of Elders expect public to get involved in with his petty personal grumblings?

His complains of Rosmah reflect back on himself and his family members.

MACC to charge Datuk for corruption

KUALA LUMPUR: A former special officer to the Malacca Historical City Council (MBMB) mayor is expected to be charged on Tuesday for corruption involving millions of ringgit linked to work contracts awarded by the local government.

The 56-year-old man who has a Datuk title was arrested in Johor by the Malaysian Anti-Corruption Commission (MACC) in Nov last year for investigations and was freed on bail after spending several days in remand.

MACC sources confirmed the man will be taken to court on Tuesday to face corruption charges.

Followin his arrest last year, the MACC seized and froze the suspect's assets worth over RM150 million in cash, vehicles and land titles.

The Umno politician was booted out of his position at the mayor's officer shortly after his release and was re-assigned as a BN working official recently.

• Adversarial "dakwah" was not the appeal that made Islam appeal to the early inhabitants of Malaysia and the Malay Archipelago.

KENYATAAN MEDIA 

Berkenaan Kerjasama Saya Dengan Pasukan Petugas Khas Forex 

Saya memilih untuk bekerjasama dengan Pasukan Petugas Khas Forex selaku mantan Menteri Kewangan 1991-1998. Saya berpuas hati dengan ruang yang diberikan oleh Pengerusi Tan Sri Sidek dan jawatankuasa.
Dalam kesempatan singkat pada 20hb April lalu, saya telah jelaskan antara lain bahawa: 

1. Sebaik menyandang jawatan Menteri Kewangan, Ketua Setiausaha Perbendaharaan (Tan Sri Zain Azraai Zainal Abidin) ada menyentuh urusan dagangan matawang oleh Bank Negara Malaysia. Menurutnya, sejak 1989, Perbendaharaan Amerika (Fed); Bank Pusat England dan IMF telah memaklumkan bahawa penglibatan BNM dalam urusan tersebut dianggap membimbangkan. 

Comment: True, the concern by the Fed was as far back as 1989. But IMF?  

It is not their area of operation so why IMF. Guess only Anwar is that close with IMF. 

Berikutnya, dalam taklimat Gabenor Bank Negara Malaysia (BNM) Tan Sri Jaafar Hussein, beliau menafikan keterlibatan BNM sambil menekankan bahawa penglibatan BNM adalah sah sekadar mempertahankan kedudukan ringgit dalam pasaran. 

Comment: It is an open secret which the whole foreign exchange market knows but those benefitting from the business would not say openly. 

Jaafar did commented to press, in Forex Club dinners and at an International Cambiste conference for traders in Kuala Lumpur of "active reserve management". In market parlance, trading but to common folks, compulsive gambling. 

2. Masalah mula dikesan laporan yang membimbangkan dari media antarabangsa dan pasaran Zurich, sekitar akhir 1991 dan awal 1992, dan perkara tersebut dikemukakan semula kepada Gabenor BNM. Tan Sri Jaafar memberikan keterangan yang sama dan memaklumi bahawa Pengarah Urusan tersebut di BNM adalah Tan Sri Nor Mohamed Yakcop. Namun, manakala deraf awal audit BNM 1991 dibentangkan, Perbendaharaan melahirkan kebimbangan. Gabenor BNM akui jumlah terlibat adalah lebih besar dari yang dijangka. 

Memandangkan saya dan Kementerian Kewangan tidak dimaklumkan mengenai hal tersebut, Gabenor sendiri yang menjelaskan kepada media dengan menyebut "kerugian atas kertas".  

Comment: True, the international media was tipped off and were on the prowl. More so, negative news were surfacing on Malaysia and beginning to be the target of international media.  

Later years, British press painted the then Prime Minister as Mr 10%. 

Berikutnya saya terpaksa menangani permasalahan tersebut di Parlimen, terutama persoalan-persoalan yang dibangkit Ketua Pembangkang ketika itu, YB Lim Kit Siang. Kerajaan memberikan penjelasan BNM sambil menjelaskan keutuhan ekonomi. Namun, saya menegaskan arahan agar BNM menghentikan dagangan Forex tersebut. 

Comment: True, it happened amd Anwar's reply in Parliament was made the butt of opposition jokes. 

3. Dari perkembangan tahun berikutnya, 1993, ternyata urusan tersebut diteruskan; dan jumlah kerugian ketika itu, dianggar sekitar RM9 bilion hingga RM10 bilion.

Gabenor BNM membuat pengakuan kepada saya bahawa Tan Sri Nor Mohamed Yakcop tidak memberi laporan tepat kepadanya dan beliau telah menerima perletakan jawatan Tan Sri Nor Mohamed Yakcop sebagai petugas yang bertanggungjawab. Tan Sri Jaafar sendiri mengambil tanggungjawab sepenuhnya, walaupun saya akui kewibawaannya dan percaya bahawa beliau tidak diberikan keterangan lengkap oleh Tan Sri Nor Mohamed Yakcop. 

Comment: This is confirmation that Nor Yakcop was the person in charge.  

It begs the question as to if he did not give true picture to his boss, who Nor Yakcob report to?  

If none, was he a rouge trader like the imprisoned Nick Leeson that did illegal trade at Baring Brothers which did not conform with bank policies and procedures? 

The operations were not authorised! 

4. Tan Sri Ahmad Don yang mengambil alih tugas Gabenor BNM pada tahun 1994 telah bertindak menghentikan dagangan tersebut, dan mula membayar kerugian sekitar RM500 juta setiap tahun. Pengurusan BNM bertambah mantap, diperkemas dengan laporan dasar yang lebih teratur kepada Menteri Kewangan. 

Jumlah kerugian akhirnya dianggar sekitar 15 hingga 30 bilion ringgit tertakluk kepada cara BNM mengaudit dan mencatat potongan 'contingency fund', 'reserve fund', 'insurance fund'; kos membendung inflasi dan mempertahan ringgit. 

Comment: True, Jaafar and Ahmad Don were used to cover-up this financial scandal. Re-read past posting  here.

Do include currency swap cost and ascertain the accounting treatment of the "borrowing" foreign exchamge transaction. 

Do verify actual foreign exchange reserves of the time and bring in Ahmad Don as we were reliably informed that it was wiped out! 

George Soros got wind of it and exploited to the hilt. BNM was incapable of defending the ringgit in the infamous attack in 1997. 

5. Setelah saya dipenjarakan pada September 1998, Tan Sri Nor Mohamed Yakcop telah dilantik sebagai penasihat ekonomi kepada Perdana Menteri. Dan lebih serius lagi apabila beliau dilantik Menteri Kewangan Kedua pada 2008; walaupun ketika diberhentikan pada tahun 1998, Kementerian Kewangan telah mengemukakan syarat bahawa beliau tidak boleh lagi terlibat dalam mana-mana institusi kewangan negara. 

Comment: Nick Leeson lost his job and was imprisoned. Our own Nick Leeson rose and still around in government and corporate. He was awarded Tan Sri ship.  

Words on the "street" is he is still on.the prowl for questionable deals and mentioned by not to disclosed sources that he id the biggest money launderor in town with operations out Dubai.  

6. Dalam pertemuan dengan Pasukan Petugas Khas Forex ini, berulangkali saya tegaskan keperluan dibekalkan dengan laporan dan dokumen untuk memastikan perjalanan lebih telus dan teratur. Perkara ini belum dilaksanakan. Saya juga perhatikan masalah wujud manakala keputusan Pengerusi membenarkan peguam saya, R Sivarasa, hadir untuk saya rujuk, tetapi keputusan ini diketepikan oleh seorang pegawai di Kementerian Kewangan. 

Comment: Yes, the report and documents need be made known for public viewing.
However, the Special Taskforce may recommend to government whether to proceed for further investigation. If there is ground for prosecution, it will only be made known in court. 

Why should Sivarasa be around?
This is not a criminal investigation. More so, it is dangerous to teach Pattaya Pete boss new tricks 

Anwar Ibrahim
26 April 2017

Speaking to Autosport magazine during the Bahrain Grand Prix at the Sakhir circuit, one of several new venues for Formula One since the turn of the century, he said: "When I convinced people to build this place and all the other places, I feel a little bit responsible. I charged them too much for what we provide. 

"On my watch, we didn't deliver the show that we charged people for." 

He added: "Sooner or later I'm frightened that the governments behind them (the track promoters) will say enough is enough, and bye-bye."

Differences in politics did not prevent Big Dog and Dato Abdul Kadir Jasin from remaining as friends

Diverse background and history could sit together

At first, I was perhaps 70% supportive of Malaysia dropping Formula One but after hearing what the moronic 86 years old former owner of F1 Bernie Ecclestone said,  I am now 150% supportive.

After Najib saw we were losing huge amount of money hosting F1 every year for 17 years, Malaysia decided to drop it from next year on.

Ecclestone then shockingly admitted that F1 had been deliberately over-charging the venues including Malaysia for the rights to host F1 - hence causing them to make losses.

In reply, our Sepang circuit boss Razlan Razali said that Ecclestone lacked respect and made promoters “look like idiots” when Ecclestone said they were deliberately overcharging.

Ecclestone then replied that no one will miss Malaysia's F1 as they still have Singapore. He then said:

“Nobody made him look stupid, and it’s difficult to make people look stupid. If they are, they are,” and that it is not their fault that the Sepang race cannot make money.

Well... Fook you, Eccelstone.

We do not need to be deliberately over-charged by old white men like you and treated with disrespect.

We already have our old ex-PM who keep doing this.

No wonder so many famous tracks of the past such as Zolder and Zandvoort, Nürburgring and Brands Hatch had stopped hosting F1.

South Korea even stopped their F1 in 2013 just three years after starting citing high costs.

Even the famous Marseilles Grand Prix was axed for 10 years and will only resume next year.

Therefore, I am now 150% supportive of not getting screwed by white-men, lose a lot of money each year and to add insult to injury, get insulted further.

Our Prime Minister had made the right decision to drop F1.

Don't worry. You still have Singapore, right?

LSS.
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http://www.freemalaysiatoday.com/category/highlight/2017/05/01/ecclestone-formula-one-will-not-miss-malaysian-gp/

Press Release
For Immediate Release

BANDAR MALAYSIA AGREEMENT WITH IWH CREC LAPSES

KUALA LUMPUR, 3 May 2017

1. TRX City Sdn Bhd would like to announce that the Share Sale Agreement (SSA) entered into on 31 December 2015 with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corperation (M) Sdn Bhd (CREC) – who on 21 July 2016 assigned its benefits and responsibilities to IWH CREC Sdn Bhd – regarding the sale of 60% of the issued and paid-up capital of Bandar Malaysia Sdn Bhd, has lapsed.

2. This is because, despite repeated extensions being granted, IWH CREC failed to meet the payment obligations outlined in the Conditions Precedent under the SSA. As a result, the share sale agreement between the parties stands null and void with immediate effect.

3. Looking ahead, given a significant appreciation in the value of the Bandar Malaysia land, TRX City’s sole shareholder the Ministry of Finance will now be retaining 100% ownership of the site to ensure that the Malaysian people benefit from its development in its entirety.

4. TRX City will immediately be inviting expressions of interest for the role of master developer of Bandar Malaysia, with full ownership being preserved by the Ministry of Finance. The selection process will involve very strict criteria, including track record, speed of delivery and financial capability for such large scale development. This is to enhance all aspects of Bandar Malaysia, including its role as a business, transport, residential and tourism hub.

5. The steps taken today will ensure that there is no detrimental impact on the long-term development of Bandar Malaysia and that, upon its completion, the site will serve the national interest to an even greater extent than before.

6. Bandar Malaysia will be a catalyst for economic growth and national development. The biggest development site in Malaysia in a key strategic position, it will offer many business, investment and employment opportunities, including Kuala Lumpur Internet City, the hub for the new Digital Free Trade Zone. It will also be Malaysia’s transport nucleus, connecting the Kuala Lumpur-Singapore high-speed rail, MRT lines, KTM Komuter, Express Rail Link and 12 highways.

Ends

Please contact Maisara Ismail at maisara.ismail@trx.my for any media enquiries.