Meeting with MPs part of the incoming GE 13

Najib says BN MPs meet part of move towards polls

By Clara Chooi

January 07, 2011

Najib: First of all, we have to serve the people and then let the people decide.

PUTRAJAYA, Jan 7 — Prime Minister Datuk Seri Najib Razak shed some light today on his impending meeting with Barisan Nasional MPs tomorrow, admitting that the move was “geared” towards the general election. The prime minister however remained coy on details of the meet and would not expressly say if discussions would specifically centre on preparations for the polls, widely expected this year.
“Everything is geared towards the GE (general election) because we want to be re-elected... and we want to serve the people.
“First of all, we have to serve the people and then let the people decide,” he told a press conference at his office here today.
He was responding to a question if his session with the MPs was specifically to prepare for the general election.
Najib also denied that the meeting tomorrow confirmed talk of a possible Cabinet reshuffle.
“Reshuffle? Who said there is a reshuffle?” he said, smiling.
The prime minister revealed that he would be briefed by the MPs on the present situations in their constituencies, adding that this was a part of his political transformation effort.
“The purpose is normal, they want to meet me and I too want to meet with them to know the situations in their respective areas.
“It is both ways — I need to tell them what to do and I need to know their positions in each of their constituencies,” he said.
The Malaysian Insider reported last Saturday that Najib will meet all 136 BN lawmakers this weekend to gather feedback on holding early elections as coalition leaders appear to be divided on dates.
The 13th general election was at first expected to be in the first quarter of 2011 —  over the March school holidays — but the BN is seen to be reconsidering that until a slew of economic projects initiated start to boost local economy.
Najib’s advisors are pressing an early June date due to fears that a predicted slowdown of the global economy could affect the local economy in the third quarter.
The Malaysian Insider understands that Najib had earlier last month discussed with BN component leaders the possibility of holding the next general election in either May or June.
TMI

Najib asked why only now

PM questions rape claims against minister

By Clara Chooi

January 07, 2011

Rais has denied allegations that he raped his Indonesian maid in 2007. — File pic

PUTRAJAYA, Jan 7 — Prime Minister Datuk Seri Najib Razak cast doubts today on allegations that senior Cabinet Minister Datuk Seri Rais Yatim had raped his maid in 2007. In calling for an end to speculation on the case, the prime minister questioned why the matter was suddenly raised recently although the incident had allegedly taken place over three years ago.
“We cannot prejudge and pronounce anything against someone unless proper investigation is done.
“In any case, what happened was in 2007. The question is why now?” he told a press conference at his office today.
Najid urged all parties against speculating on the matter, pointing out that Rais had already responded to the allegations.
“He has made a statement. He stands by his statement and he is willing to be investigated so let the process take its course,” he said.
Rais, the Information, Communications and Culture Minister, issued a public statement yesterday to deny reports that he had raped his Indonesian maid in 2007.
“I deny every allegation made, whether it involves raping any individual four years ago or other accusations published by wild writers on the Internet or any political party,” said Rais in a statement published through state news agency Bernama.
He also urged the public to stop speculating on the case while the investigation is ongoing.
“For the sake of justice and humanity, those who practise dirty politics whether through Internet or other media should stop speculating, defaming or to engage in unethical acts,” he said.
Rais’ denial came just hours after PKR-linked group Malaysian Youth Solidarity (SAMM) led by Badrul Hisham Shaharin lodged a police report over the allegations.
Rais however said the allegations were made with bad intention and had no legal basis.
“All writings, reports, commentaries, speculations including pictures published by blogs, websites regarding any wrongdoing or allegation of sexual misconduct against any individual were made with bad intention, fabricated lies, were fictional and with no legal basis whatsoever,” said Rais.
He also stressed that the accusation did not originate from a leaked US Embassy cable as alleged by a pro-Umno blogger.
The allegations, which first surfaced late last month, claim a minister raped his Indonesian maid while he was part of the Abdullah administration in 2007.
Tun Abdullah Ahmad Badawi, who stepped down in April 2009, was also accused by several pro-Umno blogs of attempting to cover up the case.
The case was said to have been uncovered the same year it took place by Migrant Care, an NGO with close ties to senior PAS leaders.
A report by Migrant Care containing, among others, an interview with the alleged rape victim has also been circulated.
The NGO had reportedly confirmed the accusation based on its own investigation but it said the maid, who has since returned to Indonesia, did not want to be disturbed.
TMI

150 years jail for arch fraudster

Bernard Madoff receives maximum 150 year sentence

In a sign of the anger that the fraud has stirred, US marshals were positioned behind Madoff, who was dressed in a dark suit and white shirt, in court as a protective measure

• David Teather
• The Guardian, Tuesday 30 June 2009 17.03 BST
• Article history



Bernard Madoff faces Judge Denny Chin, in front of some of his victims, during his sentencing. Photograph: Christine Cornell/AFP/Getty Images The disgraced financier Bernie Madoff has been sentenced to the maximum 150 years in prison for masterminding a $65bn (£38bn) fraud that wrecked the lives of thousands of investors. The US district judge Denny Chin described the fraud as "staggering" and said the "breach of trust was massive" and that a message was being sent by the sentence. There had been no letters submitted in support of Madoff's character, he said. Victims in the courtroom clapped as the term was read out. The sentence, which means the 71-year old fraudster will end his days in prison, was handed down at an emotional hearing in a lower Manhattan courtroom, where victims were given the chance to tell how the fraud had destroyed their livelihoods. Dominic Ambrosino, an ex-prison officer, said he and his wife Ronnie Sue had their "entire life savings wiped out" by Madoff. Another said Madoff had "cheated so he could lead a life of luxury"; another still said Madoff had "discarded her like roadkill" and that she was now living on food stamps. In passing down the sentence, judge Chin referred to one instance where he had comforted a widow and then taken her money. He will serve his sentence in the US north-east. In a sign of the anger that the fraud has stirred, US marshals were positioned behind Madoff, who was dressed in a dark suit and white shirt, in court as a protective measure. According to reporters in the courtroom, Madoff sat looking down in front of him as his victims gave vent to their fury. Standing in front of the judge, Madoff appeared remorseful. "I have left a legacy of shame, as some of my victims have pointed out." He said he had made a terrible mistake and was tormented by what had happened. "I cannot make an excuse for my behaviour". He said had deceived his family and that his wife Ruth cried herself to sleep every night. He described reports that he and his wife were unsympathetic to victims as untrue". Madoff pleaded guilty in March to 11 counts of fraud, theft and money laundering. The sentencing, in what has been one of the biggest frauds ever seen on Wall Street, was eagerly anticipated. Described by victims in written testimony as a "thief and a monster", Madoff has become an emblem for the greed that pitched the world into recession. Nearly 9,000 victims have filed claims for losses in Madoff's corrupt financial empire. Assistant US attorney, Marc Litt, had been pressing for 150 years, due to the "scope, duration and nature" of the fraud. Madoff's lawyer, Ira Lee Sorkin, had called for leniency and was hoping to keep the sentence as low as 12 years, asking the judge to "set aside the emotion and hysteria attendant to this case." He described Madoff in court as a "deeply flawed human being" and said the maximum sentence was "absurd". He also noted that he had given himself up and was co-operating with authorities, although judge Chin said he had not told everything that he knew about the fraud. Madoff's famous victims included the film directors Steven Speilberg and Pedro Almodóvar, actors Kevin Bacon and Zsa Zsa Gabor and the author Elie Wiesel.

Ruined lives

But there were many more anonymous and less wealthy people who had their lives ruined by Madoff, including teachers, famers and mechanics. Many invested in so called "feeder funds", which often did little to advertise their connection to Madoff, and they had little or no idea that their money had been lost until they received letters from their financial advisors. The scandal has been linked to at at least two suicides, including a British former soldier, he said he could not face the prospect of bankruptcy after losing his savings in the Madoff fraud. In written statements ahead of the sentencing, more than 100 victims detailed how Madoff had wrecked their lives and in many cases squandered their pensions. Jack Cutter, an 80-year-old from Colorado and former engineer, said he had been forced back to work and taken a job as a meat clerk in a local grocery store. Korean war veteran Allan Goldstein said he and his wife had been forced to sell their home and were living in their daughter's spare room. Another, Julie Behar, wrote that Madoff deserved a "sentence befitting a thief and murderer" while a Connecticut doctor said the entire retirement plan of his practice had been wiped out, leaving 140 employees with nothing. Professional investors were also fooled. A fund managed by Nicola Horlick, described as the City's "superwoman", had 9% of its cash invested with Madoff. The demand for access to the sentencing were so high that two additional rooms were provided for defrauded investors, media and spectators to watch on closed-circuit television. The focus of the investigation is now expected to shift to Madoff's wife Ruth and the couple's two sons, Andrew and Mark, who both worked for the business. They claim they had no knowledge of the fraud and have not faced any charges but many victims are sceptical that Madoff could have managed the scheme on his own. His sons have not visited him in prison. The only other person to face charges has been an accountant accused of helping to mismanage Madoff's books.

Fixture on the New York scene

The disgraced financier built his career and his one-time glowing reputation from nothing. He raised money to set up his first investment company by taking summer jobs as a lifeguard on Rockaway Beach, a down at heal neighbourhood in Queens, and later installing sprinkler systems. During the 1990s, he served as chairman of Nasdaq, the electronic share trading marketplace that competes with the New York Stock Exchange. He also became well known for being something of a philanthropist, making multi-million dollar donation to hospitals, cancer charities and Jewish groups. He became a fixture on the New York social scene and met many of his investors at upmarket parties. He lived with his wife Ruth in a $7m home on New York's swanky Upper East Side and the couple also owned homes in the Hamptons on Long Island and in Palm Beach, Florida. His wife still lives in their Upper East Side home and recently snapped at tabloid photographers as they pursued her on the New York subway. Last weeek, a judge issued a preliminary $171bn fofeiture striping Madoff of all his personal property and $80m in assets his wife Ruth claimed was hers. His wife has been allowed to keep $2.5m in cash, according to an agreement with prosecutors. But six months after his arrest, prosecutors still do not know exactly how much money Madoff took or what his victims might hope to recover. It could months or even years to resolve all of the claims. When he admitted to the fraud, Madoff said it had begun in the 1990s, as he tried to navigate the recession. He said he had hoped he would be able to extricate himself from the scheme when the markets recovered but instead just got deeper in. As the years went by he realised that the day when his fraud was discovered "would inevitably come". He told the court at the time that he was "deeply sorry and ashamed".

Angry with the SEC

He had confessed to his sons late last year that the investment business was a "big lie". Madoff masterminded a huge "Ponzi" scheme. Instead of investing client's money in secrities, it was held with a bank and new deposits used to pay bogus returns to give the impression that the business was successful. At the time of his arrest in December, he claimed to manage $65bn of investors money, but in reality there was just $1bn left. The business employed 25 people in London's Mayfair. Madoff had claimed that his investments produced gains of roughly 1% a month for two decades, which many experts now say should have raised a red flag. Some have directed their fury at the securities and exchange commission, the US financial watchdog, which failed to spot the fraud. An internal investigation at the SEC is expected by the end of September. At the same time, Madoff, whose name, pronounced "made-off", might have been coined by Dickens for a financial crook, lived a lavish lifestyle and prosecutors have set about seizing assets including property and boats. Madoff ran his business like a club and would throw out investors who asked too many questions. Many invested through personal recommendation. Joyce Greenberg, a retired financial adviser in Texas said her family had begun investing money with Madoff in the 1970s after being introduced by her stepbrother. "I hate computers and I never tried to figure out what he was doing because the bookkeeping all added up," she said. Corporate America has suffered a series of massive frauds during the past decade, including scandals at Enron, WorldCom, Tyco and more recently the financial empire run by Texas billionaire Allen Stanford. Former WorldCom chief Benrard Ebbers is serving 25 years for accounting fraud. Former Enron chief executive Jeffrey Skilling was sentenced to more than 24 years in prison although the sentence was overturned. He remains in prison awaiting resentencing.

Bonus for Singapore civil servants

Singapore to give civil servants two months’ bonus

November 25, 2010

Singapore has raised its 2010 GDP growth forecast to 15 per cent over 2009. — Reuters pic

SINGAPORE, Nov 25 — Singapore civil servants will receive a two-month bonus at the end of the year, the biggest since 1993 when combined with two other payouts, the Straits Times reported today. The move comes as Singapore is benefitting from strong economic growth which is pushing up wages and boosting jobs growth.
The government expects GDP growth in 2011 to come in between 4-6 per cent year-on-year. It raised its full 2010 growth forecast to around 15 per cent year-on-year from a previous estimate of 13-15 per cent.
The state-controlled Straits Times said some 74,000 government employees received a bonus of half a month’s pay in July, as well as a S$300 (RM717) one-off payment. They will get a special variable payment of at least one month’s pay in March.
The newspaper said Deputy Prime Minister Teo Chee Hean unveiled details of this year’s bonus yesterday.
“Perhaps this is a sign that the government wants to remain competitive with the private market as the labour market is pretty healthy right now,” said David Cohen, an economist at Action Economics.
“Maybe we will see some pressure on prices on that front, but I think overall its a positive sign of the strength of the economy — that the government finances can afford to be generous,” he said.
Singapore’s annual inflation rate eased to 3.5 per cent in October from a 20-month high of 3.7 per cent in September, but analysts said the rate could pick up next year and the central bank should maintain tight policy. — Reuters

Pol Sec to Finance Minister investigation coming to an end

MACC wraps up probe on Minister’s former political secretary

Submitted by shaza on Tuesday, November 23rd, 2010

Joseph Kaos Jr

Tuesday, November 23rd, 2010 13:43:00

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has completed its probe into Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop’s former political secretary Hasbie Satar, the Dewan Rakyat was told this morning.
Deputy Minister in the Prime Minister’s Department Datuk Liew Vui Keong, however, declined to elaborate further on the status of the investigations, other than saying the case has been forwarded to the deputy public
prosecutor for further action.
“The corruption probe into Hasbie Satar has been completed and it has been handed over to the prosecutor,” said Liew, who was responding to a question by Wee Choo Keong (Independent–Wangsa Maju).
Wee had earlier asked on the outcome of the MACC investigations into Selangor’s sand mining company, Kumpulan Semesta Sdn Bhd (KSSB), for alleged corrupt practices in its sand dealings during question time.
Liew said MACC opened six investigation files on KSSB – one being a general probe on KSSB, and five others on individuals.
“So far, two individuals have been charged in court and their trials are ongoing. The other cases are under investigation,” said Liew.
Liew also defended MACC for its lengthy probe into Hasbie and KSSB, which was questioned by Wee.
“Every time MACC begins a probe, there are many issues to be identified. Witnesses have to be called and documents looked into.
However, I am confident the investigations will be concluded so cases can be forwarded to the deputy public prosecutor.”
The MACC powers are limited to investigations and the commission does not have prosecution rights.
Hasbie was detained on Feb 12 but was released by MACC six days later on a RM50,000 bail.
According to media reports, MACC officers from Putrajaya raided an apartment in Teluk Air Tawar, Butterworth, Penang, and found cash in denominations of RM100, RM50, RM10 and RM5 totalling about RM2
MM