Philosophy Politics Economics

---

Will There Be More Charges on NFCorp Directors? Posted: 13 Mar 2012 05:57 PM PDT Datuk Seri Mohamad Salleh Ismail, the executive chairman and director of NFCorp was charged under Section 409 of the Penal Code relating to CBT for misappropriating RM9,758,140 from NFCorp's funds to purchase two condominium units at the One Menerung complex in Bangsar for the National Meat and Livestock Corporation (NMLC) on December 1 and December 4, 2009. Mohamad Salleh was also charged under the same section for transferring RM40 million of NFCorp's funds to the National Meat and Livestock Company (NMLC) between May 6 and November 16, 2009. He was further charged in both cases for using the said funds without any approval from company's annual general meeting, which is an offence under Section 132 of the Companies Act 1965. We welcome the step by the Attorney-General to finally place charges against Datuk Seri Mohamad Salleh, after months of exposes on wrongdoings and abuse of power by the directors of NFCorp after receiving a RM250 million soft loan from the Government. However, the four charges above are far from complete and we expect the Attorney-General to bring to book all directors who were involved in the abuses which have been raised by Pakatan Rakyat parliamentarians. For example, the purchase of two condominiums at One Menerung amounting to RM9.8 million are certainly not the only properties purchased with the Government's RM250 million soft loan.  There are probably dozens of properties which have been exposed which were purchased with Government funds, but placed under the directors' personal names.  These properties will include land in Gemas and Putrajaya, as well as condominiums in Singapore.  The condominiums in Singapore include the posh Orchard Scotts Residences for RM10 million as well as 2 units at the Marina Bay Suites worth more than RM15 million each.  These purchases have yet to include possibly even more properties which have not surfaced. On top of property purchases, it has already been made known that these directors also owns in their personal names, other companies such as the NMLC, Real Food Company (RFC) and Meatworks Corporation Sdn Bhd which have failed for submit annual returns with audited accounts since 2007.  The failure to submit annual returns and other relevant documents to the Registrar of Companies is a gross breach of the Companies Act 1965 and can be subjected to 5 years jail and/or RM30,000 fine. What is even more serious, is the fact that these Directors have transferred shares of companies to their own names after investing in these companies with money from the Government loan.  For example, shares in Meatworks (Singapore) Pte Ltd were distributed to Datuk Seri Mohamad Salleh and his children from RFC in 2010.  These are clear cases of criminal breach of trust. Finally, there is also the case of asset disposal by Wan Shahinur Izran, son of Datuk Seri Mohamad Salleh and fellow director of NFCorp.  Izran was the sole shareholder and director of Straits Beverages Pte Ltd before it was disposed to a mysterious "Gold Index International Limited", a company based in British Virgin Islands in December 2011.  This is despite the fact that funds derived from the RM250 million loan was used in the setting up and operations of the company.  Such disposal of assets will be a clear breach of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001. The police and the Attorney-General must take immediate actions to stop such disposals and to charge the directors for the various abuses to ensure not only accountability, but also maximum recoverability of the funds extended by the Government to NFCorp. The people can be assured that Pakatan Rakyat leaders will continue to expose the abuses by the family of Datuk Seri Shahrizat Jalil until all necessary actions are taken to ensure that they do not get off lightly with just the Shahrizat resigning as a Minister and her husband, Datuk Seri Mohamad Salleh being charged for the above offences.

Najib's High Approval Ratings Will Be Shortlived Posted: 12 Mar 2012 05:02 PM PDT Najib's popularity does not reflect support for BN, says Pakatan By Clara Chooi and Lisa J. Ariffin Mar 12, 2012 KUALA LUMPUR, March 12 — Pakatan Rakyat (PR) lawmakers have said they are undaunted by the rise in Datuk Seri Najib Razak's approval ratings, and have argued it does not necessarily mean stronger support for Barisan Nasional (BN) or the ruling Umno. They attributed the prime minister's increased popularity, which was particularly significant among those in the lower-income bracket, to his administration's RM500 cash handouts to the same group under the Bantuan Rakyat 1 Malaysia (BR1M) scheme rolled out recently. But this, said Petaling Jaya Utara MP Tony Pua, would eventually lose steam once the scheme's recipients exhaust every single ringgit and if Najib chooses to further delay calling the 13th general election. [...] Pua noted this finding, adding that PR takes "comfort" in the notion that Najib's rising popularity may not mean the ruling coalition will perform better in the polls. [...] Pua said opposition leaders could counter the surge in Najib's popularity by explaining to voters that BR1M was merely a one-off "vote-buying exercise". An exercise, he added, that will return to haunt voters in the form of higher taxes and prices after elections. For the full article, click here.

You are subscribed to email updates from Philosophy Politics Economics To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610