MACC and Bank Rakyat, '2 x 5'!

Posted: 01 Jun 2014 08:25 PM PDT

The Malaysian Anti-Corruption Commission (MACC) found no elements of corruption in Bank Rakyat's RM32 million interest free loan to a businessman.

MACC in a statement yesterday said initial investigations found it was more a bank governance issue.

Wow! What a summary by the MACC! I suppose those who took loans from Bank Rakyat should be exempted from serving the interest. What they need to do is get Hasan Malek's endorsement for a 'sweetheart deal'.
"However, the commission will take appropriate follow up action including calling the relevant parties if we receive new information," the statement said.
A news portal recently quoted the bank's former chairman Tan Sri Sabbaruddin Chik, as claiming the businessman sought the intervention of a politician to get the loan.
The commission, however, pointed out that not all complaints or allegations reported by the media or raised by any party is corruption.
"The MACC Act 2009 only provides provisions for investigating cases with elements of corruption.
"In this regard, the commission hopes this case is also investigated by other related agencies under the relevant laws so that action can be taken against a certain party because of failure to comply with regulations," the statement said. – Bernama
It was and is never easy to secure even a RM10,000 personal loan from the banks, including Bank Rakyat, without hassle. The Malays and Bumiputras, especially are subjected to stringent terms and conditions before having their application approved.

Interest is a must, regardless of the amount of loan given. Banks survive on interest and additional packages.

However, it was shocking that a RM32 million loan got an 'abang-adik' deal, as if the bank was instituted to help non-Bumi tycoons only. While others must service the interest, Deepak Jaikishan got it waived.

If a 4 per cent per annum interest is imposed, the amount for 10 years can easily finance a few small and medium-scale entrepreneurs who always find it difficult to get funding to start or enhance their operation.

It's not about graft but more about moral. The rakyat, especially Bank Rakyat's depositors and clients are now giving the bank an askance perception - that the government-owned bank are at the disposal of politics.
Datuk Seri Hasan Malek has challenged anyone to prove that he had committed a wrongdoing by persuading Bank Rakyat to give controversial businessman Deepak Jaishikin a sweetheart deal which involved an interest-free RM32 million loan.
Despite the deal being unprecedented, the Domestic Trade, Cooperative and Consumerism minister, who had earlier refused to answer questions on the loan, told The Malaysian Insider that "everything was done above board".
Hasan was accused of giving Deepak a deal where the carpet dealer could pay off the loan, without interest, and through post-dated cheques for the next 10 years.
"I am ready to face the opposition if they claim (there were) any wrongdoings. Everything in that matter was done according to government policies,law and regulations," Hasan shot back at the Malaysian Insider after attending the ministry's monthly gathering and its enforcement agency day celebration in Putrajaya yesterday.
Opposition lawmakers are demanding that Putrajaya and Bank Negara explain how Deepak was given such a deal.
This is pure favoritism. Politics and business could bring down an institution by whim and fancy.

MACC should, at least, investigate whether there are other Deepaks with Bank Rakyat. If we have a few more similar deal, may as well the government close it down!

So powerful are our ministers!

The MACC is just like Bank Rakyat - pecking at small fish (loans) but leaving the big ones off the hook!

China wants South China Sea

Posted: 01 Jun 2014 09:44 AM PDT

The dispute over South China Sea took another unpleasant turn today when Beijing accused Tokyo and Washington of staging a 'provocative actions' against China.
China, in exerting claims on most part of the sea is also facing strong protest from its dialogue partner Asean, especially Vietnam, the Philippines, Malaysia, Thailand and Indonesia for dishonoring the international territorial agreement inked about four decades ago.
Vietnam and the Philippines have, on a few occasions came militarily face to face with China who were accused of 'violating' their waterways.
A top Chinese general on Sunday accused the US and Japan of teaming up to stage "provocative actions" against China, as escalating maritime tensions spilled into an Asian regional defence forum.
Speaking at the Shangri-La Dialogue, Wang Guanzhong, deputy chief of the Chinese general staff, lambasted Japanese Prime Minister Shinzo Abe and Chuck Hagel, US defence secretary, for telling the forum of Asian defence ministers that China was using intimidation to assert its territorial claims.
"The speeches by Mr Abe and Mr Hagel gave me the impression that they co-ordinated with each other, they supported each other, they encouraged each other and they took the advantage of speaking first ... and staged provocative actions and challenges against China," said Gen Wang.
Mr Hagel on Saturday said China was undermining​ its claims that the South China Sea was a "sea of peace, friendship and co-operation" by using coercive tactics, adding that the US would "not look the other way when fundamental principles of the international order are being challenged".
On Friday, Mr Abe said Japan would give more support to southeast Asian nations that are facing Chinese pressure.
In the face of mounting efforts by the US and Japan to shore up or build new security relationships in Asia, Gen Wang said China opposed both the practice of building military alliances and "attempts by any country to dominate regional affairs". In a jab at Japan's wartime history, Gen Wang said China would "never allow fascism … to stake a comeback".
The Shangri-La Dialogue has become one of the key defence events in Asia, particularly as China becomes more willing to voice its views at the forum. Gen Wang said he had not intended to deliver a critical speech, but felt compelled to respond to Mr Hagel whose speech was "full of hegemony".
During his 6-day visit to China, which concluded today, Prime Minister Najib Tun Razak did raise concern about the issue but played down Malaysia's tone by calling a comprehensive dialogue among the countries involved in the dispute.

China has erected an oil rig platform in the Paracel Islands which Vietnam claimed as part of its territories, and naval forces from both countries were already involved in sporadic tussle which saw a Vietnamese patrol bot sank last week. Hanoi accused Beijing of sinking its boat.

Asean must combine its diplomatic effort to halt China's territorial expansion in the South China Sea which is rich with natural resources like petroleum and natural gas.

However, we must not resort to any confrontational with China as the issue can always be resolved by diplomatic means, unless China really wants to become another imperial and colonial power in Asia.


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