Former Bank Negara governor Zeti and hubby, Tawfiq and Nor Mohamed Yakcop under MACC probe over 1MDB funds

 

Tan Sri Dr Zeti Akhtar Aziz (left) and Tan Sri Nor Mohamed Yakcop. -filepic

Point of contention: According to a source, the MACC is investigating allegations of misconduct involving Zeti and Nor Mohamed.

MACC also investigating ex-minister nor Mohamed
`
` JAYA: Former Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz and former minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop are being investigated by the Malaysian Anti-corruption Commission (MACC) over 1Malaysia Development Bhd (1MDB) funds, says a report.
`
` Police were also investigating Zeti’s husband Datuk Tawfiq Ayman over allegations that he received funds related to 1MDB, Mingguan Malaysia reported yesterday, quoting a source.
`
` “The case has been completed with proposed charges under Section 4 (1) (a) of the Anti-money Laundering, Prevention of Financing of Terrorism and Proceeds from Illegal Activities Act 2001 to be filed in the near future,” the source told the newspaper.
`
` The source reportedly added that the agency’s investigation focused more on the receipt of money into Tawfiq’s account in Singapore after Rm5bil was raised by 1MDB in 2009 via the Ambank Group.
`
` According to the report, the matter was exposed when the MACC sought to recover 1MDB’S assets locally and from abroad, involving several “big names” associated with the sovereign wealth fund.
`
` “Among the 1MDB’S assets abroad are those in Switzerland, Kuwait, Mauritius, Cyprus and Hong Kong, which are worth Rm20.5bil,” said the report.
`
` “These individuals were identified when the Commercial Affairs Department of Singapore on Nov 12 returned the money belonging to the former CEO of SRC International Sdn Bhd, Nik Faisal Ariff Kamil, to the Malaysian government through the Asset Recovery Trust Account of the Finance Ministry worth RM3,617,513.91 (US$864,813.27),” it added.
`
` The Malay paper noted that earlier, Singapore had returned assets amounting to Rm64.42mil (Us$15.4mil) involving the Cutting Edge Industries Ltd account owned by Tawfiq and his business partner Samuel Goh.
`
` On the investigation on Zeti and Nor Mohamed, the source told Mingguan Malaysia that the MACC was investigating allegations of misconduct, with the report noting that every investment involving 1MDB funds at that time was definitely done with Nor Mohamed’s knowledge.
`
` The source also said the MACC was investigating them under the MACC Act 2009 and the Money Laundering Act 2001.
`
` The paper added that when contacted, MACC Money Laundering Division director Mohammad Zamri Zainul Abidin confirmed receiving a complaint from a non-governmental organisation on Dec 22 urging an investigation be carried out on Zeti and Nor Mohamed.
`
` Zamri also confirmed that the MACC had received a report by former prime minister Datuk Seri Najib Razak in October last year against former Goldman Sachs senior manager Tim Leissner, and this was being investigated too.
`
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What is the best hedge against inflation?

`   

Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples.

The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes.
`
` IF you have savings of RM100,000 or Rm1mil, how would you utilise this amount of money to preserve your wealth?
`
` It is a legitimate question but increasingly pressing as globally, countries around the world are facing inflationary pressure due to the effects of loose monetary policies for the past two years.
`
` While not everyone is passionate about the financial markets or macroeconomics, most would be concern if they were to know the value of their money or hard-earned savings are increasingly eroded daily through no fault of theirs.
`
` The common method adopted by most would be to assess how much ringgit is worth against foreign currencies like US dollar, Singapore dollar, British pound and the likes. Another would be the actual purchasing power of your money. Combining both, it becomes the formula of purchasing power parity.
`
` I have written an article in this column last year using the Big Mac Index to illustrate inflationary effects. Today, as inflation is already here, I prefer to dwell into how individuals can protect their savings from inflation itself.
`
` Some would argue, they live in solitary and would hardly be impacted even if the ringgit weakened substantially. However, even one who does not travel abroad and lives entirely within the domestic ecosystem cannot run away from the impact of inflation.
`
` As the world economy is a huge interlinked web, connected via global trades, inflationary pressure can be imported through the transaction of goods or the fact that our country has foreign debts. There is no absolute way of shielding in entirety.
`
` Ceiling price for necessities and list of controlled items are what government of the day do to ensure some level of protection for the citizens but if market forces react otherwise, government intervention in itself is not sufficient to push back. This is proven even in the strictest communist or socialist regime around the world, such as North Korea.
`
` The only way to hedge against inflation is to engage in some form of investment. In the past, real estate has always been recognised as one of the best asset classes to preserve wealth and hedge against inflation. This ageold wisdom has survived through thousands of years and civilisations.
`
` New asset class

` As the society evolves and modern economy takes shape, there is now the creation of new asset class which in the past either simply do not exist or wouldn’t make sense to invest substantially. The more common form of investments are the likes of bonds, gold, fixed deposits and equities.

` Then came mutual funds and index-linked funds. Exchange-traded funds in recent years became wildly popular, especially when active investment returns did not provide the same kind of returns it once did.

` This gained traction for those who are mostly passive investors or do not have the time to do individual stock picking. Yet, despite all the asset classes mentioned above, these are all considered relatively acceptable to most people.

` With the millennials and Gen-z being in the workforce, technology have taken centrestage in every part of our lives even when it comes to asset classes. Cryptocurrency, non-fungible tokens (NFTS) and digital assets have made its way into mainstream financial markets where investment banks, which traditionally scoffs at such assets, have now become a part of the frenzy.
`
` Advocates of cryptocurrency, for instance, goes as far as calling it a hedge against inflation or hedge against “fiat currency” or the “new gold”.
`
` Traditional asset classes highlighted above are seen as out-of-date by the new crop of investors, whoever they are and wherever they may come from. I do not wish to debate the utility and viability of cryptocurrency, NFTS or digital assets. However, the big question to me though is, what truly constitutes a hedge against inflation?
`
` For an asset class to constitute a hedge against inflation, the more fundamental aspect is for the asset class to consistently outperform annual inflationary pressure. For example, if the inflation rate is 4% per annum over 10 years, the asset class that one invest in must outperform 4% per annum consistently across the same period.
`
` This asset class will then effectively hedge and protect the value of your money over a substantial duration of time.
`
` The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes.
`
` Bonds and gold are good for those with low-risk appetite but do not expect spectacular returns from these asset class. In fact, many have questioned whether bonds and gold can still preserve value although this has been proven in the past during wars and turbulent times.

 ` Luxury items
`
` Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples.
`
` An unopened Lego set delivers an average annual return of 11%. A Hermes Birkin has seen an average annual increase in price of 14% from 1980 to 2015. This is in comparison to the returns of gold at -2.1% and S&P 500 at 11.7% over the same period.
`
` For the Chanel Classic Medium Flap bag, the price has increased over the past 31 years, from US$1,150 (RM4,817) in 1990 to US$8,800 (RM36,858) in 2021. This gives an average annual return of 21.4% and a compound annual growth rate of 6.8% throughout the period.
`
` If we look at watches, the retail price of stainless steel sports watches have gone crazy in recent years. A Phillipe Patek Nautilus, which retailed at US$3,100 (RM12,985) in 1976 when it was first introduced, is retailing at today US$35,000 (RM146,485)
`
` What is more frightening is the secondary market or grey market pricing for these luxury goods due to the sheer difficulty of getting one at retail price.
`
` A standard Hermes Birkin sized 25 retails at around US$10,000 (RM41,885) but in the secondary market, it can fetch as high as US$25,000 (RM104,713). The Patek Nautilus in a grey market commands close to US$175,000 (RM733,000). The classic Rolex Submariner date steel, which retails at US$10,800 (RM45,236), commands a huge premium in the grey market at around US$20,000 (RM83,770).
`>
` Some may argue that these are the tactical strategy by the ultra-luxury brands to restrict supply and cause a demand shortage in order to drive up the price, making it a highly desirable product.

` However, the counter argument is the fact that these top range luxury brands are handcrafted and requires the hours to produce the finish product. The limited resources coupled with the need to ensure quality also limits supply.

` In the face of a rising affluent class and burgeoning upper-middle class globally, naturally these luxury brands become highly sought after. Once the second-hand market is able to preserve the value, it becomes a hedge against inflation.

` My biggest takeaway though is not which asset class would be the best hedge against inflation. Rather, even within each asset class, it requires homework, due diligence and careful selection in terms of investment to preserve wealth. Making the right decision to purchase or invest needs time and effort
`
` Not all that glitters are gold and in this case, selected steel watches may be worth more than a pure gold watch. So, choose the asset class that you can best understand and would be happy to hold over time in the face of inflation.

NG ZHU HANN Ng Zhu Hann is the author of “Once Upon A Time In Bursa”. He is a lawyer and former chief strategist of a Fortune 500 Corp. The views expressed here are the writer’s own.

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Malaysian teens are shorter than the rest

 

 

 

Undernutrition among our adolescents is causing them to be stunted, making them shorter on average than some of our regional neighbours.

` MALAYSIAN teenagers are a short lot – and not because of genetical predisposition.

` One in six local teens are considered stunted at 6-7cm shorter than the World Health Organization’s (WHO’S) standard height reference for adolescents between 10 and 17 years old.

` This is as they are not consuming adequate amounts of the nutrients needed for growth.

` Given that the window for the adolescent growth spurt is very short, yet provides the biggest growth opportunity during our lifetime, this problem of undernutrition needs to be addressed so that our teens can attain their maximum potential height.

` Stunted growth and development caused by undernutrition is common in many regions, especially poorer ones.

` Data from our 2019 National Health and Morbidity Survey (NHMS) showed that one in five Malaysian children aged five and under are stunted.

` This reflects an increasing trend, with 21.8% in 2019 from 17.7% in 2015 and 16.6% in 2011.

` Meanwhile, data from the 2017 NHMS revealed that the adolescent stunting rate was at 8.5%, or one in 12, in the 10- to 17-years-old age group.

` Increased risk of disease

` “This is a high percentage for an upper middle income country like ours.

` “For developed countries, we want to keep this figure below 5%,” comments Universiti Malaya Faculty of Medicine Department of Paediatrics head Professor Dr Muhammad Yazid Jalaludin.

` The average final adult height of Malaysians is 164.7cm for men and 153.3cm for women.

` “If we plot this on the growth chart, we are in the bottom 10th percentile, which means our average height is at the lowest out of 100 countries for both men and women, i.e. we are 8-9cm shorter than the rest.

` “The fact that we are not achieving as much height as other Asian men and women is worrying.

` “We have fallen behind Singapore, Japan and South Korea, although in the 1940s and 1950s, we were around the same height,” he says.

` The average male height is 170.6cm in Singapore, 171.2cm in Japan and 175.3cm in South Korea. For females, it is 160cm in Singapore, 158.8cm in Japan and 162.6cm in South Korea.

` Interestingly, females in South Korea have recorded one of the biggest height increases among the world’s female population over the last century.

` Prof Yazid adds: “Of course, we also have to look at the parents’ height – teens should be plus or minus 8cm from their dad’s or mum’s height.”

` Studies have shown that countries that consume more dairy products and animal proteins have a taller population, compared to countries that rely on rice and wheat, like most Asian countries.

` Some consequences of stunting include poor cognition, poor educational performance at school, lower income and lower economic opportunity.

` And when stunting is accompanied by excessive weight gain later in childhood, the person will develop an increased risk of nutrition-related chronic diseases in adulthood, including obesity, diabetes and heart diseases.

` “A number of them become obese, as when they start to grow older, they get better nutrition and cannot satisfy their hunger, so they eat a lot,” he says.

` However, stunting recovery intervention may enable undernourished children to catch up on height and other developmental markers.

` The crucial years

` Puberty is the time in life when a boy or girl becomes sexually mature.

` This is also when the growth spurt occurs.

` This short period of rapid growth development in children typically lasts around two to three years.

` Prof Yazid explains: “Boys and girls start at different ages.

` “In girls, puberty is when the breasts develop, which can be as early as eight years old, until menarche, i.e. their first period, which is around two or three years after breast development.”

` He adds that the growth spurt usually occurs at the early stage of puberty, so for girls, it occurs around the time of breast development.

` “Once they get their menses, they don’t grow much until the end of the total pubertal period – the gain is only around 2-5cm.

` “During the first two to three years of puberty, most will gain between 17-22cm in height,” he says.

` For boys, puberty begins later, with testicular enlargement that can begin as early as nine to 10 years of age, although it typically occurs around 12 years of age.

` It then takes another two to three years before puberty ends.

` “Only after puberty will boys have a growth spurt and can achieve a 20-25cm height gain.

` “This is when they start having acne, pubic hair, etc

` `

Start them young

 “They can grow really fast, but to help them grow, we need to intervene immediately and cannot wait until their voice changes,” Prof Yazid points out.

He also notes that nobody usually knows when a boy starts puberty as no one checks for testicular enlargement under normal circumstances.

Only a visit to a paediatric endocrinologist is likely to see their testes size being examined.

Where growth happens

All children have growth plates – areas of smooth, elastic cartilage found at the end of each long bone in the body.

This is where growth takes place. When the bones finish growing, the growth plates close.

Girls generally stop growing and reach their maximum height around the age of 14, and boys, around 16.

Doctors can estimate when growth will be completed by determining a child’s bone age.

They do this by taking an X-ray of the left hand and wrist to see if the growth plates are still open.

The bone age may be different from the child’s actual age.

Prof Yazid says: “Bone age is not the same as chronological age.

“For those that go into early puberty, their bone age may be more advanced than chronological age.

“Height gain should really begin before puberty.

“If the girls are short at the start of puberty, we like to delay puberty, because if they were to start their menses with the height of 130cm, then we cannot do much.

“That’s why it’s important to start nutrition, adequate caloric intake and caloric expenditure from a young age for bone lengthening and thickening, so that the child can gain enough height.”

The adolescent phase contributes to 15-20% of adult height, 45% of adult bone mass increase, and 40-50% of adult weight gain.

Nutritional needs

During early adolescence, children require up to twice or more key nutrients to support accelerated growth and development, compared to a younger child.

These include:

> Calcium – up to 85% increase > Protein – up to 154% increase > Magnesium – up to 200% increase

> Phosphorus – up to 170% increase)

> Zinc – up to 75% increase, and > Vitamin K – up to 133% increase.

Results from the 2017 NHMS showed that:

> 89.4% of adolescents did not meet the required nutritional intake (RNI) for calcium

> 98.8% did not meet the RNI for vitamin D, and

> Over 60% did not meet the RNI for vitamin E.

In addition, the survey found that seven out of 10 adolescents habitually skipped breakfast, while another one in two skipped lunch and dinner.

“I’ve encountered a number of adolescents (13-18 years) who have growth issues; they are underweight so they don’t gain much height.

“At this age, physical activity is important for boys, and if they don’t eat much, they lack energy.

“Three out of four kids also don’t take adequate dairy products,” laments Prof Yazid.

A lack of sleep also affects height.

This is as growth hormones are secreted the most between 10pm to midnight before dropping, then rising a bit between 2am to 4am.

He says: “Most of our adolescents sleep late and have poor quality of sleep, so they don’t get the spurt of growth hormones.

“Another factor is physical activity, which enables the secretion of endorphin and serotonin hormones to make you feel good about yourself. “When you feel good and sleep better, it increases the growth hormone secretions.

“Our adolescents love to sleep late, don’t do regular physical activity and skip meals, so how can they grow well?

“With Covid-19, all kids are equally affected as they don’t do much physical activity and spend more time on gadgets.”

Adolescents should aim to incorporate 30-60 minutes of moderate physical activity daily.

“Walking lazily doesn’t count.

“It’s best to exercise in the evening so they can sleep better at night,” he says.

Parents as role models

Prof Yazid says about half of adolescents perceive that their parents don’t know what they do in their free time.

“What and how you eat matters. “Parents need to try to understand their adolescents’ perspective and look into the kinds of food, timing of their food intake/sleep and exercise patterns.

“It’s better to show than to say, because bugging them doesn’t help when parents themselves don’t lead by example.

“So, when food is put on the table, show them how you would eat it.

“Similarly, exercise with them and sleep early.

“Parents are really the best supporters to encourage their children to do all these,” he says.

In terms of dairy products – which are important for development and bone strength – a number of parents think their children don’t need milk beyond the ages of five or seven, and thus, stop serving it to them.

This is incorrect.

Prof Yazid says: “From dairy products, they can get good nutrients.

“They need at least 600ml of milk a day – 400ml can come from milk and the other 200ml can be obtained from other sources such as cheese or yoghurt.”

When regular meals alone do not meet the increased nutrient requirements for their child’s growth, parents can seek advice from their child’s physician and consider nutritional supplements to help improve nutritional intake during this important growth period.

“The height at the start of puberty is so important to determine the final height.

“If we can reduce stunting rates before the age of five, we can definitely reduce its prevalence among adolescents,” concludes Prof Yazid.

The Star Malaysia 

When parents make mistakes 

 One common parenting mistake is jumping to conclusions about your child’s guilt without even giving them a chance to explain first. — Positive Parenting

 

It may be hard to put aside your pride and apologise to your kids, but it will make you a better parent and show your children good values.

IF you have ever mistakenly raised your voice towards your child or blamed him for something he did not do, you must know how awful that feels like.

Parents commit mistakes too, but as authority figures and role models in the family, they may find it hard to right their wrongs.

Mistakes are bound to happen, whether due to stress, overwork, lack of sleep, poor judgement or carelessness.

However, this is not an excuse to be ignorant or dismissive of one’s missteps.

What we can do is to learn from our mistakes today so that we can be better parents tomorrow.

It may not be easy to overcome our ego and admit our mistake to the kids.

But by role-modelling such behaviour, we can teach our kids (and ourselves) to be better human beings.

Common parenting mistakes

To learn from your mistakes, you will first need to accept that a mistake has been made.

It may occur unintentionally or due to past ignorance.

Here are some common mistakes:

> Breaking promises

You promised to take your daughter to her favourite restaurant after she did well in her test, but you were too busy and ended up not going.

Parents promise all kinds of things to their kids, but it can be hard to fulfil all of the promises made.

> Telling lies

White lies are common for various reasons – as an excuse, to avoid difficult topics, and often, to calm children.

Parents may also tell a lie to another person in front of their kids.

Even if the lie seems harmless, it teaches the kids that it is okay to lie – and this is not okay.

> Jumping to conclusions

Some parents tend to blame or scold their kids without giving them a chance to explain things first.

By assuming that our kids’ past behaviours and choices dictate present and future ones, it limits how we view our kids and can cause us to judge them unfairly.

> Using bad words

Rising anger tends to blind us. You may not realise the bad words being uttered and there is no way to retract them once they are said.

It is bad enough when said to another person, but worse when said to your own kids.

> Comparing and criticising

Constructive comments are okay, but belittling your child, comparing him with others, and criticising his weak spots, all with the intention of “building up his character” are not.

> Too much teasing

Joking, teasing and kidding with your kids are some of the ways to have a laugh and fun with them.

However, you may be taking things too far if they are not laughing.

Even worse is if you press them for not being able to take the joke. > Forgetting things

Having a busy schedule may lead to occasional slip-ups, causing you to forget simple errands (e.g. to pick up your child from tuition), or even important events and dates (e.g. your child’s birthday or school sports day).

> Being hypocritical

Parents are the main role model for their kids.

When parents do not practise what they preach, they risk confusing the kids with conflicting messages.

> Hurting them physically

Parents may accidentally inflict physical harm onto their children, e.g. injuring your daughter’s finger while closing the car door.

Some parents also tend to take out their anger or frustrations on their kids (including yelling, cursing and hitting).

Righting the wrong

After realising that you have made a mistake, what can you do?

> Don’t be too hard on yourself

No parent is perfect, so do not beat yourself up too long for being a “horrible parent”.

Instead, focus on correcting your mistake and finding a solution. >

Admit mistakes and apologise

Once you and your child have calmed down somewhat, gently talk about what you regret and apologise for your mistake.

Ask for a “do over” and try to make things right.



This can be a great opportunity to demonstrate forgiveness and humility to your child. > Reconnect with your child

Let your child express how he feels.

Be open, present and willing to listen and engage with him.

Try to put yourself in his shoes and see (and feel) from his point of view.

This will build empathy and a deeper understanding to reconnect with one another.

> Aim to be better

Focus on self-improvement as a person and parent.

Learn to regulate your own emotions by practising self-compassion and learning to stay centred whenever there is a crisis in your household.

Loving your child starts with loving yourself.

It is part of human nature to make mistakes.

In our lifetime, we will (or should) exchange apologies and forgiveness countless times, including as a parent.

The important thing is to acknowledge that a mistake has been made and to learn from it, make amends, reconcile and gradually develop to be a better parent and individual.

- Alexius Cheang is a behavioural psychologist. This article is courtesy of the Malaysian Paediatric Association’s Positive Parenting programme in collaboration with expert partners. For further information, please email starhealth@ thestar.com.my. The information provided is for educational and communication purposes only, and it should not be construed as personal medical advice. Information published in this article is not intended to replace, supplant or augment a consultation with a health professional regarding the reader’s own medical care. The Star does not give any warranty on accuracy, completeness, functionality, usefulness or other assurances as to the content appearing in this column. The Star disclaims all responsibility for any losses, damage to property or personal injury suffered directly or indirectly from reliance on such information. 

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