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Wednesday, July 4, 2018

Najib arrested, charged and pleaded not guilty

https://youtu.be/CkmYbnVaO_s


Former premier Najib Abdul Razak was arrested at his residence in Jalan Duta, Kuala Lumpur, this afternoon, according to MACC chief commissioner Mohd Shukri Abdull.

The arrest was carried out in relation to the commission's investigation into the SRC International issue.

Speculation is also rife that the former premier could be charged tomorrow.

Shukri Abdul told the media that the arrest took place at 3pm and the former premier has been taken to the commission's headquarters in Putrajaya for further questioning.

Previously, MACC had recorded Najib's statement twice with regard to the SRC International issue.

Last Friday, Malaysiakini had reported that there is a strong likelihood the former premier would be arrested this week.

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LIVE: Najib arrives in court





https://youtu.be/IFZhcT6t1Pw

Penang undersea tunnel developer CZC 'duped into paying RM22mil' at gun point?


GEORGE TOWN: The developer of the Penang undersea tunnel project claims it was duped into paying two individuals RM22mil to stop graft investigations.

Consortium Zenith Construction Sdn Bhd (CZC) senior executive director Datuk Zarul Ahmad Mohd Zulkifli (pic) said they were told that action would be taken against them if they did not pay.

“They (the duo) claimed to be the powers that be. Eventually, we found out it was not true. We were conned,” he said.

He said the company had previously followed all the rules.

“But at that particular period of time, we didn’t know what was the rule of law. It’s not bribery but the act was akin to putting a gun to my head,” he said.

Zarul Ahmad said he could not disclose the details because the case was still being investigated by the Malaysian Anti-Corruption Commission (MACC).

“I believe soon they will come out with something pertaining to those issues,” he said.

Zarul Ahmad said things were different now after the outcome of GE14 on May 9.

“On May 10, I opened my window and I took a nice breath of fresh air and it was wonderful.

“Last time, I couldn’t answer certain things but now, I can because there is freedom of speech. I know I won’t get into trouble for making statements that I want to make,” he said at a hotel here yesterday.

In March, a 37-year-old Datuk Seri was picked up by MACC for allegedly receiving RM19mil from CZC to “help settle” investigations into the controversial RM6.3bil mega project comprising an undersea tunnel and three highways.

Former chief minister Lim Guan Eng said the state government was shocked at the news that CZC allegedly paid RM19mil to an unnamed businessman and RM3mil to an MP.

Zarul Ahmad said they had provided an explanation about the incident which was accepted by the Penang government two weeks ago.

CZC, the special purpose vehicle of the Penang project, had come under the spotlight after its two senior directors were picked up to assist in MACC investigations over alleged corruption claims.

MCA deputy president Datuk Seri Dr Wee Ka Siong had raised numerous concerns about the project, including why the special pur­pose vehicle did not meet the RM381mil minimum paid-up capital requirement during the tender process.

Zarul Ahmad said they were adopting the just-in-time (JiT) philosophy, meaning the paid-up capital would only be increased when necessary.

He said 90% of the financing was done through the banks and they did not want to incur interests for nothing.

“That is the only way to reduce our cost and maximise returns.

“Why should we increase our paid-up capital to RM300mil or 400mil when we are only using a certain amount,” he said.

By Tan Sin Chow and Saran Yeoh The Star 


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Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble

https://www.bloomberg.com/news/videos/2018-04-20/how-much-is-bitcoin-really-worth-video

https://youtu.be/SA2wG5st0rk

Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile crypto-currency as his Ant Financial on Monday launched blockchain-based money transfers between Hong Kong and the Philippines.

The founder and chairman of Alibaba Group Holding Ltd. extolled the possibilities of the decentralized ledger on which Bitcoin is based but warned that the digital currency itself may be driven by torrid speculation. Ma made his comments after officially launching a blockchain-based remittance service with Standard Chartered Plc and GCash, Ant’s venture with the Philippines’ Globe Telecom Inc.

Bitcoin set a 2018 low on Sunday before bouncing back a tad, underscoring the volatility that stems from increased scrutiny by regulators even as global central bankers and business chiefs raise questions about its viability.

“Blockchain technology could change our world more than people imagine,” Ma told reporters in the former British colony, home to a large population of Filipino workers and domestic helpers who send money home regularly. “Bitcoin however could be a bubble.”

Read more: Ant Financial Raises $14 Billion as Funding Round Closes

Ant Financial, an affiliate of Alibaba’s backed by some of the biggest names in global finance and investment, has explored blockchain technology for years, including to clean up China’s murky charities. But the remittance service marks one of the first instances of the internet giant using the technology in mainstream finance.

On Monday, Ma also took potshots at the traditional banking industry, saying financial institutions were over-charging for overseas payments. Ant Financial, blocked from buying Moneygram International Inc., now wants to build something better and take blockchain-based remittances beyond just Hong Kong to the Philippines. He didn’t elaborate.

“Traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit,” said Ma.

Read more: Jack Ma’s Too-Big-to-Fail Financial Giant Faces a Clampdown

By

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