How should we judge a government?

In Malaysia, if you don't watch television or read newspapers, you are uninformed; but if you do, you are misinformed!

"If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing." - Malcolm X

Never argue with stupid people, they will drag you down to their level and then beat you with experience - Mark Twain

Why we should be against censorship in a court of law: Publicity is the very soul of justice … it keeps the judge himself, while trying, under trial. - Jeremy Bentham

"Our government is like a baby's alimentary canal, with a happy appetite at one end and no
responsibility at the other. " - Ronald Reagan

Government fed by the people

Government fed by the people

Career options

Career options
I suggest government... because nobody has ever been caught.

Corruption so prevalent it affects English language?

Corruption so prevalent it affects English language?
Corruption is so prevalent it affects English language?

When there's too much dirt...

When there's too much dirt...
We need better tools... to cover up mega corruptions.

Prevent bullying now!

Prevent bullying now!
If you're not going to speak up, how is the world supposed to know you exist? “Orang boleh pandai setinggi langit, tapi selama ia tidak menulis, ia akan hilang di dalam masyarakat dan dari sejarah.” - Ananta Prameodya Toer (Your intellect may soar to the sky but if you do not write, you will be lost from society and to history.)

Friday, November 21, 2014

1MDB - the most controversial sovereign wealth fund

1MDB seems to court controversies from day one, especially when it was associated with no-expense spared parties of flamboyant high-flier Jho Low and world famous Paris Hilton.

After 5 years of operations, it is clear that its activities had been anything but above board: shrouded in secrecy (like using well known tax haven, Cayman Islands and Hong Kong fund managers); tardy in late filing of accounts; suspicious changes of external auditors (3 times in 5 years); poor performance (having to use revaluations of properties to mask huge losses); and so on.

Anil Netto sums up best:

'1MDB’s predicament can be summed up as follows:
Its assets amount to RM51.4bn
Its liabilities RM49.0bn
Equity RM2.4bn
But 1MDB’s assets include ‘goodwill’ of RM3.3bn less RM1.2bn already written off. (Goodwill here refers to the amount it paid for power assets less the actual value of those assets. The Edge calls it an “overpayment”.)
Its assets also include RM5.0bn in revaluation gains mainly on its land bought cheaply from the government.
If not for these non-cash items i.e. ‘goodwill’ and property revaluation surplus, 1MDB’s equity would have been RM4.7bn negative (i.e. not a pretty picture) instead of RM2.4bn positive.
These items have enabled 1MDB to show rosier bottom-line figuures than it otherwise would have posted in the last few years.
And let’s not forget the assets also include the billions parked in the Cayman Islands.
Figures from The Edge, 17 November 2014'

The total liabilities of 1MDB is so huge that it can have an impact on government should it be unable to pay off its debts. How much of the debts are guaranteed by the government was the subject of heated debate in Parliament with each side accusing the other of lying.

Malaysiakini's selection of letters provide some perspective of the debate:
YOURSAY ‘Ahmad got off because the pro-BN House speaker saved his neck.’
Let off, Ahmad now wants MPs to apologise
Did Ahmad intend to lie? Rakyat be the judge


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