Friday, May 3, 2024

EZRA Holdings revisited: Do bondholders have a case against DBS and HSBC for selling them negligently if not carelessly over-hyped Ezra debt securities?

by Ganesh Sahathevan  


The following is an extract from Mak Yuen Teen's Corporate Governance Case Studies (Volume Nine) from the chapter on the collapse of Ezra Holdings Limited in 2015,ostensibly due to crash in crude oil prices. At page 90:

It seems that Ezra’s cash flow problems had started way before the crunch in the oil market. KGI Securities Singapore analyst Joel Ng noted that Ezra had been reporting negative free cash flows for 10 years, even when oil prices were above US$100 a barrel. This was said to be due to it taking up too many loans during the years when the oil industry boomed. Such problems only surfaced when the oil price fell. Persistent weak free cash flows within the Group led to a “highly unsustainable” balance sheet. Ezra could have been able to manage with the market conditions if it had a healthy balance sheet.


That is however not how DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited described  the company, Ezra Holdings Limited, when they promoted its debt securities: Joel Ng relied on figures from Ezra's published financial statements,and hence DBS and HSBC would have known or ought to have known that Ezra had been reporting " negative free cash flows for 10 years, even when oil prices were above US$100 a barrel."


In the words of DBS and HSBC, in 2012: 

Ezra Holdings Limited (Ezra, the Group or), a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, has announced that it has launched and priced its first Singapore dollar denominated Subordinated Perpetual Securities (the "Securities") to raise S$150 million. This issuance is the second offering under Ezra's US$500 million Multicurrency Debt Issuance Programme ("Debt Issuance Programme") established on 28 August 2012.

DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Limited are the appointed dealers for the Securities. The issuance of the Securities was well received and the order book was multiple times oversubscribed with participation from more than 50 investors. In terms of geographical distribution, the allocation was primarily to Singapore based investors. In terms of investor classes, a substantial portion of the issue was allocated to private banks, with sizable interest from institutional investors and asset managers.

The Group's recent benchmark S$200 million, 5% 3-year fixed rate notes issued on 7 September 2012 also received strong interest from investors. The net proceeds of both issues will be used to refinance the Group's existing borrowings, as well as for general working capital and general corporate purposes.

Ezra's Managing Director, Mr Lionel Lee, said: "The strong appetite for our notes and securities in support of our efforts to strengthen our balance sheet reflects investor confidence in Ezra and our future.

"By diversifying our sources of funding and extending our debt maturity profile, it positions the Group well ahead of any global uncertainties and allows Ezra to take advantage of the many opportunities we see in subsea construction and offshore support services."

Mr Clifford Lee, Head of Fixed Income at DBS, said: "This is indeed an important milestone for Ezra's continuous efforts in setting its credit benchmark in the debt capital markets following its recent 3-year SGD note issue. The issuance of both the notes and perpetual securities has allowed Ezra to create a transparent SGD credit yield curve which will be useful for its future debt raising exercises. DBS is extremely proud to be part of this ground breaking transaction."

Mr Jason Khoo, Head of Debt Capital Markets, South East Asia at HSBC, said: "The strong investor response to Ezra's perpetual securities issuance represents a clear endorsement of investor appetite for Ezra's credit, and represents a strong testament to Ezra's credit standing, following their successful SGD senior bond issue. The perpetual securities issuance enhances the company's capital structure and is instrumental in providing the issuer with greater financial flexibility going forward.

(SourceEzra Raises S$150 Million from Issuance of Perpe tual Securities
Distributed by Contify.com 18 September 2012 Singapore Government News)




Ezra's bondholders have been left with nothing, but do they have a cause of action against DBS and HSBC for pushing debt securities that were clearly not as secure as they held them out to be? 

END 

Wednesday, May 1, 2024

Palestinian Islamic Jihad financier Sami Al-Arian praises wife Nahla 's "solidarity with the brave and very determined Columbia University students", Al Arian was supported by Anwar Ibrahim's IIIT ,and is now based in Turkey under the patronage of Anwar friend Erdogan - Muslim Brotherhood links to US GAZA campus protests likely

 by Ganesh Sahathevan 







Former University of South Florida professor Sami Al-Arian who  pleaded guilty  in 2006 to a charge of conspiring to provide services to the Palestinian Islamic Jihad (PIJ) has tweeted his admiration for his wife Nahla's  "solidarity with the brave and very determined Columbia University students".
He is currently director of the  Istanbul-based Center for Islam and Global Affairs.

In 2005 the Tampa Tribune reported: 

Two weeks after President Clinton designated the Palestinian Islamic Jihad an illegal terrorist organization, Sami Al-Arian called the action "propaganda," "stupid" and part of "a war staged by Zionists."

"They are controlling the White House and the State Department, they are in control in the era of the Democrats," Al-Arian said in a telephone call on Feb. 6, 1995, speaking to Lou'ay Safi.

"You will laugh, by God, if you read the executive order," Al- Arian told Safi. "You will completely laugh at the situation. How would a president of the most powerful country in the world sign such a stupid thing like this?"

Al-Arian is standing trial, along with Sameeh Hammoudeh, Hatim Naji Fariz and Ghassan Zayed Ballut, on charges they helped finance and organize the Islamic Jihad, which has claimed responsibility for numerous suicide bombings in Israel, the West Bank and the Gaza Strip. Until the executive order, which was signed Jan. 23, 1995, and became effective the next day, providing material support to the organization was not illegal in the United States.

Louay Safi was formerly  the Director of Research at the International Institute of Islamic Thought (IIIT)..He served as the the Executive Director of the International Institute of Islamic Thought in Malaysia from 1995 to 1997, and was also an Associate Professor of Political Science (1994-99), the Dean of Research (1998-99), and a Senate Member (1995-99) at the International Islamic University, Malaysia.

In June 2008 prosecutors in Alexandria, Va., charged Sami Al-Arian with criminal contempt for refusing to provide testimony to grand juries that were investigating financial transfers involving a think tank called the International Institute Islamic Thought.


Nahla and Sami's overt support for the"the brave and very determined Columbia University students" suggests that the Muslim Brotherhood links to the  US GAZA campus protests are. likely.

END 


Reference 





Department of Justice Seal Department of Justice


FOR IMMEDIATE RELEASE
MONDAY, APRIL 17, 2006
WWW.USDOJ.GOV
CRM
(202) 514-2007
TDD (202) 514-1888

Sami Al-Arian Pleads Guilty To Conspiracy To Provide
Services To Palestinian Islamic Jihad

WASHINGTON, D.C.—Former University of South Florida professor Sami Al-Arian has pleaded guilty to a charge of conspiring to provide services to the Palestinian Islamic Jihad (PIJ), a specially designated terrorist organization, in violation of U.S. law, the Department of Justice announced today.

In a closed proceeding before a federal magistrate at U.S. District Court in the Middle District of Florida last week, Al-Arian pleaded guilty to Count Four of the indictment against him – a charge of conspiracy to make or receive contributions of funds, goods or services to or for the benefit of the Palestinian Islamic Jihad. The plea hearing was closed over the objections of the government and unsealed today. The guilty plea was accepted by U.S. District Court Judge James S. Moody, Jr. this afternoon. Sentencing was scheduled for May 1, 2006.

Al-Arian’s agreement with the government calls for a recommended prison sentence of 46 to 57 months in prison, based on a five-year maximum statutory sentence. Al-Arian, 48, who has been in custody since his arrest on Feb. 20, 2003, has agreed to stipulate to deportation to another country by U.S. Immigration and Customs Enforcement once his prison sentence has ended. Al-Arian has lived in this country for approximately 30 years.

“We have a responsibility not to allow our Nation to be a safe haven for those who provide assistance to the activity of terrorists,” said Attorney General Alberto R. Gonzales. “Sami Al-Arian has already spent significant time behind bars and will now lose the right to live in the country he calls home as a result of his confessed criminal conduct on behalf of the Palestinian Islamic Jihad, which is the same conduct he steadfastly denied in public statements over the last decade.”

“The United States stands committed to bringing terrorists and their supporters to justice,” said Assistant Attorney General Alice S. Fisher of the Criminal Division. “Al-Arian has now admitted providing assistance to help the Palestinian Islamic Jihad—a specially designated terrorist organization with deadly goals—as the government has alleged from the start.”

“This conviction is the result of years of exhaustive investigative and prosecutorial work, during which the government utilized the many tools we have available to us in the ongoing war against terrorism,” said U.S. Attorney Paul I. Perez of the Middle District of Florida. “Because of the painstaking work of the prosecutors and agents who pursued this case, Al-Arian has now confessed to helping terrorists do their work from his base here in the United States – a base he is no longer able to maintain.”

In the plea agreement, Al-Arian admits that he was associated with several organizations, including the Palestinian Islamic Jihad, in the late 1980s and early to mid-1990s. He also admits that co-defendants Ramadan Abdullah Shallah, Bashir Musa Mohammed Nafi and Mazen Al-Najjar were associated with PIJ. President Clinton issued an executive order in January 1995 which banned certain transactions with organizations and individuals who were “specially designated terrorists,” including PIJ, Sheik Abd Al Aziz Awda and Fathi Shiqaqi and later, Ramadan Shallah.

Al-Arian admits that he performed services for the PIJ in 1995 and thereafter, when he was a professor at the University of South Florida and after he knew that the PIJ had been designated by President Clinton as a terrorist organization. Al-Arian also acknowledges in the plea agreement that he knew the PIJ used acts of violence as a means to achieve its objectives. Nevertheless, Al-Arian continued to assist the terrorist organization, for instance, by filing official paperwork to obtain immigration benefits for PIJ associate Bashir Nafi, and concealing the terrorist associations of various individuals associated with the PIJ. He further admits to assisting PIJ associate Mazen al-Najjar in a federal court proceeding, a proceeding in which al-Najjar and Nafi both falsely claimed under oath that they were not associated with the PIJ. Moreover, Al-Arian acknowledges that in late 1995, when Ramadan Shallah, co-conspirator and former director of Al-Arian’s “think tank,” the World and Islam Studies Enterprise (WISE) was named as the new Secretary General of the PIJ, Al-Arian falsely denied to the media that he knew of Shallah’s association with PIJ.

Al-Arian was arrested by the FBI on Feb. 20, 2003 following the return of an indictment by a federal grand jury in Tampa, charging him and several co-defendants. Al-Arian was acquitted of eight of the 18 counts against him following a six-month trial on Dec. 6, 2005, but the jury deadlocked on three of the four most serious conspiracy charges against him, including the charge of conspiracy to provide services to the PIJ.

This case was prosecuted by Executive Assistant U.S. Attorney Terry Zitek and Assistant U.S. Attorney Walter Furr of the U.S. Attorney’s Office in the Middle District of Florida, and Trial Attorneys Cherie Krigsman and Alexis Collins of the Counterterrorism Section of the Justice Department’s Criminal Division. The investigation was conducted by a Task Force led by the Federal Bureau of Investigation, with assistance from U.S. Immigration and Customs Enforcement, the Internal Revenue Service and state and local law enforcement officials, among others.

###


Al-Arian saga ends with deportation


By JOSH GERSTEIN

02/06/2015 02:21 PM EST

Former Florida college professor Sami Al-Arian’s epic, nearly-20-year struggle with U.S. authorities came to a low-key end this week as he was deported to Turkey.

Al-Arian’s long battle over his ties to terrorism roiled two political contests: the 2004 race for U.S. Senate in Florida and the early stages of the 2010 Senate race in California.

Al-Arian’s fight also produced a notable and rare act of judicial defiance: U.S. District Court Judge Leonie Brinkema’s refusal to rule for more than five years on the former computer science professor's motion to dismiss criminal contempt charges brought against him for refusing to testify in front of a grand jury investigating possible links between Northern Virginia non-profit groups and terrorist organizations.

Brinkema signaled on some occasions that she had doubts about the merits of the case, which Al-Arian’s supporters insisted was retribution for his embarrassing the government at a Florida trial where he was accused of acting as the top American representative for Palestinian Islamic Jihad. That trial ended with the former professor acquitted on eight charges and a hung jury on nine other counts.

The Kuwaiti-born Al-Arian ultimately pled guilty to a single count of supporting a terrorist organization and agreed to be deported. However, before he was deported he was summoned to the Virginia grand jury—a move he decried as a “perjury trap.”

The Justice Department only meekly protested Brinkema’s slow-walking of the contempt case, reminding her on a few occasions that rulings were being awaited. But prosecutors never escalated the standoff by asking a federal appeals court to step in. During the the six years the contempt case was pending, Al-Arian was under home confinement outside Washington, but the restrictions were eased over time.

Last June, prosecutors moved to dismiss the contempt case six years after it was filed.

Al-Arian had originally been expected to be deported to Egypt, but a source familiar with the case said the government’s crackdown on Muslim activists there raised questions about whether he would be safe. Eventually, Turkey was selected as a country willing to receive the former professor. He also explored other countries in the Middle East and Latin America, he said Friday on the "Democracy Now" TV program.

Al-Arian, 57, was deported Wednesday night on a Turkish Airlines flight from Dulles Airport in Virginia to Istanbul, officials said.

In an interview from Turkey Friday, Al-Arian said he was escorted to the gate by a U.S. official because he has no identity documents with which to pass through security.

Al-Arian also blamed much of his ordeal on the Tampa Tribune, saying that the newspapers’ series of articles about him prejudiced jurors at his Florida trial. The former professor said the two jurors who refused to acquit him on all charges were both Tribune readers.

The newspaper played “a very destructive role,” Al-Arian told WMNF-FM in Tampa. “I’m not sure if the Tampa tribune was the main reason [I wasn’t fully acquitted], but I think it was.”

Asked to respond to those comments, former Tampa Tribune reporter Michael Fechter said Al-Arian was trying to whitewash the facts that emerged at his 2005 trial.

"This is par for the course. Rather than answer difficult questions about his documented leadership on the Palestinian Islamic Jihad’s governing board, Al-Arian chooses to blame the messenger," Fechter told POLITICO via e-mail. "It’s worth noting that the presiding judge, who saw all the testimony and evidence, called him a 'master manipulator' and a liar during sentencing. 'You looked your neighbors in the eyes and said you had nothing to do with the Palestinian Islamic Jihad,' Judge Moody said. 'This trial exposed that as a lie.'"

Fechter also noted that Al-Arian's ultimate guilty plea included an admission of lying to the press.

"No one should believe a word he says," Fechter said.

Al-Arian had been on federal investigators’ radar since the 1990s but rose to national attention via a contentious, post-9/11 interview with Fox News host Bill O’Reilly. That set in motion Al-Arian’s suspension from the University of South Florida.

Allegations that former USF president Betty Castor did too little about Al-Arian’s alleged ties to terrorism helped Republican candidate Mel Martinez defeat her in the 2004 Senate race.

Al-Arian said Friday that the prosecution was aimed at resolving the university’s predicament over what to do with him. “It was an attempt to bail out…USF because they put themselves in a very difficult situation trying to fire a tenured professor,” he told WMNF. “The USF put itself in a corner because of pressure applied to them—mostly from groups associated with Zionism, or others.”

Al-Arian’s case took a political turn again in 2010 when Carly Fiorina attacked former Rep. Tom Campbell (R-Calif.) over his ties to Al-Arian. Fiorina beat out Campbell for the GOP nomination but was handily defeated by Sen. Barbara Boxer (D-Calif.) in the general election.

Aspects of the Al-Arian imbroglio even tangled up two White Houses. George W. Bush was photographed with Al-Arian and his family at Strawberry festival in Florida as part of outreach efforts to the Arab & Muslim community. And Bush aides apologized after the Secret Service kicked Al-Arian’s son Abdullah out of a White House meeting in 2001, prior to his father’s 2003 indictment.

In 2010, Obama White House lawyer and envoy to the Organization of the Islamic Conference Rashad Hussain initially said he had no recollection of statements attributed to him at a 2004 conference decrying Al-Arian’s prosecution as one of several “politically-motivated persecutions” by the Bush administration. However, after POLITICO obtained a recording of the event, Hussain acknowledged the remarks and said they “were ill-conceived or not well-formulated.”

UPDATE (Friday, 3:15 P.M.): This post has been updated with comment from Fechter.

Tuesday, April 30, 2024

Lessons for Australia from Singapore about crowdfunding damages awarded for defamation - Public funding for the payment of damages is a direct method of informing plaintiffs that they do not enjoy the status they and the courts say they possess

 by Ganesh Sahathevan 


Defamation means causing serious harm to a person’s reputation by publishing material about them that changes the way people feel about them

However, in some recent Singapore cases the defendants against whom damages were ordered , the defendants were able to raise the entire sum from the public, even though the plaintiff in both cases was  the Prime Minister Of Singapore who is assumed to be held in high regard by the public. 


The successful crowdfunding of the funds required to pay the damages  is a direct method of informing  plaintiffs that they do not enjoy the status they and the courts say they possess.It is an example worth emulating in Australia.



TO BE READ WITH 

Blogger Leong Sze Hian pays PM Lee $262k for defamation after crowdfunding effort

Mr Leong Sze Hian was sued for sharing an article falsely linking Prime Minister Lee Hsien Loong to Malaysia's 1MDB scandal. PHOTO: ST

SINGAPORE - Blogger Leong Sze Hian has paid Prime Minister Lee Hsien Loong the sum of $262,327.22 which he owed for defamation, after raising the amount through crowdfunding.

The amount comprises $133,000 that High Court judge Aedit Abdullah had ordered Mr Leong to pay in damages, including aggravated damages, and a further $129,327.22 in costs.

Mr Leong was sued for sharing, on his Facebook page, an article from Malaysian news site The Coverage that falsely linked PM Lee to the 1Malaysia Development Berhad (1MDB) corruption scandal in Malaysia.

In March, Justice Aedit said in a written judgment that Mr Leong did so "without making any enquiries as to its truth whatsoever" and displayed "reckless disregard of whether the article was true or not".

He ruled that Mr Leong's sharing of the article amounted to publishing it, even though Mr Leong did not add any captions or commentary.

After the case was closed, Mr Leong launched an online crowdfunding campaign to help him raise funds to pay the damages and costs.

Blogger Roy Ngerng finishes paying PM Lee $150,000 for defamation using crowdfunding

In 2016, the High Court found that Roy Ngerng had defamed PM Lee in a 2014 blog post. PHOTO: ST FILE

SINGAPORE - Blogger Roy Ngerng has finished paying Prime Minister Lee Hsien Loong the $150,000 he owed in damages for defamation, after raising most of the amount through crowdfunding.

In 2014, the High Court found that Mr Ngerng had defamed PM Lee in a blog post by alleging that PM Lee had misappropriated the Central Provident Fund savings of Singaporeans.

Mr Ngerng said in a Facebook post on Monday (May 3) that he had been paying PM Lee $100 a month from April 2016 to March this year, amounting to $6,000.

He had agreed to pay the remaining $144,000 in instalments of $1,000 a month starting from last month, which would have meant he would finish paying the sum by 2033.

Last month, Mr Ngerng started an online crowdfunding campaign to raise the outstanding sum. Some 2,000 individuals donated to the campaign and Mr Ngerng hit his goal in nine days.

This came after another blogger, Mr Leong Sze Hian, successfully raised $133,000 in a similar crowdfunding effort last month. Mr Leong had been sued by PM Lee in a separate case involving a libellous article that he shared on his Facebook page without comment, and was ordered by the High Court to pay the sum of $133,000 in March this year.

Mr Ngerng paid PM Lee $1,000 last month in accordance with the original payment schedule, while applying to the court for permission to pay the rest of the amount in a lump sum. He then transferred the remaining $143,000 on Monday.

In a letter to Mr Ngerng's lawyers seen by The Straits Times, PM Lee's lawyers confirmed they had received the amount. PM Lee is represented by lawyers from Davinder Singh Chambers, while Mr Ngerng is represented by lawyers from Eugene Thuraisingam LLC.

Mr Ngerng had previously turned to crowdfunding in the course of the case. In 2014, before the trial began, he raised about $127,000 to fund his legal battle. He told the court in March 2016 that he had spent $122,000 of that amount on various legal costs, including lawyers' fees.

After he was found to have defamed PM Lee, Mr Ngerng was ordered to pay $30,000 to cover the costs of the three-day hearing in 2015 to determine the damages owed to PM Lee. This was on top of the $150,000 sum for damages, which included $100,000 in damages and $50,000 in aggravated damages.

In his last update on the matter in a May 2016 blog post, Mr Ngerng said he had raised over $31,000 but added that the funds coming in had slowed.

Tuesday, April 23, 2024

Australia's PM Anthony Albanese wants Singapore POFMA rules but lacks the intellectual skills - Albanese's plans better served by copying Singapore's POFMA, given its objectives, and British colonial antecedents

 by Ganesh Sahathevan 




Australia's PM Anthony Albanese has attacked  Elon Musk in order to defend a failed policy of multiculturalism, and the Muslim voting bloc that his party and he rely on to remain in power. Albanese's attacks on Musk and X are poorly disguised, with the hapless man, who is not known even within his own party for his intellectual skills, reaching for arguments in class, capitalism national security, and Musk's character.


Albanese is clearly floundering (see video above), and his best bet in furthering his plans would be in copying Singapore's POFMA, described by Cherian George in the following terms: 

(The  Protection from Online Falsehoods and Manipulation Act 2019) has echoes of the colonial-era Sedition Act, which criminalises speech that excites disaffection against the government. But even the drafters of the draconian Sedition Act were reasonable enough to insert a kind of good-faith exception: your speech won’t be considered seditious if it shows that “the Government has been misled or mistaken in any of its measures”.


Albanese should be mature enough to learn from Singapore, and accept that there is still  much for him to learn from Britain, despite his republican agenda. Australians on the other hand ought not pretend that their laws are somehow more liberal than that of Singapore. Their leaders are in fact proposing laws that are much wider( SEE STORY BELOW).

To Be Read With 

Australian government threatens Elon Musk-X  with Singapore type POFMA type legislation with expanded powers , concentrated not in a Shanmugam but a public servant from the United States 


Sunday, April 21, 2024

Australian government threatens Elon Musk-X  with Singapore type POFMA type legislation with expanded powers , concentrated not in a Shanmugam but a public servant from the United States 

 by Ganesh Sahathevan 

   





Australia wants to introduce Singapore POFMA t
ype laws to combat so-called misinformation and disinformation. The scope of the proposed laws is likely to be broad, for the Premier of the State Of NSW, Chris Minns has indicated that the laws might include "divisive information".

Minns statement, and the current push to introduce the POFMA type laws is being driven by the Australian government's demand that Elon Musk and his X remove not just in Australia but worldwide posts about two stabbing incidents in Sydney, one of which has been declared a terrorist incident, by a Muslim against a Christian bishop. The campaign against  "divisive information"  , which came after the latter incident , is not different from the campaign against "sensitive matters" seen in Malaysia particularly after May 13 1969.  

The attempt to apply the Australian laws worldwide is not different from Singapore Law Minister Shanmugam's application of the POFMA against the Australian National University. The Australian laws will however be enforced by a civil servant, the E Safety Commissioner, the Julie Inman Grant. 


To Be Read With 




Singapore invokes fake news law for Australia-based academic website article on 'spate of scandals'


A screengrab of the East Asia Forum logo.



Ng Hong Siang
14 Sep 2023 12:22AM(Updated: 16 Sep 2023 12:23PM)
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SINGAPORE: Australia-based academic website East Asia Forum was on Wednesday (Sep 13) issued a correction direction by Singapore's Protection from Online Falsehoods and Manipulation Act (POFMA) Office.

The order relates to claims made in an article titled "A spate of scandals strikes Singapore", written by Dr Ying-Kit Chan from the National University of Singapore.





The piece contains false statements in relation to matters including the independence of the Corrupt Practices Investigation Bureau (CPIB) and Prime Minister Lee Hsien Loong's approach in addressing extramarital affairs among parliamentarians, said the Prime Minister's Office.

East Asia Forum will be required to carry a correction notice at the top of the article and the main page of their website, as well as at the top of the corresponding Facebook post and on their Facebook page.

A check by CNA at midnight showed that East Asia Forum had not put up a correction notice at the top of the article and main page of the website as required. It added a link instead to a government statement right at the end of the article's comment section, at the bottom of the website.

The Forum is based out of the Australian National University and content it publishes is peer reviewed and "checked for factual accuracy", according to its About page.

CNA has contacted East Asia Forum for comment.


Related:


Online publication Jom fails in appeal against POFMA orders over Ridout Road article


Kenneth Jeyaretnam issued fourth POFMA order over comments on National Day Rally, Ridout Road rentals and money laundering


The Prime Minister's Office (PMO) said the East Asia Forum article "makes the statements that (Mr Lee) conflated marital infidelity and corruption".

In July, then-Speaker Tan Chuan-Jin and Member of Parliament Cheng Li Hui resigned from parliament and the People's Action Party (PAP) after it was revealed the pair had an affair.

That week, senior Workers' Party (WP) members Leon Perera and Nicole Seah also resigned from the opposition party after their extramarital affair went public.

July also saw Transport Minister S Iswaran arrested by CPIB in a probe involving billionaire Ong Beng Seng, the man widely credited with bringing Formula One racing to Singapore.

PMO said the article made statements that Mr Lee "equated" the PAP's issues with the WP's marital infidelity episode.


This is untrue and Mr Lee did not conflate the issues, said PMO.

At a press conference on Jul 17, Mr Lee gave his views in relation to the CPIB investigation and extramarital affairs "pursuant to a question posed to him by the media".

"Any concurrent mention of both the CPIB investigations and extramarital affairs related only to the close proximity of the timing in which the incidents were made public, and not the substance of these incidents," said PMO.

Mr Lee then made clear in a ministerial statement on Aug 2 that the government "took different approaches towards allegations of corruption or other wrongdoing in the discharge of official duties on the one hand, and cases involving misconduct in personal lives on the other hand".

He had also referenced the WP case in the same statement, twice, and none of them which were attempts to equate the PAP's issues with the WP's, said PMO.


The article in question also "conveys that CPIB is not independent in deciding whether to carry out investigations because it reports directly to the Prime Minister alone and (that) the Prime Minister alone has the power to refuse approval for CPIB to investigate", said PMO.

It explained that CPIB reports directly to the Prime Minister "in that it is accountable to the Prime Minister".

"CPIB, like all other agencies, has to be accountable to somebody. A state agency cannot operate without any oversight or governance," said PMO, adding that the East Asia Forum piece did not mention other safeguards put in place to ensure CPIB's independence.

Safeguards to ensure CPIB's independence
CPIB is not legally required to seek the consent of the Prime Minister before conducting its investigations
Investigations can proceed, unless the Prime Minister indicates that he does not consent to any particular investigation or that he would like the investigation to stop
Even if the Prime Minister indicates that he does not consent to a particular investigation or that he would like a particular investigation to stop, Article 22G of the Constitution enables CPIB to continue with the investigation with the concurrence of the President
There are also Constitutional safeguards for the appointment or the revocation of the appointment of the Director of CPIB, which may be refused by the President in his/her own discretion
Collapse


PMO said the East Asia Forum article also falsely conveys a cover-up of wrongdoing or corruption when former finance minister Richard Hu spoke with Mr Lee and his father, founding Prime Minister Lee Kuan Yew, in relation to their purchase of properties from Hotel Properties, a firm founded by Ong Beng Seng.

"This matter was openly debated in Parliament in 1996," said PMO.

"During the debate, MPs who spoke ... did not state that there was anything wrong with the discounts" that the Lees received.

Investigations were also conducted at the material time, said PMO, and the Monetary Authority of Singapore found no wrongdoing or impropriety, or evidence of corruption.

The East Asia Forum article also conveys a cover-up, said PMO, by allegedly having only Senior Minister Teo Chee Hean and not CPIB investigate the matter concerning Foreign Affairs Minister Vivian Balakrishnan and Law and Home Affairs Minister K Shanmugam's rental of two black-and-white bungalows at Ridout Road.

PMO noted that CPIB did conduct an investigation and found no evidence of corruption or wrongdoing.

"Senior Minister Teo Chee Hean also reviewed the matter (relying on CPIB’s investigation findings), to establish whether proper processes had been followed, and if there had been any wrongdoing," said PMO.

His report concluded that there was proper conduct on all sides.

"Whilst the author is free to express his views on the above matters, his article makes false and misleading statements while omitting key facts on these matters of public interest," said PMO.

"We advise members of the public not to speculate and/or spread unverified rumours."

Related:




Sunday, April 14, 2024

South East Asian jihadi conflicts   have not been motivated by the Israel- Palestine issue,but Penny Wong's recognition of Palestine will strengthen HAMAS and its ability to finance and arm local jihadis 

 by Ganesh Sahathevan 

South East Asian jihadi conflicts   have not been motivated by the Israel- Palestine issue. That is a matter of history, which Penny Wong should understand better than most given her home state Sabah's role in providing a base for Muslim Bangsamoro rebels who fought the Philippines Government for control of Mindanao. 


Then there is the ongoing insurgency in Southern Thailand ,where Muslim Pattani rebels are trying to create a new Muslim state, more closely aligned to Malaysia.


Closer to home in Indonesia the situation, at best, remains fluid, with jihadis  driven by local and regional objectives

None of these have been mtoivated by the Israel-Palestine conflict,  but Penny Wong's recognition of Palestine will strengthen HAMAS and its ability to finance and arm local jihadis.HAMAS has made clear that it considers Malaysia its gateway to Asia. 


To Be Read With 

Friday, April 12, 2024

Penny Wong consulted Malaysia about recognising a Palestinian state -Malaysia does not recognise Israel's right to exist, Malaysian government and media's word for Israel is "Zionist Regime"

 by Ganesh Sahathevan 

                 Penny Wong and Anwar Ibrahim



As reported by the AFR:

Foreign Minister Penny Wong canvassed extensively with a series of international counterparts, including UK Foreign Secretary David Cameron and ministers from key Muslim countries before announcing Australia could potentially recognise Palestinian statehood.

Over the past month or so, Senator Wong has spoken to foreign ministers from Egypt and Jordan – the first two Arab countries to recognise neighbouring Israel – as well as a slew of South-East Asian ministers at Melbourne’s ASEAN summit, including Malaysia and Indonesia, two big international champions of the Palestinian cause.


Malaysia's does not recognise Israel's right to exist. That determination is reflected in  Malaysian government and media statements in which  even the  word  Israel is forbidden. The word  "Zionist Regime" is used instead.
As reported previously, Malaysia's Anwar Ibrahim (who effectively runs the government, over-riding his ministers) has insisted that he will always support HAMAS. 
Wong cannot but be at least aware that her two state proposal really means the end of Israel as it currently exists.





Friday, April 12, 2024

Albanese and Wong may fantasise about a Gaza , Palestine without HAMAS , but HAMAS will be active in Asia, and Australia - In 2019 Hamas said considers Malaysia its gateway to Asia





by Ganesh Sahathevan



Labor ignored warning of UNRWA links to Hamas -The Australian 


As reported by the AFR:

Foreign Minister Penny Wong canvassed extensively with a series of international counterparts, including UK Foreign Secretary David Cameron and ministers from key Muslim countries before announcing Australia could potentially recognise Palestinian statehood.

Over the past month or so, Senator Wong has spoken to foreign ministers from Egypt and Jordan – the first two Arab countries to recognise neighbouring Israel – as well as a slew of South-East Asian ministers at Melbourne’s ASEAN summit, including Malaysia and Indonesia, two big international champions of the Palestinian cause.



Meanwhile in Malaysia 

"I said that we, as a policy, have a relationship with Hamas from before and this will continue"-Anwar ibrahim


Hamas considers Malaysia its gateway to Asia

Saturday, April 13, 2024

One of Malaysia's best connected, most reviled infrastcruture players will invest billions in Australian wind and solar

 by Ganesh Sahathevan 

Gamuda has a long and illustrious history in its home country, Malaysia, as this writer well knows. In 1997  another reporter and he revealed that Gamuda was launching an IPO on the basis of an incomplete prospectus, based on a project funded by the Malaysian national superannuation fund at ridiculously low rates. We were sacked for doing so.

Gamuda's cash surpluses that are now enabling its expansion into Australian wind and solar, come from toll road operations imposed on users in Malaysia's Klang Valley.It is not unfair to say that it ranks among Malaysia's most reviled, for that that reason alone.

Then in 2003 the award of a highly lucrative Government  rail project to Gamuda and its partners  had one opposition politician questioning the propriety of the process , and another demanding it be cancelled.

Latley in 2021 Gamuda was again the news about its corrupt practises, this time this time with regards MRT project in Kuala Lumpur. 



TO BE READ WITH 





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Malaysian infrastructure giant Gamuda Berhad has announced it will turn its Australian market focus to renewables, with plans to build a 1 to 2 gigawatt portfolio of wind and solar projects within five years.

Gamuda, which in Australia is developing three major road and rail projects worth a total of $4.5 billion, says it also intends to bid for major EPC contracts in solar, wind, pumped hydro and transmission network upgrades and expansion.

It says it aims to generate $2 billion revenue from energy projects alone over the coming half-decade.



“Our vision is to become a leading sustainable energy contractor and a key equity partner for the long term with a particular focus on solar, wind, pumped hydro and transmission,” said Gamuda CEO Ewan Yee.

“This vision builds upon our ongoing success in the Australia infrastructure market and is informed by our energy and water infrastructure experience across a number of projects globally. 

“We also see our demonstrated key strengths in completing complex large-scale linear construction, tunnelling, hydro and geotech in Australia as highly suited to now transition to energy projects,” Yee said.

This sort of skill set will be very welcome in Australia as the national push to 82 per cent renewables by 2030 gathers pace. Of particular interest is Gamuda Berhad’s shareholding in major Malaysian solar contracting company, ERS Energy, which offers access to a “robust” PV supply chain.

Jarred Hardman, Gamuda Engineering Australia’s chief strategy and growth officer, says the company brings with it a “ready to go” solution to help meet the rapidly approaching renewable targets.

“By looking to acquire development rights to shovel-ready projects we can construct and own in solar and wind, while we also secure EPC contracts in transmission and pumped hydro,” Hardman says.

“Our goal is to provide an end-to-end solution to fast-track energy projects and quickly gain a foothold, in keeping with our strategy in infrastructure which has seen us build a $4.5 billion workbook within two to three years.”

Gamuda’s push into Australian renewables follows that of Malaysia oil giant Petronas, whose renewables arm Gentari last year unveiled plans to build a portfolio of up to 8GW of solar, wind and storage capacity in Australia.

Gentari in February 2023 year took control of Wirsol Australia, a leading solar developer, before unveiling the company’s rebranding and expansion plans at a launch event in Sydney in September.

The company’s plans include big investments in India, Malaysia, and between 5GW and 8GW of renewables and storage capacity in Australia, with a mix of green fields development and buying existing assets.