Saturday, January 8, 2022

Malaysia's Bar Council disturbed by MACC Director General's share dealings but still silent about business with Australia's College Of Law

 by Ganesh Sahathevan 





FMT of Malaysia has reported:


A royal commission of inquiry must be set up immediately to investigate allegations levelled at Malaysian Anti-Corruption Commission chief commissioner Azam Baki, the Bar Council said today.

It said the royal commission should be set up “without delay” and tasked to investigate the serious accusations against Azam as the MACC’s Anti-Corruption Advisory Board had failed to do so.


Meanwhile the Bar Council and it's president at the relevant time, YA Tuan George Varughese, have maintained silence about their business with Australia's College Of Law.

TO BE READ WITH 

 by Ganesh Sahathevan 

Judicial Commissioner George Varughese continues to maintain his silence with regards his dealings with Australia's College Of Law, whose JV with the Bar Council Malaysia, entered into  during Varughese's tenure as Bar Council president , has raised a number of issues that demand answers. 


TO BE READ WITH 

realpolitikasia

Sunday, June 21, 2020



(See diagram above-click to enlarge).
The College Of Law-Bar Council JV was entered into when YA George Varghese (photo above) was  chairman of the Bar Council . He refused to answer queries about the JV and about claims made by the College about its contributions to  legal education in Malaysia, going back to the 1980s. Those claims have been refuted by UiTM, and the Federal Court Registry.



TO BE READ WITH 





Bar Council education ‘JV’ must be clarified

By  , in Scandal on July 19, 2019 . Tagged width:  ,  , 

KUALA LUMPUR, July 19 – The Malaysian Bar Council launched its first education venture, a LLM in Malaysian Legal Practise (LLM), last year in collaboration with the College Of Law Australia.
The LLM does not seem to have the approval of Malaysia’s Legal Professional Qualifying Board (LPQB) but the website for the course, which is hosted in Australia, prominently displays the Bar Council crest.
bar council
The crest has not been used before to promote a course of study, and queries put to Bar Council President Fareed Gafoor about the use of the crest have been acknowledged but remain unanswered.
NMT has however sighted an email from Fareed dated Friday, May 24, 2019 with regards the LLM and the use of the crest where he states:
Dear Rajen,
We can’t remain silent on this.
Abdul Fareed Bin Abdul Gafoor
Sent from my iPad
It is understood that “Rajen” refers to  Rajen Devaraj, Chief Executive Officer of the Bar Council Secretariat in Kuala Lumpur.
The Bar has remained silent for nearly 2 months since.
Key person suddenly retired during extensive query
The College of Law used to be represented in Malaysia by its Director, Peter Tritt. Tritt have been queried extensively about the LLM and about the College’s business in Malaysia but has refused to provide answers. Tritt has been based in Kuala Lumpur since 2017 but announced on Friday that he had “retired” from the College on 30 June 2019.
It is understood that Tritt has forwarded queries sent him to his head office in Sydney and hence it appears that Tritt is under orders from his Chief Executive, Neville Carter, to remain silent.
Questionable advertising claims?
In advertising on the College’s website Carter has claimed that he had established a Professional Legal Training course for Malaysian Law students seeking admission to practise in Malaysia. There seems to be no evidence of such a course, or of any national level training course for the existing Certificate of Legal Practise.
Carter has also claimed to have produced the “inaugural” Handbook in Legal Practise for Malaysia, in the late 80s. A search of the main law libraries in Malaysia directed by the Chief Registrar, Federal Court Malaysia, has not found any such handbook.
He has also claimed to have, during that time to have identified and addressed “gaps” in Malaysian legal practise, but not even those in practice during that period and since have ever heard of him. Nor are senior practitioners aware of  “gaps” that needed that to be addressed by external consultants.
As CEO of the College Carter  has ultimate responsibility for the College’s Malaysian operation headed by Tritt and variously named the “College Of Law Asia Pacific” and the “College Of Law Asia”. A search by NMT has not revealed any entities registered under those names in Malaysia or in Australia, not even a foreign entities registered to conduct business in Malaysia.
Meanwhile the College, in collaboration with the Bar Council continues to sell its LLM and other courses in Malaysia, deriving a fee income from Malaysian courses.
-NMT



Friday, January 7, 2022

Death of fully vaccinated Australian wrestler, powerlifter from COVID bears strong similarities to 16 year old Singaporean weightlifter who suffered cardiac arrest after first dose of his COVID vaccination

 by Ganesh Sahathevan 


The death of a  of fully vaccinated Australian wrestler and powerlifter from COVID bears strong similarities to the case of a  16 year old Singaporean weightlifter who suffered cardiac arrest after his first COVID vaccination.


Reporting the incident Singapore's Straits Times said on 16 August 2021:

A 16-year-old boy who suffered a cardiac arrest after his first dose of the Covid-19 vaccine is recovering steadily, and has received $225,000 under the Vaccine Injury Financial Assistance Programme (VIFAP).

This is the highest amount a person can receive through the programme.

The boy is currently undergoing inpatient rehabilitation and can perform his activities of daily living without assistance, the Ministry of Health (MOH) said in a statement on Monday (Aug 16).

The 16-year-old had collapsed at home following a gym weightlifting session on July 3, six days after receiving his first dose of the Pfizer-BioNTech/Comirnaty vaccine.

 He had developed acute severe myocarditis, or inflammation of the heart muscle, which led to the cardiac arrest.

MOH said last month that the teen had trained with "very heavy weights which were above his body weight".


As a result of the incident the Singapore Taekwondo Federation issued an advisory to all its coaches, strongly advising " to track.. athletes who have taken their vaccination, and plan...training for them safely and appropriately as well as monitor their training responses."


TO BE READ WITH 



Staff reportersPerthNow

The death of a fully vaxxed champion wrestler and power lifter has triggered an outpouring of grief, and a warning to others not to take COVID lightly.

James Kondilios, a 23-year-old science graduate and champion power lifter who had no underlying medical conditions, died from severe COVID complications in a Sydney hospital earlier this week.

Mr Kondilios Australia at the Power Lifting World Championships in Finland, where he won a bronze medal in 2015.Mr Kondilios Australia at the Power Lifting World Championships in Finland, where he won a bronze medal in 2015. Credit: Facebook/Facebook

His friend Stephen Ma posted on Facebook of his grief and regret.

“I am so regretting that I didn’t take more photos with you, I am so regretting that I should hug you even harder when last time we saw each other,” he wrote.

“The last message you sent to me was “couldn’t ask for a better friend”. Likewise bro, the years I spent with you will always be a great part of my life, you will always be on my mind to delight me, encourage me and guide me. I will try to be a better person just like you bro, kind, sweet, nice to everyone and love everyone.”

Friends say Mr Kondilios’ death is a reminder COVID could not be treated lightly.  Friends say Mr Kondilios’ death is a reminder COVID could not be treated lightly. Credit: Facebook/Facebook

Another friend, Julia Adamcewicz, wrote that Mr Kondilios’ death was a reminder that “even the strongest and wisest can be taken from this world before their time”.

“Yesterday was a reminder that this battle with Covid we have all been a part of for the last few years is not something to be taken lightly as even the healthiest people can be taken far too young,” she wrote.

The wrestling community has also expressed its grief, with both ACT Wrestling and the Sydney Uni Wrestling and Grappling Club posting tributes online.

Mr Kondilios represented Australia at the Power Lifting World Championships in Finland, where he won a bronze medal in 2015.

He also completed an advanced science degree at the Australian National University in Canberra and in 2019 was presented with a Science and Innovation award by then Agriculture Minister David Littleproud.

In 2019 James Kondilios was presented with a Science and Innovation award by then Agriculture Minister David Littleproud.In 2019 James Kondilios was presented with a Science and Innovation award by then Agriculture Minister David Littleproud. Credit: Facebook/Facebook

NSW is being ravaged by the highly infectious Omicron strain of the coronavirus, with 11 deaths recorded in Friday’s figures and 38,625 cases.

Mr Kondilios’ funeral will be held on January 13.

Monday, January 3, 2022

Good news for Pfizer-BioNTech is bad news for Pfizer-BioNTech's government clients, and bad news for BioNTech's share price

by Ganesh Sahathevan 





A BioNTech-Pfizer funded study published on 31 December 2020 found that two shots of the Pfizer  COVID vaccine is 95% effective in preventing INFECTION.That was clearly good news for BioNTech, but the share price has behaved as if the company has come under an evil star.

The reason seems to be this. The study published in the New England Journal Of Medicine defines "EFFICACY " as "INFECTION" not "severe effects", "hospitalisation" or "death". This definition is at odds with the claims made by politicians, and the governments they lead, including the Australian Government, and their civil servants who since mid 2020 changed tune, claiming that they never said the vaccines would prevent infection, but only the more severe symptoms of infection, and the consequences such as  hospitalisation, and death.


The  31 December 2020 study published in the New England Journal Of Medicine puts BioNTech-Pfizer's clients, the governments of some of the richest countries in the world who have all but mandated the use of the BioNTech-Pfizer COVID vaccine, in the difficult position where they will now have to explain why the vaccines they have forced on their citizens are not working to prevent infection.


The market can see that problem which has been reflected in BioNTech's share price. The one month fall of 17.15% is obvious, especially the steep fall after the publication of the study.  The six month share price shows positive returns, especially after the advent of the omicron variant in November but the downward trend since December is clear to see. 

Good news it seems, is not always good. 

END 

Saturday, January 1, 2022

Malaysia's general insurers suffer flood damage payouts in the face of a declining stock market and the loss of Bank Negara's protective mantle

 by Ganesh Sahathevan 


       KLCE simple moving average and moving average convergence divergence (MACD) indicators.   2017-2021




Malaysia's general insurers are reported to have suffered  potential flood damage payouts of USD 718 Million, or approximately MYR 3 Billion. 

They do so in the face of a stock market that has been on a downward trend for the past five years (see graphs above).Investing premiums in stocks is how insurance companies in Malaysia make their money, and the declining market is quite likely to have eaten into their surpluses.

Worse,  they are likely to have to do so without Bank Negara's protective mantle. There has always been a cosy relationship between Bank Negara and the owner-managers of the financial institutions the Bank is supposed to supervise which has in the past allowed the financial institutions to continue in business even when there were serious financial problems. 

The Bank however has been the subject of some recent adverse  disclosures with regards the 1MDB scandal and it is no longer, as a result, the politically influential body that could provide its friends protection. 

More to the point, the majority of flood victims are Bumiputera. Any attempt by the insurers to evade payouts will face intense political scrutiny, and is likely to fail. 


TO BE READ WITH




Malaysian insurance group estimates flood claims payout at $720mn

December 29, 2021


The General Insurance Association of Malaysia (PIAM) has estimated the total payout from claims as a result of the floods that swept across Malaysia recently could total RM3 billion (USD720 million).

These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and the upcoming monsoon season.

The country saw three days of torrential rain over a weekend which has caused severe flooding in eight states, partially submerging a number of towns and villages.

The government has come under fierce criticism for not issuing warnings in time and being slow to respond, with fears of the death toll rising sharply as more bodies are found.

As of the 27th, an estimated 51,000 people had been evacuated from their homes, of which most were from Pahang on the eastern coast of the Malay peninsula, one of the worst-hit states.


In addition to above estimated total claims payout for this event, the general insurance industry is donating and contributing RM2.43 Million to a newly established Flood Relief Fund.

The fund is a Corporate Social Responsibility (CSR) initiative to support the adversely affected motoring community during these difficult times.

This initiative has been designed to help expedite claims settlement, provide additional special relief measures, and further ad hoc ex-gratia assistance, as determined by individual general insurers.

This CSR assistance will initially be in the form of a subsidy towards a clean-up at workshops for vehicles directly affected by the floods, capped at a one-off per vehicle subsidy of RM500 for cars and commercial vehicles, and RM100 for motorbikes.

Claimants will need to produce requisite evidence of flood damage to their vehicles and proof of previous insurance cover, which must be either currently insured or a vehicle that was last insured on 1st June 2021.

At this stage, the fund will be closed once the pledged amount of RM2.43 million has been exhausted.

Wednesday, December 22, 2021

Australian politician who "tried" to meet DCNS/Naval Group officers in France, just before signing of DCNS-Australia submarine deal now demanding that unvaccinated Australians be refused govt funded medical services

 by Ganesh Sahathevan 



Minister Ayres & girlfriend Marise Payne, the  Minsiter for Defence who oversaw the DCNS  
submarine deal 


The cancellation of the DCNS/Naval Group Australian submarine deal has resulted in renewed scrutiny of the deal, and of all who were involved, in the deal. 


TO BE READ WITH 


Friday, October 8, 2021

Stuart Ayres, Australian politician who "tried" to meet DCNS/Naval Group officers in France, just before signing of DCNS-Australia deal, promoted within party, a probable successor to current premier of NSW

 by Ganesh Sahathevan 


Stuart Ayres tweeted his promotion to Deputy Leader, NSW liberal Party, and in effect, successor to the newly appointed premier Dominic Perrotet.

https://twitter.com/stuartayresmp/status/1445697506701021197


Left unsaid, and unreported in Australia, is how he attempted to involve himself in the DCNS/Naval Group submarine contract, despite the publicity surrounding that deal in the present time 


TO BE READ WITH 

Tuesday, April 26, 2016

Doing business with the corruption prone DCNS-Australian Defence Minister's boyfriend "tried" to meet with DCNS in France last week

by Ganesh Sahathevan

An excerpt from a transcript of the interview between Australian Defence Minister Marise Payne and journalist Emma Alberici: 

EMMA ALBERICI: OK. I just want to shift to something else because we learned today that your partner, Stuart Ayres, who is the NSW Minister for Trade, was last week in France and sought a meeting with DCNS, which apparently did not go ahead. I want to know: did you try in any way to intervene to seek that meeting between Stuart Ayres and members of DCNS last week?

MARISE PAYNE: No. I understand that that is part of a series of meetings that any Trade Minister from Australia from any state in the Commonwealth, frankly, would endeavour to have with participants in the CEP (Competitive Evaluation Process process. As you've indicated, the meeting didn't proceed, I understand from his statement due to times not merging with the appropriate program that he had. And finally, I in no way approached Defence or engaged with Defence on this matter.

EMMA ALBERICI: Or anybody else in France ...

MARISE PAYNE: No


Ayres is Minister for Trade, Tourism & Major Events, Minister for Sport,New South Wales.The state government has no role whatsoever in defence, which is a federal matter.The CEP was basically a fashion parade, so it is hard to see why there was any need for any meetings between politicians and CEP participants.
Ayres may not have "engaged with Defence" but he is clearly constantly engaging with the Minister For Defence.
Had these same facts presented in any other country in this region awarding any kind of defence contract, media and the opposition would by now demand a full investigation into the Minister's financial affairs, and for a review of the award of the contract. In  Australia on the other hand it is assumed that our politicians are above corruption.

END 
For Reference

Doing business with the corruption prone DCNS-Are Australian politicians ,civil servants, exceptionally honest,pure ,possessing moral fortitude lacking in others?





Monday, December 20, 2021

Tabung Haji's new chairman Azman Mokthar FCCA, CFA charter holder has sone old Australian accounting issues to resolve.

 by Ganesh Sahathevan 



Azman Mokhtar is the former managing director of Khazanah Nasional Bhd.



Free Malaysia Today and others have reported that Tan Sri Azman Mokthar is to be the new chairman of Tabung Haji
 
Azman, who is a FCCA and a CFA, should however first resolve and report on old Australian issues.




TO BE READ WITH 

Wednesday, February 19, 2020

Urusharta Jamaah Sdn Bhd,Tabung Haji special audit may be required with regards investments in Australia

by Ganesh Sahathevan
                                         Is Team Azeez still pulling the strings at Tabung Haji
                                         and its subsidiaries, including TH Properties. 



The recent revelations by Tabung Haji and TH Properties Sydney based JV partner  requires a re-assessment of TH and TH Properties assets transferred to Urusharta Jamaah Sdn Bhd. It also raises the question whether TH and TH Properties have retained assets within themselves that have not been accounted for, or held in off balance sheet entities.

Unless a thorough investigation is carried out, the above questions cannot be answered in any meaningful way.Ultimately it is Tabung Haji depositors who will suffer.

END

SEE ALSO


 Govt to bear more than RM10.3b losses in Tabung Haji's rescue plan, if assets depreciate


KUALA LUMPUR: Urusharta Jamaah Sdn Bhd (UJSB), a wholly-owned unit of the Ministry of Finance Incorporated, highlighted if the assets transferred from Lembaga Tabung Haji (LTH) were to depreciate further, the government will incur losses higher than RM10.3 billion.
Among non-performaning assets transferred into UJSB include 1.568 acres at Tun Razak Exchange (TRX).
In a statement today, UJSB said the LTH rescue plan which was completed on December 28, 2018, involved a transfer of non-performing assets worth RM9.63 billion from LTH to UJSB in exchange for RM19.90 billion.
It consisted of two tranches of Sukuk totalling RM19.6 billion and RM300 million respectively in cash payable to LTH.
"The difference of RM10.3 billion between the consideration of RM19.9 billion and RM9.63 billion market value of assets is to be borne by the government to ensure that the financial health of LTH is restored," UJSB said.
It cautioned that if the value of the assets depreciates further, the government will incur losses higher than RM10.3 billion.
The assets transferred into UJSB are made up of listed equity holdings, properties and one unlisted plantation asset.
The property assets transferred to UJSB include 1.568 acres at Tun Razak Exchange (TRX).
"The land was purchased by LTH at RM188.5 million or RM2,760 per sq ft. This is significantly higher than that paid for by 1Malaysia Development Bhd (1MDB) at only RM75 per sq ft (or RM5.1 million for 1.568 acres)," the statement said.
The land was then purchased by UJSB from LTH at RM400 million (RM5,856 per sq ft), which does not reflect the actual market value of the TRX land.
The purchase was at 112.2 per cent premium to what LTH paid in April 2015 (RM188.5 million or RM2,760 per sq ft).
"In a recent valuation exercise conducted in March 2019, the market value of the said TRX land stood at only RM205 million.
"The huge difference between the market value and the purchase value of the land (95 per cent premium over market value), together with all the other assets acquired by UJSB, was needed to ensure the successful rescue and restructuring plan of LTH," UJSB said.
UJSB will bear significant losses as a result of impairment charges estimated at more than RM10 billion for the assets acquired from LTH.
It noted that the TRX land transaction itself will result in an impairment charge of RM195 million.
"With the transfer of assets now completed, UJSB will continue with its mandate and purpose, which are to carry out the rehabilitation and restructuring of assets under its care.
"We will maximise asset recovery value and redeem all monetary instruments issued by UJSB and subscribed by LTH in a timely manner," the statement said.
Posted by Ganesh Sahathevan at 8:37 PM 


Wednesday, February 19, 2020

Tabung Haji & TH Properties -Developments in Australia suggest Team Azeez is still pulling the strings despite the change in management, are they still able to harm depositors' funds?

by Ganesh Sahathevan



                                         Is Team Azeez still pulling the strings at Tabung Haji
                                         and its subsidiaries, including TH Properties. 

As reported yesterday on this blog Tabunbg Haji's Australian JV partner has contacted this writer in an attempt to remove articles about Tabung Haji's JV in Sydney.


Readers may recall that Tabung Haji and TH Properties responded with a statement that said, among other things:

Lembaga Tabung Haji argued that all investments directly made by TH Properties were sourced from internal funds

That claim has been disputed by this writer, given Tabung Haji's cashflow problems that were evident from its financial statements: 

Tabung Haji bleeding billions in cash -Evidence from TH's audited cash flow statements has been available since at least 2016




END 



 Govt to bear more than RM10.3b losses in Tabung Haji's rescue plan, if assets depreciate



KUALA LUMPUR: Urusharta Jamaah Sdn Bhd (UJSB), a wholly-owned unit of the Ministry of Finance Incorporated, highlighted if the assets transferred from Lembaga Tabung Haji (LTH) were to depreciate further, the government will incur losses higher than RM10.3 billion.
Among non-performaning assets transferred into UJSB include 1.568 acres at Tun Razak Exchange (TRX).
In a statement today, UJSB said the LTH rescue plan which was completed on December 28, 2018, involved a transfer of non-performing assets worth RM9.63 billion from LTH to UJSB in exchange for RM19.90 billion.
It consisted of two tranches of Sukuk totalling RM19.6 billion and RM300 million respectively in cash payable to LTH.
"The difference of RM10.3 billion between the consideration of RM19.9 billion and RM9.63 billion market value of assets is to be borne by the government to ensure that the financial health of LTH is restored," UJSB said.
It cautioned that if the value of the assets depreciates further, the government will incur losses higher than RM10.3 billion.
The assets transferred into UJSB are made up of listed equity holdings, properties and one unlisted plantation asset.
The property assets transferred to UJSB include 1.568 acres at Tun Razak Exchange (TRX).
"The land was purchased by LTH at RM188.5 million or RM2,760 per sq ft. This is significantly higher than that paid for by 1Malaysia Development Bhd (1MDB) at only RM75 per sq ft (or RM5.1 million for 1.568 acres)," the statement said.
The land was then purchased by UJSB from LTH at RM400 million (RM5,856 per sq ft), which does not reflect the actual market value of the TRX land.
The purchase was at 112.2 per cent premium to what LTH paid in April 2015 (RM188.5 million or RM2,760 per sq ft).
"In a recent valuation exercise conducted in March 2019, the market value of the said TRX land stood at only RM205 million.
"The huge difference between the market value and the purchase value of the land (95 per cent premium over market value), together with all the other assets acquired by UJSB, was needed to ensure the successful rescue and restructuring plan of LTH," UJSB said.
UJSB will bear significant losses as a result of impairment charges estimated at more than RM10 billion for the assets acquired from LTH.
It noted that the TRX land transaction itself will result in an impairment charge of RM195 million.
"With the transfer of assets now completed, UJSB will continue with its mandate and purpose, which are to carry out the rehabilitation and restructuring of assets under its care.
"We will maximise asset recovery value and redeem all monetary instruments issued by UJSB and subscribed by LTH in a timely manner," the statement said.







Friday, December 17, 2021

Pfizer-BionTech 3 doses to fight Omicron press release reversed a week long, significant fall in BioNTech share price

 by Ganesh Sahathevan 



The Pfizer-BioNTech press release of 8 December 2021 seems to have rescued BioNTech's  share price. 





Pfizer and BioNTech Provide Update on Omicron Variant

  • Preliminary laboratory studies demonstrate that three doses of the Pfizer-BioNTech COVID-19 Vaccine neutralize the Omicron variant (B.1.1.529 lineage) while two doses show significantly reduced neutralization titers
  • Data indicate that a third dose of BNT162b2 increases the neutralizing antibody titers by 25-fold compared to two doses against the Omicron variant; titers after the booster dose are comparable to titers observed after two doses against the wild-type virus which are associated with high levels of protection
  • As 80% of epitopes in the spike protein recognized by CD8+ T cells are not affected by the mutations in the Omicron variant, two doses may still induce protection against severe disease
  • The companies continue to advance the development of a variant-specific vaccine for Omicron and expect to have it available by March in the event that an adaption is needed to further increase the level and duration of protection – with no change expected to the companies’ four billion dose capacity for 2022