Australian parliamentary inquiry finds that regulator ASIC is dysfunctional - ASIC's problems can explain why ASIC has failed to investigate ANZ's central role in 1MDB theft

 by Ganesh Sahathevan 

 Shayne Elliot, ANZ’s chief executive  appearing before MPs to answer questions about the bank’s conduct.  Photograph: Lukas Coch/AAP

The Australian Broadcasting Corporation(ABC)  has reported: 

This week, a parliamentary inquiry recommended a radical overhaul of our corporate regulator, the Australian Securities and Investments Commission (ASIC), in yet another call to bring it into line with its global peers.

The first recommendation was a demand for the federal government to recognise the organisation's inadequacies.

ASIC's failures have been well documented over the past 25 years, most recently by former High Court justice Kenneth Hayne in his royal commission into banking misconduct.

The ABC also reported:

The Australian Securities and Investment Commission (ASIC) is too focused on its own internal problems, too sprawling to carry out its duties under the law, and should be split into two separate regulators, according to a long-running Senate inquiry.

In its final report, the 20-month inquiry by the Senate Economics Committee found Australia's corporate and financial services regulator consistently fails to prosecute offenders, and it responds to most reports of alleged misconduct by taking no further action.

It found when the regulator did manage to take enforcement action, the civil penalties it imposed "were often at odds with the scale of the offending," and few criminal sanctions were ever achieved.

"While ASIC tries to deflect criticism that it is a weak corporate regulator by promoting its recent enforcement actions, the reality remains that corporate law is under-enforced in Australia," the report said.

ASIC's  problems can explain why ASIC has failed to investigate ANZ's central role in 1MDB theft.

TO BE READ WITH 

Wednesday, June 5, 2024

Malaysian court told 80% of AmBank's wrongdoing was during tenure of former MD and ANZ employee Ashok Ramamurthy - ANZ CEO Shayne Elliot told Senate he was satisfied nobody employed by ANZ did anything wrong

 by Ganesh Sahathevan 

Malaysia's The Edge reported on May 30 2024:

80% of AmBank's wrongdoing was during tenure of former MD Ashok Ramamurthy

Former Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz told the High Court that 80% of AmBank’s wrongdoing during the 1Malaysia Development Berhad (1MDB) debacle happened during AmBank group managing director Ashok Ramamurthy’s tenure, and that his statement, which was recorded by the Malaysian Anti-Corruption Commission (MACC), was a “cover up”.


However, ANZ CEO Shatne Elliot told the Senate in October 2016 that  he was  satisfied nobody employed by ANZ did anything wrong.

Ramamurthy led the ANZ team that managed AMBank. 





To Be Read With 

The issue was,and remains ,ANZ client and "ally" Najib Razak, not 1MDB:Another example of how ANZ and Shayne Elliot misled parliament
by Ganesh Sahathevan



Shayne Elliot, ANZ’s chief executive is appearing before MPs to answer questions about
the bank’s conduct.  Photograph: Lukas Coch/AAP

The Guardian reported this response from ANZ CEO Shayne Elliot to the House of Representatives Economics Committee when questioned about the 1MDB money laundering scandal:



"No link" to 1MDB scandal, Shayne Elliott says

Adam Bandt has quizzed the ANZ executives about its role sitting on the board of Malaysian bank AmBank which held billions in the 1MDB funds at the centre of a global financial scandal.
More than $US1bn is alleged to have flowed into Malaysian prime minister Najib Razak’s bank ­accounts between January 2011 and April 2013 — much of it from 1MDB.
ANZ chief executive Shayne Elliott says he is satisfied nobody employed by ANZ did anything wrong and the bank was not being investigated by the US Justice Department.
He says the bank has no relationship with 1MDB, or link to what is alleged to have happened.
This response is disingenious at best, for the issue was always , and remains, as reported above , ANZ and AMBanlk's collusion in Najib's laundering of funds misappropriated from 1MDB:


ANZ has since its acquisition of an interest in AMBank "significant management and operational influence" over AMBank (see See Page 29 of the ANZ announcement to the SEC),and has a special relationship with Najib over and beyond that of client.As PM and Minister for Finance ANZ had been in active negotiations with Najib to increase its stake in AMBank.








SEE ALSO FOR REFERENCE 

ANZ finds an unlikely ally at the top in
Malaysia

Mar 8 2011 at 12:34 AM Updated Mar 8 2011 at 8:04 AM

by Sarah Thompson and Jamie Freed
From little things big things grow – until you hit a foreign ownership cap.
Some welcome news for ANZ Banking Group’s Asian strategy has emerged from Malaysia. The country’s Prime Minister, Najib Razak , has reportedly said he was open to allowing ANZ to increase its stake in Malaysian bank AmBank Group above the 30 per cent foreign ownership cap to 49 per cent.
Malaysia provides some of the highest returns on equity for banks anywhere in the world and ANZ has a toe hold with a 24 per cent stake in AmBank, the country’s fifth-largest lender.
ANZ has been looking at ways to either become bigger or get out of its minority holdings in Asian banks, and Najib’s comments provide a welcome sign that Asian countries may be looking to ease their rules to attract greater foreign investment.

Deutsche Bank yesterday said a greater stake in AmBank would be an attractive fit with ANZ’s Asian expansion strategy. Malaysia certainly ticks Asia chief Alex Thursby ’s boxes of growing fast while having lots of savings in its bank deposits. AmBank’s shares are also trading at an attractively low valuation at 1.8 times book value.


Buying another 25 per cent stake in the bank would cost ANZ about $1.5 billion assuming no takeover premium, Deutsche reckons. Given ANZ has about $3.5 billion in surplus capital this would not be a stretch.
Of course the downside is ANZ would still find itself as a minority shareholder in a bank, with no clear path to complete control.




The Australian Financial Review

Read more: http://www.afr.com/technology/technology-companies/anz-finds-an-unlikely-ally-at-the-top-in-malaysia-20110307-iu6x4#ixzz4NrcQUjFn
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Posted 23rd October 2016 by ganesh sahathevan

Sabah , Sarawak STOL airfields have an Australian Army history

 by Ganesh Sahathevan 

TO BE READ WITH 

Friday, May 24, 2024

Blackrock's portfolio will soon include 17 STOL airstrips located in and around the South China Sea

 by Ganesh Sahathevan 

US investment company Blackrock's portfolio of assets is likely to soon include 17 Short Take Off And Landing (STOL) airstrips and airports. The deal is likely to go ahead despite some local opposition, given Blackrock's investment in arms manufacturers that BDS proponents say are supplying Israel. 

The deal which  involves Blackrock acquiring an indirecrt  stake in Malaysian Airports Holdings Bhd via its soon to be wholly-owned subsidiary GIPS,  will nevertheless provide management control. In the words of GIPS CEO Bayo Ugenlesi:

 “We are delighted to partner with Khazanah, EPF and ADIA, with whom we have strong and productive strategic relationships, as part of this offer for MAHB. Given GIP’s substantial expertise in owning and operating airports, together with our partners, we can focus on improving customer service, elevating operational excellence, growing passenger volumes and enhancing employee engagement. We look forward to working with our partners to build a bright future for Malaysia, MAHB and all stakeholders.”

MAHB's airports include 17 Short Take Off And Landing (STOL) airstrips located in and around the South China Sea. 

END 

Australia reverses policy of ignoring Malaysia as an element in its defence - Reversal may (finally) lead to a better appreciation of Sabah's submarine base

 by Ganesh Sahathevan 

  Australia has ignored Malaysia despite the importance of Sabah's submarine base             

         

As reported by the Malay Mail and Bernama:

Division 5 commander, Maj Gen Datuk Malek Razak Sulaiman said 3,670 armed forces personnel were involved in the exercise, 2,850 from Malaysia, 690 from the US, and 130 from Australia.

He said that this year’s exercise involved troops from Australia even though Keris Strike started off as a bilateral annual exercise between Malaysia and the US, with two-way defence cooperation elements between the Malaysian Armed Forces and the US Army.

Australian High Commission in Malaysia Defence Attache Col Corey Shillabeer shared that the military relationship between Malaysia and Australia was very deep, and Keris Strike was important to deepen the long standing relationship while learning from each other.

“We are always more when we work together, we also have a lot to learn from our Malaysian friends. Sabah is a unique and difficult terrain to exercise in, and we learn more from working together,” he said.

Shillabeer also thanked Malaysia and the US for inviting them to join Keris Strike for the first time, and believed the exercise will benefit the three country involved especially in strengthening partnerships between the three armies.

This seems to be reversal of the Australian  policy of  ignoring Malaysia as part of its overall defence strategy. It is noted that the change coincides with Anwar Ibrahim (finally) assuming power. One hopes that the reversal may (finally) lead to a better appreciation of Sabah's submarine base.

TO BE READ WITH 

Tuesday, October 23, 2018

China reaches into Malaysia,ASEAN to build defence ties while Australia ignores Mahathir's attempts to contain China-Is the Anwar obsession , Mahathir hatred,getting in the way?

by Ganesh Sahathevan
Australia has shown little interest in backing Mahathir as he pushes back against China,despite the Five Nation Defence Pact:
https://www.malaymail.com/s/1678646/china-free-to-move-but-no-battleships-in-south-china-sea-dr-m-says

Prime Minister Tun Dr Mahathir Mohamad today brushed off China’s “sovereign claim” over a disputed chain of islands in the South China Sea, stating the country has the right to go “wherever they wanted to”. However Dr Mahathir further explained to British national broadcaster BBC that Malaysia’s policy is not to have battleships and warships in the South China Sea as tensions in the region will escalate into armed conflict and subsequently war if vessels are stationed in the area.

“I explained that China has the right to go wherever they want to go but please don’t check on ships or prevent ships on passing through the straits of Malacca and the South China Sea, that is all we want,” he told HARDtalk programme host Zeinab Badawi.


Meanwhile China is doing all it can to build a new defence pact with Malaysia, and other ASEAN countries:

RT Echinanews "#China and #ASEAN launch maritime drill in Zhanjiang. The joint drill is the first of its kind held between China and ASEAN countries. "

 

3:08 PM - 22 Oct 2018 

To be read with:

Australia attacks Mahathir, backs Anwar for PM: Australian interference in Malaysian elections discovered by former IGP Rahim Noor in 1994

http://realpolitikasia.blogspot.com/2018/09/australia-attacks-mahathir-backs-anwar.html

Dell deploys evasive tactics- Disclaims knowledge of complaints lodged as it instructed, and claims data breach has not led to instances of hacking-breach of ATO information held on DELL hardware even more likely

 by Ganesh Sahathevan 

Michael Dell's DELL Computers has gone evasive, responding to a formal complaint from this writer, who is a DELL user,  to NSW Fair Trading  by first claiming, falsely, that this writer had not contacted DELL or sought DELL Customer Service assistance, as instructed,and then when presented with the emails from and to DELL confirming that correspondence, with another assertion made without any evidence: 

Dell Australia representative, Mr Tesoriero, maintains that the issues raised by you are not linked to the data/ information breach.

DELL 's  Customer Service has. yet to contact this writer, despite the complaint lodged, and has absolutely no basis to make the above claim. 


DELL's evasion suggests that DELL's problems go far deeper than it has admitted this far, and adds to the danger that the  Dell data breach may cause a breach of Australian Tax Office data, given the ATO's use of DELL hardware.

TO BE READ WITH 

Friday, May 17, 2024

Dell data breach may cause breach of Australian Tax Office data - Data breach may have enabled hackers access to Dell laptops, computers

 by Ganesh Sahathevan 

Dell has alerted customers to the fact of s data breach (see above), and the hacker claims to have the details of about 50 Million Dell customers. This writer can confirm that his laptop was hacked after that breach, and that the hacking has caused a loss of all data. What the data will be used for is left to be seen.  

Dell's clients includes corporations such as the Australian Tax Office (see story below) and what the hacker and his customers might be capable of doing with data about those corporations is not something that Dell is addressing.Dell and its CEO Michael Dell have refused to respond to this writer's emails about the breach, loss of data, and laptop that is possibly compromised to the point where it is no longer usable. 

Dell is very clear that its products remain the property of Dell even after purchase. 

TO BE READ WITH 

ATO buys 12,000 new Dell devices

By Justin Hendry

May 23 2019 12:18PM

To replace end-of-life HP fleet.


The Australian Taxation Office is poised to rollout more than 12,000 new Dell devices over the next four years to replace its end-of-life fleet of Hewlett-Packard desktops and laptops.

Source: Dell


The national revenue collection agency last month signed off on the desktop and laptop environment refresh with the IT conglomorate at the cost of $12.1 million.

Under the deal, Dell will supply 12,000 Dell 7050 desktops and 250 Dell E5480 laptops between April 2019 and May 2023.

A spokesperson told iTnews the procurement, which is part of the ATO’s “normal refresh cycle”, was needed to ensure staff have “up-to-date” devices to support the agency's operations.

“The contract is to refresh existing Hewlett-Packard desktops and laptops, that are beyond end of life,” the spokesperson said.

However the new devices won’t extend to all ATO staff, with the agency’s average staffing level currently sitting at more than 17,000.


The ATO’s long-standing end user computing partner, Leidos, will manage the rollout of the devices and the disposal of the old.

Leidos is one of the ATO's three main IT suppliers, alongside DXC for centralised processing and Optus for manage network services.

The last major upgrade of the agency's desktop environment occurred back in 2009, according to the spokesperson, prior to the end of its monolithic IT outsourcing agreement with EDS (now DXC).

However, other "smaller, focused refreshes" have taken place over the last ten years, the largest of which occurred in preparation for the 2017 tax time.

Updated 3:30pm: To include information on the last major desktop refresh.
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College Of Law Australia's directive to Malaysian advisers may have implications under Malaysia's laws- College Of Law offered LLM degrees in Malaysia without approval from Malaysian authorities, and despite not being among law schools certified by the Australian Law Schools Standards Committee

 by Ganesh Sahathevan 

                             The College Of Law's misconduct in Malaysia is a matter of public record

It has been previously reported that College Of Law Australia's CEO Neville Carter informed this writer in 2019 that he had instructed his staff to not provide answers to any queries from this writer . The queries concerned the College's business and Carter's claims about his contribution to Malaysian legal practise.

The College's advisers Dhinesh Bhaskaran and Tat Chung Wong are subject to Malaysian laws,and their seeming obedience to Carter's directive may have consequences for all concerned under Malaysian law, with regards the College's misconduct in offering LLM degrees in Malaysia without approval from Malaysian authorities, and despite not being among law schools certified by the Australian Law Schools Standards Committee.

If nothing else, being officers of the court Bhaskaran and  Wong do have obligations to report the College's misconduct to their Chief Justice and the relevant Malaysian authorities. Being part of a scheme to conceal information from their Chief Justice and Malaysian authorities is likely to invite investigation from all relevant authorities, to begin with. 

TOE BE READ WITH 

Wednesday, June 12, 2024

Bar Council Malaysia working with College Of Law Australia promised its members "internationally recognised" law qualifications - College Of Law Sydney not among law schools certified by the Australian Law Schools Standards Committee

 by Ganesh Sahathevan 

 An extract from the Bar Council Malaysia's 2017/18 Annual Report: 

However,  College Of Law Australia, based in  Sydney,is not among law schools certified by the Australian Law Schools Standards Committee. The College's CEO Neville Carter has ordered his staff to not entertain queries from this writer, which go back to 2018, and concern the College's conduct in Malaysia.

TO BE READ WITH 

Saturday, January 23, 2021

College Of Law Sydney's LLM degrees offered in Malaysia, Singapore, ASEAN not recognised even in Australia: College Of Law Sydney not among law schools certified by the Australian Law Schools Standards Committee

 by Ganesh Sahathevan 

                                                            https://www.collaw.com/our-people

Readers will recall that Sydney's College Of Law has begun offering a range of LLMs, or Masters Of Law courses in Malaysia, Singapore and the rest of ASEAN on the strength of its standing in Australia, and its contribution to legal practise in Malaysia going back to the 80s. As New Malaysia Times has reported, the College's past and recent business in Malaysia is shrouded in mystery. Silence on the part of the College's advisers in Malaysia, Dinesh Bashkaran of Shearn & Wong Tat Chung of Wong Beng Toh, who are senior members of the Malaysian Bar , has only deepened the mystery. 

Now it has been discovered that the College Of Law Sydney, and thus the LLM courses it offers,are not certified by even the Council Of Australian Law Deans and its   Australian Law Schools Standards Committee.

The Australian Law Schools Standards Committee (ALSSC) is established under Standard 12 of the Australian Law School Standards. The ALSSC’s functions are to:

• consider and determine applications from law schools for certification as compliant with the Standards; and
•  keep the Standards under review and to propose to CALD amendments from time to time.

The ALSSC is comprised of eight committee members from both within and outside the law school sector.

A list of the Australian Law Schools that are certified as at 9 March 2020 is available here.

https://cald.asn.au/wp-content/uploads/2020/10/Certified-Law-Schools-as-at-9-Mar-2020.pdf               

Readers can see for themselves from the PDF link above that the College Of Law Sydney is not among those listed as being certified by the CALD.

END