Transforming Tabung Haji: Obviously Rashid Hussein not learned from his past

TH chairman Tan Sri Abdul Rashid Hussain outlined his vision for the institution's long-term financial sustainability with a proposed revision of the Tabung Haji Act 1995 (Act 535). [The details in the Business Times report reproduced at end of this posting.] 

He is suggesting reforms to align with TH's operation by strengthening its depositor base, improving cost-of-fund management, and regulatory safeguards for long-term investments. The gist of his transformation is to turn TH from a syariah-based savings institution into a full fledged Islamic investment company. 

Naturally it is appealing to bankers conversant with such terms as asset-liability mismatch, cost of fund and pursuit for "competitive" return. And there is a professor fascinated with digitalisation, and AI to the prospect of effectively investing in Bitcoins and Stablecoins. 

But it is not unique. 

Rashid is duplicating his rise and fall path as a former securities salesman from Singapore, who established RHB by the rapid growth of acquiring D&C and Kwong Yik Banks. 

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In 2023, The Guardian revealed 1MDB a political fix-up of Najib

Dato Najib Razak has repeatedly denied knowing most of the transactions of 1MDB and SRC, but currently facing imprisonment for his effort to salvage the situation. That became part of the legal script to prove in court he has knowledge. 

All along there was no proof that he there was mens rea or proof of intention. There was too many "inferences" in the judgement of Justice Nazlan that judges familiar with going-on in the bench that it had all the signature of Gopal Sri Ram. He was involved from the investigation and known to have an office at MACC during the investigation, presumably directing it.   

In the 1MDB-Tanore case, Gopal has passed to prepare and direct the script. The same approach was used.

Jasmine Looi, a complice of Jho Low and already charged by the Attorney General was let off to be crown witness for the prosecution. This is the typical happening in which the Attorney General are more interested to pin on Najib than all the guilty parties. 

Be it in the SRC or 1MDB-Tanore case, it is blatantly clear without any attempt to hide the fact that all the complicit of Jho Low either conveniently escaped undetected by Interpol or let off to be witness to the prosecution. A clear case of lets all blame it on Najib. 

Najib was set-up as part of a political vendetta. 

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Bank Pembangunan's sham litigation to cover Zafer bribe perpatrators

Unmasking the BPMB Scandal: A Web of Conspiracy, Bribery, and Betrayal Targeting the Innocent

By Elena Vargas, Independent Corporate Investigative Journalists @ICIJnews

Corporate Secret  August 27, 2025 

In the shadowy corridors of Malaysia’s financial institutions, where billions in public funds are meant to fuel national development, a chilling conspiracy has unfolded – one that reeks of corruption, collusion, and a blatant disregard for justice. 

At the heart of this saga is Bank Pembangunan Malaysia Berhad (BPMB), a Malaysian Development Financial Institution mandated to provide medium to long-term financing to the country’s infrastructure, maritime, and oil C gas technology sectors, wholly owned by the Malaysian government through the Minister of Finance.

Instead, it appears to have become a vehicle for protecting the guilty while ensnaring the innocent in a RM564 million legal quagmire. 

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More tycoons in latest Northern Star swoop linked to DAP

The MBI International Group scam saga continues over the weekend as more Dato and Dato Seri were arrested by Bukit Aman AMLA investigation team. The latest Northern Star operation swopp took in six suspects and brings the frozen asset up to RM6.64 billion from the earlier reported figure of RM3.81 billion. 

The operation became known to the public before Xi Jin Peng's official visit to Malaysia. 

Tycoons linked to MBI were said to be taken in; namely T7 Global Berhad's Tan Sri Tan Kean Soon, Ivory Properties' Low Eng Hock, Ideal Property's Alex Ooi, ECK's Khor Eng Chuan, Chin Hin's Chaiu Beng Teck, and Ge-Shen's Keh Chuan Seng (Dato Ramen). Hexstar's Eddie Ong was mentioned but nothing confirmed since. 

This development cannot be forgotten for this blog was blocked by MCMC since April for the mere mentioned of links between MBI's dirty money to DAP and Steven Simm's uncharacteristic denial. The convenient blame would be DAP's Deputy Information Minister, Teo Nie Ching. However, tycoons seemed capable of getting MCMC to block online blogs and portals making unsavory expose of them. 

Corporate Secret portal revealed being blocked 12 times for revealing the identities of tycoons linked to MBI. In the latest development of Northern Star Ops, the portal reported RM97.69 million asset forfeited and Ivory's Lee Hock Seng, Dato’ Lee Foo San dan Dato’ Low Eng Hock arrested. In an earlier expose, Corporate Secret given a heads up of Lee Foo San and one Goh Choon Lye. 

All has links to DAP.

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Semi-conductor: Premature optimism or pessimism?

The Star report reproduced last Wednesday had an Analyst gloated confidently about the tariff agreed by MITI negotiators with the US counterpart:

After intense negotiations, a trade pact was agreed, cutting the effective US tariff on Malaysian goods to 19 % – effective this month.

For now, semiconductors that fall under Section 232 and pharmaceuticals remain exempt.

Wong said for the technology sector, some companies will be able to pivot quickly in light of any new development coming from tariffs.

“It will solely depend on the sub sector and the companies whether they are chip makers, artificial intelligence, or automotive for example.

Although most of the sosmed commentators, including Dr Mahathir, complained the keypoints seemed to be in favour of US, there were those who could see through the ploy used to convince the Americans.

It was an attempt to tell the Americans that the private sector are correcting the trade surplus, including the already ordered 30 Boeing jets plus additional 30 for MAS. 

Alas, the American are dead set with their on-shoring plan and Trump announced on Wednesday American time that 100% tariff will be imposed on imported semi-conductors:

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Impact of Trump tariff on selective sectors

Tariffs unlikely to shake domestic industries 

By LYDIA NATHAN

ECONOMY 

Star Online Wednesday, 06 Aug 2025

PETALING JAYA: Domestically-driven sectors and ones that depend mostly on internal demand will likely be able to sustain their earnings despite volatilities of trade and impending tariffs.

Areca Capital Sdn Bhd chief executive officer Danny Wong said such sectors including banks, data centre-related companies and those dealing with construction, utilities and even land sales, will fare better.

“These sectors could likely outperform the ones that are affected by external factors like tariffs.

“These may settle down once tariffs are finalised or when news of it becomes stale eventually,” he told StarBiz.

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Bangladesh interest to join ASEAN

Parti Keadilan Rakyat (PKR) deputy president Nurul Izzah Anwar called on Bangladesh interim leader Muhammad Yunus in Dhaka last Sunday. In the meeting, Yunus sought Malaysia's support for Bangladesh to join ASEAN. 

Nurul is not his first as Yunos had earlier met and sought for Dr Mahathir's support. Though he has reservation over geography and the idea of ASEAN becoming a second United Nation, Mahathir was supportive of the present engagement with Bangladesh as dialogue partner or observer status in ASEAN Plus.     

For almost a year, Bangladesh have been lobbying the original founding members of ASEAN, namely Singapore, Thailand, Indonesia, Philippines, and Malaysia. So the snide political remarks made towards Nurul is unfair and ill informed.  

Strategic value

Bangladesh is more part of South Asia than South East Asia, but it borders Myanmar at the south and  part of the Bay of Bengals. It offers maritime and overland access to India’s Northeast, and China, which would be valuable to ASEAN’s connectivity agenda.

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