Merry Christmas to all readers

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Which state/(s) intended by Sultan of Selangor in his pre-Birthday message?

Wong Chun Wai wrote a column on The Star Sunday yesterday entitled "Nation’s needs trump state pride". It was in-sync with this blog's last week analysis on worrying trend of disintegrating Malaysia. 

Chun Wai's was reiterating his article in Bernama on the eve of the Sultan of Selangor's birthday last Thursday. It was a timely reminder from the Sultan after a Sabah state election filled with loud campaign on state rights, Sabah pride and voters put local political parties to both govern and be opposition for the state assembly. 

Many would presume the Sultan's message was directed eastward but those states' rights are clearly spelled out in the Federal Constitution and for six decades denied of their rightful fair share. Wonder if the message was meant for any specific state? 

Chun Wai's original Bernama writing reproduced:   

State rights must not overshadow national interests, says Selangor Sultan

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Malaysia: Worrying trend towards disintegration

A new wave of state-centred narratives is sweeping across Malaysia. 

For years, we have been hearing slogans such as “Sabah for Sabahans”, S4S for its Sarawak equivalent and MA63. Eventually, “Johor for Johorean”, “Selangor First”, and “Penang Rights” will no longer appear as fringe slogans, but increasingly reflect real underlying frustrations. 

At the same time, dissatisfaction with politicians, open criticism of royal behaviour, sectarian labelling within the Muslim community, and intense intra-party conflict are reshaping the country’s political landscape.

These trends might appear disconnected. But viewed together, they signal something deeper: 

Malaysia is entering an era of fragmentation.

This is not mere speculation — earlier this year, the World Economic Forum (WEF) listed political polarization and social fragmentation as among the world’s most serious near-term risks. Many Malaysians are now experiencing exactly these pressures in real time.

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If Johor for Johorean, S'ngor First and Penang Rights wave hit Malaya?

Malaysia stands on the verge of a major shift in the balance of power between its federal centre and constituent states. The momentum behind that shift is powered not just by history or constitutional argument, but by the concrete economic weight carried by a few key states in Peninsular Malaysia. 

As Sabah and Sarawak renew their push for autonomy — reclaiming territory-based rights promised under the 1963 Malaysia Agreement — it becomes ever more striking that states like Johor, Selangor and Penang, which are the economic backbone of the federation could demand for more preposition from their contribution to the nation.  

Their economic performance today offers both a compelling context and a preview of what could happen if Malayan states begin pressing claims for stronger statehood or devolved power.

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Perpetual negotiation, balancing act of a Malaysian PM

The Hollow Crown: Why Malaysia’s Prime Minister Is a Statesman Abroad and a Caretaker at Home

Betty Teh

4 December 2025

Watch Anwar Ibrahim on the ASEAN stage or at the UN: fluent, fearless, a regional elder statesman lecturing superpowers on Gaza or moderation in Islam. 

At home, the same man struggles to pass a budget without begging 40 MPs in five separate WhatsApp groups, cannot fire a single underperforming minister, and spends half his week flying to Kuching or Kota Kinabalu to prevent the government from collapsing before Friday prayers.

This is not a contradiction in personality. The difference is not character; it is structural. 

It is the logical consequence of coalition mathematics.

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The Big Fish are hands behind Albert Tei?

Albert Tei Scandal: Who Is He — Hero, Victim, or the System’s Fall Guy? 

Made in Malaysia, November 30 2025 

Introduction: Why the Albert Tei Scandal Won’t Go Away

The Albert Tei scandal has become one of Malaysia’s most closely watched corruption stories of 2025. 

A businessman from Selangor, previously unknown to most voters, now sits at the centre of a sprawling narrative that stretches from Sabah’s mining licences all the way to the Prime Minister’s Office. 

His story involves alleged bribes to state assemblymen, hidden-camera recordings, a powerful federal political aide, and a legal system that treats him as both whistleblower and accused. 

Some Malaysians see him as a heroic whistleblower who exposed a cosy club of politicians trading licences for cash. 

Others insist he is a willing bribe-giver who blew the whistle only after his deals collapsed. Many more suspect he is actually a fall guy: useful for politicians when they wanted money, and just as useful now as a scapegoat.

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More post-election twist and turn anticipated

If you thought the Sabah state election ended when the results were announced, think again. 

In typical Sabah fashion, the real political drama only began after polling day. The twists and turns that commentators predicted did not just appear — they are multiplying. And if the early signs are correct, Sabahans may be in for a long season of political turbulence.

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Despite no sex scandal, Sabah GE not a quiet one

As Polling Day Looms, Sabah’s Election Dives into the Mud:
From Tei’s Bombshells to Whispered Envelopes

By Betty Teh 

Three days. That’s all that’s left until Sabahans shuffle to the polls on November 29, 2025, to decide the fate of 73 assembly seats and, by extension, a sliver of Putrajaya’s power. 

What started as a contest over MA63 rights and rural roads has devolved into a sewer of accusations, with corruption claims flying thicker than the monsoon clouds over Kota Kinabalu. And at the center of this storm? 

Businessman Albert Tei Abdullah, the self-styled whistleblower whose dossier of dirt has turned the campaign into a demolition derby.

It began in earnest last July, when Tei once accused of being the bribe giver himself, has now flipped the script, unleashing a torrent of allegations against the Gabungan Rakyat Sabah (GRS) government. 

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Moving from rhetoric to resolution

The Way Forward on Sabah’s 40% MA63 Entitlement

As the Sabah state election enters its second week, one issue has towered above the campaign noise. It is the 40% net revenue entitlement under MA63, recently affirmed by the Kota Kinabalu High Court. 

The court has given both the Federal and Sabah governments 180 days to determine the amount due and the method of repayment, and 60 days for either side to appeal. This ruling has opened a rare window — not merely for political statements, but for an honest reckoning and a long-delayed settlement.

The High Court decision has unquestionably energised Sabahans. 

Yet between the emotions, accusations, and campaign narratives lies a deeper challenge: how do we transform this historic ruling into a workable, sustainable and fair solution? 

That requires not just political pressure, but positive leadership, data transparency, and the courage to make difficult fiscal decisions.

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“Back Then, All Roads Didn’t Lead to Rome — They Led to Daim"

By Mohammad Fakhzan Md Noor

 We often say this generation doesn’t read. Truth is, it’s hard to blame them. Bookstores are vanishing, libraries feel like morgues, and meaningful political history has been replaced by two-hour podcasts and 30-second TikTok edits.

So when KJ and Shahril hosted Toh Puan Na’imah, the late Tun Daim’s wife, in their latest episode — it became, in effect, the official version of crony capitalism for a generation raised on algorithm-driven storytelling.

Nothing wrong with a widow honouring her husband. That is expected. What’s risky is when that becomes the only story.

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RM4.6 billion lost to bitcoin farming

On October 17th, this blog touch base with the strange world of digital money in an attempt to understand what the Americans are up to in the issuing of Stable Coins. According to the Russians, it is an attempt to wipeout the national debt that has already reached USD38 trillion. 

So much as appreciating the narratives but not necessarily understand it sufficiently, it relates to matter of Bitcoin. And in the news today, Deputy Prime Minister Datuk Seri Fadillah Yusof revealed of electricity wasted due to Bitcoin mining activities. 

The education on digital money continues with this news from The Star below:

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Can Malaysia’s Anwar survive ‘Sabah for Sabahans’ pushback in crucial state election?

A key issue driving Sabahans’ ire is the division of revenue collected from the resource-rich state by the federal government

Joseph Sipalan

South China Morning
12 Nov 2025

Malaysia’s election season kicks into full gear this weekend, with Prime Minister Anwar Ibrahim’s administration forced to juggle national priorities with a push for greater autonomy in Sabah, as “Sabah for Sabahans” sentiment gains momentum in the make-or-break state.

The November 29 election in Sabah, one of two states on Malaysian Borneo, is widely seen as a gauge of Anwar’s popularity beyond his strongholds in the peninsula and a potential indicator of how well he could do in his presumed re-election bid in the next national poll that must be held by early 2028 at the latest.

Nomination day is scheduled for Saturday (last Saturday Nov 15th), when hundreds of prospective candidates are expected to hand in their papers for a shot at winning one of the 73 state seats up for grabs.

But the fight for the hearts and minds of the nearly 1.8 million voters is already well under way, as local parties distance themselves from their larger national peers in a bid to ride the surging pushback against federal control.

The latest issue driving voters’ ire against the federal government was a proposal by the attorney general to appeal against last month’s high court ruling confirming Sabah’s constitutional right to 40 per cent of federal revenue collected from the state.

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Why a Sunway–IJM Merger Must Be Opposed?

A Case for Competition and National Interest

Lately, speculation has swirled about a possible merger between Sunway Bhd and IJM Corporation. Whether or not the deal actually materialises, the very fact that “the tree leaves are rustling” is a warning sign that there’s a wind blowing. 

Back in 2021, IJM divested its non-core businesses to Sunway. The relation was established. There is a need to be suspicious even though IJM has denied that any approach or proposal has been made. 

This blogger argue strongly against such a merger. The risks are profound as it is creating a near-monopoly in Malaysia’s construction and infrastructure sector, undermining Bumiputera institutional interests, and potentially masking deeper corporate governance and political problems.

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Integrity as the cornerstone of national prosperity

By Sultan Nazrin Muizzuddin Shah / The Edge Malaysia

10 Nov 2025, 11:45 am

The word integrity comes from the Latin integer, which means complete, whole and steadfast — a state of being supported by honesty, sincerity, transparency and moral strength. 

Integrity also signifies the quality of being whole and undivided, where actions remain consistent with one’s principles and ethical values, practised continuously in all aspects of personal and professional life. 

Integrity calls upon us to do the right thing in a reliable way.

Ibn Taymiyyah, in his work Al-Siyasah al-Shar‘iyyah fi Islah al-Ra‘iwa al-Ra‘iyyah wrote: “Justice and trustworthiness are the pillars that uphold governance and life; when these two are lost, all human affairs will collapse.”

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Malaysia ART the US: Beyond the Noise

Malaysia’s newly signed Agreement on Reciprocal Tariffs (ART) with the United States has stirred one of the most intense political debates of the year.

To its critics, it compromises Malaysia’s sovereignty and leaves the country vulnerable to Washington’s pressure. To its defenders, it’s a necessary move — a pragmatic safeguard to preserve export access and jobs in a volatile global trade climate.

As the noise swells, it’s worth untangling what the ART really is, what it is not, and how Malaysia should move forward.

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Malaysia compromise sovereignty, Cambodia did not?

Imagine two neighbours agreeing to exchange tools — I lend you my ladder, you lend me your drill. We both decide that this swap doesn’t mean I lose ownership of my ladder, or you lose your drill; it simply means we’ve made a friendly promise we can both keep when needed. 

In a similar way, the recently signed Agreement on Reciprocal Trade (ART) between Malaysia and the United States is not a surrender of sovereignty and hardly a compromise of sovereignty [as explained by this Facebooker HERE]. 

In his regular contribution to The Star, Prof Datuk Dr Mohd Faiz Abdullah of ISIS Malaysia explained that this treaty-style arrangement is like a mutual handshake: each side voluntarily agrees to certain obligations so that both can gain and operate freely. The idea that Malaysia compromises its independence is therefore misplaced. 

Sovereignty isn’t hollow just because we commit to a bilateral understanding — such agreements are normal features of international diplomacy and trade. Mere mentioning of sovereignty in the RTA involving Cambodia, does not tantamount to anything substantive than a political statement. Devil lies in the detail.

A rebuttal of Rafizi by Syahir HERE and Sofrie Anuar in the commentary. Syam Ghaz explained HERE that it is not an apple to apple comparison. Cambodia merely export textiles, apparels and third party exporter of solar for China. While, Malaysia export higher value added goods such as IC, semi-conductors, E&E, etc. 

In the ART between the US and Malaysia, it is treated as a shared exchange rather than an imposition, the Star letter shows Malaysia remains in full control of its choices and direction. In short: signing a mutual deal doesn’t mean giving away the keys — it means choosing to cooperate. 

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Answering Latheefa: MACC need not clarify, Murray could with the judge

Back in October 2024, this blog was in pursuit of Murray Hunter, the Australian former UniMAP lecturer turned government critic operating from Thailand. Being critical of the government is hardly the issue. Its feedback on government policies. 

He collaborated with Asia Sentinel, a reformasi-era foreign based portal. It seemed to be a covert operation, but still fair game. Appreciated for tipping off the identity his informers. Obviously they were former Reformasi activists, who turned against current PKR-lead Unity Government. 

Murray was on the payroll of a former journalist that ruined the premiership of a pious man and led to the eventual downfall of the former BN government. Apparently the old man still have an old score against the current unity government. Anyway having such political intention is nothing unusual. 

However, it is something else to lie, slander and falsely accuse innocent individuals and important government agency. This blog may possibly be blocked but it does not stop it from defending MCMC from a Sokaiya-styled blackmail middle of the year. 

The unacceptable issue with Murray is he was in a plot with Bloomberg to cast aspersions against the King last year. This is beyond being malicious and no more about free speech.     

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45 years on: Carbon credit no more an academic concept

As Malaysia steps into a new era of economic and environmental transformation, the concept of a carbon economy is no longer a far-off idea — it’s becoming one of the most important conversations for every citizen and business. 

Few months ago, a former MNC oil and gas was sharing of his initiative into carbon trading venture with a state authority. It was inspiring to finally hear a concept first heard 45 years ago from friends taking up elective in environmental economics back in the US 45 years and years later from an engineering student is now operationalise.       

A recent article, “Decoding Key Pillars of the Carbon Economy” in The Star explored how carbon is shifting from being simply a waste product to becoming a tradable asset, a tax base and a new frontier for growth. 

It is especially timely in light of several major shifts here in Malaysia. Under the leadership of Najib Razak, Petronas began re-imagining its role – moving away from purely fossil-fuel extraction toward investments in renewables such as solar, hydrogen and other lower-carbon pathways. Its 2013 Annual Report was entitled re-imagining energy. 

At the same time, the administration of Anwar Ibrahim has launched a fresh economic push, signaling that Malaysia’s next chapter must be driven not just by extraction of raw materials but by clean tech, innovation, and sustainability. 

This matter to all because the carbon economy isn’t just for big companies or scientists: it has real implications for jobs, industries, and the way we all live. When carbon emissions are measured, valued, taxed or traded, that changes the rules of the game. 

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The strange world of digital money

For quite a while, this old timer been struggling the understand the strange new terms coming in business. 

Coming from a traditional banking and finance background, its mind boggling to appreciate the derivation of value from electronic mining for digital money and the mechanics of its infrastructure. 

Faced with the mental roadblock of understanding blockchain, yours truly procrastinated for years by hiding behind new interests such as geopolitics, logistics and macroeconomics.  

Recently a Tik Tok video of a beautiful young lady, which could either be AI or an actual person, explained the conspiracy behind Trump's issuance of Stable Coins to support the US dollar and transfer the American debt. Now stand at US$37 trillion and rising by a trillion every 100 days. 

That is something of interest to yours truly and revived interest to revisit the subject with more earnest effort to learn. 

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The need for economic literacy

On Budget Day last Friday, Member of Parliament for Bachok, Syahrir Sulaiman called the budget as limping or "tempang" in Malay. It can be misconstrued to also mean handicap, but its him expressing concern on the moderate growth that generate limited fiscal leeway for development. 

Yesterday, Opposition Leader, Hamzah Zainuddin created controversy with Perikatan Nasional counter offer for cash-aid of RM6,000 annually without restrictions and more free education programs. He raised other pertinent issues on the RM50.8 billion development expenditure by GLC and GLIC, lower Petronas dividend of RM20 billion, and somewhat in-sync with government concern on taxation, national revenue, etc. However, it is the cash-aid remark that attracted attention and suspected to be intended to viral. 

The math does not add up and criticised as populist rhetoric. Spending on STR and SARA for 2025 is RM15 billion and for 2026 budget is RM15 billion. Hamzah's plan means allocating  RM51.6 billion for the 8.6 million recipients!

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Sabah PRN17: Realising the Generational Change politics

At the 16th Sabah state election, there was excitement over Parti Cinta Sabah led by Tan Sri Anifah Aman. For a newly formed party, PCS had the ambition and audacity to contest in all the 73 seats. 

Though failed to secure any seat with the President himself losing  at Bongawan in the Kimanis Parliamentary he represented as MP, it was the manifestation of a desire for change by the non-partisan bloc of young, urban and educated voters.   

In January 2023, Kinabalu Move attempted to emulate the 2020 Sheraton Move, which toppled PH Federal government, but failed. Eleven BN state assemblymen did not participate and joined the 38 others from GRS, STAR, PBS, KDM, and PH to support Hajiji Noor as Chief Minister.      

The assemblymen refused to be part of another coup d'etat, in which the earlier move thwarted by then Chief Minister Shafie Apdal resulted in the snap state election of 2020. 

Bung Mokhtar still justify the move, but it signaled younger politicians' reluctance to repeat past habits in favour of rational and stable politics. Progressively generational change politics was coming to light. 

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ASEAN at the Crossroads: Five global forces shaping our future

By Aparna Bharadwaj and Munal Rathore
Boston Consulting Group (BCG)

August 25th 2025 The ASEAN

The world is undergoing unprecedented transformation. In the decades ahead, ASEAN must harness its economic foundation, leverage its diversity, and cultivate future-ready talent to navigate crucial crossroads.

A multipolar world, shifting global trade dynamics, rapid technological advancements, the intensifying climate crisis, and rapid demographic changes are trends that pose formidable challenges—but also create immense opportunities.

ASEAN’s path to lasting prosperity, resilience, and global relevance demands a bold, forward-looking vision, one that not only addresses today’s disruptions but also anticipates the opportunities of tomorrow. 

This vision underpins the ASEAN Economic Community (AEC) Post-2025 Study, Towards AEC 2045: Options and Potentials, completed in 2024. Insights from this landmark effort have informed the development of the AEC Strategic Plan 2026-2030, a strategic and future-oriented roadmap to help ASEAN navigate uncertainty and realise its long-term potential. 

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Can Anwar survive the economic phase where Pak Lah and Najib falter?

Malaysia relied on expansionary spending during downturns such as the Asian Financial Crisis of 1997-99, recession that followed the Sub-Prime financial crisis of 2008, and Covid 19 Pandemic. Usually, it failed to do the necessary post-crisis fiscal consolidation, thus embedding fiscal deficits permanently. 

From a debt level of less than 30% of GDP, it has shot up to near 65% under Muhyiddin’s brief Langkah Sheraton PN-led administration in 2020. In addition to the rising debt, many countries are faced with a common situation of post-pandemic fiscal constraint of rising inflation, and shrinking current account balance yet the political narrative is too distanced from the increasingly disturbing economic realities. 

In advance economies faced with high debt situations, the political discourse is often dominated by short-term incentive than its long-term fiscal sustainability. For emerging economies such as Malaysia, fiscal tightening is politically painful that government tend to delay it until a major crisis forces some form of serious action. 

It was merely post-crisis fiscal consolidation undertaken by late Abdullah Badawi and Najib Razak but it led to them both to lose the premiership. So will Anwar Ibrahim face the same fate at the current post Covid 19 consolidation phase of the fragile Unity Government he led?  

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What is the motivation of US millitary action near Venuzuela?

On September 2nd, 2025, US millitary action on a vessel from Venuzuela killed 11 people claimed to be carrying illegal drugs. The US conducted at least three military attacks on vessels in international waters said to be carrying narcotics en route to the United States.

Venezuela strongly denied involvement in facilitating large-scale trafficking of narcotics to the US. 

Critics question the evidence for US claims, whether the Venezuelan state is complicit at a high level, and whether these strikes conform to international law especially when lethal force used in international waters without clear judicial process. Venezuela government accused US actions are false-flag operations. 

For an anti-drug operations push, the US moved warships, fighter jets (including F-35s), and other naval assets into the southern Caribbean and placed the operations under US Southern Command’s area of responsibility. 

International observers anticipate an invasion of Venuzuela combating drugs as merely another WAMD excuse for the real intention for oil. Historically, the US was behind the destabilisation and political turmoils of oil rich countries especially in the Middle East.

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Malaysia's fiscal predicament

Government announced MyKad and drivers' license will be used to limit subsidised Ron 95 petrol to 300 litre per month commencing September 30th. Beyond 300 litre, the petrol price will not be subsidised. 

Rafizi, who is in favour of targetted subsidy using the RM85 million spent PADU database, is obviously sceptical of MOF-preference for subsidy for all Malaysians. Naturally, there will be various issues raised, including 300 liter allocated as not enough. 

Be that as it may, cutting subsidy is one of the textbook options available to elevate fiscal deficit, which include high public debt-to-GDP ratio (64.6% for 2024 from about 30% in 2000s), over-reliance on petroleum revenue, limited tax base and increasing expenditure for public services.

Malaysia has an endemic fiscal history in which cycles of stimulus during crises, followed by consolidation could never fully achieve balance. It has structural challenges of subsidies, narrow revenue base, and commodity dependence made deficit a permanent feature. 

Growing the economy is another possible option, but historically, pro-cyclical nature of its economic sectors depended on expansionary policy to attain growth and it compromised fiscal consolidation. 

Only outstanding strong growth and political will could redress the fiscal deficit and put it high up on the national agenda. To do so, it needs policy innovation, economic leadership and relentless effort.

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Lesson from Indonesia for Malaysia

Economic insecurity means political danger

By Liew Chin Tong / theedgemalaysia.com

17 Sep 2025, 12:00 pm

The recent protests in Indonesia expose a serious socioeconomic root cause: millions of people work in the informal sector, especially as gig workers, and face low wages as well as the lack of opportunity in the formal sector.

And a day before a young Gojek rider Affan Kurniawan was killed during one of the Jakarta protests, the Malaysian Parliament passed the first-ever dedicated gig worker legislation.

The Gig Workers’ Bill 2025 mandates contribution to social security funds and creates a form of tribunal to handle the grievances of gig workers. Human Resources Minister Steven Sim and the Madani government deserve compliments for this pathbreaking action.

The consensus among Members of Parliament (MPs) is that the government should strengthen protections for gig workers while also expanding access to better-paying, stable jobs for all Malaysians beyond the gig economy.

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Bias allegation against DEI-claimed Sumitomo Malaysia

Donald Trump's "Liberation Day" tariff was meant to protect U.S. industry, punish foreign exporters, and raise revenue, but it was done without consideration to consumer welfare, livelihood of workers in the global supply chains, and sensitivity of low-income households to price increases. 

Reciprocal tariff severed international cooperation and goodwill by alienating allies and trading partners. As a result of the inhumane manner it was implemented, the tariff policy led to domestic cost burden, pushback on US businesses, retaliation from trading partners, legally and economically unenforceable, and risk of global isolation. 

This highlights the problem with trade or business that over-focus on narrow economic and business objectives without consideration for social, cultural and environmental expectations. 

For companies operating in a developing country and sensitised environment such as Malaysia, it need be aware of the national aspirations and extend beyond the mandated corporate governance. 

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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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PN need more than one "Himpunan Turun Anwar"

As usual after any rally, the post-"Himpunan Turun Anwar" (HAT) discussion evolved around the estimated numbers attended. 

Police put an estimate of between 10 to 15,000 before the demonstration. The number is likely to be larger with Reuters reporting at 18,000. While organising PAS leaders claimed between 300,000 to as high as 500,000, 30,000 is more logical.

To cut the argument short, its acknowledged that the turnout was credible. It is not as much as the 2019 ICERD rally, nevertheless it was a good turnout from the East Coast states of PAS. However, the takeaway of any political rally should be whether it achieved any deliverables. 

More so, social media went viral over demonstrators inability to answer the simple straightforward but pertinent question of who the opposition Perikatan Nasional's choice to replace the Anwar to "turun". 

Indication points to the attendants' present were neither motivated by any justifiable cause not up-to-date on current political issues and the supporters were just there doing their bit for the party.    

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Suddenly Jho Low is convenienty in the news ....

How timely that in the heat of the Najib Addendum issue, in which 160 UMNO Division Heads gathered to demand for Najib's SRC sentence commuted to house arrest following the admittance in court by the AG Chambers lawyer that Agong's Addendum exist, suddenly the Wall Street Journal reporters claimed Jho Low is hiding out in Shanghai?

The last time something similar happened was during the 1MDB-Tanore case against Najib, in which suddenly Jasmine Looi appeared and made her appearance in court as witness for the prosecution. 

In exchange, she was absolved from being charged for collaborating with Jho Low just like all those complicits of Jho Low that became witnesses in the SRC trials. Too many and too obvious the compromise by AGC to "fix" on Najib. 

At the same time, it raised the suspicion of Facebooker Salahuddin Hisham that it is beyond the eyes could see:

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Late Bigdog's bite on Sime 16 years ago

My late buddy and practically blood brother Allahyarham Zakhir Mohamed initiated an expose on Sime Darby 16 years ago entitled: Sime Scandal?" with regard to Sime Engineering on February 5th 2009. 

By May 2010, Zakhir managed to pressure the then Chairman, statesman, and fellow Johorean Tun Musa Hitam into a corner till Sime Darby could not wiggle themselves out of the corporate blue blood embarassment of announcing the absence of leave for Group CEO Dato’ Seri Ahmad Zubir Mursyid.

After 15 months of barking, Zakhir practically slaughtered Sime Darby. Another Brick in the Wall was barking along through the time. [Go to the blog via VPN and search for "Sime Darby Qatar".] Rocky Bru too. The good ole days of blogging.

Yesterday July 14th, 2025, and 15 years later and after his demise in 2022, hope Zakhir could proudly say in heaven up there, "I was right!" He did good and Zubir and the gang lost a civil lawsuit and had to return back public money lost. 

Edge Online reported:

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Still open for negotiation after July 9th?

The deadline set by Donald Trump for countries to renegotiate on his Liberation Day tariff regime was  July 9th. but thus far, only UK and with some threat, Vietnam finalised deals. 

None of the 200 deals he claimed secured upon his tariff announcements signed any deal as the deadline draws near. 

He indiscriminately imposed tariff on few countries with Malaysia set at the 24% on the same level with US major partners - Japan and South Korea. 

Naturally Malaysian officials and businesses cannot ignore such threat. 

Minister Johari Gani is concerned with importers in the US for Malaysian oleochemicals and primary commodities such as rubber gloves, wood, furniture, and coco. Penang's semiconductor could be hit hard. 

It seemed as though he mean business, and manufacturers and firms are urging government to continue talk with US. Trump picked on our halal requirements the American could not fulfill and Bumiputera policy.

However, commentators are of the view that Trump's tariff plan is failing and not getting the desired response. 

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BRICS Summit Brazil: Not talk shop for long

The Star reported:

Brazil opens BRICS summit in Rio, leaders of growing bloc, however, gather without Xi or Putin

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Low oil price squeeze Petronas earning, fiscal implication on Malaysia

Downward pressure to persist

By KIRENNESH NAIR

COMMODITIES

The Star, Wednesday, 02 Jul 2025

PETALING JAYA: Crude oil prices are expected to remain under pressure in the second half of 2025 (2H25), as increased production from the Organisation of Petroleum Exporting Countries and its allies (Opec+), coupled with fragile global demand, weigh on the market.

This scenario could affect Malaysia’s oil and gas (O&G) revenue, company valuations and capital expenditure (capex).

Brent crude, which briefly spiked to US$81 per barrel after the United States bombed Iran’s nuclear facilities on June 22, has since fallen to US$68 as oversupply concerns resurface.

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Petronas at fault, CEO should resign!

The judgement is out. Soil instability led to structural failure and consequently the gas pipeline exploded into an inferno at Putra Heights on the second day of Hari Raya.  

No amount of public relation and corporate communication gymnastics from Petronas media consultant, Accenture can relieve Petronas from being liable. The attitude of Petronas CEO in his limited and dry statements during the crisis confirmed it as admittance of guilt.

The long and short story is Petronas failed to monitor the structural integrity of the site. One can split hair in an attempt to raise doubts by asking the four W and one H questions and redirect responsibility to others such contractors, local authorities, monitoring system, etc. 

The duty of care lies with Petronas and no court could absolve them the responsibility for the damages it had caused to the residences. Too many legal precedents points back to Petronas. One should not be blinded by patriotism and be in a state of denial. Wrong is wrong. 

Corporate man and ex-Petronas Gas engineer, Tan Sri Syed Zainal Abidin Syed Mohamed Tahir convinced the public that the maintainance of the pipeline adhere to high standards and it could last for 50 years. The assurance is short-lived.

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Is the expanded SST much ado about nothing?

"Much ado about nothing" is a Shakespearean play about courtship and scandals. Much ado is seldom used when someone is overreacting and makes a big fuss over something unimportant. 

Introduction of new taxes will not be taken well by anyone, so there is something to ado over the government announced expended Sales and Service Tax (SST) to take effect soon.

It will have an impact on the mid- to high-income households, and businesses in the construction, healthcare, beauty, and education sectors. 

There were much ado over Anwar's mistake to mention GST as broad based General Services Tax. 

But the bigger ado was the nitpicking over taxing import dependent supply of fruits, in which apples and orange (but not pears) have been taken off the list. 

Supposedly the expended SST is targeted on imported goods, and goods and services for the higher income bracket, primarily T20s. 

It will be translated into the cost of living in all aspect of Malaysian life.

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Iran vs Israel-USA: How will it affect us?

Opinion: When giants clash — How the Iran-Israel war could reshape Southeast Asia’s strategic calculus

By Abbi Kanthasamy

Edge Online, 13 Jun 2025, 09:08 pm

On the night of June 12, 2025, the Middle East caught fire again. Israeli warplanes tore through Iranian skies, targeting nuclear facilities, missile sites and the upper echelons of Iran’s military command. Tehran seethed, vowing retribution. Washington — a different Washington under a very different president — publicly distanced itself, while nervously repositioning its naval assets. 

And across Southeast Asia, policymakers and markets alike held their breath.

At first glance, a spiralling conflict between Iran and Israel might feel far removed from Kuala Lumpur’s trading floors, Jakarta’s security briefings, or Singapore’s port terminals. But distance is no insulation in a hyperconnected world. 

This war is not just about uranium enrichment and missile strikes — it is a test of global fault lines, energy choke points, great power rivalry, and economic resilience. And Southeast Asia, caught in the crosswinds of all of it, needs to brace itself.

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SRC DNAA: Time for the Attorney General to Act and Deliver Reform

✍️ By: Dzulkifli Ahmad

Former Chief Commissioner of MACC / Former Deputy Public Prosecutor

The High Court’s decision to grant a Discharge Not Amounting to Acquittal (DNAA) to Datuk Seri Najib Razak in the SRC International money laundering case has reignited critical concerns about the integrity, professionalism, and accountability of prosecutorial decisions in Malaysia.

The charges, filed in 2019 under then Attorney General Tan Sri Tommy Thomas, involved RM27 million under the Anti-Money Laundering Act (AMLA). Now in 2025, the prosecution has admitted that it is still not ready to proceed. 

This is not more than delay — it reflects a failure of prosecutorial governance that must be addressed urgently.

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Be'kelalan apple, Tenom avocado, and Gopeng grapes

There is a thriving debate on social media on the expanded SST to be introduced on July 1st. Prime Minister Anwar Ibrahim mistakenly mentioned GST as General Services Tax and that reignited the pre-GE14 political debate over GST. 

The more superior GST was demonised by PH (to include PPBM in 2018), and PAS that Anwar dare not return to it. More so, the system does not allow for any loophole for "businessmen" aligned to PH to evade tax. Anwar cannot postphone and has to take the bull by the horn. 

He cannot expect any shimmering light of hope to balance the budget without worsening the debt situation built over 28 continuous years of deficit spending. The expanded SST still take into account the B40s and M40s to focus on imported and luxury goods.

Unfortunately the common apple, oranges, avocado and grapes consumed by Malaysians are imported and will be taxed. Mydin called on government to exempt imported apple, orange and pears. 

However, a letter to the editor agree and believe its time to encourage production of local fruits. Why not switch to apple from Be'kelaalan, wide choices of local variety citrus, avocado from Tenom and grapes from Gopeng? 

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IKHLAS advocacy: Early Sokaiya, Yakuza-style racketeering?

In  the 1986 book, Yakuza by David E. Kaplan and Alec Dubro, the company responsible for the widely documented mercury poisoning at the city of Minamata, Kumamoto Prefecture, Japan discovered in 1956 hired goons to intentionally disrupt the Company's AGM. It was to stop environmental activists and public from raising issues and permanently documented in the Company's minutes. 

The usual modus operandi by Japanese corporate racketeer or sōkaiya (総会屋) is to extort money from companies to prevent the 'meeting-men' (or 'corporate blackmailer') from disrupting AGM. And big named and globally renowned corporation paid protection monies to avoid any embarassment arising.  

Such activities declined following laws making it illegal to pay sokaiya, and imposition of jail and heavy fines for offenders from 1982 to 1994. It has not completely ended, but took a less threatening form. 

According to Terence Fernandez of Scoop.com, such activities are alive and kicking in Indonesia. 

Similar extortion have gone largely unreported in Malaysia. And the public may not be aware that the public grievances and usually unsubstantiated accusations aired by certain NGOs are budding Japanese sokaiya. 

Aman Palestine that was raided by MACC for embezzlement of about RM40 million is one subtle example and getting their pay-off from the public. 

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Sapura family court dispute again

A news report appeared on FMT on May 22nd few weeks ago. 

Since public attention were diverted to MEX, Maju Holdings, and owner Tan Sri Abu Sahid, not publicity on the yet another Sapura family dispute. Back in 2012, the builder of Sapura, Tan Sri Shamsuddin Kadir sued his two sons over asset redistribution before it was finally settled out of court.

This time, the dispute being battled out in court arise following the younger Dato Shahriman Shamsuddin's application to wind-up the family company, Sapura Holdings which in turn has interest in public listed Sapura Resources Berhad [ticker SAPRES and stock code 4596]. 

Tan Sri Shahril Shamsuddin, the elder of the two siblings disagree and their legal argument in court is based on the premise it is not a family company and it is normal commercial dispute. The 4% shareholder of the family's holding company and a protege of the father picked up from a faculty at UTM Jln Gurney (now Jln Semarak), Rameli Musa sided with Shahril. 

The FMT report provided an inside into Shahril's compulsive, obsessive and egoistic character that ultimately led to the failure of Sapura Energy. 

If he gets control of the family holding company, Sapura Holding and consequently Sapura Resources, Sapura Group started by Shamsuddin could be left to ruin and suffer the same fate as the Sapura Energy Berhad that was bailed out by PNB and government.

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