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Wednesday, January 20, 2010

Korupsi Sedang Menghancurkan Malaysia. Bayang-Bayang Indonesia Semakin Hampir


Di bawah ada sebuah artikel dari ASIA SENTINEL. Artikel menyatakan bahawa tahap simpanan wang asing telah jatuh dengan banyaknya pada tahun 2009.
Mengikut penulis artikel ini, ia adalah kerana peniaga2 yang berduit di Malaysia sudah tidak mahu melabur dalam negeri lagi. Mereka membawa wang mereka keluar negeri dan melabur di negara-negara lain.

Juga, wang Petronas dan MAybank sudah tidak lagi mengalir dalam negara tetapi luar negara dalam projek2 yang kita rakyat Malaysia banyak tidak tahu.
Seharusnya rakyat Malaysia harus mempersoalkan kenapa hidup kita makin susah, kos hidup making tinggi, kerja makin susah nak dapat, gaji kita makin kecik dan taraf hidup tidak berubah. Sedangkan harga minyak dan komoditi lain seperti kelapa sawit dan getah lebih tinggi dari 10-15 tahun yang lepas?

Seharusnya ekonomi Malaysia semakin aktif dan sehat dengan kenaikan harga komoditi yang dua kali ganda lebih tinggi dari 10-15 tahun lepas.
Namun, keadaan di Malaysia semakin menyedihkan. Faktor utama mengapa ekonomi Malaysia lembab adalah kerana KORUPSI.

UMNO gagal membentras korupsi kerana UMNO adalah BAPAK KORUPSI. Oleh kerana tahap korupsi semakin tinggi, dan bentuk bisness sekarang lebih berbentuk “perkhidmatan” yang tidak mempunyai asset yang tinggi, maka pelabur dalam negeri tidak mahu melabur dalam Malaysia.

Dengan membayar rasuah yang semakin tinggi, keuntungan yang mereka bakal dapat itu menjadi semakin rendah. Hasilnya, sebelum mereka mulakan bisnes mereka lagi, mereka sudah kata tidak berbaloi untuk meneruskan pelaburan mereka.
Akhirnya, pelabur2 domestik ini membawa wang mereka ke luar negara dan melabur di negara-negara lain yang tahap korupsi rendah.

Penghabisan sekali:
a. Ekonomi tidak berkembang
b. Kekayaan Negara tidak mengalir pada rakyat
c. Kehidupan rakyat makin tertekan dan tersepit

Semuanya angkara UMNO yang mempertahankan amalan korupsi dan salah guna kuasa. UMNO TIDAK AKAN DAPAT MENGAWAL KORUPSI kerana UMNO ADALAH PARTI KORUP.

Jadilah kita nanti seperti Indonesia dimana 1.5 juta gadis2 mereka terpaksa melacurkan diri untuk sesuap nasi. Nauzubillah min zalik.

Tulang Besi


Money leaves the country on an unprecedented scale
Often with the exodus of money goes an exodus of talent as highly skilled persons disadvantaged by race or, as in the case of some Malays, disgusted by local corruption or primitive religious authorities, take themselves and their capital to Australia, Canada, India, China, etc.
Asia Sentinel
Churches are not the only thing to have been going up in flames in Malaysia. Take a look at the nation's foreign exchange reserves. They fell by close to 25 percent during 2009 according to investment bank UBS even though the country continued to run a huge surplus on the current account of its balance of payments.
Says UBS: "Question: which Asian country had the biggest FX losses in 2009?" The answer is Malaysia and by a very large margin; we estimate that official reserves fell by well more than one quarter on a valuation-adjusted basis". It describes the situation as "bizarre" and contrasts Malaysia with other countries with large current account surpluses – Thailand, China, Taiwan, Singapore, and Hong Kong – which have seen their reserves increase – as should be expected.
In short there has been an exodus of money from Malaysia on a scale which surpasses that which occurred during the Asian crisis. Nor is this just a mirage. The decline is also reflected in a sudden decline in base money supply – even while, thanks to Bank Negara, broader M2 has continued to grow modestly.

Who is responsible for this massive outflow? And where has it gone? The questions cannot be answered from the data and probably will not be by a government that knows its own state-controlled enterprises, headed by Petronas, may probably be responsible for part of it. The more certain reason however is the outflow of local private capital has been taking place on an unprecedented scale in response to political instability, massive official corruption and discrimination against non-Malays.

This capital bloodletting has as yet attracted little attention because Malaysia's foreign debt levels had declined dramatically since the Asian crisis and its reserves reached very healthy levels. So the outflow has not disturbed the financial markets, and Bank Negara has easily been able to keep interest rates low and the currency strong.

But unlike 1998, when the exodus of hot foreign money was a major contributor to the crisis, foreigners cannot be blamed. There is little speculative interest in the ringgit and the Malaysian bourse has rather fallen off the map as far as foreign institutional money is concerned. The BRICs, India, China, Russia, Brazil have taken the merging market lead once dominated by Southeast Asia.

Nor is there much evidence that the Middle East money which was supposed to be flowing into Muslim Malaysia, into holiday apartments or Johor's massive Iskandar development zone, has been much in evidence. Malaysia's one recent success, the development of its sukuk (Islamic bond) market may have caused more capital outflow than inflow. At any rate any overall net inflow of foreign capital whether into bonds, equities, factories or real estate has been dwarfed by the exodus of Malaysian money.

The latter is reflected in the weakness of private sector investment, which now trails public investment. Indeed it explains why the economy remains weak despite very healthy prices for most of Malaysia's commodity exports. The nation has been running a current account surplus of more than 10 percent of gross domestic product for the past decade and hit about 17 percent of GDP in the year just ended. Initially this surplus was needed to pay down debt accumulated during the mid-1990s Mahathir boom years and to rebuild foreign exchange reserves to healthy levels.

But subsequently it became simply a consequence of the weakness of private investment. Domestic investors were discouraged by the corrupt and warped system and foreigners moved to China and elsewhere. GDP growth has become ever reliant on government stimulus – again racially biased in its allocation -- financed by a persistently large budget deficit.

Meanwhile, publicly controlled capital has been rushing overseas. Petronas has been spending its billions in profits around the world as it attempts to become a major global player – at the expense of Malaysian citizenry in general and the oil and gas producing states in particular. Other government-controlled entities such as Malayan Banking Bhd have been bidding top dollar for foreign assets – such as Bank Internasional Indonesia.

Often with the exodus of money goes an exodus of talent as highly skilled persons disadvantaged by race or, as in the case of some Malays, disgusted by local corruption or primitive religious authorities, take themselves and their capital to Australia, Canada, India, China, etc.

The 2009 reserves loss may have had some specific cause which will not be repeated. But it has merely served to underline a dismal trend which has been in evidence for the best part of a decade. Malaysia has so far been saved from itself by the commodity price gains of the past five years – with even the late 2008 collapse now largely reversed. Oil and palm oil may be off their peaks but both are now double their prices of five years ago.

It is better not to imagine what will happen to Malaysia if prices collapse to 2004 levels and stay there. Better now to address the real reasons behind capital outflow and lack of private investment.

22 comments:

Anonymous said...

Teather's report is a follow-up to his colleague Jonathan Anderson's report dated January 8, which had named Malaysia as one of emerging market countries with "bizarre" money and credit behaviour.

Anderson called Malaysia bizarre due to the one-quarter loss in foreign exchange reserves it saw last year, despite being Asia's largest current account surplus economy, at around 17 per cent of gross domestic product.

But he marvelled at the domestic financial system, which seemed unaffected by the capital outflows.

http://www.btimes.com.my/Current_News/BTIMES/articles/ubsp/Article/

Anonymous said...

UBS whistleblower in prison

UBS admitted to criminal wrongdoing for helping US taxpayers hide accounts from the IRS. — Reuters pic
ZURICH, Jan 10 — The chief whistleblower in the UBS AG tax secrecy probe entered prison to serve a sentence he considered unfair, hours after a Swiss court ruled the bank should not have been forced to turn over client files to government investigators.

Bradley Birkenfeld, a former UBS banker, entered a Schuylkill County federal prison in Pennsylvania to serve a 40-month prison term, after attacking the government for the punishment in light of what he called his cooperation in helping expose thousands of US tax cheats.

“The American taxpayer should be outraged,” the 44-year-old told reporters in a snowstorm as he prepared to surrender to prison authorities. He said he was “proud” to have come forward and “expose the largest tax fraud in the world.”

Last February, UBS accepted a US$780 million (RM2.6 billion) penalty and admitted to criminal wrongdoing for helping US taxpayers hide accounts from the Internal Revenue Service.

The Swiss bank later agreed to give the names of 4,450 American clients to investigators.

Several in the United States have already pleaded guilty to various tax crimes. On Friday, a federal judge sentenced retired Boeing Co sales manager Roberto Cittadini to one year probation and a US$10,000 fine after the defendant admitted to http://www.themalaysianinsider.com/index.php/business/49068-ubs-whistleblower-in-prisonhiding

Anonymous said...

//Anderson called Malaysia bizarre due to the one-quarter loss in foreign exchange reserves it saw last year, despite being Asia's largest current account surplus economy//

Something really fishy is going on..the report on Mlaysia Fx drop also came frm UBS..i suspect they know more,but keeping hush hush for now..

Anonymous said...

The central bank warned the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies, either domestic or foreign.

It said that people were usually attracted to attend such investment or training programmes with promises of quick and good returns.

Some of this programmes maybe cost even above two thousand ringgits. A lot of oversea FOREX “Guru” give seminars or workshops in the five star hotels.

If you have money to invest, invest wisely so that your money is safe and give decent return.

Do not be cheated, persuaded or forced into investing your hard earned money in ‘high and quick return’ investments such as in foreign currency trading(FOREX) scams.

In Malaysia, all foreign currency dealings must be made with or through an authorised dealer.

A person (individual or company) who is not an authorised dealer is not allowed to offer services or trade in foreign currency.

Foreign currency trading refers to activities involving the investment of monies/funds in foreign currency with the objective of getting high returns from movements in exchange rates.

Hence, if you have been approached to invest your money in foreign currency, it is most definitely a foreign currency trading scam!
http://www.alantanblog.com/scam/beware-of-illegal-foreign-currency-trading-schemes-warning-from-bank-negara-malaysia.html

Anonymous said...

IRS claims Swiss bank UBS kept US account secret


MIAMI (AP) - Swiss bank UBS AG used coded language in internal e-mails and memos, created hundreds of sham offshore entities and lied to U.S. officials in an elaborate scheme to conceal the overseas accounts of wealthy Americans, the Internal Revenue Service claimed in federal court documents.

The IRS filed the documents this week seeking to force the bank to turn over records for an estimated 52,000 U.S customers who allegedly violated American tax laws by concealing Swiss accounts worth at least $14.8 billion.

"UBS systematically violated and circumvented its obligations .... all in order to help its U.S. clients conceal from the IRS their Swiss accounts at UBS," IRS agent Daniel Reeves said in the affidavit, which charges that the scheme ran from 2000 to 2007.

The internal bank e-mails and memos obtained by the IRS were included in the 305-page filing.

A UBS spokesman declined comment Friday, noting only that UBS has previously said it will fight the IRS effort - known as a "John Doe summons" - to learn the identities of these thousands of American clients. Earlier this week, UBS agreed to pay $780 million and disclose up to 300 UBS account holders to avoid criminal prosecution for those transactions.

According to the IRS, UBS allegedly staged training sessions so that "client advisers" could travel frequently to consult with secret U.S. customers without attracting the attention of tax agents or law enforcement officials.

They were told to keep "an irregular hotel rotation" and falsely claim on customs forms that they were in the U.S. on pleasure, not business.

Anonymous said...

UBS also maintained a 24-hour, seven-day-a-week "hot line" for advisers to call if they ran into trouble with authorities, according one UBS document filed with the court.

"Travel laptops were to have a generic UBS PowerPoint presentation to show U.S. authorities in the event of a border search," the IRS affidavit said.

The documents show UBS was worried that U.S. officials might tap their advisers' telephones or eavesdrop on cell phone conversations.

No one was allowed to bring a printer to the U.S. out of fear that creation of a document might trigger criminal liability, according to one document.

At least one UBS adviser used code language in e-mails to describe his business dealings, adding that "orange" meant euros; "green" was U.S. dollars; and "blue" signified British pounds. The e-mail from this adviser, "Dieter," that a "C" was $100,000, a "nut" was $250,000 and a "swan" $1 million.

The e-mail goes on to describe a transaction involving "2.5 orange nuts" and "2.05 green nuts," ending with "all clear?"

Another method to hide dealings with U.S. account holders was to create fake entities and corporations in other countries, according to the IRS affidavit.

In 2004, the IRS filing said, UBS planned to create about 900 of these "dummy" entities to conceal Americans' Swiss accounts.

"In truth, the accounts were owned and controlled by U.S. taxpayers," the IRS affidavit said.

UBS was apparently upfront at first with its rich American customers about the illegal nature of the secret accounts, according to one internal e-mail.

The IRS said a declaration that clients were asked to sign flatly stated: "I would like to avoid disclosure of my identity to the U.S. Internal Revenue Service."

But that did not go over well with the Americans, according to a 2000 UBS e-mail included in the IRS filing.

"This sentence was refused by many clients, provoked angry outcries and we were being told, which if signed, fully incriminates a U.S. person of criminal wrongdoing should this document fall into the wrong hands," according to the e-mail.

Anonymous said...

It said the offending language was replaced with this: "I consent to the new tax regulations."

A 2003 e-mail also describes ongoing concern at UBS about the risks the bank was taking and the possibility that an IRS amnesty program for offshore tax evaders might lead to prosecution of banks.

"The bank should be able to demonstrate that, where certain bank employees have been active in setting up offshore structures for U.S. persons, these employees have been asked to leave," said the e-mail presented by the IRS to the court.

"Immediate action is required in order to build up a defence (sic) against a possible future criminal case against the bank."

U.S. District Judge Alan Gold has scheduled a hearing Monday afternoon on the IRS lawsuit.

In a filing Friday, UBS lawyers asked that Gold not embark on a fast-track process sought by U.S. officials because of the "extraordinary importance, consequences and international implications of these issues."

The IRS lawsuit was filed in Miami because two criminal prosecutions of UBS executives have taken place in South Florida, including that of ex-private banker Bradley Birkenfeld.

Birkenfeld, who helped a California billionaire evade taxes, has pleaded guilty and is cooperating extensively with U.S. investigators.


Latest business news from AP-Wire

Anonymous said...

In 2009, along with Umno cronies and several Government-Linked-Companies, Malaysians shifted billions out of the country – about 50 percent of its GDP, which in 2008 was some RM739 billion. In its latest report, UBS Securities Asia wrote: "Question: which Asian country had the biggest FX reserve losses in 2009? The answer is Malaysia, and by a very wide margin; we estimate that official reserves fell by well more than one-quarter on a valuation-adjusted basis."

"Why is this bizarre? Well, in the first place because Malaysia runs a current account surplus – and not just a mild surplus but rather the largest in Asia, around 17% of GDP. Other structural surplus neighbours like China, Hong Kong, Singapore, Taiwan and Thailand have all seen sizeable increases in FX reserves over the past 12 months and yet Malaysian reserves nearly collapsed.

How did this happen? In short, Malaysia must have seen massive foreign capital outflows – and sure enough, when we measure implied net flows, the numbers are simply stunning: peak outflows of nearly 50% of GDP, ie more than twice as large...


...Just as Najib is now increasingly seen as another Pak Lah, Muhyiddin is regarded as a new Mahathir. But neither men are the solutions that Malaysia needs. Neither men can take the country forward.

For now, only one thing is clear - Malaysians need to be brave if the current tailspin into backwardness and poverty is to be arrested and reversed. Otherwise, from becoming a developed country by 2020, we may well slip further in the ranks of the third world, economically overtaken by Vietnam and politically comparable to Myanmar.

WONG CHOON MEI is a consultant editor for Harakah.
http://www.malaysianmirror.com/homedetail/45/26936

Anonymous said...

I m willing to bet,UMNO is the main culprit in this gigantic $$ exodus..remember the report the MB of negeri9 illegally transferring RM10million to London,and Hantu Tetek shopping money worth RM600k in Dubai,that was sent via a mamak currency trader?

Jajarbink said...

Our GOLD reserve drop from 35Ton to
finger licking 12ton... before GE13
all the GOLD will be licked nicely and replace with ZHULIAN GOLD.

Have a wonderful time folk.

Anonymous said...

and that 12tonne gold pun dah pochee..ellay!!according to report those 12 tons of gold has been lend to some contries,and bank negara charging %.. A-l-o-n-g AH LONG!!

Anonymous said...

maney changers have been very active lately..mmm...sy percya india punya teknik juagk dihunakan uttk seludup kelaur wang..ever heard of "hundi"..india,pakistan,bangladesh suka guna ini teknik utk smuggle in n out $$$

Anonymous said...

The press hasn't reported..all keeping silent..i suspect najib wants some sort of hura har to happen(to save his n hantu tetek arse)..2 attempts to create huru hara have failed..and najib probably is expecting a huge backlsh once "liwat gate" part2 bermula..so that he can call the tentere(led by the corrupt generals) 2 declare emergency..bankrupkan negar,n then create huru hara..so that they can shout.." WAHAI RAKAYT SATU MALAYSIA!!UMNO SAJA BOLEH TOLONG..UMNO ADA DUI..ADA DUI ADA POWEEEEEEEEER!!GRRR!!)

Tulang Besi said...

There is a theory that most of the BN leaders are seeing their demise. They know that their fate is near so they are cashing out.

After debacle after debacles, they know that the most they can get from the Malays are not more than 50% of the votes.

And Chinese and Indians are about 60-70% going to Pakatan Rakyat.

Therefore, they feel they will not make it next election.

That is why they are cashing out.

Tulang Besi said...

The other theory is that situation is not condusive for a snap election in the near future.

They want to wait later. But later would mean election after the introduction of GST and several other painful economic measures.

So, they know their end is near. So they are cashing out fast.

Najib also knows the support of MP's in the Parliament is fragile. He nearly lost the budget vote. The only reason the mp's are not jumping is because they have baggages. not becuase they like Najib.

It's not a good combination for facing the next election.

Plus their plan to steal PAS also failed.

Anonymous said...

woah hoh..liwat gate part2 has been postponed to feb d 2nd..

"Anwar's sodomy trial put off to Feb 2Jan 20, 10 2:12pmThe Federal Court will deliver its judgment on Jan 29 relating to Anwar Ibrahim's appeal to obtain more documentation and evidence, thus delaying the opposition leader's sodomy trial by one week to Feb 2."
http://www.malaysiakini.com/news/122363

Anonymous said...

//There is a theory that most of the BN leaders are seeing their demise. They know that their fate is near so they are cashing out.//

yes..its possible.. nachbai is probably looking for a safe heaven..hehe

Anonymous said...

//The other theory is that situation is not condusive for a snap election in the near future.

They want to wait later. But later would mean election after the introduction of GST and several other painful economic measures.

So, they know their end is near. So they are cashing out fast.

Najib also knows the support of MP's in the Parliament is fragile. He nearly lost the budget vote. The only reason the mp's are not jumping is because they have baggages. not becuase they like Najib.

It's not a good combination for facing the next election.

Plus their plan to steal PAS also failed.//

setuju bro..now is the time for each of us to be like simon weisanthall!!

grand marquis grandad said...

where the hell are ya ma grandson...?why don't ya reply to this goddamn topic......i bet ya still findin' clues on what to write....come on ma beloved grandson...hell yeah.....

Anonymous said...

Ow!!Grand Moron,the broadback Rocky mountain gay boih is back!!

Anonymous said...

Yeah moron cow boih..lets get to the topic..boih..sure is gonna be fun chasin them basterds..huntin them down..f*kin them up side down..all across the country..we is gonna piss at ya..wait and see cow dung boih..

Anonymous said...

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