China produced two new billionaires a week last year as the fortunes of the world’s ultra-rich soared by a record amount - AFP
China produced around two new billionaires a week last year as the fortunes of the world's ultra-rich soared by a record amount, Swiss banking giant UBS and auditors PwC said.
Billionaires' wealth enjoyed its "greatest-ever" increase in 2017, rising 19 percent to $8.9 trillion ($7.8 billion euros) shared among 2,158 individuals, said the report by Swiss banking giant UBS and auditors PwC.
But Chinese billionaires expanded their wealth at nearly double that pace, growing by 39 percent to $1.12 trillion.
"Over the last decade, Chinese billionaires have created some of the world's largest and most successful companies, raised living standards," said Josef Stadler, head of Ultra High Net Worth at UBS Global Wealth Management.
"But this is just the beginning. China's vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses but also to change people's lives for the better."
The report said China minted two new billionaires a week in 2017, among more than three a week created in Asia.
In the Americas region, the wealth of billionaires increased at a slower rate of 12 percent, to $3.6 trillion, with the United States creating 53 new billionaires in 2017 compared to 87 five years ago.
Currency appreciation saw European billionaires' wealth grow 19 percent although the number of billionaires rose by just 4.0 percent to 414.
Wealth transition from just five families accounted for 30 percent of the continent's wealth expansion, the study said.
It warned of lower economic growth in the United States and China if the trade war between the two countries escalates.
"US and Asia ex-Japan equities could fall by 20 percent from their mid-summer 2018 levels."
Asia challenging US dominance
For China's young billionaires "the country's fundamentals of a huge population and rising technology will continue to offer fertile conditions for entrepreneurs to grow their businesses," the study said.
It there were only 16 Chinese billionaires as recently as 2006.
"Today, only 30 years after the country's government first allowed private enterprise, they number 373 – nearly one in five of the global total."
It said 97 percent of them are self-made, many of them in sectors such as technology and retail.
Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs.
"In 2017, they equalled America's level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their US counterparts."
Ravi Raju, head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management, said Asia's billionaires "are young and relentless. They are constantly transforming their companies, developing new business models and shifting rapidly into new sectors."
The report said that globally, self-made billionaires have driven 80 percent of the 40 main breakthrough innovations over the last 40 years.
Asia's billionaires led by Chinese tycoons enjoyed the fastest increase in their wealth this year compared to their peers in the rest of the world, a report said Wednesday.
Asia's billionaires led by Chinese tycoons enjoyed the fastest increase in their wealth this year compared to their peers in the rest of the world, a report said Wednesday.
GEORGE TOWN: The state government has formed a special investigative committee to probe the landslide at the Bukit Kukus Paired Road construction site in Paya Terubong.
Chief Minister Chow Kon Yeow said preliminary reports by the Penang Island City Council (MBPP) and the Drainage and Irrigation Department showed there were elements of non-compliance in construction procedures carried out at the site.
He said the committee would be led by Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman, with State Public Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari as a member and an engineer from the state secretary’s office.
“Relevant agencies, contractors, sub-contractors and independent checking engineers involved in the project will be questioned,” he said during a press conference in his office at Komtar yesterday.
Chow said this was a separate investigation from the compulsory investigations carried out by the Department of Occupational Safety and Health and Construction Industry Development Board among other relevant agencies.
Once investigations are complete, Chow said the findings would be brought to the Board of Engineers Malaysia, an agency under the Works Ministry that monitors and regulates engineers.
“MBPP is not involved in the investigation as it is the project owner,” said Chow.
Action taken over irregularities at paired road project, says Zairil
A special task force detected several irregularities when conducting spot checks at the Bukit Kukus Paired Road project site earlier this month.
State Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari said the task force, formed under the Erosion and Sedimentation Control Committee (Ops Lumpur), was to check for compliance under the Erosion and Sedimentation Control Plan (ESCP).
“On Oct 8, a team led by the Drainage and Irrigation Department found sediments in a pond and irregularities in the check dams.
“The stockpiles were not maintained well and could affect the flow of Sungai Relau during heavy rain, causing mud floods, he told reporters in Komtar yesterday.
Zairil said as per the standard operating procedure, the Ops Lumpur team issued a letter to the consultant of the project, demanding that mitigation measures be taken within 14 days.
“On Oct 12, the findings of Ops Lumpur were reported to the Erosion and Sedimentation Control Committee and the next day, an initial stop-work order was issued by the Department of Occupational Safety and Health (DOSH) following the beam collapse.
“A full stop-work order was issued by DOSH on Oct 17,” he said.
Zairil said on Sept 28, his office received a report on the concerns over hill-clearing activities in Penang from the Penang Hills Watch, and replied to them on Oct 4.
“I was concerned about the complaints, as erosion and sedimentation would indeed cause bottlenecks in the rivers downstream, especially during the rainy season.
“Claims that the complaints were not attended to are untrue. In fact, action was taken immediately,” he said adding, “The cause of the Bukit Kukus landslide must be uncovered.”
Separately, Zairil said 17 slopes in the state were under repair and RM10mil had just been approved by the state government. - The Star
Giant pillars a reminder of Bukit Kukus tragedy
Impossible to ignore : The large concrete pillars that remain standing at the Bukit Kukus landslide site in Paya Terubong.
GEORGE TOWN: A row of giant concrete pillars soaring high into the sky serves as a reminder of the landslide tragedy which claimed nine lives at the Bukit Kukus Paired Road project in Paya Terubong.
The tallest of them stands at about 20 storeys and remains perched between the hills where soil erosion brought down 13 containers housing the ill-fated foreign workers last Friday.
Before the Department of Occupational Safety and Health Department (DOSH) gives the all clear for the project to resume, most of the workers at the site have remained while a few moved out to look for temporary work.
A Bangladeshi worker who declined to be named was seen carrying a cardboard box containing his personal belongings to another construction site nearby.
“The boss said there is no more work here, so I contacted my friend who recommended me for another job. I will be staying at his place.
“Once this project resumes, I shall come back,” the 30-year-old said.
At the site, rubble was scattered all over the 9,290 sq m site with the 13 green containers salvaged by cranes left in a corner.
The last foreign worker to be found was 33-year-old Bangladeshi Mohamad Uzzaal. He was pinned under a container and rescuers had to dig 10m to extricate the body.
At the height of the ops, two cadaver dogs were despatched to the scene to search for bodies while two other sniffer dogs were there to locate survivors.
A small open area beside a farm further up the hill above the site where photographers and videographers camped for five days to capture the ongoing rescue operation remains cordoned off.
On Monday, the media was taken on a tour of the site after the search and rescue operation, involving over 100 rescue personnel, was called off.
The water in the stream, which looked like teh tarik on Friday, was crystal clear now after its flow on top of the hill was diverted.
Even as the ops ended and all the missing foreign workers had been located, residents living nearby raised their concerns over the project.
Technician Tan Keng Wee, 36, hoped that the project would continue since most of it had already been done, but wanted better safety measures in place at the site.
“The traffic in Paya Terubong during peak hours is chaotic due to the narrow road passing by the hills. We need the new elevated road bypass but please make sure it is safe,” he said.
Food stall operator Mohd Subri Noor, 52, also shared his concern.
“I’m worried as many landslides have happened here. Many of them could have been prevented,” he said.
The RM530mil alternative road linking Lebuhraya Thean Teik in Bandar Baru Air Itam to Lebuh Bukit Jambul began in January 2016.- The Star
GEORGE TOWN: The state government has formed a special investigative committee to probe the landslide at the Bukit Kukus Paired Road construction site in Paya Terubong.
Chief Minister Chow Kon Yeow said preliminary reports by the Penang Island City Council (MBPP) and the Drainage and Irrigation Department showed there were elements of non-compliance in construction procedures carried out at the site.
He said the committee would be led by Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman, with State Public Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari as a member and an engineer from the state secretary’s office.
“Relevant agencies, contractors, sub-contractors and independent checking engineers involved in the project will be questioned,” he said during a press conference in his office at Komtar yesterday.
Chow said this was a separate investigation from the compulsory investigations carried out by the Department of Occupational Safety and Health and Construction Industry Development Board among other relevant agencies.
Once investigations are complete, Chow said the findings would be brought to the Board of Engineers Malaysia, an agency under the Works Ministry that monitors and regulates engineers.
“MBPP is not involved in the investigation as it is the project owner,” said Chow.
Action taken over irregularities at paired road project, says Zairil
A special task force detected several irregularities when conducting spot checks at the Bukit Kukus Paired Road project site earlier this month.
State Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari said the task force, formed under the Erosion and Sedimentation Control Committee (Ops Lumpur), was to check for compliance under the Erosion and Sedimentation Control Plan (ESCP).
“On Oct 8, a team led by the Drainage and Irrigation Department found sediments in a pond and irregularities in the check dams.
“The stockpiles were not maintained well and could affect the flow of Sungai Relau during heavy rain, causing mud floods, he told reporters in Komtar yesterday.
Zairil said as per the standard operating procedure, the Ops Lumpur team issued a letter to the consultant of the project, demanding that mitigation measures be taken within 14 days.
“On Oct 12, the findings of Ops Lumpur were reported to the Erosion and Sedimentation Control Committee and the next day, an initial stop-work order was issued by the Department of Occupational Safety and Health (DOSH) following the beam collapse.
“A full stop-work order was issued by DOSH on Oct 17,” he said.
Zairil said on Sept 28, his office received a report on the concerns over hill-clearing activities in Penang from the Penang Hills Watch, and replied to them on Oct 4.
“I was concerned about the complaints, as erosion and sedimentation would indeed cause bottlenecks in the rivers downstream, especially during the rainy season.
“Claims that the complaints were not attended to are untrue. In fact, action was taken immediately,” he said adding, “The cause of the Bukit Kukus landslide must be uncovered.”
Separately, Zairil said 17 slopes in the state were under repair and RM10mil had just been approved by the state government. - The Star
Giant pillars a reminder of Bukit Kukus tragedy
Impossible to ignore : The large concrete pillars that remain standing at the Bukit Kukus landslide site in Paya Terubong.
GEORGE TOWN: A row of giant concrete pillars soaring high into the sky serves as a reminder of the landslide tragedy which claimed nine lives at the Bukit Kukus Paired Road project in Paya Terubong.
The tallest of them stands at about 20 storeys and remains perched between the hills where soil erosion brought down 13 containers housing the ill-fated foreign workers last Friday.
Before the Department of Occupational Safety and Health Department (DOSH) gives the all clear for the project to resume, most of the workers at the site have remained while a few moved out to look for temporary work.
A Bangladeshi worker who declined to be named was seen carrying a cardboard box containing his personal belongings to another construction site nearby.
“The boss said there is no more work here, so I contacted my friend who recommended me for another job. I will be staying at his place.
“Once this project resumes, I shall come back,” the 30-year-old said.
At the site, rubble was scattered all over the 9,290 sq m site with the 13 green containers salvaged by cranes left in a corner.
The last foreign worker to be found was 33-year-old Bangladeshi Mohamad Uzzaal. He was pinned under a container and rescuers had to dig 10m to extricate the body.
At the height of the ops, two cadaver dogs were despatched to the scene to search for bodies while two other sniffer dogs were there to locate survivors.
A small open area beside a farm further up the hill above the site where photographers and videographers camped for five days to capture the ongoing rescue operation remains cordoned off.
On Monday, the media was taken on a tour of the site after the search and rescue operation, involving over 100 rescue personnel, was called off.
The water in the stream, which looked like teh tarik on Friday, was crystal clear now after its flow on top of the hill was diverted.
Even as the ops ended and all the missing foreign workers had been located, residents living nearby raised their concerns over the project.
Technician Tan Keng Wee, 36, hoped that the project would continue since most of it had already been done, but wanted better safety measures in place at the site.
“The traffic in Paya Terubong during peak hours is chaotic due to the narrow road passing by the hills. We need the new elevated road bypass but please make sure it is safe,” he said.
Food stall operator Mohd Subri Noor, 52, also shared his concern.
“I’m worried as many landslides have happened here. Many of them could have been prevented,” he said.
The RM530mil alternative road linking Lebuhraya Thean Teik in Bandar Baru Air Itam to Lebuh Bukit Jambul began in January 2016.- The Star
KUALA LUMPUR: Former prime minister Datuk Seri Najib Tun Razak has been brought to court several times but yesterday, he shared a dock at the Sessions Court with former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.
The two were jointly charged with six counts of criminal breach of trust (CBT) involving funds totalling RM6.636bil that belongs to the government.
Najib, 65, was the first accused while Dr Mohd Irwan, 61, was named as the second accused.
According to the first two charge sheets, the two men were entrusted with dominion over RM1.2bil and RM655mil respectively, and committed CBT in respect of those sums.
The third charge alleges that Najib and Dr Mohd Irwan committed CBT relating to RM220mil in the government’s Federal Consolidated Fund. The amount was allocated for administration expenses for the Kuala Lumpur International Airport.
The RM1.3bil at the centre of the fourth charge was in the same fund and classified as an allocation for subsidy and cash aids.
The fifth and sixth charges were for allegedly committing CBT in respect of 1.95 billion yuan (RM1.261bil) and RM2bil.
All the offences were allegedly committed at the Finance Ministry office in Putrajaya between Dec 21, 2016, and Dec 18, 2017.
The charges were framed under Section 409 of the Penal Code and each carries a jail term of between two and 20 years with whipping, if convicted.
Offenders are also liable to fines. Section 409 covers CBT by public servants and agents.
Najib and Dr Mohd Irwan pleaded not guilty, with both replying “Minta bicara (I claim trial)” after each charge was read out by the court interpreter.
Former Federal Court judge Datuk Seri Gopal Sri Ram, who was appointed by the Attorney General’s Chambers to lead the prosecution, suggested bail at RM3mil each.
Najib’s lead counsel Tan Sri Dr Muhammad Shafee Abdullah objected, saying that his client had already paid RM4.5mil bail accumulatively for his previous 32 charges, an amount which could be “highest in the history of Malaysia”.
“A bail’s only criterion is to ensure his attendance and nothing else. It cannot be punitive. It cannot be oppressive,” he said, adding that his client’s accounts and assets had also been frozen.
Dr Muhammad Shafee asked the court to make an order for Najib to utilise the RM4.5mil bail for his current case.
Datuk K. Kumaraendran, who represented Dr Mohd Irwan, said the prosecution itself did not object to bail, which showed that his client was not a flight risk, and suggested bail of RM500,000 for his client.
Sri Ram replied that the court should not allow the first accused to utilise his RM4.5mil bail for the case as the charges were new.
“The sum we asked for is not fixed on the totality of the sum involved,” he said.
Sri Ram added that the second accused was paid “excessively” during his tenure as the Treasury secretary-general.
“This is not a tale of a good Samaritan. He is the trustee of the highest order of money in this country. He stands before you accused of breaching that trust.
“Any other sum would not reflect the justice of the case,” Sri Ram said.
Sessions Court judge Azman Ahmad allowed bail at RM1mil in two sureties for each of the accused.
He also ordered Dr Mohd Irwan to surrender his passport. Najib had surrendered both his civilian and diplomatic passports in his earlier court case.
The court also allowed for the accused to pay RM500,000 yesterday and to pay the balance in 10 days. Both accused paid the bail.
KUALA LUMPUR: Former spy chief Datuk Hasanah Ab Hamid has been charged with criminal breach of trust (CBT) involving US$12.1mil (RM50.3mil) belonging to the government at the Sessions Court here.
The former Malaysian External Intelligence Organisation (MEIO) director-general claimed trial before Judge Azman Ahmad on Thursday (Oct 25).
Hasanah, 61, who was charged in her capacity as a director-general of a research division, was accused of committing CBT in the Prime Minister's Department in Putrajaya between April 30 and May 9 this year.
The charge was made under Section 409 of the Penal Code, which provides a maximum 20 years' jail and whipping, as well as a fine upon conviction.
Lead Prosecutor Datuk Seri Gopal Sri Ram asked for a RM1mil bail.
Hasanah's counsel Shaharudin Ali, however, asked for the sum to be set at RM300,000.
Judge Azman Ahmad later set bail at RM500,000 in two sureties pending mention on Nov 29. - The Star by maizatul nazlina and royce tan
PUTRAJAYA: Datuk Seri Najib Tun Razak and a former key official of his government will be jointly charged with criminal breach of trust, said to involve more than RM6bil.
The former prime minister and former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah are expected to face six counts of allegedly committing CBT – all involving 1MDB.
The two are to be charged in the Kuala Lumpur Sessions Court over 1MDB’s dealings with Abu Dhabi’s wealth fund International Petro-leum Investment Company (IPIC).
Separately, another top official from the previous administration will also be charged in court.
Former spy agency chief Datuk Hasanah Abdul Hamid will also be charged with committing criminal breach of trust.
The Malaysian Anti-Corruption Commission said it had received the go-ahead from the Attorney General’s Chambers to charge Najib, Dr Mohd Irwan and Hasanah with committing criminal breach of trust involving the government’s money.
With Dr Mohd Irwan being hauled to court, it will be the first time a former civil servant is being charged in connection with the sovereign wealth fund scandal.
As for Najib, the number of charges against him is now close to 40. He is already slapped with a total of 32 charges today involving corruption, criminal breach of trust and money laundering.
Sources with knowledge of the case confirmed the number of charges and that the amount of money involved in the 1MDB-IPIC scandal “runs into billions”.
Yesterday, both Najib and Dr Mohd Irwan were summoned by investigators. Both came separately at 1.55pm and 3.25pm respectively.
At 5pm, Najib left the Malaysian Anti-Corruption Commission headquarters despite earlier speculation that he would be held overnight.
On the previous occasions, prosecutors had held the former prime minister and brought him to court the next day.
While Najib was released after giving his statement, MACC confirmed that Dr Mohd Irwan was arrested at 3.35pm and was being held overnight. Dr Mohd Irwan had made several trips to the MACC regarding the 1MDB-IPIC case, the last being on Aug 10.
Graft investigators had probed both Najib and Dr Mohd Irwan on 1MDB’s dealings over settlement payment of US$1.2bil (RM5.04bil) made to IPIC in 2017.
As for Hasanah, the former director-general of Malaysian External Intelligence Organisation is being charged with criminal breach of trust involving money belonging to the government.
She is being held answerable to committing one count of criminal breach of trust by misappropriating funds worth US$12mil said to be meant for the 14th General Election.
Despite earlier talk that Hasanah would also be held, sources said she was asked to present herself in court today instead.
Hasanah was among nine people who were remanded in September over the misappropriation of the fund. - The Star by mazwin nik anis and joseph kaos jr
Spotlight on Najib’s key officials
PUTRAJAYA: Datuk Seri Najib Tun Razak is to be hauled to court for a third time to face extra charges, but the spotlight will be on former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah and ex-spy boss Datuk Hasanah Abdul Hamid.
The two former top civil servants are expected to face a multitude of charges brought against them by the Malaysian Anti-Corruption Commission (MACC).
All three will have to present themselves today at the MACC headquarters here where they will be held overnight before being taken to the Jalan Duta Courts Complex in the morning.
While it will be the third date in court for the former prime minister, the fresh development involves Irwan and Hasanah, two key officials of Najib.
Irwan is expected face charges in connection with the 1MDB scandal while Hasanah, who headed the Malaysian External Intelligence Organisation (MEIO), is expected to be charged for alleged misappropriation of funds worth US$12mil (RM49mil).
Sources said Najib and Irwan will be charged in connection with 1MDB’s dealings with Abu Dhabi’s wealth fund, International Petroleum Investment Company (IPIC).
However, it could not be confirmed if Najib – who is expected to be slapped with six more charges – and Irwan will be jointly or separately charged.
Najib is already facing 32 charges of criminal breach of trust, corruption and money laundering.
Najib will first face the Public Accounts Committee (PAC) in Parliament this morning before heading to the MACC headquarters in the afternoon.
Sources familiar with the investigation said a statement would be recorded from Najib today. While they did not reveal the amount of the misappropriation involved in the six more charges expected to be slapped against him, one can expect the total to run into billions of ringgit.
“It is a lot of money involved here,” said an MACC source without elaborating.
Last week, Najib was called up twice by MACC to explain the payment of over US$1.2bil (RM5.04bil) made to IPIC by 1MDB in a settlement over a US$6.5bil (RM27.3bil) claim made by IPIC.
The settlement was triggered by 1MDB’s default on a bond payment due in 2016, which was guaranteed by IPIC in 2012 for the acquisition of two power plants.
It is understood that Najib, who was chairman of the 1MDB advisory board, would be held liable for his role in the debt settlement.
It is, however, not known how many charges Irwan and Hasanah, both aged 61, will be facing. Irwan had been called up by investigators several times to be queried on the debt settlement between 1MDB and the Abu Dhabi wealth fund. His last session was on Aug 10.
Irwan had even lodged a report with MACC over the controversy involving the “missing” RM18mil in Goods and Services Tax (GST) refunds to determine if there were grounds for an investigation.
He later claimed that the allegation by the Pakatan Harapan government was baseless and that he lodged the report to enable the anti-graft body to investigate.
Finance Minister Lim Guan Eng had claimed in Parliament that the Barisan Nasional administration had stolen a total of RM18bil in GST refunds.
As for Hasanah, prosecutors are expected to bring several charges against her, mostly with committing criminal breach of trust.
She was among nine persons who were arrested in connection with misappropriating funds meant for the 14th General Election.
Hasanah, seven other former MEIO officers and a businessman were arrested in late August.
MACC deputy chief commissioner (operations) Datuk Seri Azam Baki was reported to have said that US$12mil (RM50.4mil) of government funds were allegedly misappropriated.
The cash was believed to have been brought in via air, possibly through the Kuala Lumpur International Airport.
Highly-placed sources in the anti-graft body had said that this needed to be looked into as it would be difficult to carry such a staggering amount of money undetected.
Malaysian law requires those bringing in US$10,000 (RM41,000) and above into the country to have it declared at the point of entry.
Investigators found out that the money was brought into the country in May.
Investigators also do not discount the possibility of the funds coming from 1MDB.
The MACC has already called several witnesses, including three foreigners, and at least 20 more witnesses will be tracked down to assist in the investigation, a source said.
MEIO was listed as the “research division” of the Prime Minister’s Department under the Barisan administration.
Hasanah had courted controversy after writing to US Central Intelligence Agency director Gina Haspel, appealing to the United States administration to support Najib.- The Star by mazwin nik anis
KUALA LUMPUR: Former prime minister Datuk Seri Najib Tun Razak has been brought to court several times but yesterday, he shared a dock at the Sessions Court with former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.
The two were jointly charged with six counts of criminal breach of trust (CBT) involving funds totalling RM6.636bil that belongs to the government.
Najib, 65, was the first accused while Dr Mohd Irwan, 61, was named as the second accused.
According to the first two charge sheets, the two men were entrusted with dominion over RM1.2bil and RM655mil respectively, and committed CBT in respect of those sums.
The third charge alleges that Najib and Dr Mohd Irwan committed CBT relating to RM220mil in the government’s Federal Consolidated Fund. The amount was allocated for administration expenses for the Kuala Lumpur International Airport.
The RM1.3bil at the centre of the fourth charge was in the same fund and classified as an allocation for subsidy and cash aids.
The fifth and sixth charges were for allegedly committing CBT in respect of 1.95 billion yuan (RM1.261bil) and RM2bil.
All the offences were allegedly committed at the Finance Ministry office in Putrajaya between Dec 21, 2016, and Dec 18, 2017.
The charges were framed under Section 409 of the Penal Code and each carries a jail term of between two and 20 years with whipping, if convicted.
Offenders are also liable to fines. Section 409 covers CBT by public servants and agents.
Najib and Dr Mohd Irwan pleaded not guilty, with both replying “Minta bicara (I claim trial)” after each charge was read out by the court interpreter.
Former Federal Court judge Datuk Seri Gopal Sri Ram, who was appointed by the Attorney General’s Chambers to lead the prosecution, suggested bail at RM3mil each.
Najib’s lead counsel Tan Sri Dr Muhammad Shafee Abdullah objected, saying that his client had already paid RM4.5mil bail accumulatively for his previous 32 charges, an amount which could be “highest in the history of Malaysia”.
“A bail’s only criterion is to ensure his attendance and nothing else. It cannot be punitive. It cannot be oppressive,” he said, adding that his client’s accounts and assets had also been frozen.
Dr Muhammad Shafee asked the court to make an order for Najib to utilise the RM4.5mil bail for his current case.
Datuk K. Kumaraendran, who represented Dr Mohd Irwan, said the prosecution itself did not object to bail, which showed that his client was not a flight risk, and suggested bail of RM500,000 for his client.
Sri Ram replied that the court should not allow the first accused to utilise his RM4.5mil bail for the case as the charges were new.
“The sum we asked for is not fixed on the totality of the sum involved,” he said.
Sri Ram added that the second accused was paid “excessively” during his tenure as the Treasury secretary-general.
“This is not a tale of a good Samaritan. He is the trustee of the highest order of money in this country. He stands before you accused of breaching that trust.
“Any other sum would not reflect the justice of the case,” Sri Ram said.
Sessions Court judge Azman Ahmad allowed bail at RM1mil in two sureties for each of the accused.
He also ordered Dr Mohd Irwan to surrender his passport. Najib had surrendered both his civilian and diplomatic passports in his earlier court case.
The court also allowed for the accused to pay RM500,000 yesterday and to pay the balance in 10 days. Both accused paid the bail.
KUALA LUMPUR: Former spy chief Datuk Hasanah Ab Hamid has been charged with criminal breach of trust (CBT) involving US$12.1mil (RM50.3mil) belonging to the government at the Sessions Court here.
The former Malaysian External Intelligence Organisation (MEIO) director-general claimed trial before Judge Azman Ahmad on Thursday (Oct 25).
Hasanah, 61, who was charged in her capacity as a director-general of a research division, was accused of committing CBT in the Prime Minister's Department in Putrajaya between April 30 and May 9 this year.
The charge was made under Section 409 of the Penal Code, which provides a maximum 20 years' jail and whipping, as well as a fine upon conviction.
Lead Prosecutor Datuk Seri Gopal Sri Ram asked for a RM1mil bail.
Hasanah's counsel Shaharudin Ali, however, asked for the sum to be set at RM300,000.
Judge Azman Ahmad later set bail at RM500,000 in two sureties pending mention on Nov 29. - The Star by maizatul nazlina and royce tan
PUTRAJAYA: Datuk Seri Najib Tun Razak and a former key official of his government will be jointly charged with criminal breach of trust, said to involve more than RM6bil.
The former prime minister and former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah are expected to face six counts of allegedly committing CBT – all involving 1MDB.
The two are to be charged in the Kuala Lumpur Sessions Court over 1MDB’s dealings with Abu Dhabi’s wealth fund International Petro-leum Investment Company (IPIC).
Separately, another top official from the previous administration will also be charged in court.
Former spy agency chief Datuk Hasanah Abdul Hamid will also be charged with committing criminal breach of trust.
The Malaysian Anti-Corruption Commission said it had received the go-ahead from the Attorney General’s Chambers to charge Najib, Dr Mohd Irwan and Hasanah with committing criminal breach of trust involving the government’s money.
With Dr Mohd Irwan being hauled to court, it will be the first time a former civil servant is being charged in connection with the sovereign wealth fund scandal.
As for Najib, the number of charges against him is now close to 40. He is already slapped with a total of 32 charges today involving corruption, criminal breach of trust and money laundering.
Sources with knowledge of the case confirmed the number of charges and that the amount of money involved in the 1MDB-IPIC scandal “runs into billions”.
Yesterday, both Najib and Dr Mohd Irwan were summoned by investigators. Both came separately at 1.55pm and 3.25pm respectively.
At 5pm, Najib left the Malaysian Anti-Corruption Commission headquarters despite earlier speculation that he would be held overnight.
On the previous occasions, prosecutors had held the former prime minister and brought him to court the next day.
While Najib was released after giving his statement, MACC confirmed that Dr Mohd Irwan was arrested at 3.35pm and was being held overnight. Dr Mohd Irwan had made several trips to the MACC regarding the 1MDB-IPIC case, the last being on Aug 10.
Graft investigators had probed both Najib and Dr Mohd Irwan on 1MDB’s dealings over settlement payment of US$1.2bil (RM5.04bil) made to IPIC in 2017.
As for Hasanah, the former director-general of Malaysian External Intelligence Organisation is being charged with criminal breach of trust involving money belonging to the government.
She is being held answerable to committing one count of criminal breach of trust by misappropriating funds worth US$12mil said to be meant for the 14th General Election.
Despite earlier talk that Hasanah would also be held, sources said she was asked to present herself in court today instead.
Hasanah was among nine people who were remanded in September over the misappropriation of the fund. - The Star by mazwin nik anis and joseph kaos jr
Spotlight on Najib’s key officials
PUTRAJAYA: Datuk Seri Najib Tun Razak is to be hauled to court for a third time to face extra charges, but the spotlight will be on former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah and ex-spy boss Datuk Hasanah Abdul Hamid.
The two former top civil servants are expected to face a multitude of charges brought against them by the Malaysian Anti-Corruption Commission (MACC).
All three will have to present themselves today at the MACC headquarters here where they will be held overnight before being taken to the Jalan Duta Courts Complex in the morning.
While it will be the third date in court for the former prime minister, the fresh development involves Irwan and Hasanah, two key officials of Najib.
Irwan is expected face charges in connection with the 1MDB scandal while Hasanah, who headed the Malaysian External Intelligence Organisation (MEIO), is expected to be charged for alleged misappropriation of funds worth US$12mil (RM49mil).
Sources said Najib and Irwan will be charged in connection with 1MDB’s dealings with Abu Dhabi’s wealth fund, International Petroleum Investment Company (IPIC).
However, it could not be confirmed if Najib – who is expected to be slapped with six more charges – and Irwan will be jointly or separately charged.
Najib is already facing 32 charges of criminal breach of trust, corruption and money laundering.
Najib will first face the Public Accounts Committee (PAC) in Parliament this morning before heading to the MACC headquarters in the afternoon.
Sources familiar with the investigation said a statement would be recorded from Najib today. While they did not reveal the amount of the misappropriation involved in the six more charges expected to be slapped against him, one can expect the total to run into billions of ringgit.
“It is a lot of money involved here,” said an MACC source without elaborating.
Last week, Najib was called up twice by MACC to explain the payment of over US$1.2bil (RM5.04bil) made to IPIC by 1MDB in a settlement over a US$6.5bil (RM27.3bil) claim made by IPIC.
The settlement was triggered by 1MDB’s default on a bond payment due in 2016, which was guaranteed by IPIC in 2012 for the acquisition of two power plants. It is understood that Najib, who was chairman of the 1MDB advisory board, would be held liable for his role in the debt settlement.
It is, however, not known how many charges Irwan and Hasanah, both aged 61, will be facing. Irwan had been called up by investigators several times to be queried on the debt settlement between 1MDB and the Abu Dhabi wealth fund. His last session was on Aug 10.
Irwan had even lodged a report with MACC over the controversy involving the “missing” RM18mil in Goods and Services Tax (GST) refunds to determine if there were grounds for an investigation.
He later claimed that the allegation by the Pakatan Harapan government was baseless and that he lodged the report to enable the anti-graft body to investigate.
Finance Minister Lim Guan Eng had claimed in Parliament that the Barisan Nasional administration had stolen a total of RM18bil in GST refunds.
As for Hasanah, prosecutors are expected to bring several charges against her, mostly with committing criminal breach of trust.
She was among nine persons who were arrested in connection with misappropriating funds meant for the 14th General Election.
Hasanah, seven other former MEIO officers and a businessman were arrested in late August.
MACC deputy chief commissioner (operations) Datuk Seri Azam Baki was reported to have said that US$12mil (RM50.4mil) of government funds were allegedly misappropriated.
The cash was believed to have been brought in via air, possibly through the Kuala Lumpur International Airport.
Highly-placed sources in the anti-graft body had said that this needed to be looked into as it would be difficult to carry such a staggering amount of money undetected.
Malaysian law requires those bringing in US$10,000 (RM41,000) and above into the country to have it declared at the point of entry.
Investigators found out that the money was brought into the country in May.
Investigators also do not discount the possibility of the funds coming from 1MDB.
The MACC has already called several witnesses, including three foreigners, and at least 20 more witnesses will be tracked down to assist in the investigation, a source said.
MEIO was listed as the “research division” of the Prime Minister’s Department under the Barisan administration.
Hasanah had courted controversy after writing to US Central Intelligence Agency director Gina Haspel, appealing to the United States administration to support Najib.- The Star by mazwin nik anis
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