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Wednesday, November 10, 2021

Govt failed to forfeit 1MDB assets

 


Govt fails in bid to forfeit 1MDB-linked assets from Najib, family and others


KUALA LUMPUR: The High Court today ordered the government to immediately return assets which were seized from former prime minister Datuk Seri Najib Razak, his wife Datin Seri Rosmah Mansor, their three children and several others.

Judge Mohamed Zaini Mazlan made the order after dismissing the government's application which sought to forfeit hundreds of items including designer handbags, vehicles and cash in various currencies said to be linked to the 1Malaysia Development Bhd (1MDB) scandal.

In his decision, Zaini said the prosecution had failed to prove that the properties seized were connected to unlawful activities.

He said there was no evidence to show that the properties seized from Najib, Rosmah, their children Riza Shahriz Abdul Aziz (Najib's stepson), Nor Ashman and Nooryana Najwa, were bought using money in the former prime minister's bank accounts.


The prosecution, he said, had in fact admitted that some of the seized properties were gifts.

He said the prosecution's argument that the cash and properties in question could have been gained from the monies deposited in Najib's bank accounts was based on presumption.

"The prosecution merely listed down the properties seized and their value, and in turn concluded that these respondents do not have the means to such a huge amount of cash or to purchase these properties based on their income.

"They had surmised that the cash and properties concerned could have only been gained from the monies deposited in the first respondent's (Najib) accounts.

"It is apparent that the applicant had only come to this conclusion based on presumption," he said.

The judge added that there was lack of evidence to prove that there was a direct link between the monies that were alleged to have been illegally gained to the cash found and the properties bought.

He said there was simply no nexus proven in the case.

He also rejected the government's bid to forfeit the monies kept in three Hong Leong bank accounts and the RM15 million bungalow in Penang belonging to Goh Gaik Ewe, the mother of fugitive businessman Low Taek Jho saying that the prosecution had failed to prove that the bank accounts were related to or had been used for the commission of unlawful activities.

He said the relationship between Goh and any of the characters or entities in the 1MDB affairs was also conspicuously missing.

"The applicant did not offer any evidence to show how the monies deposited into these bank accounts were linked to any illegal transactions or that they were proceeds of unlawful activities.

"As for the bungalow, there was simply no averment whatsoever in any of the applicant's affidavits pertaining to it," he said.

The others who get to keep their monies following the government's failure in its bid to forfeit the assets were company Senijauhar Sdn Bhd, Aiman Ruslan, former Goldman Sachs banker Roger Ng and his wife Lim Hwee Bin.

The court however, allowed the government's bid to forfeit the assets from the respondents that did not contest the application namely Mohd Kyizzad Mesran, Yayasan Rakyat 1Malaysia, Yayasan Semesta, Yayasan Mustika Kasih and Rembulan Kembara Sdn Bhd and those who have absconded who were former 1MDB officers Kee Kok Thiam, Tan Vern Tact and Terence Geh Choh Hun.

Deputy public prosecutor Harris Ong Mohd Jeffrey Ong informed the court that the prosecution will be filing an appeal against the decision and asked for a stay of the order to return money to the respondents.

However, Zaini said the court will not make any order for a stay.

"If the forfeiture application is denied, it is a natural progression that the prosecution should return it (properties) back (to the respondents)," the judge said.

On May 8, 2019, the Attorney General's Chambers filed a notice of motion to forfeit hundreds of items, allegedly linked to 1MDB scandal, including handbags of various brands and 27 vehicles seized from Najib, Rosmah, their three children, as well as 13 individuals and companies.

In addition, money amounting to more than RM18 million in several bank accounts at Bank Islam Malaysia Bhd, Al-Rajhi Bank Bhd, Malayan Banking Bhd, CIMB Bank Bhd, RHB Bank Bhd, Public Bank Bhd, AmBank Bhd and Hong Leong Bank Bhd, that was frozen between Aug 16, 2018 and March 11, 2019.

Among the items mentioned in the forfeiture notice are handbags, shoes and watches of various brands, as well as cash in various currencies that were seized by the police on May 17, 2018 and June 11, 2018, as well as 27 Nissan vehicles that were seized on Aug 2, 2018 and a piece of land in Tanjung Bungah, Penang. 

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Tuesday, November 9, 2021

Good ventilation curbs the spread of Covid-19, Virus spreads easier in low humidity environment, Incentives to improve premises

 Source: Human Resources Ministry and Health Ministry Source: Human Resources Ministry and Health Ministry

> Increase outside air ventilation. > Increase air filtration.

> Adjust or reconfigure air flows.

2. Administrative Controls

> Reduce crowd or occupancy. > Limit the use of small spaces that are shared.

3. Reconfiguration Of Building Spaces And Furnishings

> Use partitions to reduce risks of transmission and minimise direct

Having good ventilation at business premises can help reduce contaminants in the air and curb the spread of Covid-19, say health experts.

Universiti Malaya public health medicine specialist Prof Dr Victor Hoe said good ventilation would not only prevent infectious diseases and reduce sickness, but also improve morale and productivity.

Dr Hoe said people are usually enclosed inside buildings without fresh air.

“They are recirculating the air and the reason is to conserve energy as the cost of cooling fresh air is higher than recirculating cool air,” he said when contacted.

He added that businesses should not hastily decide to change their ventilation system without consulting with experts.

“While many people have recommended opening windows to allow fresh air into the building, this will alter the air flow. The air from the outside is usually warmer than the air in the building.

“Mixing cool and warmer air will generate moisture and this will increase the chances of fungal formation in the ventilation system.

“Fungal issues are as bad if not worse than the Covid-19 pandemic. The other issue with moisture is that it will affect electronic systems,” he said.

As such, to ensure good ventilation, Dr Hoe said the air exchange per hour (ACH) should be increased.

“In a normal office that uses a centralised air conditioning system, the ACH is usually between four and six air changes in an hour.

“At this rate, the time required for removal of 99% of the contaminants in the room is between 69 and 46 minutes.

“To improve the ACH, we can install Hepa (high-efficiency particulate absorbing) filters which can increase the ACH to 10, reducing the time it takes to remove contaminants from 46 to 28 minutes,” he said.

Dr Hoe reminded businesses that ventilation improvements would only reduce Covid-19 risk but could not eliminate it entirely.

Medical Practitioners Coalition Association of Malaysia president Dr Raj Kumar Maharajah said having good ventilation is not just good for business entities but also for homes.

He said a good ventilation system could help prevent virus particles from accumulating in the air.

“Good ventilation, along with other preventive actions, like staying 2m apart and wearing masks can help prevent you from getting and spreading Covid-19,” he added.

To have better ventilation, Dr Raj suggested that there should be, among others, an increase in ventilation and enhanced air exchanges, as well as exhaust fans.

For those in enclosed spaces, he recommended they consider having portable air cleaners for localised air cleaning.

American Society of Heating, Refrigerating and Air-Conditioning Engineers (Ashrae) Malaysia chapter president Ng Wen Bin said ensuring proper ventilation with outside air could help reduce the concentration of airborne contaminants, including viruses, indoors.

“Proper ventilation also reduces surface contamination by removing some virus particles before they can fall out of the air and land on surfaces. However, by itself, increasing ventilation is not enough to protect people from Covid-19.

“But when used along with other best practices recommended by Ashrae and others, increasing ventilation can be part of a plan to protect people indoors,” he said.

As most schools, offices, and commercial buildings have air conditioning and mechanical ventilation (ACMV) systems with filters, Ng said increasing ventilation and filtration was usually appropriate.

But due to the complexity and diversity of building types, sizes, construction styles, ACMV system components, and other features, he said a professional should interpret Ashrae guidelines for their specific building and circumstances.

“Increasing ventilation may not always be possible or practical. In such cases, the effective rate of ventilation per person can be increased by limiting the number of people present in the building in general, or in specific rooms,” he said.

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Virus spreads easier in low humidity environment 

 

GEORGE TOWN: Any virus will spread more easily in an air-conditioned environment, where humidity will be much lower, says an expert.

USM virology scientist Dr Muhammad Amir Yunus said typically, the humidity in air-conditioned spaces would be low and this contributed to the transmission of viruses in droplets.

“Relative humidity will affect the transmission of airborne virus on top of poor ventilation.

“High humidity can partially inhibit the travel of viruses in droplets and aerosols,” he said.

Dr Muhammad Amir said he was not aware of any hard and fast rules on the value of ventilation to prevent the transmission of viruses.

He, however, pointed out that there was direct correlation between poor ventilation and carbon dioxide levels.

“Higher carbon dioxide levels can be used as an indicator for poor ventilation or air circulation indoors,” he said.

He said the recent announcement on the tax-exempted expenses for renovations and refurbishments of premises would definitely be beneficial.

“The system is not cheap. It involves many components.

“The tax cut will encourage businesses to pay attention to this aspect, which very directly relates to public safety,” he said.

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Incentives to improve premises 

 Business groups want a clearer picture on tax deduction for renovations


PETALING JAYA: Business groups are seeking a clearer picture on the tax incentive meant for them to renovate and refurbish their premises, which they say is helpful to ensure that their ventilation can be upgraded.

Malaysian Retailers Association vice-president Datuk Ameer Ali Mydin hoped the criteria to enjoy the tax benefit would not be so strict.

“It should be very simple so that any improvement, however small, would benefit the consumers.

“Most of the larger shopping centres comply with the ventilation requirements as they are required to do so, but this incentive will be useful for smaller retailers or older hypermarkets which may not have complied with the new ventilation requirements,” he said when contacted yesterday.

On Nov 5, Health Minister Khairy Jamaluddin pointed out that under Budget 2022, the government has extended the tax incentive for the renovation and refurbishment of business premises.

He said that this would allow more businesses to invest in good ventilation to curb the spread of Covid-19.

Under Budget 2022, the government extended the tax deduction of up to RM300,000 on the cost for renovating and refurbishing business premises until Dec 31, 2022, in order to comply with requirements such as ventilation and customer seating.

However, Ameer pointed out that the incentive should not just include ventilation but also general refurbishments as it was equally important.

“This will be good for the older malls to be able to spend some money to become more competitive. This can perhaps be used to make the shopping centre not just be refurbished in a normal way but with the added technology to give customers a better experience,” he said.

Malaysian Muslim Restaurant Owners Association (Presma) president Datuk Jawahar Ali Taib Khan concurred that the tax incentive would be helpful for restaurant owners.

But he said they remained unclear on the criteria to get the tax incentive.

“We are not sure, so we hope the government will give a clear explanation on how to plan for this ventilation,” he said.

Jawahar suggested that the government give a special grant to outlet owners to purchase ventilation equipment that is suitable for them.

“The local authorities should also make the application easier for outlet owners to do renovation by not asking unnecessary documents and charging us exorbitantly,” he said.

He said outlet owners should also not be charged a fee for placing chairs and tables at the five-footway in front of restaurants, especially corner lots, which does not pose a hindrance to the public as this would help customers sit in open spaces.

“Enforcement officers should not take this as an opportunity to summon outlet owners,” he said.

Malaysian Association of Hotels chief executive officer Yap Lip Seng said the industry welcomed any form of tax deduction, incentives or allowances.

However, Yap said they hoped that this tax incentive could be applied on top of any other existing incentives to ease the burden on the upgrading expenses, particularly in ensuring public safety and hygiene.

SME president Ding Hong Sing said any incentive from the government should be translated into action, noting that their focus right now was on ensuring the survival of businesses.

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PUBLIC AREA SETTING 

 1. Engineering Controls

Source: Human Resources Ministry and Health Ministry Source: Human Resources Ministry and Health Ministry

> Increase outside air ventilation. > Increase air filtration.

> Adjust or reconfigure air flows.

2. Administrative Controls

> Reduce crowd or occupancy. > Limit the use of small spaces that are shared.

3. Reconfiguration Of Building Spaces And Furnishings

> Use partitions to reduce risks of transmission and minimise direct 

 

Incentives to improve premises

PETALING JAYA: Business groups are looking for a clearer picture of the tax incentive for them to renovate and renovate their premises, which they say is helpful in ensuring that their ventilation can be upgraded.

Vice President of the Malaysian Retailers Association Datuk Ameer Ali Mydin hoped that the criteria for enjoying the tax benefit would not be so strict. “It should be very simple so that all improvements, no matter how small, would benefit consumers.

“Most of the larger malls meet the ventilation requirements because they are required to do so, but this incentive will be useful for smaller retailers or older supermarkets that may not have met the new ventilation requirements,” he said when contacted yesterday.

On November 5, Health Minister Khairy Jamaluddin pointed out that under budget 2022, the government has extended the tax incentive for renovation and refurbishment of business premises.

CLICK TO ENLARGECLICK TO ENLARGE

He said this would enable more companies to invest in good ventilation to slow down the spread of Covid-19.

According to Budget 2022, the government extended the tax deduction of up to RM 300,000 on the cost of renovation and refurbishment of business premises until 31 December 2022, in order to meet requirements such as ventilation and customer seats.

However, Ameer pointed out that the incentive should not only include ventilation but also general renovations as it was equally important.

“This will be good for the older malls to be able to spend some money to become more competitive. This can perhaps be used to get the shopping center not only to be renovated in a normal way but with the extra technology to give customers a better experience, ”he said.

Malaysian Muslim Restaurant Owners Association (Presma) President Datuk Jawahar Ali Taib Khan agreed that the tax incentive would be helpful to restaurant owners.

But he said they remained unclear about the criteria for obtaining the tax incentive.

“We are not sure, so we hope the government will provide a clear explanation of how to plan for this ventilation,” he said.

Jawahar suggested that the government make a special contribution to outlet owners to buy ventilation equipment that is suitable for them.

“Local authorities should also make the application easier for store owners to do renovations by not requesting unnecessary documents and charging us unreasonably,” he said.

He also said that shop owners should not be charged a fee for placing chairs and tables on the five-foot road in front of restaurants, especially corner areas, which does not constitute an obstacle for the public as this would help customers sit in open spaces.

“Authorities should not take this as an opportunity to call out store owners,” he said.

Malaysian Association of Hotels CEO Yap Lip Seng said the industry welcomed all forms of tax deductions, incentives or compensation.

However, Yap said they hoped this tax incentive could be applied on top of all other existing incentives to ease the burden of upgrading costs, in particular to ensure public safety and hygiene.

SME President Ding Hong Sing said all government incentives should be put into action, noting that their focus right now was on ensuring corporate survival.

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Open that window! Because fresh air can help lessen the spread of a virus and prevent infections

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Wednesday, November 3, 2021

Singapore big dreams of becoming a global cryto hub

Singapore plans to emerge as key player

Easing restrictions: A representation of the virtual cryptocurrency bitcoin. The Monetary Authority of Singapore is against clamping down on crypto. — Reuters

 SINGAPORE: Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centres around the world grapple with approaches to handle one of the fastest growing areas of finance.

“We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), which regulates banks and financial firms.

Instead, MAS is putting in place “strong regulation”, so firms that meet its requirements and address the multitude of risks can operate, he said in an interview.

Nations differ vastly when it comes to how they handle crypto: China has cracked down on large amounts of activity in recent months, Japan only recently allowed dedicated crypto investment funds – though El Salvador has embraced bitcoin as legal tender.

In the United States, while there are an abundance of options for investing in the burgeoning asset class, regulators are concerned about everything from stablecoins to yield-generating products.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” said Menon, who has helmed the MAS for about a decade.

“But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.”

The stakes are high for the small island nation, which has already earned a reputation as a global wealth hub. Singapore must raise its safeguards to counter risks including illicit flows, Menon said.

The city state is “interested in developing crypto technology, understanding blockchain, smart contracts and preparing ourselves for a Web 3.0 world,” he said, referring to the third generation of online services, which will be a key theme during the Singapore Fintech Festival that MAS will host next week.

Menon acknowledged that banks and other financial institutions will face certain challenges with the decentralisation of finance. Still, Singapore wants to be “well positioned” for 2030 when “an economy of tokenisation” may come, he said.

Singapore isn’t the only place with crypto ambitions. Locations as diverse as Dubai, Miami, El Salvador, Malta and Zug in Switzerland, are also making efforts.

It can be a fine line to tread, given the crypto industry grew up with few regulations, so many players balk at government officials’ attempts to impose guardrails.

Singapore’s approach has attracted crypto firms from Binance Holdings Ltd, which has had a series of run-ins with regulators around the world, to Gemini, a US operator targeting institutional investors, to set up base.

Some 170 companies applied for a MAS licence, taking the total number of firms seeking to operate under its Payment Services Act to about 400, after the law came into effect in January 2020.

Since then, only three crypto firms have received the much-coveted licences, while two were rejected. About 30 withdrew their application after engaging with the regulator. 

Among those approved is the brokerage arm of DBS Group Holdings Ltd, Singapore’s largest bank, which is also a pioneer in setting up a platform for trading of digital tokens while offering tokenisation services.

The regulator is taking time to assess applicants to ensure that they meet its high requirements, Menon said. The MAS has also boosted resources to cope with high volumes of prospective services operators, he said.

“We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome,” he said.

Menon said the benefits of having a well-regulated local crypto industry could also extend beyond the financial sector.

“If and when a crypto economy takes off in a way, we want to be one of the leading players,” he said.

“It could help create jobs, create value-add, and I think more than the financial sector, the other sectors of the economy will potentially gain.” — Bloomberg

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Singapore preparing for digital dollar | The Star

 

On top for a third year running | The Star

 

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How Malaysia Budget 2022 Can Drive Your Business Forward? Forum 5 Nov 2021 . 3pm ~ 4:30pm


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Session 1 : #SOS: How Budget 2022 Can Drive Your Business Forward

The session will address:
– SME portfolio financial restructuring
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Speakers:
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Session 2 : #SOS: How Budget 2022 Can Drive Your Business Forward

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For SOBA enquiries, email soba@thestar.com.my or call 017-231 1789.

SOBA Website : www.soba.com.my

 

Related:

 

Helping SMEs drive their business forward | The Star


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Tuesday, November 2, 2021

Covid-19 self-test kits going for as low as RM6.90 per unit

 

https://assets.theedgemarkets.com/test1.jpg?pUGfh41asPkN5epuyolysKroiuYGYSGY

 Covid-19 self-test kits now available for as low as RM6.90

Covid-19 self-test kits now available for as low as RM6.90 -A +A

SEPANG (Nov 1): The Covid-19 self-test kit is available for as low as RM6.90 a unit, said Minister of Domestic Trade and Consumer Affairs Datuk Seri Alexander Nanta Linggi.

He said this followed the move to expand the sale of the test kit to supermarkets, convenience store networks and petrol stations in stages.

“The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) was told the prices offered at supermarkets and convenient stores are as low as RM6.90 each while, KK Supermart is selling them for only RM6.60 each.

“This is surely very good news to consumers in the light of the situation today,” he said when launching the Covid-19 self-test kit sales at KK Supermart in KL International Airport 2 (klia) and inspecting the 2021 Deepavali Festive Season Maximum Price Scheme, here on Monday.

Prior to this, the Covid-19 self-test kits received conditional approval from the Malaysian Device Authority (MDA) to be sold at selected clinics and pharmacies.

The government had fixed the maximum retail price for Covid-19 self-test kit at RM19.90 per unit and wholesale price at RM16 a unit effective Sept 5.

Nanta said the decision of the government to expand the sales of the Covid-19 self-test kit would bring down the price with the readiness of stock and through competition in the retail sector.

As of Oct 28, he said 2,570 business premises nationwide had been approved to sell the Covid-19 self-test kits whereby 494 are under KK Supermart & Superstore Sdn Bhd including at klia2.

On the new ceiling price of the Covid-19 self-test kit, Nanta said it would be announced soon and its determination would take into account all aspects including the interest of consumers and traders.

“The business environment must be centred on supply and demand. It is not necessary for the government to use its power to restrict and regulate,” he added.

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