Friday, July 11, 2014

Mr Trillionaire

Petty corruption not at ‘worrying’ levels, says Paul Low

Petty corruption in the country is low, with only 3% of Malaysians having paid bribes last year, according to a Transparency International Malaysia (TI-M) survey.
Minister in the Prime Minister’s Department Datuk Paul Low said the level was similar to Japan and Singapore and, therefore, “not that worrying”.
Low, who is in charge of human rights and integrity, also pointed out that it was an improvement from the 9% recorded in 2012.
Despite the low percentage, the former TI-M president said the benchmark should be set at zero corruption.
“But as far as daily life is concerned, it is still not hampered by corruption, unlike other countries.
“In Mexico for example, 30% of the household income is needed to pay for services which are supposedly free,” he said told reporters after attending the launch of the Anti-Corruption Awareness Day 2014 and Principles of Life and Anti-Corruption Club (POLAC) at UCSI Kuala Lumpur campus in Cheras this afternoon.
On the worsening perception of corruption in Malaysia among those aged between 18 and 23, Low admitted that it took some time to change.
“I’m not trying to downplay corruption, but sometimes we have to really see what is corruption and what is not.
“There is tendency to blame inefficiency as corruption, some issue are pure mismanagement or genuine lack of skills.”
Low pointed out that in the last five years, society was more open to talk about corruption.
“This openness in our society is good, but it also leads to perception that ought to be backed up with evidence.
“Ultimately, we need to ask ourselves, have we paid a bribe?” he said.
POLAC is touted as the first ever integrity club by a private tertiary education in the country.

RHB Cap, MBSB jump on merger news with CIMB BY JOSEPH CHIN

Shares of RHB Capital and Malaysia Building Society Bhd (MBSB) jumped in early Friday trade when they resumed trading after announcing a merger with CIMB to form a mega Islamic bank.
At 9.05am, the FBM KLCI was up 1.55 points to 1,894.17. Turnover was 114.54 million shares valued at RM79.42mil. There were 116 gainers, 90 losers and 202 counters unchanged.
RHB Capital jumped 53 sen to RM9.25, MBSB-WA gained 18 sen to RM1.61 and MBSB 16 sen to RM2.50 while MBSB-CT rose seven sen to 22 sen. CIMB shed two sen to RM7.22.
OSK Holdings rose three sen to RM2.31 after surging the previous day following its sizeable stake in RHB Cap.
On Thursday, CIMB, RHB Cap and MBSB announced the creation of a mega Islamic bank. They said approval had been obtained from Bank Negara Malaysia to start negotiations to merge CIMB and RHB Cap and creating an enlarged Islamic banking franchise with MBSB.
The three parties now enter into a 90-day exclusive agreement to negotiate and finalise pricing, structure, and other relevant terms and conditions related to the merger.
AllianceDBS Research said the creation of a mega Islamic bank was a surprise while the RHB Capital and MBSB merger had long been speculated, the emergence of CIMB in the deal would create Malaysia's largest bank, displacing Maybank.
"Upgrade CIMB to Buy with target price unchanged at RM7.90; RHB Capital remains a Buy but target price is raised to RM10 (based on 1.4 times FY14 book value, assumed 10% M&A premium over current price and compared with EON Capital's P/BV multiple in Hong Leong Bank acquisition); MBSB is not rated; MBSB's share price is at a year-to-date high," it said.

When Kutty was the PM, he took UMNO's money as his.
Now Najis takes the wealth of the nation as his.
Today there are only two kinds of money allowed to float in Malaysia.
The Razak Clan money and Black Market money.
So can Paul Low, Bank Negara, AG and MACC explain this without using petty kangkung logic?

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