No News Is Bad News
Image for illustration only.
Why Malaysia’s PM should feel ashamed
KUALA LUMPUR, Aug 16, 2023: No News Is Bad News Is reproducing an article that is circulating in social media, both WhatsApp and Facebook.
We do not know who is the author but it is a brilliant piece that hits the nail on the head.
After reading the article, we ask: What more do the racial and religious bigots and their supporters want from the current PM i.e Anwar Ibrahim and his Madani Unity Government.
Multiracial-multireligious and law-abiding peace-loving Malaysians should read it and we also reproduce, thereafter, related past postings:
If I am the Prime Minister of Malaysia, I'd feel ashamed.
In this country, the Malays have it all. The bulk exporters are Malays, the wholesalers of sugar and rice are Malays, there are many Malays in international trading companies, the petrol company President/PETRONAS station operators are all Malays, the highway operators are Malays, the bread and oil flour operators are Malays, almost all the importers are Malays, and the owners AP are All Malays.
Wholesalers and importers of vegetables, food, oil and vinegar are Malays, the vast majority of those with shallow/deep sea fishing licences are Malays, the owners of the largest square metres of rice paddies are Malays, transport and long-distance excursion buses are Malays, water, electricity and gas suppliers are all Malays. And, while professing to be Muslim, even the directors of casinos/gaming companies are Malays. What level of hypocrisy.
With the exception of the coffin, toddy, car workshops and pig related industries, almost all others are 100 percent controlled and occupied by the Malays.
If I were prime minister, I would be extremely ashamed and self-conscious.
The 2022 budget allocates 97% of funds to the Malay people, and only 3% for other talents. The people are already protesting, especially the Chinese, and they are furious!
The management of the country's largest higher education practice programme, Mara, is Malay, the management of the Pilgrimage Foundation is Malay, the malays are in charge of the provident fund, the Malays are really in charge of the MCA, the country's largest bank is Malay, the train LRT operator is Malay, the owner of mining and manufacturing plants is Malay, and many factories and engineering contractors are Malays.
They are everywhere, occupying all the political and economic fields, what else do the Malays want? Why not, for a change, develop the economy well, unite the people, bring the country into a positive track, and be a good leader? And in the past 50 years, the New Economic Policy has moulded the Malays into first-class crutched citizens, and indeed it has reached the level of ludicrousity.
Why do you still need to look up to the Chinese and other ethnic groups, Prime Minister? Repeating the same mistakes, not using means to divide the people? Is this what the government wants to see?
As the largest ethnic group in the country, after independence, it has deprived the economic, political, cultural, and religious ownership positions, and the government has been cultivating the Malays without doubt, sleeping and forgetting to eat, and meticulously cultivating the Malays for 50 years, but it is still unable to meet, refuses to treat all ethnic groups fairly, and continues to hold power and deceive the law, resulting in corrupt officials and corrupt officials who corrupt all.
For 64 years, the people are yearning, and the government is deceiving itself and fooling the people. Now it is not a question of the Malays, the Chinese, the Indians or the other 30 nationalities, it has come to the moment of national refoection, it is the problem of Malaysia, the problem of the Malaysians, the people yearn for a new Malaysian spirit. Don't blame the other ethnic groups, it is actually the Malays in power who are deceiving the Malays.
If I were prime minister, I would be extremely ashamed and self-conscious.
The monarch of the country is Malay, the Prime Minister is Malay, most Ministers are Malay, and the heads of government agencies are all Malays. The concept of political governance has derailed, the name of the country has been markedly evil, and the spirit of the Malays has been used to blind the eyes of the Malay and hinder the development of the country.
The Malays are falsely rallied in the name of justice, protecting privileges, ethnic status, religion, and imperial power from exploitation and abolition. But the whole country is Malay in power; the deputy is Malay, the chief police officer is Malay, the chief of the army, navy and air force is Malay, the president of the Bank Negara is Malay, except for Penang, all ministers and state chiefs are Malays, the finance minister is Malay, 3/4 of the MPs are Malays, the district/city officials are Malays, and the civil servants are 97% Malays.
Malay supremacy is a racist creed that the Malays are the masters of Malaysia, and that the Chinese and Indians constitute ethnic minorities, which provide for the treatment of the Malays by recognizing Article 153 of the Constitution. Of the 32.17 million people, 69% are indigenous Malays and Ibans and Kadazan, 21% Are Chinese and 7% are Indian.
The Malaysian Constitution contains a number of provisions providing for Malay privileges that state that the special status of the Malays and the indigenous peoples of Sabah and Sarawak must be guaranteed. This provision has over the years been contrived, cajoled and downright manipulated to include dominance in Public services, scholarships or grants, and educational or training privileges and almost in every sphere of life in Malaysia.
Any permit or business licence must be reserved for a certain share to malays and aborigines; unreasonable places for Malays and aborigines for further study in Malaysian universities or educational institutions; Islam as the state religion; control or restriction on the propagation of any other religious doctrine or belief to Islamists; continued retention of Malay reservations that existed before independence, which are distributed only to Malays or aborigines; the national language must be Malay, etc.
In 1970, the Government initiated the New Economic Policy to improve the economic status of the Malays, which referred to preferential policies for Malays and aborigines, including the need for indigenous peoples to have a 30 per cent stake in the economic sphere;
Enrollment in tertiary institutions was originally 55 per cent Indigenous and 45 per cent non-Indigenous, which later became 95 Per cent native; listed companies had to sell 30 per cent of their shares to natives; through privatization schemes, bumiputra businesses were given more access to business and management opportunities; indigenous joint venture programmes were encouraged to achieve the goal of economic restructuring; the Government guaranteed that Malay students would study abroad and cultivate more Malay professionals. Instead of a general upliftment of the country, the government made this a zero sum strategy: Uplift Malay (not necessarily the other indigenous population) at the expense in non Malay. A policy that eventually leads to a lose-lose situation.
The NEP lasted for 15 years and a number of preferential policies played a role in raising the level of education and economic status of the Malays and indigenous peoples. After the expiry of the 1990 period, the Malaysian government proposed a new development policy that never stopped, but it took a total of 40 years. Since the founding of the Malaysia, Chinese are the largest income tax payers in the country, with a total of up to 80% and Indians about 10%. Because of the preferential Zakat system, even millionaire Malays pay little tax.
If I were prime minister, I would be extremely ashamed and self-conscious.
The Malays should not always seek protection so that they are unable to rely on themselves and hinder the competitiveness and sound development of the country. Many Malays, hyped up by the political sentiment of the opposition, are still desperately defending the preferential treatment and support of the nation. The Malays had in fact monopolized all the domains and, compared to other races, they still considered themselves marginalized and the Malays as weak. This is a big lie that the government propagates.
Religion is guaranteed, and Muslims pray every day, but wealth does not fall from the sky. Half a century later, having been educated into good and bad work, it is time to change course and face reality and work hard in life.
Why are you afraid of other peoples? The answer is actually very simple, because the government has cultivated the laziness of the Malay people, waiting for the durian to fall down every day, getting it for nothing, and getting used to waiting for work. In order to achieve its ends, the government uses religion to spread racial hatred, to distort the truth, to deceive the small, to do whatever it takes, just to grasp the privileges of preferential treatment and support?
Prime Minister, are you not ashamed? You don't take other ethnic groups seriously at all, will we be a family? How long will it take for the Malays to honest themselves and stand up?
Remember to forward! ❤
Tuesday, 15 August 2023
Why is Malaysia socio-economically far behind Singapore?
No News Is Bad News
Image for illustration only, not factual (yet) on the foreign exchange.
Why is Malaysia socio-economically far behind Singapore?
https://www.youtube.com/watch?v=BKWKFGz2T_4
KUALA LUMPUR, Aug 16, 2023: Wake up Malaysians! View the above two video clips which are self-explanatory, compare them with the quality of our politicians.
That is why Singapore is today a super rich developed nation, while Malaysia continues to struggle to keep its developing nation status afloat amid a real threat to national unity and harmony from Taliban-like racial and religious bigots.
Don’t just take No News Is Bad News opine hands down, view the two video clips to form your own judgment of the quality of our politicians and leaders (both politicians and corporate).
Tuesday, 15 August 2023
See how multiracial-multireligious Malaysia is collapsing by the day
No News Is Bad News
Do they really care about Malaysia’s future wellbeing?
See how multiracial-multireligious Malaysia is collapsing by the day
KUALA LUMPUR, Aug 15, 2023: No News Is Bad News is dumbfounded and lost for words with the two articles (see below) circulating in the internet.
We wonder how the editors in Focus Malaysia see the rubbish non-governmental organisations (BGOs) as newsworthy, not forgetting that it is plain racial and religious bigotry, and irresponsible.
Any sane editors would have spiked the story as it is unfit and not newsworthy. But, now that it has been published and circulated, what is the Madani Unity Government going to do about it?
Malaysia is heading for socio-economic doom if such racists and religious bigots are allowed to continue to spew such garbage.
No News Is Bad News reproduces below the published garbage for readers to form their own opinion and to be wary of the dangers posed to national unity and harmony in multiracial-multireligious Malaysia:
Muslim NGOs propose establishment of a Malay-Muslim gov’t without DAP
· in Featured, Mainstream, Top
A COALITTION of Muslim non-governmental organisations (NGOs) in Selangor and Negeri Sembilan has urged leaders of Malay Muslim political parties to be open-minded enough to accept the agenda of unifying the ummah (Muslim solidarity) for the benefit of religion, the Malay race and nation.
After all, the outcome of Saturday’s (Aug 12) six state polls reflects the people’s desire in wanting to realise the unification of Malays and Muslims in the country, according to Gerakan Pembela Ummah (UMMAH) chairman Mohd Zai Mustafa.
Towards this end, the Muslim NGOs collation has proposed to establish a Malay Muslim government without DAP.
This, according to UMMAH, is justifiable considering that Malay-Muslim state assemblymen form the majority of Saturday’s (Aug 12) state polls winners regardless of whether they are from UMNO, PAS, Bersatu, Amanah or PKR.
“That’s why political leaders, whether they are from UMNO or Perikatan Nasional (PN), need to be open minded enough (to unite) to defend the interests of religion, Malay race and nation … the issue of Malay Muslim interests must be defended regardless of political party,” Mohd Zai told a media conference in Bangi yesterday (Aug 14).
“As such, we want to propose that they determine carefully a Menteri Besar (MB) and state EXCO line-up who can defend these rights … actually a (state) government without DAP.”
According to Zai, the ummah unification agenda can be implemented without DAP because political parties with Malay leadership will certainly not sideline Islam and would want the religion to be defended at all costs.
He claimed “there have been many instances in which DAP has oppressed the Malay Muslims” in Selangor and Negri Sembilan.
More broadly, Mohd Zai stressed that this ummah unification agenda can also be implemented at the federal level because many Malay leaders at the parliamentary level are composed of Malay and Muslim representatives.
He further noted that Prime Minister Datuk Seri Anwar Ibrahim need not bow to DAP because “the existing strength of Malay leaders is enough to eliminate the party’.
“Actually, if the leader has the political will to love his race and religion as in the case of Anwar who is a Malay Muslim PM, why must he have so much affection for DAP? There are enough Malay Muslim MPs around (to back him),” asserted Mohd Zai.
“(Datuk Seri) Amirudin Shari (Selangor MB) can call these Malay Muslim leaders to discuss who can become MB, state EXCO and so on. Why do you love DAP so much if you are a leader with a big heart?” – Aug 15, 2023
Below is circulating in WhatsApp:
*Share as received.*
My view is that generally Muslims vote along racial and religious lines. My good friend, a well to do educated Malay whose family and friends voted for PN/PAS because of the following: - Muslims accept corruption from their Muslim politicians as long as they are fellow Muslims. They turn a blind eye as Hadi has declared corruption in Islam is halal as there is a willing giver and willing taker. No one is forced to take a bribe. This is accepted although deep down they know it is not acceptable to do so in Islam.
- they do not want to lose their privileges which is what the extremists Islamisation preach about. - they feel that all the problems of today such as high cost of living is created by PH who is seen as taking away their freebies and privileges. - Muslims generally do not trust the Chinese although the Chinese economically provide jobs for them. They feel that without PAS or PN, their rights and employment opportunities even in the private sector will be eroded and the Chinese employers will provide biased opportunities and promotions and favour their own people over others. - naively and without rational thought these same educated Muslim professionals especially the young, want and think that the economy will run effectively even with extremists running it.
- they feel that Malaysia will never go broke or be like Sri Lanka/Greece because we have so much raw materials which they say will never run out and the gravy train will continue to flow.
- they say that in Islam, they are duty bound to vote or elect even corrupt Muslim politician rather than elect a clean non-Muslim politician.
- constant preaching of this narrative continues on a regular basis in madrasahs. It's something called taqeeyah"
- Malaysia belongs to the Muslims and others should not have any rights and need to comply with the requirements of Islam as subservient second-class inhabitants.
- They fear they will go to hell if they don't vote for their own kind. They fear the criticism and being isolated and talked about if they are seen to be not aligned to the Muslims. - End of gravy train. It has become an accepted right and any talk of meritocracy and level playing field is seen as taking away their birth right. This guy who shared this in his own words of course is seen as a moderate, loves going for holidays to Western countries, enjoys a good job in a Chinese company, loves branded clothes, dines and spend times out with friends of different races. Reminds one of Hitler's Germany and the Talibanization of Afghanistan and similar. - they can accept a corrupted government as long as they are 100% Muslim as they fear that a non-Muslim will be PM and will take away their rights and gravy train.. Sekian..again it is not everyone but this is the majority..
Khazanah … a disgraceful SWF
No News Is Bad News
UPDATE:
Khazanah MD says fund’s performance ‘very respectable’
The fund’s net asset value declined 5% to RM81 billion in 2022, despite a RM1.6 billion net profit.
FMT Business - 27 Jun 2023, 5:36pm
Khazanah Nasional Bhd managing director Amirul Feisal said the fund will be looking for ways to improve its resilience in the market. (Facebook pic)
PETALING JAYA: Khazanah Nasional Bhd’s overall performance is still “very respectable” considering the types of investments undertaken by the fund, according to its managing director Amirul Feisal.
Questioned by business news channel CNBC on the sovereign wealth fund’s lacklustre performance, Amirul said: “As far as the returns overall, it’s still profitable. It’s still very respectable”.
In March, Khazanah reported a 5% decline in its net asset value to RM81 billion in 2022 compared to the previous year.
Despite this, the fund still managed a net profit of RM1.6 billion in 2022, more than double its net profit from the previous year.
Amirul said that while critics might question Khazanah’s few underperforming investments, the fund’s overall performance has remained strong.
Khazanah’s mandate, he said, is not only to generate returns but also to pursue developmental objectives, which may pose a higher risk.
“When you look at some of the (investments) that we have, which are based on growth and development, our performance is still (quite) profitable,” he said.
Going forward, Amirul said the fund will be looking for ways to improve its resilience in the market.
“Looking at the volatility in the market, we are still in the process of rebalancing our portfolio. There is actually a lot of potential in deploying assets (in the current environment),” he said.
He added that this may open opportunities in the private equity space as well.
As of end-2022, Khazanah reported 55.9% of its portfolio was invested in public markets in Malaysia, and 13.4% invested in public markets overseas.
Nearly a quarter of its portfolio was invested in private markets, while more than half outside of Malaysia, with 8% invested in real assets.
UPDATE: Nowhere did No News Is Bad News implied that the sale was done directly with Malaysia Sovereign Wealth Fund (SWF) Khazanah Nasional Bhd. We only pointed out the disgraceful SWF handling of the investment. Whether the sale was done through directly with buyer or through the liquidators does absolve Khazanah the humongous loss in investments - and, therefore, someone in the SWF needed to take responsibility and accountability.
BUSINESS
We dealt with liquidators, not Khazanah: Sim Leisure Group
Theme park giant explains acquisition of Kidzania Singapore investment
Updated 2 hours ago · Published on 19 Jun 2023 2:02PM
Sim Leisure Group has explained that their takeover of Kidzania Singapore for S$110,000 (RM378,957) began towards the end of 2020, at the height of the Covid-19 pandemic, and they were also in the process of negotiating a lease for the facility the last two years with Sentosa Development Corporation. – File pic, June 19, 2023
JOHOR BARU – Responding to allegations making rounds on the internet, the Sim Leisure Group clarifies that sovereign wealth fund Khazanah Nasional Bhd was never involved in negotiations for Kidzania’s Singapore assets, and instead dealt with liquidators directly.
In a press statement today, Sim Leisure Group explained that their takeover of Kidzania Singapore for S$110,000 (RM378,957) began towards the end of 2020, at the height of the Covid-19 pandemic, and they were also in the process of negotiating a lease for the facility the last two years with Sentosa Development Corporation.
Last week, The Vibes reported that Khazanah and Boustead Holdings Bhd, through subsidiary Rakan Riang Pte Ltd, is believed to have invested S$48 million (RM165 million) into the Kidzania project, which later went into liquidation after suffering heavy losses.
Its non-movable assets were acquired by the Sim Leisure Group for pennies on the dollar.
The theme park operator explained that its bid for these assets was risky, as dealings with the liquidator of Rakan Riang took place during the lockdown and Sim Leisure Group could not perform physical checks.
“Khazanah was never in the process – all of Sim Leisure Group’s dealings were through the liquidator.
“At that point in time, such a bid would be considered high risk for the company,” the statement said.
No experience, no expertise
Meanwhile, Sim Leisure Group founder and chairman Datuk Sim Choo Kheng explained that although there were criticisms pertaining to the company’s taking over of the failed assets in Kidzania Singapore, he reminded the public that other failed theme park investments such as the Movie Animation Park Studios in Ipoh ended up as scrap metal.
Commenting further, Sim pointed out that investors in the region lack the experience and expertise to operate in the highly specialised industry, drawing the analogy that companies entering into the business is akin to a person who has done first-aid training trying to be a heart surgeon.
“Most theme park investors are real estate developers, gaming operators and governments with good intentions to catalyse real estate, with most of them cross-subsidising the attraction business.
“At Sim Leisure Group, we live, eat and breathe theme parks; it is all we do, so every business we develop and operate must stand on its own and be profitable from day one.
“It’s not all about buying equipment or engaging IP owners or foreign experts. These are actually the main reasons they fail,” Sim said.
On Friday, responding to reports, Khazanah explained that it did not sell the discontinued Kidzania to Sim Leisure Group for RM378,957.
Instead, they clarified that the theme park operator purchased all non-movable assets from the liquidator and negotiated a franchise licence with Kidzania Mexico.
Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim said on the same day that he will hold talks with Khazanah over their failed ventures into Kidzania theme parks.
Khazanah’s exit from Kidzania is not limited to Singapore, as their children-centric theme park in Kuala Lumpur, Kidzania Malaysia suffered a similar fate in 2020.
In 2020, after Khazanah and Boustead Holdings were believed to have initially invested RM90 million into Kidzania Malaysia four years earlier, it was sold to Sim Leisure Group for a mere RM3.8 million. – The Vibes, June 19, 2023
https://www.khazanah.com.my/
Khazanah … a disgraceful SWF
KUALA LUMPUR, June 17, 2023: Malaysia’s Sovereign Wealth Fund (SWF) Khazanah Nasional Berhad, like many other failed businesses, has conveniently blamed its woes on the Coromavirus (Covid-19) pandemic.
It sold its RM165 million Kidzania Singapore theme park for a meagre RM379,000.
So, is this supposed to be an acceptable excuse, pretend nothing has happened and no one takes responsibility for the humongous losss of public funds?
If others can restart the park, why not Khazanah?
Khazanah, your management skills and competency in managing public funds is a disgrace to SWFs all over the world. No imagination or creativity. No accountability. Losses, just sell. Period.
No News Is Bad News reproduces below news reports on the issues:
MALAYSIA
Khazanah blames Covid-19 pandemic for Kidzania failure
New operator’s move to restart park unrelated to our subsidiary, adds sovereign wealth fund
Updated 7 hours ago · Published on 16 Jun 2023 11:20PM
Earlier today, Prime Minister Datuk Seri Anwar Ibrahim said that he will be holding talks with Khazanah over The Vibes’ report on how Kidzania was sold to Sim Leisure for a mere S$110,000 (RM379,398). This is despite Khazanah and Boustead Holdings Bhd, which first launched Kidzania in Singapore in 2016, initially injecting RM165.52 million into the project. – File pic, June 16, 2023
KUALA LUMPUR – Sovereign wealth fund Khazanah Nasional Bhd has cited the Covid-19 pandemic and the subsequent economic downturn as factors behind its decision to wind up its theme park, Kidzania Singapore.
In a statement today, Khazanah sought to clarify matters relating to The Vibes’ report on the theme park’s sale at a significant loss.
The statement detailed that the theme park was operated by Khazanah subsidiary Destination Resorts and Hotels Sdn Bhd (DRH) – formerly known as Themed Attractions Resorts and Hotels Sdn Bhd (TARH) – through Rakan Riang Pte Ltd.
“Despite best efforts by Rakan Riang to achieve a stable financial position for Kidzania, the Covid-19 pandemic and economic effects that followed dampened ticket sales and affected commercial partners, which impacted its overall financial performance.
“This led to a voluntary winding up and the appointment of a liquidator on June 11, 2020 to recover and liquidate all Rakan Riang’s assets and to distribute the sale proceeds to all creditors,” the statement said.
It added that after theme park operator Sim Leisure Group had purchased all non-moveable assets from the liquidator, the group had proceeded to negotiate a franchise licence with Kidzania Mexico.
“The decision by Sim Leisure to restart Kidzania in Singapore, as per their announcement dated June 12, is unrelated to DRH or any of our subsidiaries, as Rakan Riang’s operation licence was terminated in June 2020,” it said.
It also said that the premises where Kidzania Singapore operates is not owned by any of its subsidiaries and is instead owned by a third party.
Earlier today, Prime Minister Datuk Seri Anwar Ibrahim said that he will be holding talks with Khazanah over The Vibes’ report on how Kidzania was sold to Sim Leisure for a mere S$110,000 (RM379,398).
This is despite Khazanah and Boustead Holdings Bhd, which first launched Kidzania in Singapore in 2016, initially injecting RM165.52 million into the project.
According to a Singapore Business Times report, poor management of the theme park by Khazanah saw it record RM51.73 million in revenue and RM28.63 million in losses after tax.
Kidzania also owed RM184.17 million to creditors, with as much as 93% of the debt owed to TARH.
It is believed that this failed investment venture by Khazanah is not limited to its activities in Singapore, as it appears that similar circumstances apply to the Kidzania theme park in Malaysia, which was also purchased by Sim Leisure Group in 2020.
According to the Companies Commission of Malaysia documents spotted by The Vibes, TARH sold its 24.48 million shares to Sim Leisure Escape Sdn Bhd in 2021.
Although it was reported that the Sim Leisure Group acquired Kidzania Malaysia for RM3.8 million, it is believed that the project, which also involved Khazanah and Boustead Holdings, required an initial injection of RM90 million for construction and pre-operating costs.
According to a report by South China Morning Post, by the close of 2022, Kidzania Malaysia, which never made any money under its former management – had brought in RM6.46 million in profits for its new owners. – The Vibes, June 16, 2023
Thursday, 15 June 2023
Hello Anwar! Heads must roll for incompetents - selling RM165m in Khazanah investment for only RM379,000
No News Is Bad News
Hello Anwar! Heads must roll for incompetents - selling RM165m in Khazanah investment for only RM379,000
UPDATE: Anwar to look into Khazanah’s sale of Kidzania Singapore
The sovereign wealth fund reportedly invested RM165 million into the theme park but sold it for just RM379,398.
Azril Annuar - 16 Jun 2023, 2:52pm
Prime Minister Anwar Ibrahim said he will hold a meeting with Khazanah Nasional on the sale of Kidzania Singapore.
CYBERJAYA: Prime Minister Anwar Ibrahim says he will look into the reported sale of a Singapore theme park owned by Khazanah Nasional Berhad at a substantial loss.
“We will hold a meeting with them (Khazanah),” he told reporters after Friday prayers.
He was asked to comment on a report by The Vibes that sovereign wealth fund Khazanah sold Kidzania Singapore for a mere RM379,398 after investing RM165.5 million in the theme park.
The report said that theme park operator Sim Leisure Group had purchased Kidzania Singapore after it went into liquidation, including all of its non-movable assets.
Singapore Business Times reported that under Khazanah’s management, Kidzania Singapore recorded RM51.73 million in revenue and RM28.63 million in losses after tax.
Furthermore, the children’s theme park also owed RM184.17 million to creditors, with around 93% of the debt owed to Theme Attractions Resorts and Hotels Sdn Bhd (TARH), which is a Khazanah subsidiary.
KUALA LUMPUR, June 16, 2023: Only the Malaysian Government will invest RM165 million and later sells it for a mere RM379,000.
This apparently happened to the failed Kidzania Singapore theme park by sovereign wealth fund Khazanah in Singapore which was launched in 2016.
What next? Business as usual?
It will do well for the Anwar Ibrahim-led Unity Government to take this loss seriously and show that it is unlike previous governments that failed to take action against the incompetent responsible for such a financial loss to the country.
Anwar, heads must roll! Period.
No News Is Bad News reproduces a news report on Khazanah’s lastest financial loss, throwing public money down the drain:
MALAYSIA
Khazanah’s RM165 mil Kidzania S’pore sold for RM379,000
Theme park, another failed project by M’sian sovereign wealth fund sold for pennies to the dollar
Updated 1 hour ago · Published on 16 Jun 2023 9:40AM
Following Kidzania Singapore’s liquidation, Sim Leisure Group bought all its non-movable assets for RM379,398. Khazanah and Boustead Holdings Bhd, which launched Kidzania in Singapore in 2016, reportedly invested RM165.52 million in the project. – File pic, June 16, 2023
BY The Vibes Team
JOHOR BARU – Not too long after it was reported that Khazanah Nasional Bhd sold Iskandar Malaysia Studios (IMS) for pennies on the dollar, it appears that the same circumstances apply to the sovereign wealth fund’s investment in Kidzania.
Theme park operator Sim Leisure Group recently acquired Kidzania Singapore after the children’s theme park went into liquidation in the city-state, with the company obtaining all of its non-movable assets from receivers for a mere SG$110,000 (RM379,398).
Meanwhile, it is believed that Khazanah and Boustead Holdings Bhd, which launched Kidzania in Singapore in 2016, initially injected SG$48 million (RM165.52 million) into the project.
However, poor management of the theme park by Khazanah saw it record SG$15 million (RM51.73 million) in revenue and SG$8.3 million (RM28.63 million) in losses after tax, according to a Singapore Business Times report.
Further, Kidzania Singapore also owed SG$53.4 million (RM184.17 million) to creditors, with as much as 93% of the debt owed to Theme Attractions Resorts & Hotels Sdn Bhd (TARH), a subsidiary of Khazanah.
TARH owns an 80% stake in Rakan Riang Pte Ltd (Rakan Riang Singapore), which operates Kidzania through a joint venture with Boustead Curve – a subsidiary of Bousted Holdings.
A company search by The Vibes revealed that Rakan Riang Singapore has a paid-up capital of SG$24 million (RM82.78 million) in ordinary and preference shares.
It also showed that Rakan Riang Singapore’s total assets in 2017, which were valued at SG$50 million, depreciated all the way to SG$6.578 million in 2019.
By the end of 2019, the company had recorded a total of SG$87.839 million in recorded losses.
Meanwhile, TARH managing director Stephanie Saw Ai Lin is named director of Rakan Riang Singapore, while Wong Hee Chai was disqualified from acting as a director on March 15, 2021, the company documents said.
Based on the shareholder structure alone, it is believed that Khazanah, through TARH, injected at least SG$4.512 million into Rakan Riang Singapore, while Bousted contributed at least SG$1.128 million.
Further, there are also three charges attached to the company, which have already been satisfied, with the chargee being Malayan Bank Bhd.
It is believed that Khazanah, perhaps through its subsidiaries, obtained a loan with an estimated worth of SG$25 million with regard to its Kidzania Singapore investment.
However, this failed investment venture by Khazanah is not limited to its activities in Singapore; it appears the same circumstances apply to the Kidzania theme park in Malaysia, which was also purchased by Sim Leisure Group in 2020.
According to documents by the Companies Commission of Malaysia, TARH sold its 24.48 million shares to Sim Leisure Escape Sdn Bhd in 2021.
Although it was reported that the Sim Leisure Group acquired Kidzania Malaysia for RM3.8 million, it is believed that this project, which involved Khazanah and Boustead Holdings, required an initial injection of RM90 million for construction and pre-operating costs.
Kidzania Malaysia, which was operated by Rakan Riang Sdn Bhd (Rakan Riang Malaysia), also received a RM26 million loan from CIMB, which was fully satisfied in 2016.
A source familiar with the details of the Kidzania takeovers was of the view that the sovereign wealth fund has a habit of pumping funds into its loss-making businesses.
Adding further, he said Khazanah could have made the smarter choice of leasing out the operations of the theme park to other companies instead of selling it outright or going into receivership.
In fact, this was a move by Khazanah when it leased the operations of IMS in Iskandar Puteri to Singaporean content company GHY Culture & Media.
“If I were the asset owner, I would get an operator to rent the asset, but Khazanah did not do so.
“In a scenario like this, I am sure there would be companies ready to jump on this idea.
“This would allow Khazanah to ensure returns in time without having to sell or liquidate,” the source said when contacted.
According to a report by South China Morning Post, by the close of 2022, Kidzania Malaysia, which never made any money under its former management – had brought in RM6.46 million in profits for its new owners.
Meanwhile, according to reports, the Sim Leisure Group plans to refurbish Kidzania Singapore on Sentosa Island and begin operations by the first quarter of 2024.
The Malaysian-grown Sim Leisure Group, which is also listed on the Singaporean stock exchange, is in fact one of the world’s leading theme park developers, with Escape Penang, Kidzania, the John Wick ride in Dubai, and Six Flags Saudi Arabia among the 300 projects under their belt. – The Vibes, June 16, 2023
Why are all Malaysians and those born are debtors, but all Norwegians are millionaires
No News Is Bad News
https://www.nst.com.my/business/2023/01/870946/malaysias-national-debt-now-rm15-trillion-or-over-80pct-gdp (Malaysia's national debt now at RM1.5 trillion, or over 80pct of GDP)
Why are all Malaysians and those born are debtors, but all Norwegians are millionaires
KUALA LUMPUR, June 16, 2023: It was reported today by online news portal The Vibes that Malaysia’s so-called Sovereign Wealth Fund (SWF) Khazanah had sold its RM165 million investment in Singapore for a meagre RM379,000!
Wow! What a great way to make losses for the benefit of foreigners.
In the last two decades, this question was posed to Malaysians and all: Why is every Norwegian a theoretical crown millionaire today but every Malaysian and those born are debtors.
Norway’s oil-based SWF is the currently the 4th largest in the world, and the top is - Singapore! (No joke man!)
No News Is Bad News reproduces current and past news related to SWF and national debt:
Why are the top SWFs in the world are so successful in managing and growing their wealth? Plain and simple answer: Competent, honest and trustworthy management of public funds.
One may argue that Norway is a small country with oil fields. But Malaysia also have oil fields and more … an abundance in natural resources.
Where is Malaysia today economically and financially
No News Is Bad News reproduces below current and past news reports on the issues:
Norway's wealth fund posts $84 billion quarterly profit
April 21, 2023
5:42 PM GMT+8Updated 2 months ago
A general view of the Norwegian central bank, where Norway's sovereign wealth fund is situated, in Oslo, Norway, March 6, 2018. REUTERS/Gwladys Fouche/File Photo
OSLO, April 21 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, on Friday posted a 5.9% return on investment for the first quarter boosted by rising equity markets.
"It's actually one of the strongest quarters we ever had," Deputy CEO Trond Grande said in a video posted on LinkedIn.
Despite market turmoil in March amid concerns of a new banking crisis, equity markets provided the biggest boost for the fund, with a nearly 8% gain, he said.
Meanwhile, falling interest rates benefited its bond portfolio, which returned almost 3%.
"The rise of the equity market was to a great extent driven by the technology and consumer discretionary sector," Grande said in a statement.
The profit of 893 billion Norwegian crowns ($83.89 billion) contrasted with a loss of 653 billion a year earlier.
Norway has a population of just 5.5 million, meaning the result works out to more than $15,000 per person.
However, the return was 0.06 percentage point below its benchmark index, said the fund, which has posted positive annual relative returns since 2009.
The fund, which saves revenue from Norway's large oil and gas industry, received 217 billion crowns in fresh government funds during the quarter.
Some 70% of the assets were held in stocks as of March 31, while 27.3% was invested in fixed income, 2.4% in unlisted real estate and 0.1% in unlisted renewable energy infrastructure.
Norway's central bank manages the fund, which owns 1.5% of all globally listed shares and has stakes in 9,200 companies.
It posted a record loss of 1.64 trillion crowns last year.
What is SWF?
A SWF is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments. SWFs are entities that manage the national savings for the purposes of investment. The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations which are typically held in domestic and different reserve currencies such as the dollar, euro and yen. The names attributed to the management entities may include central banks, official investment companies, sovereign oil funds, among others.
Some countries may have more than one SWF. Also, while the United States does not have a federal SWF, several of its states have their own SWFs.
List of countries by sovereign wealth funds
Rank | Country | Funds |
1 | Singapore | GIC / TH / CPF / Monetary Authority Singapore |
2 | China | SAFE / CADF / CIC / NSSF |
3 | France | Bpifrance/Caisse des dépôts et consignations |
4 | Norway | GPF |
Tuesday, 30 August 2016
Today, Malaysians are worth less than 5 sen to BN and …
Why? Because you will find that many of the worrying issues are still relevant today. In fact, many of the concerns raised have actually deteriorated significantly.
What prompted this blog posting is an article by blogger OutSyed The Box that was published by the Malaysian-banned online news portal Malaysia Chronicle.
In a nutshell, the article is about Malaysia’s Stock Market plunging from No.4 in Asia to 16 out of 20 ie is to say from Top 4 to Bottom 4!
No News Is Bad News will not dwell into the issue as it has been aptly explained by OutSyed The Box and we reproduce here for your feedback:
“JUNK SHARES: THANKS TO NAJIB & 1MDB, M’SIAN MARKET PLUNGES FROM NO. 4 IN ASIA TO 16 OUT OF 20
Politics | August 29, 2016 by | 0 Comments
Malaysia drops from 4 to 16, and Hoo knows why
Malaysia’s capital market ranking drops to 16 out of 20
M’sia’s capital market used to rank in top four in East Asia in mid-90s
Now, it is 16th out of 20 Asian countries
Indonesia overtaking us in July 2016
(I told you so. This happened after the mamak was put in charge. This is proof of incompetence. The country has been going down since the mamak appeared on the scene.)
Indonesia now darling of investors
Malaysia taiko among poorer countries Vietnam, Cambodia and Myanmar.
in 90s M’sia’s capital market fourth after Japan, Taiwan and Hong Kong.
(Malaysia has gone from top four to bottom four. Indonesia has passed us. Next Vietnam, Cambodia and Myanmar may get past us. Papua New Guinea has beat our football team. Maybe Papua will pass our capital markets too. Can you hear the Dumbnos? They are saying, ‘So what?’, ‘Who cares?‘)
Hong Kong’s daily capital market volume is RM30b
Indonesia RM2 to RM3b daily
Shanghai RM40 to RM50b daily.
M’sia’s daily volume is RM1 to RM2b
expansion of Indon capital market policies due to Jokowi since 2014
Jokowi’s tax amnesty to bring billions of dollars, no questions asked
2nd measure to reduce corporate tax from 25% to 17%
attracted foreign companies to invest
This created jobs for people
Jokowi’s third step to attract USD1 trillion investment from Japanese
these three measures, Indon capital market will grow 20% by end 2016
a lot of cash in Indon market at the moment
M’sia’s corporate tax remains at 25%
( In Russia both corporate and personal income tax was set at 15%. Indonesia’s corporate tax is 17%. This alone will pull significant investment to Indonesia instead of Malaysia. The Japanese are investing in Indonesia, most likely at our expense.We should reduce our corporate and personal income taxes progressively. Since the gomen has already imposed the GST, they should reduce other taxes. Instead we still have 25% corporate taxes, income taxes and now GST. And the gomen is still going broke.)
need to have easier flow for ringgit trade, just like rupiah
M’sia currency restrictions on ringgit
flow of currency restricted
a lot of red tape for foreigners
crucial to allow easier flow of ringgit
size of capital market directly proportional to size of economy.
US world’s largest economy, has largest and deepest capital market.
capital markets move money to organisations which need it to be productive
critical for a smooth functioning modern economy.
(This is very true. The stock market captures the productivity of the people in a country. People who are productive generate surplus wealth which can then be invested in the efforts of other productive people to create more wealth. It is a virtuous cycle.
The Malaysian capital market has gone from No. 4 in Asia to number 16 – out of 20. Our economic growth has also been shrinking. From 7% down to 6%, to 5% and now down to 4%. Granted the world economy goes through cycles but a sustained down trend like this is reflective of incompetent policy makers and incompetent gomen administrators. The mamak is at the top of all this incompetence.
Also, since they consolidated the banking industry, wiped out the finance companies, wiped out the credit and leasing companies, ‘merged’ more than 50 local banks to the less than 10 so called “mega banks’ or “anchor banks” (a load of crap) it has wiped out easy access to credit (aka capital). Which has given birth to the rise of the Ah Long industry, which will never go away now. Without easy access to capital, the long term economic growth has been hampered.
There has been gross incompetence in managing our economy for some time now, but it has accelerated over the past 13 years.
The management of our economy (and the country) has destroyed wealth creation opportunities steadily over time. That is why now we are at no. 16 out of 20 – at the same level as Myanmar, Cambodia and Vietnam. Thailand has long ago gone passed us. Indonesia has gone passed us too. This is incredible stupidity. Sadly, not many will even understand this.)
– http://syedsoutsidethebox.blogspot.my/"
In October 2012, it was claimed that individual Malaysians are worth only 5 sen (five cents) to the Umno-led Barisan Nasional (BN).
Haji Sobey referred to BN’s two BR1M cash handouts amounting to RM1,000 to each qualified Malaysian. You divide this amount by 55 years that BN has ruled Malaysia and you get RM18.18 a year.
You divide RM18.18 by 12 months, you get RM1.51 a month.
You divide RM1.51 by 30 days, you get 5 sen a day!
Mathematically, this is correct, and so it makes sense.
Haji Sobey concludes: “Telah ditipu, adakah akan terus ditipu? Pilihan ditangan anda …” (You have already been taken for a ride, do you want to be continue to be taken for a ride? The choice is in your hand …”
No News Is Bad News now looks at the federal debt issue from this angle: In 2012, after 55 years of BN’s plundering of the nation’s wealth, 26 million Malaysians were saddled with a RM502.4 billion federal debt or 53.7% of the Gross Domestic Product (GDP).
That was only 1.3% short of the 55% legislated debt ceiling.
Also, there was RM118 billion in off Budget liabilities or sovereign guarantees for private corporations like the Port Klang Free Zone (PKFZ) and government-linked company loans ending 2011.
However, many economists then believed that Malaysia had already breached the legislated debt ceiling as the then International Trade and Industry Deputy Minister Mukhriz Mahathir appeared to have “accidentally” leaked out some alarming information while speaking to new students in Universiti Utara Malaysia (UUM) on Sept 6, 2012.
In trying to paint a rosy picture of the country’s economy, he claimed that the nation was on the right growth track due to “wise” financial management, without reliance on heavy overseas borrowings.
“The government has about RM800 billion in borrowings. Of this figure, foreign borrowing is only 17%. The bulk is from local financial institutions,” TheEdge reported Mukhriz as saying.
Now, was our federal debt as revealed by Budget 2013 at RM502.4 billion or was it RM800 billion?
Till today, neither Mukhriz nor Bank Negara have denied the RM800 billion figure.
No News Is Bad News begs this question: Has Malaysia’s federal debt surpassed RM1 trillion! (Read this for context: http://victorlim2016.blogspot.my/2016/08/has-malaysias-federal-debt-surpassed.html
Mukhriz’s argument was also flawed when he tried to justify good financial management by differentiating between domestic and foreign borrowings.
A debt is a debt. It is still what you owe, nothing more, nothing less.
If the federal debt is at RM1 trillion, and with a population of 30 million today, every Malaysian born is a debtor. In a nutshell, that’s our future and what our generations of children have to shoulder for Malaysia.
Then, for the first time in 55 years and within a year, the BN federal government announced various cash handouts to qualified individuals, in the guise of helping the lower income group of Malaysians.
Those handouts were clearly an attempt to pacify and secure the support of the fast growing restless Malaysians who were struggling to make ends meet daily.
Clearly, the cash-strapped BN government was forced to give out such unprecedented cash handouts because of their fear of losing the rakyat (people)’s mandate to remain in power.
With the global 1Malaysia Development Berhad (1MDB) multi-billion-dollar/ringgit money laundering probe by some 10 countries, what is the future of Malaysians?
Clearly, the Goods and Services Tax (GST) has been implemented to keep the cash-strapped BN federal government administration afloat.
The GST compels Malaysians to pay taxes every second daily for almost every sale and purchase transaction, including your roti canai (bread) and teh tarik (tea).
And, that too means Malaysians are paying multiples of taxes because the flour and tea manufactures and down line businesses are also paying GST!
However, income tax and corporate tax have remained the same.
Generally, the Umno-led BN has not been able to change or reform to win back the support of Malaysians. Instead, many expect the BN to perform worse, if not lose power.
It is only in power because Opposition voters have always been split to give the BN the edge in 11 consecutive GEs.
Only in GE 12 and GE13 in 2008 and 2013 respectively did the Anwar Ibrahim-led Opposition managed to shake BN to the core, with BN losing its traditional two-thirds majority in Parliament.
With Anwar today languishing in Sungai Buloh Prison, it sure looks like the headless and severely disunited Opposition is headed for a mauling by BN in GE14. (Read this for context: http://victorlim2016.blogspot.my/2016/08/1mdb-najib-to-lead-bn-to-win-big-in-ge14.html)
The Umno-controlled Election Commission’s bias handling of the electoral process, gerrymandering of constituencies, have also helped give BN the vital edge.
In 2012, many had asked the question: Is Malaysia heading towards the direction of Greece as a corrupt and bankrupt country? Can we afford another 55 years with the Umno-led BN?
Today, are Malaysians still asking the same question, in a fast deteriorating socio-economic political scene.
With global oil and natural commodities prices severely depressed, and with the ringgit at RM4 to US$1, everything is OK, so claims BN politicians.
At an October 2012 political ceramah (rally) in Johor Baru, then PKR vice-president cum Johor PKR chief Chua Jui Meng said Malays must stop allowing themselves to be politically enslaved by Umno.
“Given Malaysia’s vast and rich natural resources, including oil and gas, and after 55 years of the Umno-led Barisan Nasional (BN) rule, shouldn’t we all be reasonably comfortable financially?
“Why must there be so many Malaysians, especially the Malays, living in poverty in rural and urban societies? Clearly, it is the result of BN-Umno leaders’ misrule, mismanagement and self-serving interests.
"Sebagai pemimpin-pemimpin rakyat, kita patut berhamba rakyat. Tetapi, BN-Umno telah memperbodohkan rakyat dan orang-orang Melayu selama 55 tahun (As leaders, we should slave for the people. But BN-Umno has made a fool of the people and Malays for 55 years)," he said.
Are Chua's words still hold true and realistic today?
Hello Anwar! Heads must roll for incompetents - selling RM165m in Khazanah investment for only RM379,000
No News Is Bad News
Hello Anwar! Heads must roll for incompetents - selling RM165m in Khazanah investment for only RM379,000
UPDATE: Anwar to look into Khazanah’s sale of Kidzania Singapore
The sovereign wealth fund reportedly invested RM165 million into the theme park but sold it for just RM379,398.
Azril Annuar - 16 Jun 2023, 2:52pm
Prime Minister Anwar Ibrahim said he will hold a meeting with Khazanah Nasional on the sale of Kidzania Singapore.
CYBERJAYA: Prime Minister Anwar Ibrahim says he will look into the reported sale of a Singapore theme park owned by Khazanah Nasional Berhad at a substantial loss.
“We will hold a meeting with them (Khazanah),” he told reporters after Friday prayers.
He was asked to comment on a report by The Vibes that sovereign wealth fund Khazanah sold Kidzania Singapore for a mere RM379,398 after investing RM165.5 million in the theme park.
The report said that theme park operator Sim Leisure Group had purchased Kidzania Singapore after it went into liquidation, including all of its non-movable assets.
Singapore Business Times reported that under Khazanah’s management, Kidzania Singapore recorded RM51.73 million in revenue and RM28.63 million in losses after tax.
Furthermore, the children’s theme park also owed RM184.17 million to creditors, with around 93% of the debt owed to Theme Attractions Resorts and Hotels Sdn Bhd (TARH), which is a Khazanah subsidiary.
KUALA LUMPUR, June 16, 2023: Only the Malaysian Government will invest RM165 million and later sells it for a mere RM379,000.
This apparently happened to the failed Kidzania Singapore theme park by sovereign wealth fund Khazanah in Singapore which was launched in 2016.
What next? Business as usual?
It will do well for the Anwar Ibrahim-led Unity Government to take this loss seriously and show that it is unlike previous governments that failed to take action against the incompetent responsible for such a financial loss to the country.
Anwar, heads must roll! Period.
No News Is Bad News reproduces a news report on Khazanah’s lastest financial loss, throwing public money down the drain:
MALAYSIA
Khazanah’s RM165 mil Kidzania S’pore sold for RM379,000
Theme park, another failed project by M’sian sovereign wealth fund sold for pennies to the dollar
Updated 1 hour ago · Published on 16 Jun 2023 9:40AM
Following Kidzania Singapore’s liquidation, Sim Leisure Group bought all its non-movable assets for RM379,398. Khazanah and Boustead Holdings Bhd, which launched Kidzania in Singapore in 2016, reportedly invested RM165.52 million in the project. – File pic, June 16, 2023
BY The Vibes Team
JOHOR BARU – Not too long after it was reported that Khazanah Nasional Bhd sold Iskandar Malaysia Studios (IMS) for pennies on the dollar, it appears that the same circumstances apply to the sovereign wealth fund’s investment in Kidzania.
Theme park operator Sim Leisure Group recently acquired Kidzania Singapore after the children’s theme park went into liquidation in the city-state, with the company obtaining all of its non-movable assets from receivers for a mere SG$110,000 (RM379,398).
Meanwhile, it is believed that Khazanah and Boustead Holdings Bhd, which launched Kidzania in Singapore in 2016, initially injected SG$48 million (RM165.52 million) into the project.
However, poor management of the theme park by Khazanah saw it record SG$15 million (RM51.73 million) in revenue and SG$8.3 million (RM28.63 million) in losses after tax, according to a Singapore Business Times report.
Further, Kidzania Singapore also owed SG$53.4 million (RM184.17 million) to creditors, with as much as 93% of the debt owed to Theme Attractions Resorts & Hotels Sdn Bhd (TARH), a subsidiary of Khazanah.
TARH owns an 80% stake in Rakan Riang Pte Ltd (Rakan Riang Singapore), which operates Kidzania through a joint venture with Boustead Curve – a subsidiary of Bousted Holdings.
A company search by The Vibes revealed that Rakan Riang Singapore has a paid-up capital of SG$24 million (RM82.78 million) in ordinary and preference shares.
It also showed that Rakan Riang Singapore’s total assets in 2017, which were valued at SG$50 million, depreciated all the way to SG$6.578 million in 2019.
By the end of 2019, the company had recorded a total of SG$87.839 million in recorded losses.
Meanwhile, TARH managing director Stephanie Saw Ai Lin is named director of Rakan Riang Singapore, while Wong Hee Chai was disqualified from acting as a director on March 15, 2021, the company documents said.
Based on the shareholder structure alone, it is believed that Khazanah, through TARH, injected at least SG$4.512 million into Rakan Riang Singapore, while Bousted contributed at least SG$1.128 million.
Further, there are also three charges attached to the company, which have already been satisfied, with the chargee being Malayan Bank Bhd.
It is believed that Khazanah, perhaps through its subsidiaries, obtained a loan with an estimated worth of SG$25 million with regard to its Kidzania Singapore investment.
However, this failed investment venture by Khazanah is not limited to its activities in Singapore; it appears the same circumstances apply to the Kidzania theme park in Malaysia, which was also purchased by Sim Leisure Group in 2020.
According to documents by the Companies Commission of Malaysia, TARH sold its 24.48 million shares to Sim Leisure Escape Sdn Bhd in 2021.
Although it was reported that the Sim Leisure Group acquired Kidzania Malaysia for RM3.8 million, it is believed that this project, which involved Khazanah and Boustead Holdings, required an initial injection of RM90 million for construction and pre-operating costs.
Kidzania Malaysia, which was operated by Rakan Riang Sdn Bhd (Rakan Riang Malaysia), also received a RM26 million loan from CIMB, which was fully satisfied in 2016.
A source familiar with the details of the Kidzania takeovers was of the view that the sovereign wealth fund has a habit of pumping funds into its loss-making businesses.
Adding further, he said Khazanah could have made the smarter choice of leasing out the operations of the theme park to other companies instead of selling it outright or going into receivership.
In fact, this was a move by Khazanah when it leased the operations of IMS in Iskandar Puteri to Singaporean content company GHY Culture & Media.
“If I were the asset owner, I would get an operator to rent the asset, but Khazanah did not do so.
“In a scenario like this, I am sure there would be companies ready to jump on this idea.
“This would allow Khazanah to ensure returns in time without having to sell or liquidate,” the source said when contacted.
According to a report by South China Morning Post, by the close of 2022, Kidzania Malaysia, which never made any money under its former management – had brought in RM6.46 million in profits for its new owners.
Meanwhile, according to reports, the Sim Leisure Group plans to refurbish Kidzania Singapore on Sentosa Island and begin operations by the first quarter of 2024.
The Malaysian-grown Sim Leisure Group, which is also listed on the Singaporean stock exchange, is in fact one of the world’s leading theme park developers, with Escape Penang, Kidzania, the John Wick ride in Dubai, and Six Flags Saudi Arabia among the 300 projects under their belt. – The Vibes, June 16, 2023
Monday, 15 May 2023
Corruption costs Malaysians 107 million low-cost housing units
No News Is Bad News
Corruption costs Malaysians 107 million low-cost housing units
KUALA LUMPUR, May 16, 2023: EMIR Research has estimated that Malaysians lost RM4.5 trillion in 26 years.
Now, let us picture what is RM4.5 trillion - it is 4,500,000,000,000 i.e 12 zeroes in a trillion.
Malaysia’s definition of low-cost housing is housing units that cost between RM25,000 and RM42,000.
So, divide 4.5 trillion by 42,000, you get 107,142,857.143 low-cost housing units. That also means 30 million Malaysians can each own more than three houses!
And Malaysia’s 10th prime minister, Anwar Ibrahim, who assumed office on Nov 24, 2022, told Parliament in January 2023 that the country’s current national debt is at RM1.5 trillion, or more than 80% of Gross Domestic Product (GDP).
So, is it any wonder that the Malaysian Ringgit is struggling in the Forex market - currently Singapore $1= RM3.30.
If the previous Governments and prime ministers are not to blame, then who do you blame?
So for Dr Mahathir Mohamad (1981-2003 and 2018-2020), Abdullah Ahmad Badawi (2003-2009), Najib Abdul Razak (2009-2018) and Muhyiddin Yassin (2020-2021) and Ismail Sabri Yaakob (2021–2022), they have lost the right to talk about a clean Government and good governance.
Anwar has been in office for only about half a year and it is the same incompetent politicians who now want to bring Anwar down, just for power and the largesse.
Worst still, they are using racial and religious issues - used since Merdeka (Independence) - to create disunity among Malaysians.
These racial and religious bigots - PAS, Perikatan Nasional (PN), others - must not be allowed to succeed in destabilising national unity at the expense of socio-economic progress for Malaysians and Malaysia.
The economic and financial plundering must be stopped or Malaysia will be bankrupted by the bigots for their own selfish gains.
No News Is Bad News reminds its readers that Anwar did no former Finance Minister could achieve - not even Tengku Razaleigh Hamzah - and that is to steer Malaysia to five consecutive years of national budget surpluses.
Also, those were the only years from 1970 that the Malaysian governments had seen national budget surpluses.
So, before anyone or Malaysia starts labelling Anwar as a bull shitter in the country’s finances and economy, do think twice about his track record.
And we are free to monitor his governance and performance the past six months.
Read on for the details:
Malaysian Monetary Loss to Corruption and Leakages – RM4.5 Trillion over 26 years
For a moment let us pause and think what could we have done with RM4.5 trillion that we have lost (albeit conservative numbers) for the people and the...
By Rais Hussin
10/05/2023
Published in AstroAwani, TheMalaysianInsight & Malaysiakini, image by Malaysiakini.
Estimating the actual cost of corruption to society is daunting, due to its profound, ubiquitous and systematic impact on various realms of the socioeconomic life of a nation. Nonetheless, even conservative approximations can yield earth-shaking numbers.
As one way to estimate the monetary loss to corruption, EMIR Research used an approach similar to that in the study by Dreher, Kotsogiannis and McCorriston in 2007.
Dreher with his colleagues used structural equation modelling to construct a cardinal corruption index for approximately 100 countries and eventually compute a measure of the losses due to corruption as a percentage of Gross Domestic Product (GDP) per capita. First, corruption was treated as a latent (unobservable) variable, and the authors were able to retrieve its measure (cardinal corruption index) by modelling the relationships between this latent variable and its underlying observable causes and indicators (for example, GDP per capita; capital control restrictions; financial development as proxied by private credit as a share of GDP; and consumption of cement to capture projects where the scope for corruption is high).
Then by benchmarking the index to estimates of the losses due to corruption from an external source (cost of setting up a new business as a percentage of GDP per capita), the authors were able to derive a value for each of the countries in terms of the losses as a percentage of GDP per capita that arise due to corruption.
Instead of structural equation modelling, EMIR Research deployed a more rigorous Rasch modelling techniques to turn a few globally acknowledged indicators of corruption, such as the Corruption Perception Index, Control of Corruption Index and others (see Figure 1 for details), into a linear measure of corruption, similar to the cardinal corruption index in the study by Dreher et al.
Next, we benchmarked this Rasch-derived measure of corruption against publicly reported estimates of losses associated with corruption as a percentage of GDP for 65 countries from 1996-2022 (Figure 1). Figure 1 shows a very clear relationship (log-linear) where corruption cost as a percentage of GDP escalates rapidly as the country’s corruption level increases.
The regression line in Figure 1 can estimate corruption cost as a percentage of GDP for a given year and country, knowing its Rasch-derived corruption measure, which EMIR Research has calculated as explained above.
We can also use other publicly reported data points on corruption, specifically in Malaysia.
As was reported under Najib Razak’s “Government Transformation Program” in 2010, corruption in Malaysia averaged around 1% to 2% of the Gross Domestic Product (GDP) or RM10 billion a year over the preceding years. This figure seems to be way below the global average cost of corruption as a percentage of a GDP estimate in Figure 1, which is about 10%, while, at the same time, based on EMIR’s Rasch-derived estimates, Malaysia was hovering around the global average corruption level over the period from 2000 to 2010 (see Figure 2).
Also, the above study by Dreher and his colleagues reported a more significant number for the economic cost of corruption in Malaysia over 1980–1997. According to their estimates, Malaysia’s cost of corruption, expressed as a percentage of GDP per capita, over 1980–1997 steadily remained at about 48%. For comparison, in the least corrupt countries on the list, such as Norway and Denmark, over the same period, the cost of corruption reduced from 32.44% and 29.78%, respectively, in 1980, to 11.2% and 11.92%, respectively, in 1997 (Table 1).
However, even though Malaysia’s 2% figure for the early 2000s appears as a gross underestimate, let us still work with this number as a publicly reported figure.
Therefore, we assume that, from 1997 to 2010, the economic loss due to corruption in Malaysia was about 2% of GDP, considering that this is a lower estimate.
The next publicly reported data point is by Transparency International Malaysia (TI-M) and World Bank. According to TI-M and World Bank estimates, since 2013, Malaysia has been losing close to 4% of its GDP annually to corrupt practices. The increase from 2% in 2010 to 4% in 2013 implies 26% annual growth. Therefore, corruption would be 2.25% in 2011 and 3.17% in 2012 (Table 2). And, it is reasonable to assume this 26% yearly growth dynamic shall at least remain — probably, again, as a lower estimate — into the future years, given the massive amount of corruption unearthed during Najib Razak’s administration time and even more recent times.
Interestingly this 26% annual growth figure corresponds well with the PricewaterhouseCoopers (PwC) reports. A PwC report in 2016 showed that bribery and corrupt activities amongst private entities in Malaysia rose from 19 per cent in 2014 to 30 per cent in 2016, which again implies 25.7% annual growth.
Pulling all these figures together (Table 2), we can estimate Malaysia’s total economic cost of corruption by RM2.3 trillion over the last 26 years.
Interestingly, a nearly identical figure, RM2.2 trillion (Table 3), can be derived using the benchmarking method based on global corruption-related data points (see again Figure 1). Naturally, those global data points, as often reported by government officials, are also very conservative estimates.
The total monetary loss figure can still be significantly higher due to the investment multiplier effect, which refers to the stimulative impact of public or private investments. Productive government spending creates productive economic activities across industries, boosting workers’ income in various economic sectors, and the effect is bound to ripple a few times through the economy. However, public money lost through leakages and corruption will not result in this wide spreading of the economic stimulus, thus constituting additional opportunity cost to the public.
Investment multipliers are usually greater than 1. However, consistently keeping to a very conservative line of the estimates, each RM1 out of an estimated above loss of RM2.2 trillion – RM2.3 trillion could easily result in at least an additional RM1 opportunity cost bringing the total amount to a whopping RM4.5 trillion over the last 26 years.
Yet, still, we must remember that all the above are frugally conservative estimates!
Furthermore, many indirect costs of corruption are bound to remain immeasurable and unaccounted for, as corruption does more than anything else to destroy the various central relationships needed for peaceful, harmonious development—it undermines the very glue that holds society together. It is often at the root of political dysfunction and social disunity.
The corruption also leaves the nation bare open to neo-colonisation and exploitation and poised to lose its global competitive advantage. It discourages local and foreign investment, especially the ones that can create high-value jobs and economic activities, while exploitative foreign investment will still be there and thrive with the high level of corruption. Through a distortion in spending priorities, corruption undermines the ability of the state to promote sustainable and inclusive growth.
In short, corruption is at the heart of our failures as a society.
This is why despite its massive wealth of oil, gas, palm oil, rubber, timber, agriculture and many others, Malaysia was not able to keep pace with many other countries in the region that are less blessed with natural resources. Forgetting not how much Malaysia is protected from the massive natural calamities. Malaysia is designed to succeed from its inception. Only man, i.e. leadership can profoundly impact the natural Malaysia’s DNA to succeed.
The wealth of resources is something that always gives unwise stewards of nations an illusion that they govern it well — bad governance and continuous plundering of the resources but the country is still standing. But can Malaysia continue to bleed ?
If we look at the declared national debts including liabilities reaching RM1.5 trillion, almost 80% of the GDP end-2022, and look at the conservative estimated loss due to corruption and leakages for the last 26 years at RM4.5 trillion, Malaysia could have prospered without any debt and/or borrowings. We must remember while the natural resources are all finite, like oil and gas, the government funding requirement to support nation’s growth will continue to increase infinitely. This has pushed many nations in the middle east, for instance to looks at diversifying the economy credibly through impactful digital transformation and reduce over reliance on oil and gas.
For a moment let us pause and think what could we have done with RM4.5 trillion that we have lost (albeit conservative numbers) for the people and the nation?
Dr Rais Hussin is the president and chief executive officer of EMIR Research, a think tank focused on strategic policy recommendations based on rigorous research.
Malaysia's national debt now at RM1.5 trillion, or over 80pct of GDP
By Teoh Pei Ying, Farah Adilla - January 17, 2023 @ 10:01am
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Malaysia's national debt including liabilities has reached RM1.5 trillion. NSTP/AIZUDDIN SAAD
PUTRAJAYA: Malaysia's national debt including liabilities has reached RM1.5 trillion and should be addressed urgently, Prime Minister Datuk Seri Anwar Ibrahim said.
This was already more than 80 per cent of the country's gross domestic product (GDP).
The figure also suggests that Malaysia's budget deficit will widen further than the earlier estimate of 5.8 per cent of the GDP for 2022.
"The economic uncertainties are still not easing. The economy is still considered dim and this was also contributed externally including the Ukraine-Russia conflict as well as global recovery post-Covid.
Budget 2023: Kenanga Research expects debt level to reach 61.4 pct of GDP this year
"The problem with our debt is it has already touched RM1.2 trillion and if includes liabilities, it is RM1.5 trillion.
"We have to accept this reality. We cannot feel complacent, living with the culture of contentment as if there is no problem," Anwar said during the 2023 Budget dialogue here today.
Also present were deputy Finance Ministers Datuk Seri Ahmad Maslan and Steven Sim Chee Keong, as well as deputy secretary general of treasury Datuk Johan Mahmood Merican.
The new 2023 Budget is expected to be tabled in the Parliament on Feb 24.
The original 2023 was presented on Oct 7 by the then finance minister Tengku Zafrul Abdul Aziz with a total allocation of RM372.3 billion but was not approved due to the dissolution of Parliament three days later to make way for the 15th general election (GE15).
Anwar was reported to have said that the government will look at the proposals in the budget tabled by the previous government and make the necessary changes before tabling his government's budget.
Meanwhile, Anwar said it had taken him only two months in the office to recognise that the government would be able to save around RM10 billion from leakages from its procurement system.
Hence, he said the mandate of the unity government remained - to change the orientation of the system in order to ensure that the vast majority of citizens benefit from economic initiatives and reforms. - NST
Budget 2023: Kenanga Research expects debt level to reach 61.4 pct of GDP this year
By Bernama - February 26, 2023 @ 10:16am
The MoF projects federal government debt to reach around 62.0 per cent of GDP, in order to finance development programmes and projects under the 12 Malaysia Plan as well as the redemption of the 1MDB bond maturing in March 2023. - NSTP file pic
KUALA LUMPUR: As the revised Budget 2023 remains moderately expansionary, Kenanga Research expects the debt level to increase slightly to 61.4 per cent of gross domestic product (GDP) for 2023 on an estimated fiscal deficit of RM95.0 billion and potentially slower economic growth.
Statutory debt will likely remain under the 65.0 per cent threshold, the research firm said in a note released on Saturday.
As of end-2022, the federal government's debt was RM1,079.6 billion, which was 60.4 per cent of GDP.
Although its share of GDP was lower than in 2021, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim emphasised in a Budget 2023 speech that it was still too high and needed to be reduced.
Budget 2023: Government revenue soars to nearly RM295bil or 16.5pct of GDP in 2022
Budget 2023: Govt to reduce this year's fiscal deficit from 5.6pc to 5pc
On the other hand, the Ministry of Finance (MoF) projects federal government debt to reach around 62.0 per cent of GDP, in order to finance development programmes and projects under the 12 Malaysia Plan as well as the redemption of the 1MDB bond maturing in March 2023.
The government needs to borrow to redeem the US$3 billion 10-year US dollar debt paper with a 4.44 per cent coupon per annum, it added.
The statutory debt, which includes Malaysian Government Securities (MGS), Government Investment Issues (GII), and Malaysian Islamic Treasury Bills (MITB), was at 57.7 per cent of GDP, which is well below the 65.0 per cent threshold set by the amended Act 830 (Temporary Measures for Government Financing).
Meanwhile, the research firm commends the revised Budget 2023 as a comprehensive effort to tackle the country's pressing economic challenges while promoting greater social responsibility as well as fiscal accountability and transparency.
However, it reckons there will be challenges to reach the lower deficit target of 3.2 per cent of GDP by 2025, given the delicate and highly uncertain economic environment post-pandemic.
"Nonetheless, we welcome the proposed presentation of the Fiscal Responsibility Bill later this year and think it reflects a commitment to ensuring long-term stability alongside sustained economic growth," it said.
Medium-term Projection Has Been Revised, Tax Collection To Improve Revenue
Under the revised 2023-2025 Medium-Term Fiscal Framework (MTFF), real GDP growth is projected to moderate to 4.7 per cent (previous MTFF 2022-2024: 5.5%).
The firm said the latest revision also considers several policy measures and reform initiatives to rebuild a fiscal buffer and strengthen the government's finance.
This is reflected in the increased projected revenue via non-petroleum and petroleum-related and the absence of COVID-19 funds.
Likewise, the fiscal deficit is targeted to average much lower at 4.1 per cent of GDP (2022-2024: -5.0 per cent), which signals that the government is pivoting towards fiscal consolidation by 2025.
"Nevertheless, we project the fiscal deficit in 2023 to narrow to 5.0 per cent in line with the government, considering the prospect of a global economic slowdown and the normalisation of domestic economic activities," it said.
Meanwhile, tax collection is expected to be the primary source of revenue in 2023, with an anticipated increase of 4.6 per cent to RM218.3 billion, driven by a higher collection from direct tax (RM164.1 billion; 2022: RM153.5b) and partially offset by a slightly lower collection from indirect tax (RM54.1b; 2022: RM55.3 billion).
Consequently, the contribution of tax revenue to total revenue is expected to increase to 74.9 per cent (2022: 70.9 per cent).
"The anticipated improvement in domestic labour market condition and income prospects, coupled with the ongoing recovery in economic and social activities, are expected to contribute to higher tax revenue in 2023, in line with the government's projection.
"Furthermore, the implementation of new taxes, government efforts to enhance tax compliance and higher taxes for the wealthy are likely to further boost tax revenue," Kenanga Research said.
Growth Outlook
MoF forecasts Malaysia's economic growth to grow by 4.5 per cent in 2023 (2022: 8.7 per cent) – slightly below Kenanga Research's forecast of 4.7 per cent. The research firm said in line with the updated estimates and forecasts by the government, it has updated projections with a slightly lower adjustment on revenue and DE components, cognisant of the cautious outlook.
It said the revenue projection would be challenging to achieve amid the expected global economic slowdown narrative.
"At the same time, any delay in the implementation of big government projects and the prospect of renewed global supply chain disruptions may weigh on government spending and the progress of major projects," Kenanga Research said.– BERNAMA
Budget 2023: Government revenue soars to nearly RM295bil or 16.5pct of GDP in 2022
By Azanis Shahila Aman - February 24, 2023 @ 8:35pm
The government’s total expenditure stood at RM395.2 billion or 22.1 per cent of the GDP, according to the Economic & Fiscal Outlook and Revenue Estimates 2023.
KUALA LUMPUR: Malaysia's revenue surged to RM294.4 billion or 16.5 per cent of gross domestic product (GDP) in 2022, buoyed by better-than-expected economic growth.
The government's total expenditure stood at RM395.2 billion or 22.1 per cent of the GDP, according to the Economic & Fiscal Outlook and Revenue Estimates 2023.
The report said the revenue was expected to be lower at RM291.5 billion or 15.4 per cent of GDP this year as a result of slower global economic growth and anticipated moderation of commodity prices.
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Total expenditure is estimated to be slightly lower at RM386.1 billion or 20.4 per cent of GDP, mainly due to expiry of Covid-19 Fund and spending optimisation measures.
The report said the higher revenue in 2022 was utilised primarily to cushion the additional requirement for fuel and electricity subsidies.
According to the report, the country's operating expenditure (OE) increased by 25.4 per cent to RM292.7 billion compared to budget estimates last year, mainly due to higher requirements for subsidies and social assistance.
The development expenditure (DE) decreased moderately by 5.3 per cent to RM71.6 billion compared to earlier budget estimates following the reprioritisation and implementation progress of programmes and projects.
On the fiscal deficit, the report said the federal government's fiscal deficit for 2022 dropped to 5.6 per cent of GDP, lower than the estimate of 6.0 per cent.
At the same time, it said the primary deficit, which excluded debt service charges, stood at 3.3 per cent of GDP.
For 2023, the report said OE allocation was estimated to decrease to RM289.1 billion primarily due to lower allocation for subsidies following the expected lower crude oil prices and gradual move towards a more targeted subsidy mechanism.
The DE allocation is estimated to increase significantly to RM97 billion for programmes and projects under the 12th Malaysia Palan involving construction of highways and public transport infrastructures, health facilities as well as educational institutions.
"In addition, a sum of US$3 billion is provided for the redemption of 1Malaysia Development Bhd (1MDB) bond," it said.
Overall, the report said the fiscal deficit was expected to consolidate further to 5.0 per cent of GDP.
Similarly, the primary deficit is estimated to reduce further to 2.5 per cent of GDP.
"The government is committed to continue the fiscal consolidation plan guided by the Medium-Term Fiscal Framework to ensure the sustainability of public finances," it added. - NST
Budget 2023: Govt to reduce this year's fiscal deficit from 5.6pc to 5pc
By Teh Athira Yusof, Nor Ain Mohamed Radhi, Qistina Sallehuddin - February 24, 2023 @ 4:58pm
Prime Minister Datuk Seri Anwar Ibrahim tabling the 2023 Budget at Parliament today.
KUALA LUMPUR: The government will reduce the 2023 fiscal deficit to five per cent from 5.6 per cent last year.
Prime Minister Datuk Seri Anwar Ibrahim, who is also the finance minister, said the government was determined to achieve a sustainable fiscal deficit level in the medium term, with an increased target of 3.2 per cent in the growth of gross domestic product (GDP) by 2025.
"Meanwhile, the Fiscal Responsibility Bill will be presented to Parliament this year to ensure that the economic policy is more transparent to avoid any possibility of continuous overreach in the future," he told the Dewan Rakyat during the 2023 Budget tabling today.
Anwar added that the government would also take a progressive approach in terms of targeted subsidies and structural tax to look after the underprivileged.
Among the initiatives introduced include an increase in Amanah Saham Bumiputera (ASB) dividend to 5.1 per cent per unit for depositors with less than RM30,000 savings.
"Meanwhile, those with savings over RM30,000 will receive a 4.6 per cent dividend per unit," he said.
He added that the government had not considered re-implementing the Goods and Services Tax (GST) because of inflation in food prices, which currently recorded an increase of five per cent.
At the same time, electricity tariffs would be maintained for all domestic consumers and small- and medium-scale enterprises. However, large corporations, except those in the food security and agriculture sectors, would see an increase in their tariff.
Budget 2023: Bank Pembangunan mandated to disburse RM6bil funds for strategic projects
By NST Business - February 24, 2023 @ 8:46pm
The projects are to promote sustainability and automation, as well as equity and working capital support for high-performing companies that are still dealing with the Covid-19 pandemic's adverse effects. NSTP/HAIRUL ANUAR RAHIM
KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) says the 2023 Budget has mandated it to provide financing of up to RM6 billion for strategic development projects.
The projects are to promote sustainability and automation, as well as equity and working capital support for high-performing companies that are still dealing with the Covid-19 pandemic's adverse effects.
"As the country's premier developmental financial institution, BPMB is committed to working closely with the government to ensure sustainable growth for Malaysia by delivering impact capital for national development," its chief executive officer Roni L. Abdulwahab said today. - NST
A previous posting by No News Is Bad News:
Tuesday, 25 September 2018
Anwar has proven track record in managing Malaysia’s financial health
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How Anwar performed as Finance Minister |
Anwar has proven track record in managing Malaysia’s financial health
As Malaysia’s former Deputy Prime Minister Anwar Ibrahim makes his comeback bid to Parliament in the Port Dickson by-election, Malaysians must give serious consideration to his track record as a former Finance Minister.
Anwar did no former Finance Minister could achieve - not even Tengku Razaleigh Hamzah - and that is to steer Malaysia to five consecutive years of national budget surpluses.
Also, those were the only years from 1970 that the Malaysian governments had seen national budget surpluses.
So, before anyone or Malaysia starts labelling Anwar as a bullshitter in the country’s finaces and economy, do think twice about his track record.
And, Malaysia would indeed see better times, hopefully, if and when he succeeds Dr Mahathier Mohamad (Dr M) as Prime Minister in two years time?
At the recent S Rajaratnam Endowment Dialogue in Singapore, Anwar said he was greatly optimistic that Malaysia can be transformed into a new economic force in the region.
He attributed such strong expectations to Malaysia’s “vibrant pro-growth policies, stable and clean business environment.”
“With the rule of law prevailing and democratic institutions firmly in place … I believe, God Willing, Malaysia will emerge once again as an exemplary economic power,” he added.
Even Singapore’s Premier Lee Hsien Loong, wrote on his Facebook, wished Anwar “all the best in the upcoming by-election in Port Dickson”.
Is it that easy to get the kiasu and kiasi (fear of loss and fear of death) Singaporeans and their leader’s respect, if you do not have the leadership quality to steer Malaysia to greater heights?
"THE POTENTIAL IS BACK! MALAYSIA SET TO BECOME NEW ECONOMIC FORCE IN THE REGION – ANWAR
Politics | September 16, 2018
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SINGAPORE – Malaysia’s Prime Minister-in-waiting Datuk Seri Anwar Ibrahim said he was greatly optimistic that Malaysia can be transformed into a new economic force in the region.In addressing the audience at the S Rajaratnam Endowment Dialogue, Anwar attributed such strong expectations to Malaysia’s “vibrant pro-growth policies, stable and clean business environment.”
“With the rule of law prevailing and democratic institutions firmly in place.. I believe, God Willing, Malaysia will emerge once again as an exemplary economic power,” he added.
The Dialogue was a key programme of the Singapore Summit 2018 held at the Shangri-La Hotel here.
Also presence were Singapore Former Prime Minister Goh Chok Tong and Chief Executive Officer of Temasek Holdings, Ho Ching.
The Singapore Summit is organised by the Temasek Foundation Connects with the support of the Singapore Economic Development Board, GIC Pte Ltd, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Trade & Industry, the Monetary Authority of Singapore and Temasek.
Taking a question from the floor on Singapore-Malaysia relations, Anwar who is also Parti Keadilan Rakyat (PKR) president-elect asked in turn, “is there any problem?”.
“I honestly don’t believe that there is a problem (between the two countries),” he said and received a round of applause.
Anwar who is also the de facto leader of the governing Pakatan Harapan coalition in Malaysia also made a promise, saying: “If and when I assume the premiership I will make sure the first country I visit is Singapore.” — Bernama/Malaysia Chronicle
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