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The disgraced and shameless former prime minister Najib “1MDB” Razak now Malaysia’s national and international kleptocrat icon. - Facebook image
PMX doesn’t like what he hears from Malaysians on the country’s debts!
KUALA LUMPUR, July 22, 2024: Malaysia’s 10th Prime Minister (PMX) Anwar Ibrahim called on critics to check facts before commenting on the country’s national debt.
Well, the fact is that Malaysians are in debt of about RM3 trillion (national debt + domestic debt) as revealed in Parliament.
Anwar also cited the RM48 billion debt incurred by sovereign wealth fund (SWF) 1MDB (1Malaysia Development Berhad) as an example that the Government needed to borrow to settle previous debts. 1MDB constitutes the biggest burden on the Government, he said.
So, why is Anwar’s Madani Unity Government (UG) “rewarding” the national jailbird and thief Najib “1MDB” Razak by giving him “discounts” in his jail sentences and court fines?
Najib, arguably the world’s biggest kleptocrat, not only stole from the rakyat dan negara (people and country), he also owes the Inland Revenue Board (IRB) RM1.7 billion?
What is the message the UG is sending by showing “special treatment”, by not trying to stop or object to the “partial pardon” and now attempts to “free” former Umno president Najib the “backdoor way” - with a house arrest?
Why are all thieves and the corrupt in Malaysia not treated equally in terms of punishments?
Why are the super rich not roped in by the IRB for decades?
No News Is Bad News reproduces news reports on Anwar’s skewered comments on those who commented on the country’s rising national debt:
Check facts before commenting on national debt, says Anwar
-22 Jul 2024, 02:49 PM
The prime minister says the government borrows money every year to finance infrastructure development and settle previous debts.
Prime Minister Anwar Ibrahim said the government had reduced the national debt to RM86 billion this year.
KUALA LUMPUR: Prime Minister Anwar Ibrahim told his detractors today to check their facts before commenting on the national debt, saying the nation borrows money every year to settle its previous debts such as that incurred by 1MDB.
The prime minister said he had been attacked on social media, with people accusing him of not giving the right answers
“They say the debt keeps increasing, but they don’t see the real reason why.
Every year, the government borrows money (to finance) infrastructure (development) and settle its previous debts,
he said at the opening ceremony of the National Tax Conference here.
Last week, Anwar said the federal government’s debt increased by RM50 billion to RM1.22 trillion as of the end of April this year, compared with RM1.17 trillion at the end of last year.
Citing the RM48 billion debt incurred by sovereign wealth fund 1MDB as an example, he said today that the money borrowed to settle previous debts constitutes the biggest burden on the government.
“Imagine if we could spend that on infrastructure – schools, clinics and so on.
But I can’t ignore it and say I don’t want to pay the 1MDB debt, as happened in the previous administration. It doesn’t work that way, he said.
Anwar added that the government had reduced much of what it borrowed.
“In 2021 and 2022, the government borrowed RM100 billion. When I came to power, we reduced (the money borrowed) to RM93 billion. This year, it’s RM86 billion.
“This reduction is the result of the government’s efforts to decrease the deficit from 5.6% in 2022 to 5% in 2023 and 4.3% in 2024.
The medium-term goal now is to reduce the national debt from 64% of the national GDP to 60%.
MALAYSIA
Govt confident of cutting sovereign debt to RM86 billion this year, says PM
Important to plug leakages, for taxpayers to fulfill obligations, says PM.
Updated 1 hour ago · Published on 22 Jul 2024 4:14PM
Prime Minister Datuk Seri Anwar Ibrahim says the government was confident of reducing the country’s sovereign debt to RM86 billion this year. – The Vibes file pic, July 22, 2024.
PRIME Minister Datuk Seri Anwar Ibrahim said the government was confident of reducing the country’s sovereign debt to RM86 billion this year.
He said the sovereign debt has been trending downwards in the past three years, from RM100 billion in 2021 and 2022 to RM93 billion in 2023.
“To achieve the lower yearly borrowing target, the government has to ensure more prudent spending, avoid waste, and only borrow when necessary for development purposes.
“It is important for us to plug potential financial leakages and for taxpayers to fulfill their obligations.
“What I want is that those who should pay must pay. I don’t care when this happens, but there must be stricter efforts. Ensure that those obligated to pay must pay, and there should be no leakage,” he said at the National Tax Conference opening ceremony in Kuala Lumpur.
Anwar, who is also finance minister, said other efforts include tackling corruption.
“Subsidies are also an important part of government spending that needs to be rationalised.
“Subsidies rationalisation is a comprehensive effort that covers a broader spectrum to help reduce the government’s yearly borrowing,” he said.
The prime minister said the government is currently mitigating diesel rationalisation and the issue of implementing RON95 subsidy rationalisation had not been brought up.
“The issue of rationalising RON95 subsidies has not been raised as we are currently dealing with diesel and providing the people with proper understanding is vital because sometimes this issue can be twisted.
“But if subsidy rationalisation is not implemented, the country’s revenue will not increase and debt will increase instead,” he added. – July 22, 2024
MALAYSIA
High court tosses Najib-Irwan bid for DNAA in Ipic case
Judge tells all parties to be ready for trial on November 14.
Updated 55 seconds ago · Published on 22 Jul 2024 12:52PM
Former prime minister Datuk Seri Najib Abdul Razak (pic) and former treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah fail to obtain a discharge not amounting to an acquittal over six criminal breach of trust charges involving RM6.6 billion. – The Vibes file pic, July 22, 2024.
FORMER prime minister Datuk Seri Najib Abdul Razak and former treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah today failed to obtain a discharge not amounting to an acquittal (DNAA) over six criminal breach of trust (CBT) charges involving RM6.6 billion.
High Court judge Muhammad Jamil Hussin said the defence’s DNAA request was rejected and told all parties to be ready for trial on November 14.
The judge earlier said the trial which had been scheduled to begin this morning could not be continued.
The judge noted that the prosecution had yet to deliver all documents to the defence to enable Najib’s and Mohd Irwan Serigar’s lawyers to give their defence statements to the prosecution before the trial begins.
Najib’s lawyer, Farhan Shafee, and Irwan’s counsel, K Kumaraendran, had sought the DNAA on grounds that the prosecution had yet to serve on them the entire set of documents intended for use at trial.
The court had also previously allowed several adjournments as the defence teams had yet to receive the documents required for the two accused’s defence.
This is the duo’s second attempt at securing the discharge. A previous request was rejected in March 2022.
A DNAA means that the charges against Najib and Irwan can be withdrawn by the court, but the prosecution could charge them again with the same charges once the documents are in order.
On October 25, 2018, Najib, 70, and Irwan, 66, pleaded not guilty to six charges of CBT involving RM6.6 billion in government funds involving payments to International Petroleum Investment Company (Ipic).
The duo allegedly committed all the offences at the Finance Ministry Complex in Putrajaya between December 21, 2016, and December 18, 2017.
They were charged under Section 409 of the Penal Code read together with Section 34 of the same code, which provides for a maximum of 20 years’ jail and whipping as well as a fine upon conviction. – July 22, 2024
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Najib ‘1MDB’ Razak - The billionaire jailbird
KUALA LUMPUR, July 21, 2024: Not only has disgraced and shameless former premier Najib “1MDB” Razak stolen from the rakyat dan negara (people and country), he also failed to pay income taxes.
Parliament was told that the former Umno president has yet to settle RM1.7 billion in unpaid taxes and that the Inland Revenue Board (IRB) had taken appropriate action that is still in progress.
No News Is Bad News reproduces below a news report posted by The Coverage on the income tax-dodging former premier and jailbird:
Bankruptcy Notice : Najib Razak Has Yet To Settle RM1.7 Billion In Unpaid Taxes
20 July, 2024
FORMER premier Datuk Seri Najib Razak has yet to settle nearly RM1.7 bil in unpaid taxes, according to the Finance Ministry (MOF). The ministry stated that the issue remains unresolved, with the Inland Revenue Board (IRB) continuing to take appropriate action.
MOF provided this update in a written reply to Jelutong MP RSN Rayer in Parliament, indicating that legal proceedings are ongoing. The next hearing is scheduled for July 29, 2024, at the Insolvency High Court in Kuala Lumpur.
Rayer had queried the Finance Minister Datuk Seri Anwar Ibrahim about the status of Najib’s tax arrears. On Oct 16, 2023, the Federal Court upheld a ruling that Najib must pay RM1.69 bil in unpaid taxes, rejecting his appeal against the High Court’s decision.
The government’s lawsuit initiated by the IRB on June 25, 2019, seeks to recover the unpaid taxes with interest at a rate of 5% per year from the date of judgment, along with costs and other relief deemed appropriate by the court.
In July 2020, the High Court granted the IRB’s application for a summary judgment against Najib, ordering him to pay the RM1.69 bil owed for the period between 2011 and 2017.
IRB can resume bankruptcy notice hearing against Najib and son
The Inland Revenue Board (IRB) can now resume its bankruptcy notice hearing against incarcerated former prime minister Datuk Seri Najib Razak and his son Datuk Nazifuddin to recoup billions of ringgit in unpaid tax from the duo.
A source from the Attorney-General’s Chambers (AGC) said the duo had exhausted their final avenue to overturn the High Court’s decision compelling them to settle RM1.69 billion and RM37.6 million in unpaid taxes and penalties respectively.
“This is following the Federal Court’s ruling yesterday that affirmed IRB’s summary judgement compelling them to settle the amounts for the period between 2011 and 2017.
“Now we can proceed with the (bankruptcy) notice,” the source said.
The top court, in an unanimous decision, ruled Section 103(1) of the Income Tax Act (ITA) provides that tax payable under an assessment shall be due and payable on the due date, regardless of whether the person appeals against the assessment.
The court said the present incarnation of the ITA was enacted by the legislature to facilitate the expeditious collection of government revenue and to deter tactical attempts from would-be tax evaders to delay the payment of outstanding taxes.
Najib and Nazifuddin were served with a bankruptcy notice two years ago following their failure to pay the disputed monies to the IRB.
According to the notice sighted by the New Straits Times, the former prime minister has to pay RM1.69 billion with interest at five per cent, for the period between July 22, 2020 and Feb 4, 2021 amounting to RM45.9 million from the date of the order of the summary judgement as well as costs of RM15,000.
This brings the accumulated sum to RM1.73 billion.
Meanwhile, Nazifuddin has to pay RM37.6 million with interest at five per cent for the period between July 6, 2020 and Feb 4, 2021, amounting to RM1.1 million from the date of the order of a summary judgement as well as costs of RM10,000.
This brings the accumulated sum to RM38.7 million.
On Sept 21, last year, Chief Justice Tun Tengku Maimun Tuan Mat, who chaired the Federal Court’s three-member bench, allowed the duo’s application for a stay of the High Court’s ruling pending their appeal at the Apex court.
On July 22, 2020, the High Court allowed the IRB’s application for a summary judgement to be entered against Najib in its suit to recover RM1.69 billion in taxes from the latter for the period between 2011 and 2017.
Meanwhile, on July 6 the same year, another High Court also ordered Nazifuddin, 39, to pay RM37,644,810.73 in unpaid taxes to the IRB.
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