Is The Police Competent In Reading The Law?

Hantu Laut

The NFC debacle, is it morally wrong or criminally wrong?

As usual, Malaysian media only give a half full cup for the public to drink.Of course, if you don't ask the right questions you wouldn't get the right answers.

Like the smart reporter asking Wan Azizah whether she has Anwar's Omega watch which Azizah replied in the affirmative and next was her most terrifyingly stupid request "cuba tunjuk".No one in their right sense would think Azizah would be carrying the watch everwhere she goes, only that embarrassingly stupid reporter.

I have in my previous posts explicitly mentioned that Shahrizat should resign her ministerial position out of moral obligations.

Is the police competent in reading the law? Are they under public pressure to indict the directors of NFC or they do have a watertight case aginst them?

What is criminal breach of trust?

Section 405 of the Penal Code (Act 574) stated that:

405.Whoever, being in any manner entrusted with property, or with any dominion over property either solely or jointly with any other person dishonestly misappropriates, or converts to his own use, that property, or dishonestly uses or disposes of that property in violation of any direction of law prescribing the mode in which such trust is to be discharged, or of any legal contract, express or implied, which he has made touching the discharge of such trust, or wilfully suffers any other person so to do, commits “criminal breach of trust”.

The punishments under the law came under Section 406 to 409:

406. Whoever commits criminal breach of trust shall be punished with imprisonment for a term which shall not be less than one year and not more than ten years and with whipping, and shall also be liable to fine.

As always Mat Zain is all pumped up to grind his axe against the AG. He may be wrong here when he asserted Section 409 is the charge applicable to the directors of NFC.Unless, they are considered civil servants or agents the charge should be under Section 406.If the case is thrown out there would be many poison arrows flying toward the AG.

Section 409 below:

409. Whoever, being in any manner entrusted with property, or with any dominion over property, in his capacity of a public servant or an agent, commits criminal breach of trust in respect of that property, shall be punished with imprisonment for a term which shall not be less than two years and not more than twenty years and with whipping, and shall also be liable to fine.

If they are considered as civil servants, which I doubt, or as agents which is possible than Mat Zain may be right in his assumption.

Needless to say, the directors of NFC had strayed away from the main objective of the soft loan given to them.The lack of due diligence by all parties concerned may be the cause of this debacle.In the first place the loan should not have been given to a non-GLC entity.Soft loan of this nature should only be approved to GLCs, where the government has complete control over the company.

Having not seen the terms and conditions of the loan agreement and the books of NFC it would be unwise to speculate.

Only the AG can determine whether there is watertight case against the directors of NFC.

Borrowed Money,Borrowed Time: Walking The Tightrope In Kuala Lumpur

Hantu Laut

Cows and condos. More condos than cows in the closet.

Isn't that worse than what cows do?

Shahrizat:Who Let The Cows Out?

Hantu Laut

Condominium and Mercedes for cows. Available in Malaysia only! Order now!

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These cash cows and the government have a lot of explaining to do. Firstly, how in hell can the government give grants and cheap loans to a family-run private enterprise, charging interest much lower than what the government paying for its short and long-term bonds.

Government bond's coupon rates:

Malaysian Government Securities (MGS) - Conventional
MGS Benchmarks			Trading Yields			Total Volume (RM million)	Daily change (bps)
Tenure	Maturity	Coupon (%)	Low (%)	High (%)	Close (%)
3-year	Aug-2014	3.434	3.03	3.08	3.05	98.27	0
5-year	Sep-2016	4.262	3.24	3.26	3.25	121.57	1
7-year	Sep-2018	3.580	3.54	3.55	3.55	170.00	1
10-year	Jul-2021	4.160	3.70	3.71	3.71	63.90	-3

The then Prime Minister Abdullah Badawi under whose watch this ignominious anomaly occurred should be hauled up to explain to the Malaysian taxpayers why he thinks the Shahrizat family deserved such special treatment. The government could have run the project under its own GLC to bring cheaper meat to the people as part of its social obligations.The interest rate of 2% charged to the private company is cheaper than prevailing FD rates and the government coupon's rates.

Dancing cows.

The big question is do you need MYR250 million to run a feedlot farm of the size run by the Shahrizat's family and how was it that the company was allowed to drawdown on the loan when the project was not even ready to start? Why was there no due diligence dictated to the borrower before he was allowed to draw down on the loans?

The Chairman of NFC (National Feedlot Corporation) Dr Mohamad Salleh's explanation that the purchase of 2 units luxury condominium was giving better return than leaving the money in the bank is an insult to the intelligence of level-headed Malaysians. In the first place, what was the business objective, cows or condominiums? Were the properties rented out and what was the return on investment or was the property occupied by Shahrizat's family and whether any rent paid to the company? These are questions left unanswered.

UMNO treating the matter lightly is going to come back and haunt them during the elections.

The aegis of former Prime Minister Abdullah Badawi, Deputy Prime Minister Muhyiddin Yassin, UMNO Youth chief Khairy Jamaluddin coming to the defence of Shahrizat and her family on this shameful affair of treating the people's money as their own is contemptuous and scandalous.

Shahrizat, cannot distance herself from the scandal as it involved her husband and children and she a minister in the cabinet and a big part of the government.

Shahrizat, should take a leaf out of the books of disgraced politicians in the West, should have resigned voluntarily and save Najib the embarrassment.

Keeping her in government would be untenanble and a poisoned chalice to UMNO.

Najib should drop her from re-election.

The Arrogance Of Power

Hantu Laut

Arrogance, incorrigible and insolent are the trademark of some politicians. I have seen many that have to eat the humble pie when they were no more in position of power.Than there were those who had selective memory or amnesia and can't remember the faces of their less fortunate friends when they were constantly intoxicated with the political world.There are also those who rode the high horses and forgot there are ground beneath their feet.

With due respect and my sincere apology to those who are not in those category,I don't mean to be rude but I really don't have that many kind words for politicians from both sides of the political fence.Most are just self-serving brown-nosing little weasels.

What struck me as strange and inconceivable were reasons given by UMNO Wanita Chief Rafidah Aziz on why she decided to stand for the party elections and subsequently hand over to Sharizat 6 months later, a move quite rightly questioned by former wanita chief and matriarch AishahGhani.It's something in dire need of comprehension.

As usual our iron lady was fast to throw tantrums when asked what was her reaction to the call by Kalabakan Wanita UMNO division for her to step down gracefully during the party elections in December and make way for Sharizat to contest the elections. Her response was "Why don't you ask them? Why don't you talk to them.She said "If I do that ( step down in December), it would create fighting for the chief and deputy chief posts.I want to avoid a contest, I don't want to contest" Whatever that meant, I am not sure.

I can understand the Prime Minister power transition to his Deputy which makes some sense, this one is absolutely ridiculous.

What political system are we using in this country, democracy, socialism, feudalism or communism.Even in the politburo of the communist party elections are held to choose its leaders.Assuming we practise democracy, isn't elections part and parcel of the democratic process and people should be allowed to contest freely.

She said "I am doing them a favour".That sounds really insulting to Sharizat.It means she can't win on her own account and have to depend on Rafidah to deliver the title to her on the platter.

It's also amazing that she thinks nobody dare to challenge her.

If that's not arrogance, what is?

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