Printing money with borrowed money?-the case of Focus Equity

Focus Equity Sdn. Bhd., majority owned by entrepreneur Joseph Vijay Kumar, and Vincent Tan Chee Yioun, of Malaysia's diversified Berjaya Group, plan to form a joint venture with Dutch security printer Royal Joh. Enschede to build a 580 million ringgit, or about $150 million, security-printing plant outside Kuala Lumpur.
(Source:Malaysian Firm Plans Security-Printing Venture,By Leslie Lopez
29 June 2005,The Asian Wall Street Journal)


PRESS STATEMENT-Anwar Ibrahim

I received information regarding the contract for money printing that has once again raised serious questions regarding the Prime Minister's commitment to fight corruption in Malaysia. A new company, Focus, has been awarded the contract to print Malaysian currency through a RM 600 million loan by Bank Pembangunan. This development raises many questions: Was this decision agreed upon by Bank Negara Malaysia? Can this new company guarantee the integrity of our currency in local and international markets?I am concerned because this contract should in fact be handled by Bank Negara Malaysia, which has a reputable record of printing currency according to established procedures. Secondly, we feel that the government's decision to award this contract to an untested local company will raise suspicions, cause a public crisis of confidence and open avenues for potential abuse. A contract of this importance should be awarded using transparent, established procedures in order to ensure the security and integrity of Malaysia's currency.ANWAR IBRAHIM
http://malaysia-today.net/blog2006/letters.php?itemid=6154

Comments

Post a Comment

Popular posts from this blog

Ben Robert-Smith : How was Justice Anthony Besanko of the Federal Court able to find that the crime of murder has a civil twin, which can be determined on a balance of probabilities

Image
 by Ganesh Sahathevam                                                                                                                  The Hon Justice Anthony Besanko Media reports about the Ben Robert-Smith defamation matter  have at least given the impression, if not asserted,  that Justice Anthony Besanko of the Federal Court found  that Robert-Smith had committed murder. Most if not all reports have been at pains to stress that the finding was based on a balance of probabilities, and not beyond a reasonable doubt, for the matter was a civil and not criminal matter.  However,  reading his summary one can immediately see that Justice Besanko  found not that Roberts-Smith had committed murder but that the " respondents had, (on  a balance of probabilities) established the substantial truth"  that  Roberts-Smith had committed murder.  However, murder is a  crime and a finding of murder in a criminal court (which is the court in which crimes like murder can be determined!) inv
Read more

Who authorised former NSW Police Commissioner Mick Fuller to say anything about the Berejiklian era quarantine fee and why? Fuller's notice confirms suspicion that NSW Berejiklian government had no basis to impose the quarantine fee, nor quarantine persons who were COVID negative 

Image
 by Ganesh Sahathevan      Premier Gladys Berejiklian with NSW Police Commissioner Mick Fuller and Brigadier Mick             Garraway Who authorised former  NSW Police Commissioner Mick Fuller  to say anything about the  Berejiklian era  quarantine fee and why? Fuller's issuance of his  COVID  quarantine notice, and subsequent silence, would seem to confirm suspicions raised on this blog that NSW's Berejiklian government had no basis to impose its quarantine fee. Fuller's conduct also adds to suspicion that the Berejiklian government did not have the authority, even under its COVID emergency powers, to quarantine persons who were COVID negative. International arrivals had to test negative for COVID before boarding their flights to Sydney, and tests had to be administered within 72 hours of departure. Quarantine on arrival of those who exhibited no COVID symptoms was quite likely unnecessary. It did, of course help bolster Gladys Berejiklian's approval ratings. TO BE RE
Read more

Revenue NSW COVID Quarantine Fee payment demand notices suggest that Police Commissioner Mick Fuller breached the law with his demand for quarantine fees

Image
 By Ganesh Sahathevan  Anyone who has received a Revenue NSW Quarantine Fee demand for payment notice  will be familiar with these words that are contained in the notice: What is the quarantine service fee? A mandatory quarantine service fee applies to all travellers arriving in New South Wales (NSW) who are required to quarantine as part of the public health order. Mandatory quarantine is needed to stop the spread. of COVID-19 in NSW The qurantine fee has been charged pursuant to Section 70 of  the NSW Health Act. However, as previously reported, that section does not permit any imposition of mandatory fees.  However, in apparent defiance of Section 70 of the Health Act, Fuller issued a notice   in which he said  that Revenue NSW " will be charging a mandatory quarantine fee". TOE BE READ WITH  Former NSW Police Commissioner Mick Fuller said in his notice that Revenue NSW " will be charging a mandatory quarantine fee" - Former NSW Ministers Hazzard, Tudehope insis
Read more