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Showing posts with label scandals. Show all posts
Showing posts with label scandals. Show all posts

Thursday, October 12, 2023

Literal Combat Ships (LCS) Project and Leakages; Vessels expected only in 2029

The LCS affair has been described variously as a scandal and a fiasco. It is both. - NSTP file pic

 NST Leader: Of LCS and leakages


It may just take six littoral combat ships (LCS) to question the unity government's zero tolerance for corruption.

When the first of the LCS was supposed to be delivered in April 2019 but wasn't, the nation was alerted to brewing problems with the RM9.13 billion contract awarded to Boustead Naval Shipyard Sdn Bhd (BNS) in 2011.

BNS was supposed to build the LCS with the help of French naval company DCNS in 2015. All six vessels remain undelivered despite an early payment of RM6.08 billion. So do answers. Muar member of parliament Syed Saddiq Syed Abdul Rahman tried persuading the Dewan Rakyat to get the members of parliament to debate the issue on Friday, but failed.

He failed to convince Dewan Rakyat Speaker Tan Sri Johari Abdul, who said a debate was unnecessary at this stage because the Public Accounts Committee (PAC) was on it and it was being briefed regularly by the Defence Ministry.

While this is true, a four-year wait for answers is a long time. Besides, it is not clear if the PAC is on the hunt for those responsible for the leakages. A debate in the Dewan Rakyat would have clarified this.

The LCS affair has been described variously as a scandal and a fiasco. It is both. The LCS, all six of them, should have been delivered this year, which is halfway through. Do not get us wrong. We are not questioning the need for the Royal Malaysian Navy to have them. But the people need to know why BNS, which was awarded the contract in 2011, didn't deliver as agreed.

Today, the cost is said to be RM11.2 billion. The contract has turned out to be a bad deal for BNS. It has been worse for the government.

It is not that nothing has been done by the government then and the government now. There have been a forensic audit, a suspension and a resumption of the contract. On Aug 16 last year, this newspaper quoted the PAC findings as revealing that there have been discrepancies and delays in the construction of the LCS since 2017.

What is worse, when the first LCS was launched in 2017, it was less than 44 per cent complete. Although several high-profile people were said to have played a role in the scandal, only one person has been charged with criminal breach of trust.

The LCS scandal is a bank of questions in search of answers. Parliament would have done well to debate this rather than allow the people to speculate. Was the one charged acting alone? Unlikely, given the high value and the twists and turns in the deal. Why weren't the high-profile personalities charged? Why was the first LCS launched when it was only 44 per cent complete? And more.

Corruption is robbing the country of billions of ringgit annually. In a recent finding, EMIR Research, a local think tank, disclosed that Malaysia lost RM4.5 trillion to corruption and leakages over the last 26 years. We could have paid our national debt four times over.

EMIR Research is right. Malaysia is designed to succeed, but some plunderers in leadership positions fail us.

Zero tolerance for corruption, if it is to have any meaning, must catch the plunderers in their greed. Telling it all, inside and outside Parliament, will help.


Vessels expected only in 2029


PAC: Costs expected to balloon as LCS project facing delays again


THE littoral combat ship (LCS) project is facing delays again, and the vessels will only be ready by 2029, says the Public Accounts Committee (PAC).

In its report published on the official Parliament website yesterday, the committee said the delay had caused the construction cost to balloon to RM11.22bil.

“The LCS construction period has been extended for 83 months,” it said, adding that following the delay, the Navy would only be able to obtain all five ships in 2029, not 2022 as stated in the original contract.

The report also said that there had been no progress on the construction of the first ship between Dec 11, 2021, and June 10, 2023.

Although the number of LCS has been reduced (from six) to five, the report said the cost of the vessels increased from RM9.128bil to RM11.22bil.

The additional cost came from the rise in equipment prices (RM1.214bil), cost of design (RM0.211bil), insurance and risk (RM0.466bil), financial costs (RM0.143bil), project management (RM0.066bil).

PAC also said that the main issue of the LCS detailed design had yet to be resolved, with only 84% having gone through the confirmation, verification and approval stage by the ship’s design supervisor, Naval Group from France.

“However, the contractor has assured that the detailed design will be completed before August 2024.”

According to the committee, the ministry had signed the sixth supplementary agreement (SA 6) on May 26 without getting approval from the Attorney General’s Chamber (AGC), despite being advised to do so.

“Mindef’s decision to turn its back on the AGC in signing SA 6 is an inappropriate action because it can lead to legal implications against the government, and this (action) must not be repeated,” it said.

Due to this, PAC has urged the ministry to ensure the implementation of the mobilisation plan is in accordance with the conditions that have been set, with the first LCS ship being completed by May 2024 and handed over to the Navy by August 2026.

PAC has also suggested the government ensure the acquisition of Boustead Naval Shipyard by Ocean Sunshine achieves the intended goal.

“Mindef and the Navy are responsible for ensuring that the entire construction project of five LCS is completed and handed over to the Navy according to the agreed period and cost in SA 6.

“The ministries and government agencies (involved) must ensure that the draft contract negotiated with the company has been consulted, reviewed, and approved by the AGC first before signing.

“The Auditor General’s Department needs to carry out an audit before LCS 1 is handed over to the Navy and presented in Parliament,” the report added.

Defence Minister Datuk Seri Mohamad Hasan expressed confidence that the construction of the five vessels would be done according to the new schedule, adding that the delay would not cause any significant issues.

“Building a ship is not easy, especially since this is concerning combat ships, which means there would be weapons installed on the vessels.

“Even a mere 0.01% error could cause a big problem. After the construction is completed, we have to do a harbour test, which takes six months, and after that, we need to go for an open sea test, and that is another few months,” he told a press conference at Parliament here yesterday.


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Former Goldman Sachs Malaysia banker Roger Ng returned to help in 1MDB PROBE





KUALA LUMPUR: Former Goldman Sachs banker Roger Ng (pic) has arrived in Malaysia to assist investigations on the 1Malaysia Development Bhd (1MDB) scandal.Inspector-General of Police Tan Sri Razarudin Husain confirmed that Ng arrived in Malaysia at about midnight.

“He has already arrived in Malaysia and is under police custody. However, I cannot divulge more details on the matter for security reasons,” he said when contacted yesterday.

The IGP also did not indicate when Ng would be brought to court to face charges.

The Attorney General’s Chambers have yet to respond to queries regarding Ng’s return to Malaysia.

  
Officials from the Malaysian Anti-Corruption Commission said the former banker’s return was a matter handled by the police.

Home Minister Datuk Seri Saifuddin Nasution Ismail previously said the government’s priority with Ng’s return was to ensure the return of all assets linked to the case.

Saifuddin said Ng was allowed to attend trial in the United States, where he had been convicted but had not yet started serving his jail term.

Last Thursday, Chief US district judge Margo Brodie in Brooklyn had ordered Ng’s surrender to the US Marshals Service by Friday so that he could be turned over to Malaysian law enforcement, who then transported him home.

Ng is facing 10 years in jail in the US after being convicted in New York of helping to loot billions of dollars from 1MDB and would be required to begin his prison term upon his return to that country.

On Sept 5, Singapore’s central bank had banned Ng, also known as Ng Chong Hwa, for life, saying that his “severe misconduct” made it “contrary to public interest to allow him to carry on business as a representative”.

Brodie sentenced Ng in March, 11 months after jurors found him guilty of helping former Goldman boss Tim Leissner embezzle money from 1MDB, launder the proceeds and bribe government officials to win business.

Ng was arrested in Malaysia in November 2018 and agreed to be extradited to the United States.


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Tuesday, August 23, 2022

Malaysia’s top court upholds ex-PM Najib Razak’s conviction and 12-year jail sentence in graft case

 

Former Malaysian Prime Minister Najib Razak, center, speaks to supporters outside at Court of Appeal in Putrajaya, Malaysia Tuesday, Aug. 23, 2022. Photo: VC

Najib sent to Kajang Prison to serve his 12-year jail term

 

 Former prime minister Datuk Seri Najib Razak has begun to serve his 12-year jail term at the Kajang Prison in Selangor after losing his final appeal in the Federal Court in his graft case involving RM42mil from SRC International Sdn Bhd’s funds. Read more at https://bit.ly/3KlGCte

Scramble ensues at Sungai Buloh as Najib being sent to ...



Malaysia’s ex-PM Najib loses final appeal

Top court upholds former leader’s 12-year jail sentence in 1MDB scandal

 

Malaysia's highest court on Tuesday upheld former prime minister Najib Razak's 12-year jail sentence for corruption in the 1MDB financial scandal, a decision analysts said could slam the door to a political comeback.

Chief Justice Maimun Tuan Mat also issued a warrant of committal, which a lawyer said means Najib is going immediately to jail.

The 69-year-old former prime minister looked somber and dejected, surrounded by his wife Rosmah and two children as the verdict was read.

"We find the appeal devoid of any merits. We find the conviction and sentence to be safe," Maimun said on behalf of a five-judge panel of the Federal Court.

"It is our unanimous view that the evidence led during the trial points overwhelmingly to guilt on all seven charges."

Maimun said that "it would have been a travesty of justice of the highest order if any reasonable tribunal, faced with such evidence staring it in the face, were to find that the appellant is not guilty of the seven ­charges preferred against him."

Sankara Nair, a lawyer who is not involved in the case, told AFP that "with the court issuing a warrant of committal, Najib will be sent to prison immediately."

The Federal Court decision was handed down after the tribunal threw out a last-minute move by Najib's lawyers to recuse the chief justice from hearing the case, alleging bias on her part.

The final ruling on the jail sentence also came four years after his long-ruling party's shock election defeat in 2018, during which allegations he and his friends embezzled billions of dollars from state fund 1MDB were key campaign issues.

A lower court in July 2020 found Najib guilty of abuse of power, money laundering and criminal breach of trust over the transfer of 42 million ringgit ($10.1 million) from SRC International, a former unit of state fund 1MDB, to his personal bank account.

An appellate court in December 2021 denied his appeal, prompting him to go to the ­Federal Court for a final recourse.

Some analysts said the decision will likely derail any plans by Najib for a political comeback.

"If Najib is found guilty, he will be barred from standing in the next election. Obviously, his political career is gone," James Chin, a professor of Asian studies at the University of Tasmania, told AFP before the verdict was announced.

"Under Malaysian law, Najib cannot stand for this election and the next election," he said, referring to speculation that polls may be held in 2022.

Elections are not due until September 2023.

Najib and his ruling party were voted out in 2018 following allegations of their ­involvement in a multibillion dollar financial scandal at 1MDB.

He and his associates were accused of stealing billions of dollars from the country's investment vehicle and spending it on everything from high-end real estate to pricey art.

Despite the lower court sentence, Najib had not been sent to prison while the appeals process played out. 

 

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Saturday, January 19, 2019

Goldman Sachs must follow up on its apology with US$7.5bil compensation in 1MDB scandal

https://youtu.be/XxwX8CRvSks

Goldman Sachs Group Inc should follow up on its apology to Malaysia with a payment of US$7.5bil (RM30.86bil), says Lim Guan Eng.

The Finance Minister said a mere apology from the investment bank over the scandal-ridden 1Malaysia Development Bhd (1MDB) is not enough, unless they pay reparations and compensation.

Lim said Goldman Sachs should understand the agony and trauma suffered by Malaysians as a result of the scandal.

“An apology is not enough.

“An apology with US$7.5bil is what matters.

“At least he (Goldman Sachs CEO David Solomon) accepted that they have to bear and shoulder some responsibility but that is insufficient.

“They have made provisions of around US$561mil (RM2.3bil) but that is not adequate.

“We are seeking US$7.5bil,” he told a press conference here yesterday after announcing the names of the joint lead arrangers for the Samurai bond.

On Thursday, Solomon apologised to Malaysians for former banker Tim Leissner’s role in 1MDB.

Solomon also said it was very clear that Malaysians were defrau­ded by many individuals, including the highest members of the previous administration.

Asked if Malaysia would drop charges against Goldman Sachs with the US$7.5bil payment, Lim quipped: “US$7.5bil ... then we can discuss lah”.

Lim added that it was very clear who the top government official Solomon was referring to as there could only be one person.

“You worked hand in hand, and there has to be accountability. It also involved a breach in fiduciary duty, and I think the banking industry has this obligation to make good the losses that we suffered.

“I think this is at least an admission.

“If not for the change of government, do you think Goldman will apologise? We’re dealing with the largest investment bank in the world,” he said.

Lim added that he found it distressing that Datuk Seri Najib Tun Razak still refused to admit there was something wrong with 1MDB and the entire exercise.

He also lambasted the former premier for passing the buck to Goldman Sachs, and for being in a state of denial for refusing to admit that Malaysians suffered huge losses due to the scandal.

By Royce Tan The Star

Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal



NEW YORK: Goldman Sachs Group Inc chief executive officer David Solomon (pic) has apologised to the Malaysian people for former ban­ker Tim Leissner’s role in 1Malaysia Development Bhd (1MDB) scandal, but said the bank had conducted due diligence before every transaction.

Goldman is being investigated by Malaysian authorities and the US Department of Justice (DOJ) for its role as underwriter and arranger of three bond sales that raised US$6.5bil (RM26.7bil) for the sovereign wealth fund.

US prosecutors last year charged two former Goldman bankers for the theft of billions of dollars from 1MDB. Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.

“It’s very clear that the people of Malaysia were defrauded by many individuals, including the highest members of the prior government,” Solomon said on conference call discussing the bank’s fourth-quarter results in a report by Reuters.

Solomon said Leissner denied the involvement of any of Goldman’s intermediaries in transactions with 1MDB.

An attorney representing Leissner did not immediately respond to a request for comment.

Roger Ng, the other charged former Goldman banker, was arrested in Malaysia at the request of US authorities and is expected to be extradited, according to John Marzulli, a spokesman for the prosecution.

The DOJ has said that US$4.5bil (RM18.5bil) was allegedly misappropriated by high-level officials of the fund and their associates between 2009 and 2014.

As part of Goldman’s due diligence efforts, Solomon said the bank sought and received written assurances from 1MDB and International Petroleum Investment Co (IPIC) that no third parties were involved in the first two bond sales.

Abu Dhabi’s IPIC had co-guaranteed the 1MDB bonds when they were issued in 2012.

In the final offering, the Malaysian government itself, along with 1MDB, represented that no intermediaries were involved, he said.

“All these representations to Goldman Sachs have proven to be false,” Solomon said.

Goldman Sachs did not disclose any other information about its involvement with 1MDB, but said the impact on its client franchise had been de minimis. Shares of the bank, which reported strong fourth-quarter results earlier in the day, have fallen over 25% in the last three months, after headlines about its involvement with the sovereign wealth fund emerged.

The Malaysian government said in December it was seeking up to US$7.5bil (RM30.8bil) in reparations from Goldman over its dealings with 1MDB. – Reuters

In an immediate reaction yesterday, former Prime Minister Datuk Seri Najib Tun Razak said Goldman Sachs had to take responsibility because they were appointed and paid by 1MDB to take care of Malaysian’s interests.

“We put up a system, the system was there to take care of our interests, you see.

“So if they fail, then they have to take responsibility, because they were appointed and paid by 1MDB to take care of our interests,” Najib said.- The Star

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 Goldman Sachs  CEO David Solomon apologises for ex-banker's role in 1MDB scandal


Friday, January 18, 2019

Clean up the graft and power abuse at Human Resource Training & Development provider HRDF

https://youtu.be/fuk3xC6M0ow https://youtu.be/JrJ0V3TIskc https://youtu.be/CT8dgpCh_2w
Scandal-hit: The clean-up at HRDF appears to be far from over.

Questions over HRDF Bangsar South property


PETALING JAYA: The clean-up at scandal-hit Human Resources Deve­lopment Fund (HRDF) appears to be far from over.

In fact, to add to its woes, details have recently emerged about the possible mishandling of a multi-million ringgit property acquisition.

The HRDF management has made police reports claiming there was misconduct or abuse of power in the purchase of part of a building in Bangsar South, Kuala Lumpur, four years ago, because it was done without the knowledge of the board of directors and the investment panel.

HRDF bought six floors of a “landmark skyscraper” for RM154mil, including goods and services tax (GST). It has been alleged that some RM40mil was paid even before the issuance of the tax invoice.

But the bigger issue, according to sources, was that the HRDF’s board of directors had actually approved the purchase of a different piece of property – another building, also in Bangsar South, for RM141mil before GST.

It was learnt that the investment panel was only informed of the switch five months after the first tranche of RM15.4mil had been paid.

The sources confirmed that the HRDF has gone to the police and investigations are underway.

An agency under the Human Resources Ministry, the HRDF manages a fund comprising contributions from employers for the purpose of training and development.

In November last year, minister M. Kulasegaran said staff and management personnel were running HRDF as if it was their own company and that the management had in some instances exceeded authority and approved projects beyond its approval limits.

This latest accusation regarding the Bangsar South purchase reflects the same governance problems.

“The board was also informed that the minister (at that time) approved the change of the property to be acquired,” said a source. “The sale and purchase agreement was signed by the chief executive officer prior to the approval of the investment panel and the board.”

The first RM40mil of the purchase price was paid in eight tranches.

The source said under the Pem­bangunan Sumber Manusia Bhd Act 2001, the minister could only direct the board on matters and was not empowered to approve or consent to entering into agreements.

The remaining RM114mil was paid after the signing of the agreement. The six floors of the Bangsar South building were handed over to the HRDF in March 2017.

Documents sighted by The Star showed that the investment panel voiced its intention to invest in property in a meeting at the end of 2014.

In February 2015, the board of directors approved a proposal to set up a reserve fund and an allocation of RM250mil.

It was stated by the CEO then that the property would be for HRDF’s use.

Another approval came two months later for the RM141mil property.

In May that year, the first payment of RM15.4mil was made, but for the property that cost RM154mil. This was also when the agreement was inked, said the sources.

Five months after receiving the keys in 2017, the investment panel decided to rent out the office floors. The board agreed with this move.

In May last year, the HRDF began paying service charges of RM66,670 per month for its Bangsar South property. Only one floor out the six has been rented out, giving a monthly income of RM115,168.

Surprisingly, the board of directors agreed in March last year to purchase two additional floors in the same building to be used as HRDF’s office.

Kulasegaran had previously said that high-ranking staff of the HRDF misappropriated about RM100mil, around a third of the fund’s RM300mil coffers.

He also said certain management staff members were overpaid with high salaries and bonuses and there was collusion between managerial staff and external parties to award contracts.

When contacted about the Bangsar South acquisition, former HRDF CEO Datuk C.M. Vignaesvaran Jeyandran said the board of directors had given approval before any property was bought.

On the claims that the property purchased was not the one which the board had approved originally, he clarified that it was part of a better building by the same developer and was adjacent to the first building.

“Everything was done according to the appropriate procedures, that’s for sure. There’s no such thing as buying before getting board approval.

“It went through our legal adviser, the investment committee and the audit committee. When we bought the six floors in the other building from the same developer, we also went back to the board and rectified it,” he said.

Asked on the purpose of the acquisition, Vignaesvaran said when he stepped down on June 21 last year, it was still an ongoing discussion at the board level whether the property was to be used as HRDF’s office or for investment purposes.

Bukit Aman Commercial Crimes Investigation Department acting director Deputy Comm Datuk Saiful Azly Kamaruddin said the department received two reports on this matter.

“We have since referred the case to the Malaysian Anti-Corruption Commission as it is under their purview,” he said.

At the time of the Bangsar South property purchase, the HRDF chairman was Datuk Dr Abdul Razak Abdul, who also chaired the investment panel.

Datuk Seri Richard Riot was the then human resources minister.

By royce tan The Star

Panel set up for HRDF clean-up


Datuk Noor Farida Mohd Ariffin

The Human Resources Development Fund is to undergo a complete overhaul. A committee has been set up to ensure the fund is rid of weaknesses and misuse of power among senior staff members as well as a promise by its new chairman to personally deal with allegations of graft.

The HRDF will also have the Malaysian Anti-Corruption Com­mission seconding one of its officers to the organisation.

Its chairman Datuk Noor Farida Mohd Ariffin said this was so that the MACC could establish the proper rules and regulations in the HRDF governance’s clean-up.

“HRDF has sought and received the support of the MACC in implementing rules, regulations and procedures to prevent any further misuse or abuse of employers’ money.

“MACC has agreed to second one of its officers to HRDF to beef up the unit and to expedite this process,” she said in a statement to The Star yesterday.

Last month, the HRDF set up an ad hoc Compliance and Governance Unit to implement the recommendations made by the Governance Oversight Committee (GOC) for the HRDF and to assist in investigations by various law enforcement agencies, said Noor Farida.

This came about after Human Resources Minister M. Kulasegaran formed the five-member GOC in June 2018 to review and investigate allegations that RM100mil had been misappropriated under the previous HRDF’s administration.

Key findings and recommendations by the GOC were finalised and published publicly on the HRDF website, said Noor Farida, who was appointed as its chairman on Jan 1 by Prime Minister Tun Dr Mahathir Mohamad.

Top on the list of GOC recommendations was to stop the segregation of 30% of employers’ human resources development levy towards the Consolidated (Pool) Fund, which was set aside for special projects.

“This was made effective from Nov 1, 2018. No funds have since been allocated or spent on special projects,” she said.

Noor Farida noted that the move was not received well by certain quarters, including training providers, training institutions and trainers, who claimed that their incomes were affected.

The human capital development agency faced heavy public scrutiny following reports of alleged wrongdoings that had taken place under the previous administration.

In November last year, Kulasegaran revealed that high-ranking staff members of HRDF misappropriated about RM100mil out of the RM300mil that was in the fund.

He also highlighted several wrongdoings such as abuse of power, criminal breach of trust and arriving at decisions without reporting to the board of directors.

The Star, in an exclusive report on Jan 9, also highlighted the purchase of a RM154mil property in Bangsar South, also conducted without the approval of the directors and investment panel.

The new HRDF management lodged two police reports. The police have since referred the cases to the MACC.

Meanwhile, it was reported by an online portal that police would be questioning former HRDF chief executive officer Datuk C.M. Vignaesvaran Jeyandran over the “missing” RM100mil.

“On behalf of the HRDF board of directors, I want to reiterate that the board is fully supportive of the actions being taken against the wrongdoers by the HRDF,” said Noor Farida.

She said she would look into these allegations personally and urged those with any complaints or allegations to email her directly at anoorfarida@hrdf.com.my by Jan 31 so that she could initiate an independent investigation.

“If any further information is forthcoming from time to time, it will certainly be investigated,” she added.

The findings would also be published over the HRDF website, said Noor Farida.

By clarissa chung and fatimah zainal The Star


Related:


Report: HRDF possibly mishandled multi-million buy by swapping ...

 


Kula: 30% contribution by employers to HRDF to stop from Nov 15 

 

HRDF chief Vignaesvaran resigns amidst allegations - Nation


Ex-CEO: No comment on HRDF scandal - Nation 

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Malaysia's Human Resource Development Fund (HRDF) a 'personal piggy bank of sr managers!

Wednesday, September 19, 2018

Wising up to a Billion Dollar Whale of a tale


Wising up to a whale of a tale

 

Once upon a time, Malaysians were enchanted with Jho Lows champagne lifestyle and proud that he had friends in high places. We now know better.


IF a poll was conducted to ask Malaysians to name their 10 most hated people, Low Taek Jho – also known as Jho Low – would surely be in the top five, if not three.

There has been a quick succession of books on the 1Malaysia Dev­elopment Bhd (1MDB) saga and in the one by two Wall Street Journal reporters, Billion Dollar Whale, Low is the central villainous character.

Yet for a brief shining moment, this man was the pride of his home state and the nation.

Then Penang chief minister Lim Guan Eng was reported as saying that he was proud to note the accomplishments of overseas Pen­angites, including this particularly “well-connected” fellow.

That was back in July 2010 when a mysterious Malaysian man of means started hitting the headlines for partying with the likes of Paris Hilton, and counted actors Jamie Foxx and Leonardo DiCaprio and singer Usher as his good friends.

When Hilton – the glamour party girl before the Kardashians overtook her – was detained by drug enforcement officers in Paris in 2010, she was reportedly travelling with “personalities close to power in Malay­sia”, Low being identified as one of them.

In just three months, his champagne-infused big spending ways – US$50,000 (RM206,800) or US$60,000 (RM248,190) a pop – set New York’s nightlife scene on fire and caught the attention of the US media. And that was how Low became famous.

Oh wait! He’s Malaysian, not some little emperor from Shanghai or Shen­zhen, so we puffed up with pride at the success of one of our own.

Somehow, the ability to party with the rich and famous became a yardstick for success. The assumption was that Low must have done something great to be so filthy rich and make such “friends”.

Low, then 28, became a subject of intense curiosity that Malaysian and foreign media wanted to know.

Then The Star landed an exclusive interview with him. The two hours with him provided enough fodder for stories spread over two days on July 29 and 30, 2010.

The interview covered topics like his Arab childhood friends and investors whom he said were the real big spenders, how he made his first million when he was just 20 and his expertise in setting up sovereign wealth funds.

Yes, we were pretty pleased with ourselves for beating the competition in getting Low to speak.

The interview was picked up by other newspapers and portals locally, regionally and internationally.

The Star took efforts to provide Low’s personal details like his age, birthplace, education and languages spoken.

What I also found amusing was that we also gave his height (1.7m) and his weight (88kg), which is not common for such interviews. That was probably our nice way of indicating how chubby he was.

The stories were positive pieces, painting Low as a successful role model. Of course, at that time, no one suspected that he was the mastermind behind the world’s biggest kleptocracy.

We were simply dazzled by his partying playboy high life and accepted in good faith all his claims on why he was successful: he went to the right schools, from Chung Ling to Wharton School of Business, made well-connected, influential friends (especially Arab royals) and got a great financial start.

As The Star reported: “At the age of 20, (he) started an investment company called The Wynton Group with US$25mil (RM103.4mil) from family and South-East Asian and Middle Eastern friends. The investment company in which he owns a stake is now worth in excess of US$1bil (RM4.1bil).”

Penang businessman Tan Sri Tan Kok Ping, a close family friend, described Low as a very bright person who respected his elders.

He was also “an active person, has a corporate brain and his public relations skills are equally good. He’s also quite a fast eater.

“I watched him grow up since he was a kid and I knew he was brilliant, but I never thought he would be so successful,” said Tan.

A reader who was so impressed by the Star exclusive blogged about his son having studied in Harrow in Bangkok and opined: “He (the son) is certainly no Jho Low, but I hope he can learn the positives from Jho’s life and work hard and be successful.”

Well, we now know better how Low operated and whose money he was spending on his celebrity friends and more.

From the man with the Midas touch, he has become the embarrassment no famous person wants to touch. I doubt Hilton or Usher takes his calls anymore. He is a fugitive on the lam, hunted by governments around the globe.

Much as he is furiously claiming innocence, he is indeed our billion-dollar whale. The whale is a metaphor in business, meaning to land large accounts that can transform a small company into a major player.

A whale can also mean a businessman who is close to a country’s regime, is protected by the state and receives government contracts and large bank loans without any collateral, as explained in the book, Why Nations Fail: The Origins of Power, Prosperity and Poverty.

The maddening fact is this portly plunderer is hard to find. He apparently has multiple passports, including one from St Kitts and Nevis.

It’s very possible he is no longer 88kg. He could be thinner or fatter – depending on whether stress makes him eat even more and faster – or had plastic surgery, grown or lost his hair, but he should still be 1.7m tall, unless he wears hidden heels in his shoes.

Our government has said it is not sure where he’s hiding, but with Malaysians in just about every corner of the world, can we not somehow tap into this vast network? Even a whale must surface for air somehow, somewhere.

What really got my goat was what he glibly said in the Star interview: “Ultimately, I am Malaysian. I am one who does not forget my country and I think there is a lot we can do for Malaysia. But when you build the trust of investors, you need to deliver what you promised.

“For me, we all work very hard. Of course, we have a disadvantage where at our age, people may perceive it differently. At the end of the day, I handle investors’ money prudently. I generate returns for them.”

And this: “I am not an excessive person. Excessiveness with alcohol is just not me.”

No, not in alcohol but his name is now synonymous with excessiveness in luxury acquisitions.

Oh, where’s Capt Ahab when we need him?

Aunty wants to remind all of us that truly, all that glitters is not gold. Feedback to aunty@thestar.com.my
Credit:  June H. L Wong, So aunty, so what?


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