Malaysia's Prime Minister Najib Razak is to have sweeping new security powers to deploy forces. He also faces mounting protest over allegations of misappropriation of state funds.

The new National Security Council Act will allow Prime Minister Najib Razak to designate "security" areas where he can deploy forces to search any individual, vehicle or premise without a warrant.

Under the new powers, which will apply from August 1, investigators will not have to hold formal inquests into killings by the police or armed forces in those areas.

The ruling government coalition has said the law is necessary to counter threats to security but critics have expressed concerns that the new measures could be used to silence critics of the One Malaysia Development Berhad (1MDB) fund scandal.

"The concern among the civil society and others is because the National Security Council can be used against anything that the government is unhappy with," said Wan Saiful Wan Jan, chief executive of the Institute for Democracy and Economic Affairs. He said it could extend to public rallies.

The law was enacted without the customary royal assent being obtained from Malaysia's King Abdul Halim, who had asked for some changes to the text.

One Malaysia Development Berhad (1MDB)

The new measures come as more protests are being planned over allegations of corruption in government, and management of the 1MDB. Until recently, the prime minister was chair of the advisory council of the 1MDB development fund, which he founded in 2009 aimed at turning Kuala Lumpur into a financial hub.

Pressure increased last week when the US Justice Department filed civil lawsuits alleging that $3.5 billion (3.1 billion euros) had been misappropriated from the fund. The lawsuits are seeking to seize $1 billion of assets, including property and a private jet, allegedly taken from the fund as part of "an international conspiracy to launder money." The Wall Street Journal reported it had seen written evidence of funds moving from the 1MDB to Najib Razak's bank accounts. The prime minister denies wrongdoing.

US finance house Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised. It had accused the Wall Street bank of fraudulently shortchanging it in a merger. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages after the Goldman Sachs allegedly concealed its conflicts of interest with Najib Razak and the 1MDB sovereign wealth fund.

Restrictions could limit protests

There have been restrictions on reporting the 1MDB scandal in Malaysia with blocks to online news portals while media groups and journalists have been targeted.

Malaysia's opposition coalition is planning an anti-Najib Razak rally on Saturday. Under current law, rallies can still be organized but under the new measures in force from Monday, protests can be disallowed once a location has been designated a "security area."

The Inspector-General of Police Khalid Abu Bakar said earlier this week he would not allow rallies that demand Najib step down.

jm/msh (Reuters, AFP)

VIVOCOM SUMMARY - Latest Update

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

Solidarity for Najib in wake of US action

PETALING JAYA: In view of the US Justice Department’s action allegedly linking 1Malaysia Development Berhad (1MDB), Malaysians have taken to social media to show solidarity for Prime Minister Datuk Seri Najib Tun Razak.

Social media was abuzz with the hashtag #bestrongPM being widely shared on both Facebook and Twitter on Friday.

Among the messages circulated on Facebook include "Kekal Najib" (Najib to remain), “Belia Bangkit (Rise up youth)”, “Parlimen Pekan (Pekan Parliament)” and “Anti-DAP club”.

In addition to sharing the hashtag and the image attached to it, one page “Kelab Che Jib” wrote, "#bestrongPM in facing the allegations and negative perceptions that are being thrown at you."

They just like many other social media users urged the public to share the image and the hashtag in order to show support for the Prime Minister.

On Twitter, one @romyirwanshah wrote: "#bestrongPM, one day Malaysians will know who you are. We support you."

His message was echoed by @asyrafmiswan who said, "Najib is innocent, #bestrongPM."

On Thursday, Najib urged all parties not to jump to conclusions on the ongoing action by the US Justice Department to seize over US$1bil (RM4.02bil) in assets allegedly linked to 1MDB.

The Prime Minister said the Government would extend its full cooperation to all international investigative bodies relating to the matter.

OTHERS RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD

Type Announcement
Subject OTHERS

Description RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD (formerly known as INSTACOM GROUP BERHAD) ("VIVOCOM" OR THE "COMPANY")

We refer to our announcement dated 27 June 2016 and the recent news articles pertaining to rumours or speculations regarding Dato’ Seri Dr. Yeoh Seong Mok on his purported intention to resign or retire from the Company.

The Board of Directors (“Board”) would like to deny such rumours and speculations and wishes to clarify and confirm that Dato’ Seri Dr. Yeoh Seong Mok shall remain as the CEO of the Company, and that he has no intention of leaving the Company as reported in the press.

The Board takes note of its obligations under the listing requirements on timely disclosure of material developments and will make the necessary announcements of such pertinent matters accordingly.

(Bloomberg) -- Goldman Sachs Group Inc. has another Malaysia problem.

The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the sovereign wealth fund.

Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. for $1.7 billion in May 2011. Goldman used EON’s confidential information to help the bank buy EON on the cheap knowing that Razak’s brother served as a board member and another brother chaired the investment firm advising the bank, Primus Pacific Partners 1 LP said in the complaint.

The lawsuit comes as Goldman’s fundraising activities on behalf of 1MDB have drawn the attention of U.S. prosecutors. In a complaint filed last week, they laid out a road map that appeared to show how more than $2 billion raised by Goldman for 1MDB was siphoned off by politically connected people and funneled into various projects, including Hollywood movie productions, famous paintings and a Bombardier jet.

Without assigning any blame to the bank, the prosecutors’ complaint indicated that the documents circulated by Goldman prior to the bond sales were misleading. Leissner, the former vice chairman of Goldman’s operations in Asia, was the lead banker on the 1MDB deals. He resigned from Goldman after he was placed on leave in January over “inaccurate and unauthorized statements” in a letter of reference, according to Financial Industry Regulatory Authority records.

Related Story: The Rise and Fall of Tim Leissner

Razak wasn’t accused of wrongdoing in the U.S. complaint. Leissner wasn’t either.

Primus Pacific, EON’s biggest shareholder after buying a stake of more than 20 percent in 2008, unsuccessfully sued twice to block the sale, arguing that Hong Leong’s takeover price was too low.

“This plaintiff previously lost its challenge in the Malaysian courts seeking to stop the transaction at issue, which was then approved by shareholders," Andrew Williams, a spokesman for Goldman, said in a statement. He called the lawsuit “misguided.”

Leissner’s attorney, Jonathan Cogan, didn’t return a call for comment.

Goldman persuaded EON’s board to hire it as financial adviser by misrepresenting and hiding conflicts of interest, according to the lawsuit, filed Tuesday in New York state court. The conflicts stemmed from existing and potential business interests in Malaysia, including its close relationship with Razak, according to the complaint.

Damages Sought

Primus Pacific seeks $510 million in damages, including a punitive award.

Goldman served as the "key adviser" to 1MDB and Leissner "repeatedly engaged in misconduct" in connection with the fund before, during and after the time the company served as EON’s adviser, according to the complaint.

Goldman initially advised EON in January 2010 that the bid was below the company’s value, and four months later recommended that the board accept a bid that was 2.8 percent higher - a proposal that was approved by shareholders, Primus Pacific said.

"As a result of Goldman Sach’s’ fraud, shareholders approving HLB’s takeover bid were unaware of critical facts that, if known, would have precluded approval of the HLB offer," Primus Pacific said.

The case is Primus Pacific Partners 1 LP v. Goldman Sachs Group Inc., 653885/2016, New York State Supreme Court, New York County (Manhattan).

(Updates with company comment in eighth paragraph.)

To contact the reporters on this story: Chris Dolmetsch in New York State Supreme Court in Manhattan at cdolmetsch@bloomberg.net, Greg Farrell in New York at gregfarrell@bloomberg.net. To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider

©2016 Bloomberg L.P.

PETALING JAYA: Deputy Inspector-General of Police Noor Rashid Ibrahim is expected to be appointed the new MACC chief, according to a newspaper report.

Chinese newspaper Oriental Daily said he would fill the void left by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Abu Kassim Mohamed, who retires in August.

According to Oriental Daily, the Government had recommended Noor Rashid to lead MACC based on his honesty and ability to lead.

It is understood that the Government offered the post to Noor Rashid when he was on an official visit to London last month.

According to sources quoted by Oriental Daily, the 58-year-old senior police officer did not make an immediate decision as he was concerned whether he would be able to run the anti-graft commission.

He had also wanted to retire from the police force where he had served for 32 years, according to the report. Despite that, Oriental Daily sources told the paper, Noor Rashid was expected to leave the final decision to Prime Minister Najib Razak.

However, Noor Rashid, when contacted by FMT, said he was in the dark on the origin of such speculations.

“I don’t know how this story came about. I do not want to know,” he said.

Noor Rashid denied that he was offered the helm of MACC when he was in London recently.

“Even I do not know such a thing happened. It (such speculations) only gives me a headache, as I have to know many things,” he said, admitting that if he were to be asked to replace Abu Kassim, he would not know how to reply to such an offer.

Abu Kassim, who took on the position in 2010, retires on Aug 1, which is 18 months before his tenure is due to expire. He had said that he had not been pressured to step down as MACC chief commissioner, and that the decision to do so was his own.

On June 23, Chief Secretary to the Government Ali Hamsa said Abu Kassim, 55, would continue as an anti-corruption service officer, until he reached compulsory retirement on Dec 6, 2020.

He will contribute his experience and expertise as a consultant at Universiti Teknologi MARA (UiTM) and at the international level he would remain Vice-President of the International Association of Anti-Corruption Authorities and a member of the Board of Governance of the International Anti-Corruption Academy in Austria until his retirement

Malaysia's Prime Minister Najib Razak is to have sweeping new security powers to deploy forces. He also faces mounting protest over allegations of misappropriation of state funds.

The new National Security Council Act will allow Prime Minister Najib Razak to designate "security" areas where he can deploy forces to search any individual, vehicle or premise without a warrant.

Under the new powers, which will apply from August 1, investigators will not have to hold formal inquests into killings by the police or armed forces in those areas.

The ruling government coalition has said the law is necessary to counter threats to security but critics have expressed concerns that the new measures could be used to silence critics of the One Malaysia Development Berhad (1MDB) fund scandal.

"The concern among the civil society and others is because the National Security Council can be used against anything that the government is unhappy with," said Wan Saiful Wan Jan, chief executive of the Institute for Democracy and Economic Affairs. He said it could extend to public rallies.

The law was enacted without the customary royal assent being obtained from Malaysia's King Abdul Halim, who had asked for some changes to the text.

One Malaysia Development Berhad (1MDB)

The new measures come as more protests are being planned over allegations of corruption in government, and management of the 1MDB. Until recently, the prime minister was chair of the advisory council of the 1MDB development fund, which he founded in 2009 aimed at turning Kuala Lumpur into a financial hub.

Pressure increased last week when the US Justice Department filed civil lawsuits alleging that $3.5 billion (3.1 billion euros) had been misappropriated from the fund. The lawsuits are seeking to seize $1 billion of assets, including property and a private jet, allegedly taken from the fund as part of "an international conspiracy to launder money." The Wall Street Journal reported it had seen written evidence of funds moving from the 1MDB to Najib Razak's bank accounts. The prime minister denies wrongdoing.

US finance house Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised. It had accused the Wall Street bank of fraudulently shortchanging it in a merger. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages after the Goldman Sachs allegedly concealed its conflicts of interest with Najib Razak and the 1MDB sovereign wealth fund.

Restrictions could limit protests

There have been restrictions on reporting the 1MDB scandal in Malaysia with blocks to online news portals while media groups and journalists have been targeted.

Malaysia's opposition coalition is planning an anti-Najib Razak rally on Saturday. Under current law, rallies can still be organized but under the new measures in force from Monday, protests can be disallowed once a location has been designated a "security area."

The Inspector-General of Police Khalid Abu Bakar said earlier this week he would not allow rallies that demand Najib step down.

jm/msh (Reuters, AFP)

VIVOCOM LATEST:

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

(Bloomberg) -- Goldman Sachs Group Inc. has another Malaysia problem.

The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the sovereign wealth fund.

Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. for $1.7 billion in May 2011. Goldman used EON’s confidential information to help the bank buy EON on the cheap knowing that Razak’s brother served as a board member and another brother chaired the investment firm advising the bank, Primus Pacific Partners 1 LP said in the complaint.

The lawsuit comes as Goldman’s fundraising activities on behalf of 1MDB have drawn the attention of U.S. prosecutors. In a complaint filed last week, they laid out a road map that appeared to show how more than $2 billion raised by Goldman for 1MDB was siphoned off by politically connected people and funneled into various projects, including Hollywood movie productions, famous paintings and a Bombardier jet.

Without assigning any blame to the bank, the prosecutors’ complaint indicated that the documents circulated by Goldman prior to the bond sales were misleading. Leissner, the former vice chairman of Goldman’s operations in Asia, was the lead banker on the 1MDB deals. He resigned from Goldman after he was placed on leave in January over “inaccurate and unauthorized statements” in a letter of reference, according to Financial Industry Regulatory Authority records.

Related Story: The Rise and Fall of Tim Leissner

Razak wasn’t accused of wrongdoing in the U.S. complaint. Leissner wasn’t either.

Primus Pacific, EON’s biggest shareholder after buying a stake of more than 20 percent in 2008, unsuccessfully sued twice to block the sale, arguing that Hong Leong’s takeover price was too low.

“This plaintiff previously lost its challenge in the Malaysian courts seeking to stop the transaction at issue, which was then approved by shareholders," Andrew Williams, a spokesman for Goldman, said in a statement. He called the lawsuit “misguided.”

Leissner’s attorney, Jonathan Cogan, didn’t return a call for comment.

Goldman persuaded EON’s board to hire it as financial adviser by misrepresenting and hiding conflicts of interest, according to the lawsuit, filed Tuesday in New York state court. The conflicts stemmed from existing and potential business interests in Malaysia, including its close relationship with Razak, according to the complaint.

Damages Sought

Primus Pacific seeks $510 million in damages, including a punitive award.

Goldman served as the "key adviser" to 1MDB and Leissner "repeatedly engaged in misconduct" in connection with the fund before, during and after the time the company served as EON’s adviser, according to the complaint.

Goldman initially advised EON in January 2010 that the bid was below the company’s value, and four months later recommended that the board accept a bid that was 2.8 percent higher - a proposal that was approved by shareholders, Primus Pacific said.

"As a result of Goldman Sach’s’ fraud, shareholders approving HLB’s takeover bid were unaware of critical facts that, if known, would have precluded approval of the HLB offer," Primus Pacific said.

The case is Primus Pacific Partners 1 LP v. Goldman Sachs Group Inc., 653885/2016, New York State Supreme Court, New York County (Manhattan).

(Updates with company comment in eighth paragraph.)

To contact the reporters on this story: Chris Dolmetsch in New York State Supreme Court in Manhattan at cdolmetsch@bloomberg.net, Greg Farrell in New York at gregfarrell@bloomberg.net. To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider

©2016 Bloomberg L.P.

PETALING JAYA: Deputy Inspector-General of Police Noor Rashid Ibrahim is expected to be appointed the new MACC chief, according to a newspaper report.

Chinese newspaper Oriental Daily said he would fill the void left by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Abu Kassim Mohamed, who retires in August.

According to Oriental Daily, the Government had recommended Noor Rashid to lead MACC based on his honesty and ability to lead.

It is understood that the Government offered the post to Noor Rashid when he was on an official visit to London last month.

According to sources quoted by Oriental Daily, the 58-year-old senior police officer did not make an immediate decision as he was concerned whether he would be able to run the anti-graft commission.

He had also wanted to retire from the police force where he had served for 32 years, according to the report. Despite that, Oriental Daily sources told the paper, Noor Rashid was expected to leave the final decision to Prime Minister Najib Razak.

However, Noor Rashid, when contacted by FMT, said he was in the dark on the origin of such speculations.

“I don’t know how this story came about. I do not want to know,” he said.

Noor Rashid denied that he was offered the helm of MACC when he was in London recently.

“Even I do not know such a thing happened. It (such speculations) only gives me a headache, as I have to know many things,” he said, admitting that if he were to be asked to replace Abu Kassim, he would not know how to reply to such an offer.

Abu Kassim, who took on the position in 2010, retires on Aug 1, which is 18 months before his tenure is due to expire. He had said that he had not been pressured to step down as MACC chief commissioner, and that the decision to do so was his own.

On June 23, Chief Secretary to the Government Ali Hamsa said Abu Kassim, 55, would continue as an anti-corruption service officer, until he reached compulsory retirement on Dec 6, 2020.

He will contribute his experience and expertise as a consultant at Universiti Teknologi MARA (UiTM) and at the international level he would remain Vice-President of the International Association of Anti-Corruption Authorities and a member of the Board of Governance of the International Anti-Corruption Academy in Austria until his retirement

Malaysia's Prime Minister Najib Razak is to have sweeping new security powers to deploy forces. He also faces mounting protest over allegations of misappropriation of state funds.

The new National Security Council Act will allow Prime Minister Najib Razak to designate "security" areas where he can deploy forces to search any individual, vehicle or premise without a warrant.

Under the new powers, which will apply from August 1, investigators will not have to hold formal inquests into killings by the police or armed forces in those areas.

The ruling government coalition has said the law is necessary to counter threats to security but critics have expressed concerns that the new measures could be used to silence critics of the One Malaysia Development Berhad (1MDB) fund scandal.

"The concern among the civil society and others is because the National Security Council can be used against anything that the government is unhappy with," said Wan Saiful Wan Jan, chief executive of the Institute for Democracy and Economic Affairs. He said it could extend to public rallies.

The law was enacted without the customary royal assent being obtained from Malaysia's King Abdul Halim, who had asked for some changes to the text.

One Malaysia Development Berhad (1MDB)

The new measures come as more protests are being planned over allegations of corruption in government, and management of the 1MDB. Until recently, the prime minister was chair of the advisory council of the 1MDB development fund, which he founded in 2009 aimed at turning Kuala Lumpur into a financial hub.

Pressure increased last week when the US Justice Department filed civil lawsuits alleging that $3.5 billion (3.1 billion euros) had been misappropriated from the fund. The lawsuits are seeking to seize $1 billion of assets, including property and a private jet, allegedly taken from the fund as part of "an international conspiracy to launder money." The Wall Street Journal reported it had seen written evidence of funds moving from the 1MDB to Najib Razak's bank accounts. The prime minister denies wrongdoing.

US finance house Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised. It had accused the Wall Street bank of fraudulently shortchanging it in a merger. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages after the Goldman Sachs allegedly concealed its conflicts of interest with Najib Razak and the 1MDB sovereign wealth fund.

Restrictions could limit protests

There have been restrictions on reporting the 1MDB scandal in Malaysia with blocks to online news portals while media groups and journalists have been targeted.

Malaysia's opposition coalition is planning an anti-Najib Razak rally on Saturday. Under current law, rallies can still be organized but under the new measures in force from Monday, protests can be disallowed once a location has been designated a "security area."

The Inspector-General of Police Khalid Abu Bakar said earlier this week he would not allow rallies that demand Najib step down.

jm/msh (Reuters, AFP)

VIVOCOM LATEST:

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

PETALING JAYA: Deputy Inspector-General of Police Noor Rashid Ibrahim is expected to be appointed the new MACC chief, according to a newspaper report.

Chinese newspaper Oriental Daily said he would fill the void left by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Abu Kassim Mohamed, who retires in August.

According to Oriental Daily, the Government had recommended Noor Rashid to lead MACC based on his honesty and ability to lead.

It is understood that the Government offered the post to Noor Rashid when he was on an official visit to London last month.

According to sources quoted by Oriental Daily, the 58-year-old senior police officer did not make an immediate decision as he was concerned whether he would be able to run the anti-graft commission.

He had also wanted to retire from the police force where he had served for 32 years, according to the report. Despite that, Oriental Daily sources told the paper, Noor Rashid was expected to leave the final decision to Prime Minister Najib Razak.

However, Noor Rashid, when contacted by FMT, said he was in the dark on the origin of such speculations.

“I don’t know how this story came about. I do not want to know,” he said.

Noor Rashid denied that he was offered the helm of MACC when he was in London recently.

“Even I do not know such a thing happened. It (such speculations) only gives me a headache, as I have to know many things,” he said, admitting that if he were to be asked to replace Abu Kassim, he would not know how to reply to such an offer.

Abu Kassim, who took on the position in 2010, retires on Aug 1, which is 18 months before his tenure is due to expire. He had said that he had not been pressured to step down as MACC chief commissioner, and that the decision to do so was his own.

On June 23, Chief Secretary to the Government Ali Hamsa said Abu Kassim, 55, would continue as an anti-corruption service officer, until he reached compulsory retirement on Dec 6, 2020.

He will contribute his experience and expertise as a consultant at Universiti Teknologi MARA (UiTM) and at the international level he would remain Vice-President of the International Association of Anti-Corruption Authorities and a member of the Board of Governance of the International Anti-Corruption Academy in Austria until his retirement

Malaysia's Prime Minister Najib Razak is to have sweeping new security powers to deploy forces. He also faces mounting protest over allegations of misappropriation of state funds.

The new National Security Council Act will allow Prime Minister Najib Razak to designate "security" areas where he can deploy forces to search any individual, vehicle or premise without a warrant.

Under the new powers, which will apply from August 1, investigators will not have to hold formal inquests into killings by the police or armed forces in those areas.

The ruling government coalition has said the law is necessary to counter threats to security but critics have expressed concerns that the new measures could be used to silence critics of the One Malaysia Development Berhad (1MDB) fund scandal.

"The concern among the civil society and others is because the National Security Council can be used against anything that the government is unhappy with," said Wan Saiful Wan Jan, chief executive of the Institute for Democracy and Economic Affairs. He said it could extend to public rallies.

The law was enacted without the customary royal assent being obtained from Malaysia's King Abdul Halim, who had asked for some changes to the text.

One Malaysia Development Berhad (1MDB)

The new measures come as more protests are being planned over allegations of corruption in government, and management of the 1MDB. Until recently, the prime minister was chair of the advisory council of the 1MDB development fund, which he founded in 2009 aimed at turning Kuala Lumpur into a financial hub.

Pressure increased last week when the US Justice Department filed civil lawsuits alleging that $3.5 billion (3.1 billion euros) had been misappropriated from the fund. The lawsuits are seeking to seize $1 billion of assets, including property and a private jet, allegedly taken from the fund as part of "an international conspiracy to launder money." The Wall Street Journal reported it had seen written evidence of funds moving from the 1MDB to Najib Razak's bank accounts. The prime minister denies wrongdoing.

US finance house Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised. It had accused the Wall Street bank of fraudulently shortchanging it in a merger. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages after the Goldman Sachs allegedly concealed its conflicts of interest with Najib Razak and the 1MDB sovereign wealth fund.

Restrictions could limit protests

There have been restrictions on reporting the 1MDB scandal in Malaysia with blocks to online news portals while media groups and journalists have been targeted.

Malaysia's opposition coalition is planning an anti-Najib Razak rally on Saturday. Under current law, rallies can still be organized but under the new measures in force from Monday, protests can be disallowed once a location has been designated a "security area."

The Inspector-General of Police Khalid Abu Bakar said earlier this week he would not allow rallies that demand Najib step down.

jm/msh (Reuters, AFP)

"The concern among the civil society and others is because the National Security Council can be used against anything that the government is unhappy with," said Wan Saiful Wan Jan, chief executive of the Institute for Democracy and Economic Affairs. He said it could extend to public rallies.

The law was enacted without the customary royal assent being obtained from Malaysia's King Abdul Halim, who had asked for some changes to the text.

One Malaysia Development Berhad (1MDB)

The new measures come as more protests are being planned over allegations of corruption in government, and management of the 1MDB. Until recently, the prime minister was chair of the advisory council of the 1MDB development fund, which he founded in 2009 aimed at turning Kuala Lumpur into a financial hub.

Pressure increased last week when the US Justice Department filed civil lawsuits alleging that $3.5 billion (3.1 billion euros) had been misappropriated from the fund. The lawsuits are seeking to seize $1 billion of assets, including property and a private jet, allegedly taken from the fund as part of "an international conspiracy to launder money." The Wall Street Journal reported it had seen written evidence of funds moving from the 1MDB to Najib Razak's bank accounts. The prime minister denies wrongdoing.

US finance house Goldman Sachs Group Inc was sued on Tuesday by a major shareholder of a Malaysian bank it once advised. It had accused the Wall Street bank of fraudulently shortchanging it in a merger. In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages after the Goldman Sachs allegedly concealed its conflicts of interest with Najib Razak and the 1MDB sovereign wealth fund.

Restrictions could limit protests

There have been restrictions on reporting the 1MDB scandal in Malaysia with blocks to online news portals while media groups and journalists have been targeted.

Malaysia's opposition coalition is planning an anti-Najib Razak rally on Saturday. Under current law, rallies can still be organized but under the new measures in force from Monday, protests can be disallowed once a location has been designated a "security area."

The Inspector-General of Police Khalid Abu Bakar said earlier this week he would not allow rallies that demand Najib step down.

jm/msh (Reuters, AFP)

Malaysia's Prime Minister Najib Razak is to have sweeping new security powers to deploy forces. He also faces mounting protest over allegations of misappropriation of state funds.

The new National Security Council Act will allow Prime Minister Najib Razak to designate "security" areas where he can deploy forces to search any individual, vehicle or premise without a warrant.

Under the new powers, which will apply from August 1, investigators will not have to hold formal inquests into killings by the police or armed forces in those areas.

The ruling government coalition has said the law is necessary to counter threats to security but critics have expressed concerns that the new measures could be used to silence critics of the One Malaysia Development Berhad (1MDB) fund scandal.

(Bloomberg) -- Goldman Sachs Group Inc. has another Malaysia problem.

The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the sovereign wealth fund.

Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. for $1.7 billion in May 2011. Goldman used EON’s confidential information to help the bank buy EON on the cheap knowing that Razak’s brother served as a board member and another brother chaired the investment firm advising the bank, Primus Pacific Partners 1 LP said in the complaint.

The lawsuit comes as Goldman’s fundraising activities on behalf of 1MDB have drawn the attention of U.S. prosecutors. In a complaint filed last week, they laid out a road map that appeared to show how more than $2 billion raised by Goldman for 1MDB was siphoned off by politically connected people and funneled into various projects, including Hollywood movie productions, famous paintings and a Bombardier jet.

Without assigning any blame to the bank, the prosecutors’ complaint indicated that the documents circulated by Goldman prior to the bond sales were misleading. Leissner, the former vice chairman of Goldman’s operations in Asia, was the lead banker on the 1MDB deals. He resigned from Goldman after he was placed on leave in January over “inaccurate and unauthorized statements” in a letter of reference, according to Financial Industry Regulatory Authority records.

Related Story: The Rise and Fall of Tim Leissner

Razak wasn’t accused of wrongdoing in the U.S. complaint. Leissner wasn’t either.

Primus Pacific, EON’s biggest shareholder after buying a stake of more than 20 percent in 2008, unsuccessfully sued twice to block the sale, arguing that Hong Leong’s takeover price was too low.

“This plaintiff previously lost its challenge in the Malaysian courts seeking to stop the transaction at issue, which was then approved by shareholders," Andrew Williams, a spokesman for Goldman, said in a statement. He called the lawsuit “misguided.”

Leissner’s attorney, Jonathan Cogan, didn’t return a call for comment.

Goldman persuaded EON’s board to hire it as financial adviser by misrepresenting and hiding conflicts of interest, according to the lawsuit, filed Tuesday in New York state court. The conflicts stemmed from existing and potential business interests in Malaysia, including its close relationship with Razak, according to the complaint.

Damages Sought

Primus Pacific seeks $510 million in damages, including a punitive award.

Goldman served as the "key adviser" to 1MDB and Leissner "repeatedly engaged in misconduct" in connection with the fund before, during and after the time the company served as EON’s adviser, according to the complaint.

Goldman initially advised EON in January 2010 that the bid was below the company’s value, and four months later recommended that the board accept a bid that was 2.8 percent higher - a proposal that was approved by shareholders, Primus Pacific said.

"As a result of Goldman Sach’s’ fraud, shareholders approving HLB’s takeover bid were unaware of critical facts that, if known, would have precluded approval of the HLB offer," Primus Pacific said.

The case is Primus Pacific Partners 1 LP v. Goldman Sachs Group Inc., 653885/2016, New York State Supreme Court, New York County (Manhattan).

(Updates with company comment in eighth paragraph.)

To contact the reporters on this story: Chris Dolmetsch in New York State Supreme Court in Manhattan at cdolmetsch@bloomberg.net, Greg Farrell in New York at gregfarrell@bloomberg.net. To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider

©2016 Bloomberg L.P.

Nekosan not yet go for treatment?

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

It is peaceful now. Back to normal forum. Enjoy your sharing.

Disagreetoagree is a conman.

Dis is a conman.

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

PETALING JAYA: Pro-Najib blogger Lim Sian See has pointed out that any money said to have been embezzled from 1Malaysia Development Berhad was actually stolen from Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC).

He said 1MDB could not lay claim to the money, which the US Justice Department said had been embezzled and paid to Penang-born financier Jho Low, motion-picture production firm Red Granite Pictures and Abu Dhabi businessman Khadem Abdullah al-Qubaisi.

Analysing the allegations laid out in a suit by the Justice Department Lim said in his blog LSS Report that “if money from here was stolen, then it was stolen from International Petroleum Investment Co and not 1MDB.”

He said 1MDB had signed joint-venture agreements with Abu Dhabi company Aabar Investments PJS, where Khadem was the chairman and Mohamed Badawy Al-Husseiny the managing director.

The two men were named in the US suit together with Jho Low and Riza Aziz, son of Rosmah Mansor, wife of the prime minister.

The Justice Departmant seeks to seize US$1 billion in assets – including luxury properties, a hotel, a private jet, works of art and royalties to the movie Wolf of Wall Street. The suit says the assets were acquired with money embezzled from 1MDB funds.

Bernama reported that Lim said that 1MDB held that Aabar BVI was a legitimate firm owned by IPIC.

The two companies are in dispute about the money, and the case has gone to arbitration in London.

“For 1MDB to claim that the money is theirs would mean that the entire London arbitration case between IPIC and it would collapse. 1MDB will end up losing billions, while Abu Dhabi’s IPIC will get away blameless.

“This despite both of IPIC’s most senior executives, its former managing director Khadem from 2007 to 2015 and Aabar PJS’s managing director Mohamed Badawy being named as part of the US case and asset seizures,” he added, according to Bernama.

Lim said 1MDB would need to focus on winning its arbitration case by proving that the two senior executives of Aabar and IPIC had acted with full authority of the board and that all checks had shown that Aabar-BVI had legally belonged to both entities.

“1MDB believes it has enough evidence to win the case. It deliberately refused to pay for the scheduled interest payments on the bonds, despite having RM3 billion in the bank then, and allowed the two 1MDB bonds guaranteed by IPIC to default, thus triggering the guarantee by the latter, forcing it to pay up,” he said.

He added that if 1MDB wins this case, then the US$4.5 billion in assets could be recovered from IPIC.

“If this is the case, it is likely that IPIC will take over the US$3.5 billion bonds and allow 1MDB to keep the US$1 billion which it had paid earlier. IPIC will then be the party responsible for reclaiming the US$4.5 billion assets in Aabar-BVI,” he said, Bernama reported.

On the question of how much actual “wang rakyat” had been lost so far, he concluded, none so far.

“Since the amounts alleged to be stolen are from the loans that 1MDB took and are not due, no actual Malaysian money has been lost as yet. This is assuming that the IPIC dispute can be settled in 1MDB’s favour and the US$1.5 billion Global Investment Limited (GIL) bonds is redeemed,” Lim said.

He also pointed out that 1MDB had not defaulted on any loans or bonds so far other than US$3.5 billion bonds in dispute with IPIC.

“In fact, many loans have been completely repaid or settled,” he added.

Lim said if 1MDB won the IPIC arbitration case and also redeemed the US$1.5 billion GIL funds, then it could truly say that none of its money was missing or stolen.

A more detailed analysis of the US law suit is on Lim’s blog.

The KL-SG HSR MoU signifies commitment, and is positive newsflow for the construction sector. Expected to commence operations in 2026, the construction duration could take eight years, starting from 2018. Overall, we view the HSR project positively in providing long-term sustainable job flows to the construction sector, and it should also help in enhancing land values with residential/commercial/industrial developments along much of its alignment. Reiterate POSITIVE on the construction sector.

Solidarity for Najib in wake of US action

PETALING JAYA: In view of the US Justice Department’s action allegedly linking 1Malaysia Development Berhad (1MDB), Malaysians have taken to social media to show solidarity for Prime Minister Datuk Seri Najib Tun Razak.

Social media was abuzz with the hashtag #bestrongPM being widely shared on both Facebook and Twitter on Friday.

Among the messages circulated on Facebook include "Kekal Najib" (Najib to remain), “Belia Bangkit (Rise up youth)”, “Parlimen Pekan (Pekan Parliament)” and “Anti-DAP club”.

In addition to sharing the hashtag and the image attached to it, one page “Kelab Che Jib” wrote, "#bestrongPM in facing the allegations and negative perceptions that are being thrown at you."

They just like many other social media users urged the public to share the image and the hashtag in order to show support for the Prime Minister.

On Twitter, one @romyirwanshah wrote: "#bestrongPM, one day Malaysians will know who you are. We support you."

His message was echoed by @asyrafmiswan who said, "Najib is innocent, #bestrongPM."

On Thursday, Najib urged all parties not to jump to conclusions on the ongoing action by the US Justice Department to seize over US$1bil (RM4.02bil) in assets allegedly linked to 1MDB.

The Prime Minister said the Government would extend its full cooperation to all international investigative bodies relating to the matter.

OTHERS RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD

Type Announcement
Subject OTHERS

Description RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD (formerly known as INSTACOM GROUP BERHAD) ("VIVOCOM" OR THE "COMPANY")

We refer to our announcement dated 27 June 2016 and the recent news articles pertaining to rumours or speculations regarding Dato’ Seri Dr. Yeoh Seong Mok on his purported intention to resign or retire from the Company.

The Board of Directors (“Board”) would like to deny such rumours and speculations and wishes to clarify and confirm that Dato’ Seri Dr. Yeoh Seong Mok shall remain as the CEO of the Company, and that he has no intention of leaving the Company as reported in the press.

The Board takes note of its obligations under the listing requirements on timely disclosure of material developments and will make the necessary announcements of such pertinent matters accordingly.

Seputeh MP Teresa Kok was today awarded RM350,000 by the Court of Appeal in her lawsuit against the government over her arrest and detention under the repealed Internal Security Act in 2008.

In the judgment read out by Justice Varghese George Varughese who headed the three-man panel, it said the authorities should have investigated the allegations against Kok properly before detaining her.

It then reversed a previous High Court decision dismissing Kok's suit and ordered the government to pay RM200,000 for general and RM150,000 in aggravated and exemplary damages to the DAP vice president.

“I really thank the Court of Appeal for giving justice to me. This proves that I have been arrested wrongfully and unjustly,” Kok told reporters after the hearing.

“And all these accusations thrown against me that time, we just came into power, the enemy tried to paint anti-Islam, anti-Malay image on the Pakatan Rakyat government and myself. Now you hear very clearly from the judges saying all these allegations are without basis.”

Agreed powerangerhuat.

Agreed greegreegree

Darth, the fundamentals for Vivocom is the same.

Q2 R is good a s Q1R

Disagree gave us rubbish, I will give him back rubbish

Yawn......

PETALING JAYA: Pro-Najib blogger Lim Sian See has pointed out that any money said to have been embezzled from 1Malaysia Development Berhad was actually stolen from Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC).

He said 1MDB could not lay claim to the money, which the US Justice Department said had been embezzled and paid to Penang-born financier Jho Low, motion-picture production firm Red Granite Pictures and Abu Dhabi businessman Khadem Abdullah al-Qubaisi.

The KL-SG HSR MoU signifies commitment, and is positive newsflow for the construction sector. Expected to commence operations in 2026, the construction duration could take eight years, starting from 2018. Overall, we view the HSR project positively in providing long-term sustainable job flows to the construction sector, and it should also help in enhancing land values with residential/commercial/industrial developments along much of its alignment. Reiterate POSITIVE on the construction sector.

Have You Seen The Biggest Dog In The World?

In case you haven’t noticed, the popularity of pint-sized pooches continues to rise. But while chihuahuas and yorkies are totally adorable and can easily fit into your handbag or carry-on, there’s just something majestic about BIG dogs. We’ve rounded up some of the biggest dog breeds in the world for your viewing pleasure, some of which don’t seem to understand just how gigantic they really are, and we promise you’ll be blown away. Are you ready to see the biggest dogs on earth?

PUTRAJAYA, July 26 ― Seputeh MP Teresa Kok was today awarded RM350,000 by the Court of Appeal in her lawsuit against the government over her arrest and detention under the repealed Internal Security Act in 2008.

In the judgment read out by Justice Varghese George Varughese who headed the three-man panel, it said the authorities should have investigated the allegations against Kok properly before detaining her.

It then reversed a previous High Court decision dismissing Kok's suit and ordered the government to pay RM200,000 for general and RM150,000 in aggravated and exemplary damages to the DAP vice president.

“I really thank the Court of Appeal for giving justice to me. This proves that I have been arrested wrongfully and unjustly,” Kok told reporters after the hearing.

“And all these accusations thrown against me that time, we just came into power, the enemy tried to paint anti-Islam, anti-Malay image on the Pakatan Rakyat government and myself. Now you hear very clearly from the judges saying all these allegations are without basis.”

OTHERS RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD

Type Announcement
Subject OTHERS

Description RUMOURS OR SPECULATIONS REGARDING DATO SERI DR. YEOH SEONG MOK ON HIS PURPORTED INTENTION TO RESIGN OR RETIRE FROM THE COMPANY.

VIVOCOM INTL HOLDINGS BERHAD (formerly known as INSTACOM GROUP BERHAD) ("VIVOCOM" OR THE "COMPANY")

We refer to our announcement dated 27 June 2016 and the recent news articles pertaining to rumours or speculations regarding Dato’ Seri Dr. Yeoh Seong Mok on his purported intention to resign or retire from the Company.

The Board of Directors (“Board”) would like to deny such rumours and speculations and wishes to clarify and confirm that Dato’ Seri Dr. Yeoh Seong Mok shall remain as the CEO of the Company, and that he has no intention of leaving the Company as reported in the press.

The Board takes note of its obligations under the listing requirements on timely disclosure of material developments and will make the necessary announcements of such pertinent matters accordingly.

Solidarity for Najib in wake of US action

PETALING JAYA: In view of the US Justice Department’s action allegedly linking 1Malaysia Development Berhad (1MDB), Malaysians have taken to social media to show solidarity for Prime Minister Datuk Seri Najib Tun Razak.

Social media was abuzz with the hashtag #bestrongPM being widely shared on both Facebook and Twitter on Friday.

Among the messages circulated on Facebook include "Kekal Najib" (Najib to remain), “Belia Bangkit (Rise up youth)”, “Parlimen Pekan (Pekan Parliament)” and “Anti-DAP club”.

In addition to sharing the hashtag and the image attached to it, one page “Kelab Che Jib” wrote, "#bestrongPM in facing the allegations and negative perceptions that are being thrown at you."

They just like many other social media users urged the public to share the image and the hashtag in order to show support for the Prime Minister.

On Twitter, one @romyirwanshah wrote: "#bestrongPM, one day Malaysians will know who you are. We support you."

His message was echoed by @asyrafmiswan who said, "Najib is innocent, #bestrongPM."

On Thursday, Najib urged all parties not to jump to conclusions on the ongoing action by the US Justice Department to seize over US$1bil (RM4.02bil) in assets allegedly linked to 1MDB.

The Prime Minister said the Government would extend its full cooperation to all international investigative bodies relating to the matter.

VIVOCOM SUMMARY - Latest Update

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

Stock: [VIVOCOM]: INSTACOM GROUP BERHAD

Jul 22, 2016 12:20 PM | Report Abuse

The KL-SG HSR MoU signifies commitment, and is positive newsflow for the construction sector. Expected to commence operations in 2026, the construction duration could take eight years, starting from 2018. Overall, we view the HSR project positively in providing long-term sustainable job flows to the construction sector, and it should also help in enhancing land values with residential/commercial/industrial developments along much of its alignment. Reiterate POSITIVE on the construction sector.

PETALING JAYA: Pro-Najib blogger Lim Sian See has pointed out that any money said to have been embezzled from 1Malaysia Development Berhad was actually stolen from Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC).

He said 1MDB could not lay claim to the money, which the US Justice Department said had been embezzled and paid to Penang-born financier Jho Low, motion-picture production firm Red Granite Pictures and Abu Dhabi businessman Khadem Abdullah al-Qubaisi.

Analysing the allegations laid out in a suit by the Justice Department Lim said in his blog LSS Report that “if money from here was stolen, then it was stolen from International Petroleum Investment Co and not 1MDB.”

He said 1MDB had signed joint-venture agreements with Abu Dhabi company Aabar Investments PJS, where Khadem was the chairman and Mohamed Badawy Al-Husseiny the managing director.

The two men were named in the US suit together with Jho Low and Riza Aziz, son of Rosmah Mansor, wife of the prime minister.

The Justice Departmant seeks to seize US$1 billion in assets – including luxury properties, a hotel, a private jet, works of art and royalties to the movie Wolf of Wall Street. The suit says the assets were acquired with money embezzled from 1MDB funds.

Bernama reported that Lim said that 1MDB held that Aabar BVI was a legitimate firm owned by IPIC.

The two companies are in dispute about the money, and the case has gone to arbitration in London.

“For 1MDB to claim that the money is theirs would mean that the entire London arbitration case between IPIC and it would collapse. 1MDB will end up losing billions, while Abu Dhabi’s IPIC will get away blameless.

“This despite both of IPIC’s most senior executives, its former managing director Khadem from 2007 to 2015 and Aabar PJS’s managing director Mohamed Badawy being named as part of the US case and asset seizures,” he added, according to Bernama.

Lim said 1MDB would need to focus on winning its arbitration case by proving that the two senior executives of Aabar and IPIC had acted with full authority of the board and that all checks had shown that Aabar-BVI had legally belonged to both entities.

“1MDB believes it has enough evidence to win the case. It deliberately refused to pay for the scheduled interest payments on the bonds, despite having RM3 billion in the bank then, and allowed the two 1MDB bonds guaranteed by IPIC to default, thus triggering the guarantee by the latter, forcing it to pay up,” he said.

He added that if 1MDB wins this case, then the US$4.5 billion in assets could be recovered from IPIC.

“If this is the case, it is likely that IPIC will take over the US$3.5 billion bonds and allow 1MDB to keep the US$1 billion which it had paid earlier. IPIC will then be the party responsible for reclaiming the US$4.5 billion assets in Aabar-BVI,” he said, Bernama reported.

On the question of how much actual “wang rakyat” had been lost so far, he concluded, none so far.

“Since the amounts alleged to be stolen are from the loans that 1MDB took and are not due, no actual Malaysian money has been lost as yet. This is assuming that the IPIC dispute can be settled in 1MDB’s favour and the US$1.5 billion Global Investment Limited (GIL) bonds is redeemed,” Lim said.

He also pointed out that 1MDB had not defaulted on any loans or bonds so far other than US$3.5 billion bonds in dispute with IPIC.

“In fact, many loans have been completely repaid or settled,” he added.

Lim said if 1MDB won the IPIC arbitration case and also redeemed the US$1.5 billion GIL funds, then it could truly say that none of its money was missing or stolen.

A more detailed analysis of the US law suit is on Lim’s blog.

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.

Stock: [VIVOCOM]: INSTACOM GROUP BERHAD

Jul 22, 2016 12:20 PM | Report Abuse

The KL-SG HSR MoU signifies commitment, and is positive newsflow for the construction sector. Expected to commence operations in 2026, the construction duration could take eight years, starting from 2018. Overall, we view the HSR project positively in providing long-term sustainable job flows to the construction sector, and it should also help in enhancing land values with residential/commercial/industrial developments along much of its alignment. Reiterate POSITIVE on the construction sector.

PETALING JAYA: Pro-Najib blogger Lim Sian See has pointed out that any money said to have been embezzled from 1Malaysia Development Berhad was actually stolen from Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC).

He said 1MDB could not lay claim to the money, which the US Justice Department said had been embezzled and paid to Penang-born financier Jho Low, motion-picture production firm Red Granite Pictures and Abu Dhabi businessman Khadem Abdullah al-Qubaisi.

Analysing the allegations laid out in a suit by the Justice Department Lim said in his blog LSS Report that “if money from here was stolen, then it was stolen from International Petroleum Investment Co and not 1MDB.”

He said 1MDB had signed joint-venture agreements with Abu Dhabi company Aabar Investments PJS, where Khadem was the chairman and Mohamed Badawy Al-Husseiny the managing director.

The two men were named in the US suit together with Jho Low and Riza Aziz, son of Rosmah Mansor, wife of the prime minister.

The Justice Departmant seeks to seize US$1 billion in assets – including luxury properties, a hotel, a private jet, works of art and royalties to the movie Wolf of Wall Street. The suit says the assets were acquired with money embezzled from 1MDB funds.

Bernama reported that Lim said that 1MDB held that Aabar BVI was a legitimate firm owned by IPIC.

The two companies are in dispute about the money, and the case has gone to arbitration in London.

“For 1MDB to claim that the money is theirs would mean that the entire London arbitration case between IPIC and it would collapse. 1MDB will end up losing billions, while Abu Dhabi’s IPIC will get away blameless.

“This despite both of IPIC’s most senior executives, its former managing director Khadem from 2007 to 2015 and Aabar PJS’s managing director Mohamed Badawy being named as part of the US case and asset seizures,” he added, according to Bernama.

Lim said 1MDB would need to focus on winning its arbitration case by proving that the two senior executives of Aabar and IPIC had acted with full authority of the board and that all checks had shown that Aabar-BVI had legally belonged to both entities.

“1MDB believes it has enough evidence to win the case. It deliberately refused to pay for the scheduled interest payments on the bonds, despite having RM3 billion in the bank then, and allowed the two 1MDB bonds guaranteed by IPIC to default, thus triggering the guarantee by the latter, forcing it to pay up,” he said.

He added that if 1MDB wins this case, then the US$4.5 billion in assets could be recovered from IPIC.

“If this is the case, it is likely that IPIC will take over the US$3.5 billion bonds and allow 1MDB to keep the US$1 billion which it had paid earlier. IPIC will then be the party responsible for reclaiming the US$4.5 billion assets in Aabar-BVI,” he said, Bernama reported.

On the question of how much actual “wang rakyat” had been lost so far, he concluded, none so far.

“Since the amounts alleged to be stolen are from the loans that 1MDB took and are not due, no actual Malaysian money has been lost as yet. This is assuming that the IPIC dispute can be settled in 1MDB’s favour and the US$1.5 billion Global Investment Limited (GIL) bonds is redeemed,” Lim said.

He also pointed out that 1MDB had not defaulted on any loans or bonds so far other than US$3.5 billion bonds in dispute with IPIC.

“In fact, many loans have been completely repaid or settled,” he added.

Lim said if 1MDB won the IPIC arbitration case and also redeemed the US$1.5 billion GIL funds, then it could truly say that none of its money was missing or stolen.

A more detailed analysis of the US law suit is on Lim’s blog.

Businesses must stay alert as China economy evolves, says HSBC

KUALA LUMPUR: Businesses must remain vigilant as China’s economic cycle evolves, especially those companies engaged in overseas trade after the world’s second largest economic released its economic data, according to HSBC Malaysia.

China's economy grew slightly faster than financial markets expected in the second three months of 2016, expanding by 6.7% from a year ago to stay flat to the pace set in Q1 when growth was at its slowest quarter since 2009.

HSBC Malaysia’s head of global trade and receivables finance, Debbie Mak, said the data showed the need for businesses to remain vigilant as the economic cycle evolves.

"China's growth prospects are crucial for companies engaged in overseas trade and today's data underscore the importance of prudently managing balance sheet and working capital risks in this current phase of the economic cycle," she said.

Fixed asset investment growth, a key gauge of the resilience of economic performance, slipped to 9% in the first half of 2016 versus 9.6% in the first five months of the year.

Private sector investment rose 2.8% in the first half of the year, down from 3.9% in the first five months.

China continues to remain as Malaysia’s largest trading partner for the 7th consecutive year since 2009. Over the years, both countries have pledged to build stronger all-round strategic partnership in areas including trade, finance, port development and logistics, banking and infrastructure.

Mak said Chinese companies are eyeing opportunities in Malaysia.

“Reflecting the opportunities, China's M&A into Malaysia has been the busiest on record, both in terms of volume and number of big deals. Real estate, consumer products and retail have been the most active sectors,” she added.

From January to July 2015, Chinese M&A into Malaysia rose nearly four times to US$830mil compared with the entire 2014, she said.

“It is also expected that trade between Malaysia and China will reach US$160bil by 2017,” May added.

26/07/2016 15:29

Solidarity for Najib in wake of US action

PETALING JAYA: In view of the US Justice Department’s action allegedly linking 1Malaysia Development Berhad (1MDB), Malaysians have taken to social media to show solidarity for Prime Minister Datuk Seri Najib Tun Razak.

Social media was abuzz with the hashtag #bestrongPM being widely shared on both Facebook and Twitter on Friday.

Among the messages circulated on Facebook include "Kekal Najib" (Najib to remain), “Belia Bangkit (Rise up youth)”, “Parlimen Pekan (Pekan Parliament)” and “Anti-DAP club”.

In addition to sharing the hashtag and the image attached to it, one page “Kelab Che Jib” wrote, "#bestrongPM in facing the allegations and negative perceptions that are being thrown at you."

They just like many other social media users urged the public to share the image and the hashtag in order to show support for the Prime Minister.

On Twitter, one @romyirwanshah wrote: "#bestrongPM, one day Malaysians will know who you are. We support you."

His message was echoed by @asyrafmiswan who said, "Najib is innocent, #bestrongPM."

On Thursday, Najib urged all parties not to jump to conclusions on the ongoing action by the US Justice Department to seize over US$1bil (RM4.02bil) in assets allegedly linked to 1MDB.

The Prime Minister said the Government would extend its full cooperation to all international investigative bodies relating to the matter.

PETALING JAYA: Pro-Najib blogger Lim Sian See has pointed out that any money said to have been embezzled from 1Malaysia Development Berhad was actually stolen from Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC).

He said 1MDB could not lay claim to the money, which the US Justice Department said had been embezzled and paid to Penang-born financier Jho Low, motion-picture production firm Red Granite Pictures and Abu Dhabi businessman Khadem Abdullah al-Qubaisi.

Analysing the allegations laid out in a suit by the Justice Department Lim said in his blog LSS Report that “if money from here was stolen, then it was stolen from International Petroleum Investment Co and not 1MDB.”

He said 1MDB had signed joint-venture agreements with Abu Dhabi company Aabar Investments PJS, where Khadem was the chairman and Mohamed Badawy Al-Husseiny the managing director.

The two men were named in the US suit together with Jho Low and Riza Aziz, son of Rosmah Mansor, wife of the prime minister.

The Justice Departmant seeks to seize US$1 billion in assets – including luxury properties, a hotel, a private jet, works of art and royalties to the movie Wolf of Wall Street. The suit says the assets were acquired with money embezzled from 1MDB funds.

Bernama reported that Lim said that 1MDB held that Aabar BVI was a legitimate firm owned by IPIC.

The two companies are in dispute about the money, and the case has gone to arbitration in London.

“For 1MDB to claim that the money is theirs would mean that the entire London arbitration case between IPIC and it would collapse. 1MDB will end up losing billions, while Abu Dhabi’s IPIC will get away blameless.

“This despite both of IPIC’s most senior executives, its former managing director Khadem from 2007 to 2015 and Aabar PJS’s managing director Mohamed Badawy being named as part of the US case and asset seizures,” he added, according to Bernama.

Lim said 1MDB would need to focus on winning its arbitration case by proving that the two senior executives of Aabar and IPIC had acted with full authority of the board and that all checks had shown that Aabar-BVI had legally belonged to both entities.

“1MDB believes it has enough evidence to win the case. It deliberately refused to pay for the scheduled interest payments on the bonds, despite having RM3 billion in the bank then, and allowed the two 1MDB bonds guaranteed by IPIC to default, thus triggering the guarantee by the latter, forcing it to pay up,” he said.

He added that if 1MDB wins this case, then the US$4.5 billion in assets could be recovered from IPIC.

“If this is the case, it is likely that IPIC will take over the US$3.5 billion bonds and allow 1MDB to keep the US$1 billion which it had paid earlier. IPIC will then be the party responsible for reclaiming the US$4.5 billion assets in Aabar-BVI,” he said, Bernama reported.

On the question of how much actual “wang rakyat” had been lost so far, he concluded, none so far.

“Since the amounts alleged to be stolen are from the loans that 1MDB took and are not due, no actual Malaysian money has been lost as yet. This is assuming that the IPIC dispute can be settled in 1MDB’s favour and the US$1.5 billion Global Investment Limited (GIL) bonds is redeemed,” Lim said.

He also pointed out that 1MDB had not defaulted on any loans or bonds so far other than US$3.5 billion bonds in dispute with IPIC.

“In fact, many loans have been completely repaid or settled,” he added.

Lim said if 1MDB won the IPIC arbitration case and also redeemed the US$1.5 billion GIL funds, then it could truly say that none of its money was missing or stolen.

A more detailed analysis of the US law suit is on Lim’s blog.

VIVOCOM SUMMARY - Latest Update

Five solid financial institutions ( CIMB, MIDF, SJ Securities, Mercury Securities and TA ) advocating a BUY CALL for Vivocom with Target Price at 72 sen.

- Declared Bonus issue 1:4 on 12 July. Approved by Bursa on 22 July 2016.
- Q1 result Profit after Tax RM20mil. Exceeded expectation.
- Q2 result Profit estimated abive RM21mil. Above expectation again. To be announced in Aug 2016
- Forecast profit FYE2016 is RM60mil.
- Total Order book currently stand at RM1.4bil.
- RM600mil project is in the final stage of completion. To be announced in Aug 2016.
- Total project pipeline RM3.0 bil.
- There is a plan to move Vivocom to Main Board in 2017.
- Share Capital 2.6bil. Vivocom has the largest market capitalization for the SME sector.
- Current Net Tangible Asset is 29 sen.
- Business Partners include CRCC, China MCC, Regal International Group, Zhonghe Haoxing, China Power Energy etc...
- Current projects include Ipoh/Perak - 600 mil , D'Idaman (Phase 5) - 230 mil, Regal Tropics Sarawak - 250 mil, V Plaza Balakong - 23 mil, Regal Singapore - 200 mil, M101 Skywheel - 500 mil.
These finalisation projects totalling up to 1.803 bil and added to current bookorder of 1.4bil. Vivocom already meet the target of 3 bil lasting up to 2018.