What do we think will be a fallout from a detain of Rafizi Ramli? This latest stunt by Najib which someway manages to resolutely go where no stunt by Najib has ever gone before? He has instructed PDRM to detain Rafizi - a alarm ventilator who unprotected a abuse of a income in NFC. Was NFC we do anything criminal? NO! Was NFC abusing a certitude placed upon it by a Nation? YES! When PDRM arrested Rafizi Najib helped us produce another spike in to Malaysia Politics's coffin!
This latest action of Najib is over a giddiness of wanting to squeeze which USD $ 27 million ring for Rosmah!
Beyond a irrationality of a shopping stopover for Rosmah whilst regulating a Government Aircraft!
And even over George Kent!
Why over all this?
I contend over all this since Najib does not seem to understand which Rafizi Ramli is flesh as well as blood. He is a single of us. What he did may be politically judicious though it did not bring any monetary value to him. What he did in exposing a abuse inside of NFC was great for a Nation. Why would we wish to detain a alarm ventilator which exposes a abuse of those in tall open office? When we arrested Rafizi we sent a clear vigilance to us which this Malaysia Politics led Barisan Nasional supervision will detain any alarm ventilator which exposes a abuse as well as misuse of power by those holding tall open office. Why we would wish to do so is over a capability to understand.
So whatever Rafizi faces we as well will face with him. We have been his brothers in arms. You do not usually detain Rafizi we detain us all. Is there room in yo! ur priso n for all of us?
We will agree which Rafizi did crack BAFIA's regulations when he cumulative NFC's Bank statement. Our Bank Statement should be no body's else commercial operation though a own. Rafizi afterwards compounded which crack by putting a Bank Statement in to a open domain. As we wrote a couple of weeks back, we questioned a logic of Rafizi we do so since he was usually environment himself up for a fall i.e. which he would be arrested for breaching BAFIA's regulations.
But Rafizi's action in putting those Bank Statement in to a open domain should be considered for what it is a courageous action of a alarm ventilator who knew which usually by putting himself in harms approach could he forced this Barisan Nasional supervision to do a compulsory to stop further abuse by NFC.
The price which Malaysia Politics will in conclusion compensate for Najib's latest idiotic action in impediment Rafizi Ramli for his exposure of NFC shenanigans we will see for ourselves in a couple of months time when we go to a polls during a 13thgeneral election. We will decide afterwards what we will do to him. For right away we can wait!
You can be foolish or we can be an idiot. Only Najib Tun Razak can be a foolish idiot! Nak kata si Najib ni bodoh, dia Perdana Menteri! Camna ni?
Instead of safeguarding a alarm ventilator we saw it fit to fire him! And Najib greatfully do not uncover us your center finger as well as insult a comprehension by observant which we have zero to do with a detain of Rafizi.
The approach things have been done in Malaysia Rafizi's detain would not have been possible though Najib's consent. we would go so far as to contend which Najib instructed which Rafizi be arrested since Najib is not man enough to be able to! handle it any alternative way!
Now what would Najib do as a hypothesis of which detain resonate opposite a nation? Across a length as well as extent of this Nation whose people will shortly be asked as to whom they would wish to lead them?
Rafizi Ramli's boss, Dato Sri Anawar Ibrahim or Najib Tun Razak?
Will a people chose Pakatan Rakyat or Barisan Nasional to be in Putrajaya?
Rafizi put NFC's Bank make a difference in to a open domain for a same reason which we put a NFC plan upon ice. The same reason which Sharizat is no longer a Minister in your Barisan Nasional government.
By putting NFC Bank Statement in to a open domain it valid indiscretion by NFC supervision whose CEO is a father of a single of your Minister.
Rafizi's actions have broke Malaysia Politics since it forced a resignation of Sharizat from your cupboard as well as ex[ose nonetheless again how those who have a certitude as well as a income abuse both. So we decided to learn Rafizi a doctrine as well as arrested him. Come upon lah Najib be a man! Be a Man! Agree which Rafizi did a right thing though in a wrong approach as well as since he did a right thing we should disremember a wrong approach in which he did a right thing.
BE A MAN NAJIB!HAVE YOU NO BALLS?
BE A MAN!
Najib Tun Razak : A Trust Betrayed!
In Malaysians what ever laws, rules, regulations, checks as well as balances put in place in any corporation, in any statutory body, in any supervision entity, there will be a sustenance which allows a relevant Minister to overrule these enactments so which a Minister can come in as a referee in a last review as well as resolve a situation.
The inherent smirch of this sustenance is a hypothesis which a Minister will have a preference in a most appropriate seductiveness of a organization! Malaysia Politics as well as Barisan Nasional Ministers have been most expected to error upon a side of their vested self seductiveness rsther than afterwards ours when it comes to preference making!
Let us start from a beginning:
Banking as well as Financial Institutions in Malaysia have been governed by BAFIA : The Banking as well as Financial Institution Act which regulates what they can as well as cannot do.
Under a Banking as well as Financial Institution Act of 1989, Malaysian Financial institutions have been not available to draw up of any of their assets, in! cluding NPLs, though an duplicate to as well as capitulation from a Minster of Finance.
The inherent smirch of this sustenance is a hypothesis which a Minister will have a preference in a most appropriate seductiveness of a organization! Malaysia Politics as well as Barisan Nasional Ministers have been most expected to error upon a side of their vested self seductiveness rsther than afterwards ours when it comes to preference making!
This is about a certitude betrayed. The certitude we place in Najib as Minister of Finance as well as a betrayal of which certitude for domestic as well as financial expedience as well as gain.What we will right away do is to tell we how Najib Tun Razak, a Minister of Finance tricked a certitude by a decisions he done pertaining to Non Performing Loans's of a Banks.
Let us start from a beginning:
Banking as well as Financial Institutions in Malaysia have been governed by BAFIA : The Banking as well as Financial Institution Act which regulates what they can as well as cannot do.
Under a Banking as well as Financial Institution Act of 1989, Malaysian Financial institutions have been not available to draw up of any of their assets, in! cluding NPLs, though an duplicate to as well as capitulation from a Minster of Finance.
In 1997 lending by Banks in Malaysia in 3 sectors accounted for 45% of a Banks total lending.
Property : 20% of lending.
Consumption credit: 33% of lending.
Purchase of securities: 10% of lending.
At a onset of a Global Financial Crisis, a value of Non Performing Loans (NPL) was fifteen billion ringgits.By December 1998, NPL had quadrupled to 60.5 billion ringgits.
NPL : "A loan is nonperforming when payments of seductiveness as well as principal have been past due by 90 days or more, or during slightest 90 days of seductiveness payments have been capitalized, refinanced or delayed by agreement, or payments have been reduction than 90 days overdue, though there have been alternative great reasons to disbelief which payments will be done in full"
These loans were for mostly for a squeeze of homes, cars as well as for credit cards for consumers consumption. These NPL meant which people in Malaysia were incompetent to compensate for their homes, their cars as well as domicile debts increased since of a detriment of income as well as credit during a GFC.
What happens when we default upon your loan?
- The bank emanate letters of demand.
- If we do not compensate a bank will serve we to justice for 1st mention to ask we either we confess to a debt clai! med by a bank.
- If we admit, a agree settlement is entered whereby we afterwards renegotiate with your bank to solve a debt.
- If we still do not compensate a bank shall request to seize your resources as well as properties.
- Bank's debt collectors as well as agencies have no right to bluster as well as kick we up.
- Your EPF, Pension, SOCSO as well as Insurance income cannot be seized.
Banks can sell these NPL's to companies willing to squeeze these non behaving loans (NPL) as well as consequence increase regulating specific strategy to do so.Usually property is a real value for purchasing non behaving debt.In non-assets NPL's a debt often relates to credit cards or personal loans used for evident expenditure items. Attempting to squeeze this debt for $ .10 or $ .20 upon a ringgit can be profitable if a association settles for $ .30 or $ .40 upon a ringgit with borrowers.
However under a Banking as well as Financial Institution Act of 1989, Malaysian Financial institutions have been not available to draw up of any of their assets, including NPLs, though an duplicate to as well as capitulation from a Minster of Finance.
This did not stop Local as well as Foreign banks from offered their NPLs to debt pick up agencies.
Debt Collection became a lucrative commercial operation as well as similar to all things Malaysian, 'good commercial operation opportunities' has a own attractions to a rich, a absolute as well as a politically connected. Collusion in in between those in a Banks, Debt Collection Agencies as well as Politicians fed of any oth! er. Thug s as well as gangsters turn a coercion arm compulsory to ensure a pick up of these debts as well as as they say, in every cloud there is a silver lining. In a wretchedness of those who were in debts these agencies thrived.
CT ALi
This did not stop Local as well as Foreign banks from offered their NPLs to debt pick up agencies.
Debt Collection became a lucrative commercial operation as well as similar to all things Malaysian, 'good commercial operation opportunities' has a own attractions to a rich, a absolute as well as a politically connected. Collusion in in between those in a Banks, Debt Collection Agencies as well as Politicians fed of any oth! er. Thug s as well as gangsters turn a coercion arm compulsory to ensure a pick up of these debts as well as as they say, in every cloud there is a silver lining. In a wretchedness of those who were in debts these agencies thrived.
CT ALi
In 2009 a Minister of Finance, Najib Tun Razak, released a following letter:
The minute gives 'blanket approval' to a Banks to sell their NPL's theme to a banks following "Guidelines upon a Disposal/Purchase of Non-Performing Loans by Banking Institutions (NPL Guidelines)"
Now here is a thing: The Malaysian Courts have accepted a sweeping capitulation as well as upheld a vesting orders i.e. according to a justice a legal. Section 50 of Bafia additionally bulletproofs a vesting order!
Now here is a thing: The Malaysian Courts have accepted a sweeping capitulation as well as upheld a vesting orders i.e. according to a justice a legal. Section 50 of Bafia additionally bulletproofs a vesting order!
I'm not a constitutional lawyer though section 49(9)(a) limits what BNM as well as a MOF can do. They cannot suggest or authorize of transfers to non-licensed instituitions.The exemption doesn't exempt a minister or BNM from their limitations, it merely exempts licensed institutions.If a primary legislation says BNM as well as MOF cannot do this, can subsidiary legisl! ation ov errule this, generally when it does not explicitly contend which a MOF as well as BNM have been no longer firm by 49(9)(a) i.e. BNM still cannot suggest as well as MOF cannot approve?Can any constitutional/public lawyer out there give a correct answer to this please?
The minute is dated 7th Sep 2009 however a Minister had given capitulation upon 6th July 2007 -
ONE YEAR AND TEN MONTHS
AFTER THE FACT
Why did a Minister took so prolonged to endorse a preference which he done upon a 6th July 2007 to allow a Banks to sell their NPL's?
Was it since by July 2009 a use of Banks offered their NPL's to vested seductiveness which enclosed a Banks, MOF Politicians as well as their cronies was so prevalent which a Minister of Finance had to find a domestic solution to have authorised what was being done by a Banks illegally as well as backdated a minute to cover all a illegals NPLs already sole to a Debt Collection Agencies?
The Minister of Finance afterwards becomes celebration to Banks, Debt Collection Agencies as well as alternative vested seductiveness colluding to have income during a expense of a Rakyat!
As we have said during a start of this posting : "Lending were for a squeeze of Homes, Cars as well as Credit Cards for consumers consumption. These NPL meant which people in Malaysia were incompetent to compensate for their homes, their cars as well as domicile debts increased since of a detriment of income as well as credit during a GFC."
As we have said during a start of this posting :
So in effect these Banks, Debt Collection Agencies, Politicians as well as their cronies have been creation income out of a miseries of a people who have been in debt since of a Global Financial Crisis as well as with which Letter Najib done if legal.
And a effect upon a people?
You see it all around you! All those pieces of paper whipping in a breeze fixed to bus stops,street signs, trees as well as any dull space announcing a auctions of houses during bargain prices! The miseries of a people losing their homes through no fault of their own.
In 2007 Malayan Banking Bhd (Maybank) sole two tranches of bad loans worth 424.8 million ringgit, netting about 256 million ringgit from a sale. Standard Chartered purchased those loans. The loans were especially cumulative by residential properties located opposite Malaysia.
In Nov 2009 CIMB Group Holdings Bhd had RM 8.4 billion non-performing loans (NPL) upon their books. This represented 45,000 accounts which had been written down to RM 928 million net book value.
A special asset supervision vehicle, the
Southeast Middle East Special Asset Management Bhd, unconditionally owned by CIMB was set up to acquire a NPLs.
The preference of CIMB to play ground a NPLs in a special car unconditionally owned by a group has not resolved a problem, as what this equates to is which thetoxic wastehas been eliminated from a right pocket to a left pocket as well as by this sleight of hand, a bank is right away deemed healthy!
But what is some-more frightening is which these NPLs' net book value is a tiny RM 928 million.
We can usually draw a single conclusion these 45,000 accounts have been not your typical loans to consumers (consumer banking) or tiny commercial operation loans (SME loans) since if it was so, there would be competent securities in a form of landed properties (i.e. charges/mortgages) as well as or debentures.
I mount to be corrected, though these contingency be loans for "trading" either for a batch marketplace or investments in debt instruments. Even if it is not as well as whatever may be a case, this huge black-hole is a scandal as well as a supervision contingency be brought to comment for this contemptible state of affairs. Heads contingency roll. CIMB is a GLC (government related company) as well as therefore taxpayers' monies have been during stake.
Maththias Chang
And a list goes on!
As Minister of Finance Najib Razak contingency tell us since he gave 'blanket approval' for a Banks to sell their NPL's in 2007 though usually confirmed which capitulation with a minute in 2009! Was MOF as well as Bank Negara complicit in Najib's decision?
This make a difference has started to! unravel .
We have copies of agreements in in between Banks as well as Debt Collection Agencies owned by a Banks themselves if not by those concerned with a Banks as well as by people known to a Minister of Finance as well as to Barisan Nasional.
We have evidence which information about their clients as well as customers were divulged by these Banks as well as Financial Institutions to third as well as even fourth parties as well as a collusion of EPF as well as Telekoms in this rapist acts.
What this NPL situation confirms once again is which this Malaysia Politics led Barisan Nasional supervision puts a merger of element resources ahead of their requisite as well as duty of care to a people of a Nation!
Even if a single of a Rakyat loses their home since of which "blanket approval" which Najib gave in 7th Sep 2009 minute - which is a single Rakyat as well much!
It would have been some-more prudent if Bank Negara, MOF as well as a supervision done a Bank reduce personal debts turn as endorsed by IMF.
And some-more worrying it is not usually a unfamiliar debt collectors which have been being invited in to a country - some of these so-called debt collectors have been global investment funds specializing in NPL's - a single of which is Cargill CVI Global Value Fund - a beneficiary of which is a CVI Global Value Fund.
No wonder we have billions of a ringgits issuing out of a country......RM60b as a Malay Mail said yesterday as well as counting.
No wonder we have billions of a ringgits issuing out of a country......RM60b as a Malay Mail said yesterday as well as counting.
We contingency subject Najib's 'niat' or intention in writing which minute giving sweeping capitulation for a sale of these NPLs?
There is a word for it -mala fide- bad intentions. It is a subject of ethics as well as morality.It is additionally vulture economics during a purest though as all things in Malaysia "THE MINISTER DECISION IS FINAL" ...or is it?
Here is BNM press recover upon this - we decide!
We impute to a recent headlines report upon a sale of non-performing loans (NPLs) to unfamiliar parties by promissory note institutions which is inaccurate as well as misleading.
Banking institutions can draw up off their NPLs as part of a bank's risk supervision practice. Disposal of NPLs provides a coherence for banks to manage their loan portfolio effectively as well as efficiently to maximize liberation to protect depositors' interest.
Any liberation action contingency be in accordance with a law.
Banking institutions have been available to sell their NPLs to non-banking institutions provided which a sale of NPLs is done in accordance with a mandate of a Guidelines upon a Disposal/ Purchase of ! Non-Perf orming Loans by Banking Institutions which have been released under a Banking as well as Financial Institutions Act 1989.
The Guidelines sets out certain mandate which contingency be met by any promissory note establishment proposing to sell NPLs :
There is a word for it -mala fide- bad intentions. It is a subject of ethics as well as morality.It is additionally vulture economics during a purest though as all things in Malaysia "THE MINISTER DECISION IS FINAL" ...or is it?
Here is BNM press recover upon this - we decide!
Ref No : 06/12/03
Embargo : For evident release
Sale of Non-Performing Loans by Malaysian banks
We impute to a recent headlines report upon a sale of non-performing loans (NPLs) to unfamiliar parties by promissory note institutions which is inaccurate as well as misleading.
Banking institutions can draw up off their NPLs as part of a bank's risk supervision practice. Disposal of NPLs provides a coherence for banks to manage their loan portfolio effectively as well as efficiently to maximize liberation to protect depositors' interest.
Any liberation action contingency be in accordance with a law.
Banking institutions have been available to sell their NPLs to non-banking institutions provided which a sale of NPLs is done in accordance with a mandate of a Guidelines upon a Disposal/ Purchase of ! Non-Perf orming Loans by Banking Institutions which have been released under a Banking as well as Financial Institutions Act 1989.
The Guidelines sets out certain mandate which contingency be met by any promissory note establishment proposing to sell NPLs :
- Banks can usually sell to locally incorporated companies which a client is infancy owned by domestic shareholders as a client is theme to a unfamiliar equity cap of 49%.
- Banks have been additionally compulsory to commence compulsory measures to surprise a borrower of a sale of a NPLs;
- Sale of NPLs which is done in accordance with mandate of a Guidelines do not contravene a BAFIA.
- Sale of NPL does not start any debt restructuring agreements.
Bank Negara Malaysia
20 Jun 2012
20 Jun 2012
Bank Negara Malaysia, 2012. All rights reserved.
Posted byHussein abdul Hamid
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