The Star reported husband to former CEO of Iskandar Investment Berhad, Arlida Ariff charged for graft yesterday. In today's report, two former directors of IIB to be charged for project packag of RM2 billion.
This is but another failure of "analyst" Tan Sri Azman Mokhtar and the organisation he leads, Khazanah Nasional Berhad.
In Khazanah, such failure or leakage in the system is not treated with alarm. Sometimes failure are rewarded.
Read The Star news below:
Husband of former Iskandar project official charged with graft (Updated)Read Big Cat here for comments. If only the operator of the blog IRDA Watch here had not close their blog, past indiscretion happening can be referred.
The Star Online
Tuesday December 27, 2011
JOHOR BARU: The husband of a former top official of Iskandar Investment Berhad (IIB) was charged at the Sessions court here with asking and receiving RM1.6mil from a construction company as an inducement to get a tender project from IIB.
Mohd Amin Suhaimi, 52, pleaded not guilty to all three charges against him for asking and receiving money from Detect Engineering Sdn Bhd to get a tender project to build a boarding school in Pulai from IIB worth RM40.84mil.
In the first charge, he was alleged to asked RM816,900 in cash from Detect Engineering Sdn Bhd director Mohd Hassan Madon, 48, through Mohd Iskandar Fahmi Abdullah, 52, who acted as the middleman.
The offence allegedly took place at a hotel along Jalan Harimau in Taman Century here around 5pm on April 22 last year.
In the second charged, Amin was alleged to received RM500,000 in cash as a fee from Hassan through Mohd Iskandar, at a parking lot inside a shopping complex along Jalan Wong Ah Fook around 4pm on June 4, 2010.
He was also alleged to received RM316,900 in cash as a fee for helping the company to get the project from IIB, at a parking lot inside a shopping complex along Jalan Trus between 2pm and 3pm on June 9 last year.
Amin allegedly committed an offence under Section 16(a)(A) of the Malaysia Anti-Corruption Commission Act 2009 and was charged under Section 24 of the same Act.
The charge carries a jail term of up to 20 years and a fine of not less than five times the amount of bribe or RM10,000, whichever is higher.
Sessions Court judge Mohd Nasri Nordin then set bail at RM100,000, told the accused to surrender his passport and fixed Jan 27 as mention for the case.
MACC officer Abdul Ghafar Abdul Latif prosecuted the case while Shamsul Sulaiman represented the accused.
Iskandar spells Khazanah.
Another failed CEO from Iskandar, IRDA's former CEO, Harun Johari, who is Amokh's MCOBA buddy, was absorbed into Khazanah to lead it's agricutural marketing company. The Khazanah venture failed and the company is waiting time to go under.
The failed former CEO of Malaysian Airlines is absorbed into Khazanah and still earn fat salary despite his failure in managing MAS. It is indicative of Khazanah's poor monitoring of their investments.
Imagine Directors supposed to monitor and control as well as providing the chack and baances are also commiting graft. Read The Star report today below:
Former directors of IIB to be charged with corruption involving RM5milOne is innocent until pproven guilty. But in the lateest update, an ex-VP has pleaded guilty. Read the latest from The Star, below:
The Star Online
Wednesday December 28, 2011
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested two former directors of Iskandar Investment Berhad for corruption involving some RM5mil.
The duo, in their 40s, are expected to be charged in the Johor Baru magistrate’s court today with corruption involving the construction of a RM124mil highway and a RM40.8mil boarding school in the Iskandar region.
The projects are part of the 3B package worth some RM2bil which involved subsidiaries that the two managed as chief executive officers, according to sources.
They said the two and several others under investigation had been buying property with their ill-gotten gains. The MACC would apply to the court under the Forfeiture of Property Act to confiscate what they bought.
The sources said the MACC had been investigating the various projects for several months now and had seized files and documents from companies linked to them.
They said the others being investigated were all connected to the projects and included a politician who is a Datuk.
MACC special operations director Datuk Mohd Jamidan Abdullah confirmed yesterday’s arrests but declined to elaborate.
Published: Wednesday December 28, 2011 MYT 11:23:00 AMOne should wonder what has Khazanah achieved since their existence with so frequent incidences of failures?
Updated: Wednesday December 28, 2011 MYT 11:59:27 AM
Ex-senior VP of Iskandar subsidiary pleads guilty to graft charge
JOHOR BARU: A former senior vice-president of an Iskandar Investment Berhad (IIB) subsidiary was fined RM20,000, in default two months' jail, after he pleaded guilty to a charge of corruption at a Sessions court here Wednesday.
The 51-year-old man's identity has been withheld as he is assisting the Malaysian Anti-Corruption Commission in several other cases involving the IIB.
He was charged under Section 132(2)(b) of the Companies Act, and paid the fine.
What is said to be on track to contribute to national development in the above newspaper clipping of 2006?
Most of their investments are those made by Government in the past. They failed in their assigned turnaround of MAS, Proton, and UEM.
Khazanah have been fumbling on the MAS turnaround for years and for sure to send the national carrier to it's demise. Their intentional effort to prop up Air Asia at the cost of MAS will come with a political cost to the Government. They are positioning themselves to be part of a regional financial disaster in the making that is bigger than Pan El of 1980s.With an analyst at the top, one can't expect Khazanah to turnaround businesses. They can generate great reports, churn analysis, crunch valuations with all sort of esoteric methods, and give impressive presentation but it is all ya ya ... or a cruder description, bullshit.
Proton have been instituting only stop-gap measure of short sighted positioning. It is only doing what in auto term described as rebadging. There is nothing visionary of what is being done. Even the current new models are not in keeping with the latest market demand for increased fuel efficiency. Heard it is not selling. And, we are aware about the going-ons at one former wakil rakyat's by the name of Fatah's hometown.
UEM is hidden away from the public's radar by delisting and one will only know of their listed UEM Land. It will make money without thinking of the long-term socio-economic, political and security implication to the nation. But what happen to the failed businesses in Qatar, and perhaps other areas of the world.
Government gave Khazanah to manage the a RM1 billion food fund in 2006 under Tun Dol, thanks to a stolen idea from a local University's fellow. Sorry, only ideas from Ethos Consulting, McKinsey, BCG, and other orang putih brand of consulting gets paid. Other ideas, including WAU get stolen.Khazanah have a string of failed projects in their new investments. Corruption and leakage like the IIB graft charges is every where in the whole Khazanah organisation.
Almost all their agriculture venture under the food fund failed. Blogger Syed Akbar of Outsyed the Box had written extensively on it.
While Khazanah investee company had to undergo stringent cost control, their executives are helping themselves to the 14th floor Mandarin Executive Club for breakfast, lunch, and dinner for themselves and family. The monthly bill to Khazanah is in the millions.But Amokh the "analyst" can have the cheek to say that on balance, they got so much return, and he feels it is okay as compared to blah blah blah ... and given market condition, we are blah blah blah ...?
Belum cerita the millions leaked as consulting fee.
Amokh is speaking in the language of Analyst and Fund Managers.It is supposed to do strategic investments!
Khazanah is supposed to emulate Temasek. It is not supposed to be merely an outfit of Analyst managing Fund or Fund Manager. Khazanah should not be a fund management company.
Although there are weaknesses here and there, at least Dr Salleh "Budu" has some idea of strategic investment in his National Feedlot Corporation venture.
Syabas to MACC and new CEO and President IIB, Datuk Syed Mohamad bin Syed Ibrahim for the clean-up. Look also at IRDA the authority.
Amokh has to go. MACC should enter into Khazanah!
* Updated: 1:12 PM