Majlis Amanah Rakyat (Mara) paid A$41.8 million (about RM138 million) for a US$2 shell company in the Caribbean which claimed to have an interest in a building in Melbourne, Australia.
Using an intricate web of paper transactions and companies incorporated in the British Virgin Islands (BVI), millions changed hands through a sale and purchase agreement, apparently with the assistance of people with vested interests in the deal.
It took two other deals to finalise the purchase, which was clouded by a maze of transactions executed through BVI companies by several Malaysians, including former Mara officials.
Malaysiakini and the Melbourne-based Fairfax Media have obtained explosive documents which paint a picture of deceit and fraud in which Mara’s interests have been seriously compromised, leaving the agency, set up to help poor Malays, to lose millions.
Using an intricate web of paper transactions and companies incorporated in the British Virgin Islands (BVI), millions changed hands through a sale and purchase agreement, apparently with the assistance of people with vested interests in the deal.
It took two other deals to finalise the purchase, which was clouded by a maze of transactions executed through BVI companies by several Malaysians, including former Mara officials.
Malaysiakini and the Melbourne-based Fairfax Media have obtained explosive documents which paint a picture of deceit and fraud in which Mara’s interests have been seriously compromised, leaving the agency, set up to help poor Malays, to lose millions.
To cut the story of the scam short, MARA paid A$41.8 million (about RM138 million) for a shell company in BVI which supposedly included a 12-storey building in Melbourne, but which the shell company in BVI only brought FIVE MONTHS later after the deal was signed with MARA, and which (the 12-storey building) cost only half of what MARA had paid, to wit, A$23.5 million (about RM77.6 million).
MARA kena chong kau kau.
And more, the A$41.8 million (about RM138 million) for a non-existent building at time of purchase (only realised FIVE MONTHS later) was based on a valuation by a Malaysian-based chartered surveyor and valuer, and included as an annexure to the sale and purchase agreement between seller and MARA.
There is a Cantonese word for MARA in the purchase - if I make a mistake can Cantonese-fluent visitors correct me please. The word is 'Chu'n' meaning 'bodoh sangat'. Penangites would say in Hokkien 'Tai siow', wakakaka.
The report added that the granting of the contract was done without obtaining prior approval from the Finance Ministry.
The project did not go through detailed planning before it was awarded to Muhibbah Viccana JV (MVJV) on Dec 16, 2016.
The report said four of the five procurements under the project were done through direct negotiations, when they were supposed to be done through an open tender.Again, where's the 'check and balance'?
MARA kena chong kau kau.
And more, the A$41.8 million (about RM138 million) for a non-existent building at time of purchase (only realised FIVE MONTHS later) was based on a valuation by a Malaysian-based chartered surveyor and valuer, and included as an annexure to the sale and purchase agreement between seller and MARA.
There is a Cantonese word for MARA in the purchase - if I make a mistake can Cantonese-fluent visitors correct me please. The word is 'Chu'n' meaning 'bodoh sangat'. Penangites would say in Hokkien 'Tai siow', wakakaka.
Who approved the purchase?
But where's the 'check & balance'?
Who's the Malaysian-based (Malaysian-based and not necessarily Malaysian) chartered surveyor and valuer? Jho Lo? Wakakaka.
But if you think that's bad, please read the A-G's report on Rambo and The Wild West over at Bintulu Port Authority in No Ministry approval in Bintulu Port Authority RM1.4bil deal (extracts):
The Bintulu Port Authority (BPA) granted a RM1.4bil supply base dock project to a construction company via direct negotiation, according to the Auditor-General's Report 2016 Series 2.
The report added that the granting of the contract was done without obtaining prior approval from the Finance Ministry.
The project did not go through detailed planning before it was awarded to Muhibbah Viccana JV (MVJV) on Dec 16, 2016.
The report said four of the five procurements under the project were done through direct negotiations, when they were supposed to be done through an open tender.Again, where's the 'check and balance'?
We cannot afford to wait for the A-G's report because by then, nasi 'dah jadi bubur. It'll be f-too late.
'check and balance'?
ReplyDeleteMemang ada! Tapi di buat 'in house' - Maksudnya I planned I approved lah umnobeliye style.
Makes one's blood boil when that said Mara is still getting the biggest educational allocation in pinklips' latest budget!
Not that pinklips didn't know. He just closed one eye so that the players knew that the approval was given as a reward!
Bila ada masa apa yang di tunjuk di dalam AG's report tak rupakan nasi 'dah jadi bubur'!
Memang syoik sendiri sahaja lah!
Both incidents here are small change compared to Najib's Mega scandal.
DeleteAll roads lead to the same door.
Najib is on track to become Malaysia's longest serving Prime Minister, unless he us voted out of office.
ReplyDeleteAnother 15 years of this, and we may well be envying Zimbabwe, as well as exporting Ah Moi and Siti maids to Indonesia.
Nope.. it is just you and your weird imagination to put the government of the day in a bad light. Perhaps, you can export Ah Moi maids 'hingga ke bumi ke tujuh'..but not Siti. This country and the present government is indeed steering the country to great new heights.
DeleteYes, we need a good opposition but DAP has lost my respect, so is PAN and that, you know, new party.
PKR and HY, I still gave them some recognition. But Anwar must retire because he 'sondol' people.
Wakakakaka.... talk about high on substance abuse! Try beating this bodoh sombong chant;
Delete'Perhaps, you can export Ah Moi maids 'hingga ke bumi ke tujuh'..but not Siti. This country and the present government is indeed steering the country to great new heights.'
There's none so blind as those who will not see JUST for the thrive of mengampu ahjibgor despite his kleptomaniac pilferage of the national coffer!
Dare to put the money where yr mouse is?
Or u r going to claim that for a 'pious' & devoted 'muslim', gambling is Haram! Wakakakaka...
When the time comes dawn some courage to do a showing like
Praljak: Bosnian Croat war criminal dies after taking poison in court
That's true conviction for a course, even though it's a wrong one!
No country in the world achieves "great new heights" with officials in power stealing from the People.
DeleteStop dreaming.
'Check & Balance'? More like they had the 'cheque' & the rakyat foot the 'balance'.
ReplyDeleteThis is how Malaysia works.
ReplyDeleteMalaysian Official 1 Gasak RM 4.2 Billion
Big Napoleons Gasak RM 500 Million
Midsized Napoleons Gasak RM 50 Million
Little Napolrons Gasak RM 5 Million
Ordinary folks get to collect BR1M RM 1,200.00. In gratitude , they happily vote BN "forever" or until the money runs out.
Nowadays even old Chinese Aunties have become Najib supporters after receiving BR1M. Throw in a few new Chinese schools and make a few noises about UEC recognition, and you are set.
It's actually a good system that Malaysia has, everybody goes home smiling and happy. What is there to complaint?
As for Chinese, as Ktemoc has said before, they know how to survive and deal with corruption.
Don't forget, Mahathir was corrupt, too...so voting for Pakatan Harapan is no solution.
The Modus Operandi in the Mara case is actually similar , on a smaller scale , to Malaysian Official 1's 1MDB shell game, invented by Jho Low.
ReplyDeleteThe Mara case was smaller because it involved Mid-sized Napoleons, instead of Malaysian Official 1.
But you never know who gets a % commission....wakakaa
1. Sangat bodoh is not a crime.
ReplyDelete2. Beli mahal, jual murah is meeting the kpi.
Wang Rakyat masuk poket is a crime
DeleteMantra of ketuanan freak-ism lah.
DeleteCorrection....
DeleteAllowing Sangat-Bodoh to vote is a crime