Wednesday, July 12, 2017

Majulah~~~“妈祖啦”~~~前进吧,起来起来起来,谢妈祖保佑黑钱洗成白



Spore national anthem~~~Majulah Singapura
29th SEA Games~~~Majulah sukan untuk negara.
1MDB ~~~Majulah korupsi untuk negara
“妈祖啦”~~~前进吧,起来起来起来,谢妈祖保佑黑钱洗成白。
Maju不进则退作Ajumma

The Star Onlie: Wednesday, 12 July 2017 | MYT 11:49 AM
Read more at http://www.thestar.com.my/business/business-news/2017/07/12/singapore-banker-admits-to-money-laundering-in-1mdb-linked-case/#XqrtpWk2iC1PI5ly.99

SINGAPORE: Yeo Jiawei, a former banker serving the longest jail term in Singapore’s probes linked to 1Malaysia Development Bhd., admitted to money laundering.

Yeo, who also pleaded guilty Wednesday to cheating his former employer, was handed a 30-month term in December on charges of trying to tamper with witnesses in the probe.

The former BSI SA wealth planner’s admission of guilt comes after the Monetary Authority of Singapore wrapped up a two-year probe into fund flows related to the Malaysian investment fund. 

Prosecutors identified Yeo as a central figure linked to Malaysian financier Low Taek Jho, who was characterised by US investigators as the controller of a plan to drain billions from 1MDB.

The Malaysian fund, at the heart of several money laundering and corruption probes across the globe, has consistently denied any wrongdoing. 

Low has previously described his role with 1MDB as informal consulting that didn’t break any laws.

Yeo had referred to Low as “boss” and spent at least one night at his house, according to earlier court proceedings. Yeo said it was a misunderstanding that he worked for Low.

Singapore has imposed a total of S$29.1 million ($21 million) in penalties on eight banks as part of its 1MDB probes. Credit Suisse Group AG and United Overseas Bank Ltd. were among the firms that paid penalties.

BSI and Falcon Private Bank Ltd. were also ordered to shut their local operations. Five people, including Yeo, have been convicted in Singapore, the only country so far to have criminally charged bankers.

Yeo accumulated a net worth of S$23.9 million through “secret profits” in the 15 months after he left BSI in June 2014, prosecutors said in an earlier hearing. Yeo had said the money was earned legitimately. - Bloomberg
Read more at http://www.thestar.com.my/business/business-news/2017/07/12/singapore-banker-admits-to-money-laundering-in-1mdb-linked-case/#XqrtpWk2iC1PI5ly.99

Friday, March 31, 2017

Financing Development

This writing is a proposal for a financing solution that will increase private and/or public finance for development in Myanmar that uses the IDA Private Sector Window (PSW). Myanmar is listed as a fragile state which has a harmonized average CPIA (Country Policy and Institutional Assessment) country rating of 3.10.

·         What is the problem or issue that you are trying to solve?
My experience in Myanmar is that the country experiences power shortage. Even Yangon as a major city would have frequent power cutoffs especially during summer dry season when the hydropower dams are with low water level in their reservoir. Access to electricity remains a top priority for productivity and competitiveness in the Myanmar economy. One of the main challenges in attracting investments is the financial viability of the power sector, which critically depends on tariff policies both for gas supply to the power sector and for electricity distribution. Thus, it is important for the government and power industry to explore various financing resources that suit different appetites of risks, returns and terms in the infrastructure project such as power plants.

·      What are the reasons that the government, official aid provider or private sector would want to participate?
The government and the official aid provider would be the lead stakeholders for promoting “financing for development” where the act of providing funds for development purposes and the whole range of management activities would guide the allocation and use of those funds which would catalyze private funding interest if managed efficiently. IDA was replenished at a record level of $75 billion for FY18 and it would be good to have available fund to seed the growing interest and demand for infrastructure projects such as power plant in Myanmar.

Private sector would want to participate in the infrastructure building in Myanmar so that they would ride the development waves in fulfilling their demand for proper risk and returns objectives be it long term or short term. When the market is reinforced by both Public and Private Financing and investment more and more market participant will be drawn to join the market and the projects and investment market will be commercially sustainable. Co-investment platforms that are structured at the national and multilateral levels will pool and help catalyze private capital, reducing individual investor costs for project preparation and execution. The credit enhancement and shared risks would also be draw the investors to participate in public loans and equity portfolios, or infrastructure funds and platforms.


·    What are the main obstacles currently standing in the way of unlocking financial opportunities? How would your solution overcome them? Consider the country context, if your proposal involves a specific country.

There are large amount of investible resources but not channeled to the fragile states. The main obstacles would be due to political risk, macroeconomic risks, local currency risk, commercial risk, transparency risk, market risk, project risk and etc.
Institutional investors need to step in to increase the capital needed for infrastructure project to kick-start financing pooling. The existing and emerging pools of capital such as sovereign wealth funds, insurance company resources and pension funds could be important financing sources for a fragile state such as Myanmar, particularly for large infrastructure and energy investments. In order to tap these sources, Myanmar government need to provide well prepared, bankable projects with suitable risk/return profiles.
Improvement on certainty with infrequent policy changes and reforms are needed to sustain private investments. This is especially pertinent to the long lived infrastructure sector. The lack of capacity among institutional investors to evaluate and monitor individual project risk in Myanmar need to be addressed with comprehensive official research information improvement as well.

Through policy advice, technical assistance and capacity building, MDBs and the IMF can support the Myanmar government efforts to increase available resources and spend them effectively. Through MDB policy support loans and IMF-supported programs, the institutions would be able to help Myanmar meet budgetary and balance of payments needs, supporting macroeconomic stability and growth. This includes domestic public resource mobilization, deepening of local financial and capital markets, and creating a conducive climate for private investment, both local and international.
For example, in order to unlock the hinterland potential of Myanmar, the Myanmar government should also seek help from sovereign wealth funds and pension funds, as newer sources of finance. This is because these public funds are with private sector return objectives and have long-term investment horizons that would be crucial to sustainable and long term stable development of Myanmar. With the available fund, the citizens living in the hinterland of Myanmar would be able to enjoy the development of power infrastructure as well as the economic improvement.


Case Study:

Kyaukphyu Special Economic Zone (abbreviated Kyaukphyu SEZ) is a 1,600 hectares (4,000 acres) Burmese special economic zone being developed on Kyaukphyu, Ramree Island, Rakhine State.  Kyaukphyu SEZ was first announced in September 2013. The project initially began as a joint venture between the Chinese and Burmese governments, but has since transitioned to private developers. The Myanmar press reported on the signing of an agreement between the consortium 26 May 2014 in Naypyitaw, led by CPG Consultants and PM Link, and the Kyauk Phyu Special Economic Zone Management Committee for the development of the master plan and management of the tender process for the Kyauk Phyu Economic Zone (SEZ). (Visit http://kpsez.org/about-kp-sez/ for more information)

The Myanmar government could have seek IDA assistance & grant, conditional loans & low-interest loans, and catalyze long term funding from foreign institutions, mobilize local resources as well as foreign loans, mezzanine loans, bonds, and equities to ensure a successful financing solution for the mega development which include a deep sea port, industrial zone and residential zone. The power industry needed to supply to the Kyauk Phyu SEZ especially the industrial zone would be another critical factor to ensure the success of the SEZ.  


Wednesday, March 15, 2017

《青天白日满地红》与我的中学校歌

今年才发现原来唱了那么多年的中学校歌是改自《青天白日满地红》。《青天白日满地红》也成为了中华民国的国旗歌。
https://www.youtube.com/watch?v=HTrZ9Sz4rLI
https://www.youtube.com/watch?v=p-9Z6gZAqxc

Saturday, January 7, 2017

RM50 million Budget Only for Chinese Vernacular Primary Schools in 2017?

Salam Curi-curi wang Malaysia.

There are 6.65 mil. Chinese in Malaysia and the government allocates yearly funding for these vernacular primary school at RM7.5 (USD 1.76 per year) per Chinese head count. Wonder how much is allocated for the other vernacular schools types.

Btw a Starbucks coffee will cost RM20 a cup now. The currupted MO1 get RM2.6 bil. in his account.



http://www.themalaymailonline.com/malaysia/article/chinese-primary-schools-to-get-rm50m-after-jan-19-minister-says