Horse-trading, dinheiro muda de mãos, contratos de finalização, projetos de revisão ea lista continua. That8217s o que está acontecendo agora, como a mãe de todos os escândalos 8211 1MDB 8211 prestes a entrar em um novo mês este ano. As apostas estão na mesa que pelo gancho ou pelo trapaceiro, primeiro-ministro Najib Razak e sua esposa Rosmah Mansor hellip H orse-troca, o dinheiro muda as mãos, os contratos que finalizam, os projetos que revêem ea lista vai sobre. That8217s o que está acontecendo agora, como a mãe de todos os escândalos 8211 1MDB 8211 prestes a entrar em um novo mês este ano. As apostas estão na mesa, que pelo gancho ou pelo trapaceiro, primeiro-ministro Najib Razak e sua esposa Rosmah Mansor pode ter uma vela suave depois de tudo. Na verdade, Najib e tia Rosy estão prontos para puxar Mahathir e sua família juntos. Se isso é o que vai demorar para vencer esta guerra. Claramente, apenas uma equipe emergirá vitoriosa, e o perdedor não será capaz de obter uma saída 8220face-saving8221 desta vez. Com a atual idade de redes sociais, o perdedor será lembrado de uma maneira vergonhosa. O que é surpreendente é o fato de que o governador do Banco Negara (Banco Central) Zeti Akhtar Aziz foi o único indivíduo que não falou sobre o escândalo do 1MDB, até hoje, apesar da instituição ser arrastada para o drama por Najib várias vezes. Primeiro, Najib gritou que o dinheiro de 1MDB não poderia ser repatriado para casa porque o banco central faria um grande problema fora dele. Subseqüentemente, Najib bitched que BRIM, um projeto onde Papai Noel dá afastado o dinheiro livre aos povos, era realmente uma idéia do banco central. Não da sua administração. Ainda assim, Zeti não levantou um dedo, mas manteve um silêncio de elegância, como se estivesse dormindo no trabalho. Hoje, ela finalmente abre a boca. Aparentemente, Zeti havia recebido um relatório da MAS (Autoridade Monetária de Cingapura) sobre uma conta ligada à empresa de investimento estratégica endividada no Banco BSI, com sede na Suíça. Como esperado, ela não revelaria nada, usando 8220confidentiality8221 como a desculpa. O governador Zeti deveria saber melhor do que qualquer outra pessoa sobre a ajuda de Najib Razak, por isso espero que ela não faça algo estúpido. Além de formar alianças e traições de recrutamento, esta guerra do século 8211 Mahathir vs Najib 8211 verá perdedores sendo eliminados não só da paisagem política, mas também sobre amigos de negócios perdendo tudo. Portanto, a participação não é apenas RM42 bilhões de dívida de 1MDB sozinho, mas bilhões de novos contratos comerciais. Goste ou não, este 8220Clash do Titans8221 não afeta apenas políticos e empresários, mas também pequenos investidores, como comerciantes do mercado de ações, especuladores, jogadores, apostadores ou qualquer nome que você deseja chamar-se. Se Najib vence, o status quo permanece. Mas se ele perdas, o que é muito provável, você pode querer evitar certos stocks ou empresas relacionadas com seus amigos. Poderia ser uma das razões pelas quais seu próprio irmão, Nazir Razak, parece estar no acampamento do inimigo? Na verdade, faz todo o sentido separar-se do irmão mais velho Najib. A aposta é simplesmente muito alta. É um gesto tolo para defender seu próprio irmão e, no processo, perde tudo no CIMB, da mesma forma que Rashid Hussein perdeu RHB porque se alinhou com Anwar Ibrahim. Prepare-se para um super longo write-up em Najib Razak8217s cronies abaixo. Esta não é uma lista completa embora. Mas alguns companheiros como Vincent Tan (Grupo Berjaya), Quek Leng Chan (Grupo Hong Leong), Teh Hong Piow (Banco Público Berhad), Syed Mokhtar Al-Bukhary, Ananda Krishnan são considerados UMNO-compinches. Não Najb-amigos. Nazir Razak. 49 CIMB Group Holdings Berhad (KLSE: CIMB. Stock-code 1023): Presidente Khazanah Nasional Berhad (KNB): Director Fundo de Previdência dos Empregados (EPF): Presidente do Painel de Investimento Comité de Risco Malaysia International Islamic Financial Center. O membro do Comitê Executivo Nazir Razak, o irmão mais novo, é o mais conhecido. Ele obteve um Mestrado em Filosofia na Universidade de Cambridge. Ele é um banqueiro de carreira, juntando-se ao Banco de Investimento do CIMB há quase 20 anos e aumentando através de suas fileiras executivas para se tornar seu CEO em 1999. Talvez o mais experiente nos membros da família Razak, Nazir é infame por sua aquisição controversa de Southern Bank Proprietário Tan Teong Hean. Na sequência da fusão do CIMB e Bumiputra-Commerce Bank, para se tornar Bumiputra-Commerce Holdings Bhd (BCHB), Nazir tornou-se CEO do grupo mesclado e mais tarde Presidente do CIMB Group. Observadores bem informados acreditam amplamente que Nazir aconselha Najib sobre questões de finanças e política econômica. No entanto, as relações entre todos os irmãos Razak com PM Najib estão em má forma devido à esposa Rosmah Mansor. Ahmad Johari Razak. 59 Ancom Berhad (KLSE: ANCOM, código de ações 4758): Presidente não executivo Hong Leong Industries Berhad (KLSE: HLIND, código de estoque 3301): Diretor não executivo Daiman Development Berhad (KLSE: DAIMAN. : Presidente não executivo Sumatec Resources Berhad (KLSE: SUMATEC, código de estoque 1201): Diretor não executivo Sociedade de Recursos da Malásia Berhad (KLSE: MRCB, código de estoque 1651): Diretor independente Deutsche Bank (Malásia) Berhad. Diretor Daiman Golf Berhad. Diretor Não-Executivo Tribunais Mammoth (M) Berhad (privatizado): Presidente não-executivo Johari Razak, o segundo irmão mais velho e um amigo próximo de Perak Sultan Nazrin Shah. Ele é advogado e sócio sênior da Shearn Delamore amp Co, um grande escritório de advocacia localizado na Wisma Hamzah-Kwong Hing, em Kuala Lumpur. Suas áreas de atuação incluem joint ventures corporativas e comerciais, fusões e aquisições reestruturação societária e listagem de empresas públicas. Ele foi acreditado para desempenhar um papel vital durante a crise constitucional Perak 2009, que viu o colapso do governo do estado Pakatan Rakyat. Isso permitiu irmão Najib Razak marcou importantes pontos de brownie, como um grande estrategista político, pelo menos aos olhos dos membros UMNO. Coincidentemente, 1MDB, atualmente na sopa quente sobre o scandal da dívida de RM42 bilhão, teve empréstimos de um consortium de seis bancos extrangeiros conduzidos por Deutsche Bank. Com a perspectiva de 1MDB declara uma inadimplência sobre o empréstimo sindicalizado no valor de US975 milhões, Deutsche Bank Cingapura e outros bancos como BSI Cingapura, RBS Coutts poderia buscar o reembolso antecipado. Mohamed Nizam Razak. 56 Mamee Double-Decker (M) Berhad (excluído da lista de privatizados): Administrador não executivo Yeo Hiap Seng (M) Berhad (privatizado): Administrador não executivo Outras direcções. Synergy Track Sdn. Bhd. Deutsche Bank (Malásia) Bhd. Fundação Noé, Fundação Hong Leong, Fundação Nacional de Bem-Estar das Crianças, Yayasan Rahah e Yayasan Wah Seong. Nizam Razak estudou política, filosofia e economia na Universidade de Oxford. Ele era um corretor da bolsa e CEO da PB Securities Sdn Bhd na década de 1990. Ele é atualmente um diretor não-executivo em várias empresas publicadas anteriormente, incluindo Mamee Double-Decker (M) Bhd e Yeo Hiap Seng (M) Bhd, que desde então foram tomadas privadas. Ele serviu como diretor não-executivo da Hiap Teck Venture Bhd e da Delloyd Ventures Bhd, e como o irmão Johari, Nizam também é diretor do Deutsche Bank. Junto com o portador de dinheiro UMNO Syed Mokhtar eles estavam olhando para a participação de 19,4 na DRB-Hicom realizada pela confiança da família de Yahaya tarde Ahmad. Hoje, Syed Mokhtar possui DRB. Mohamed Nazim Razak. Hong Leong Bank Berhad (KLSE: HLBANK, código de estoque 5819): Administrador Não Executivo Hong Leong Capital Rótulo (KLSE: HLCAP, código de ações 5274): Diretor Não Executivo XiDeLang Holdings Limited (KLSE: XDL) Código 5156): Vice-Presidente 7-Eleven Malaysia Holdings Berhad (KLSE: SEM-código-existencial 5250): Administrador não executivo Hong Leong Islamic Bank Berhad. Diretor Não-Executivo Outra diretoria. O Legends Golf amp Resort País Bhd Batu Caves Centrepoint Sdn. Bhd. BTS Land Capital Sdn. Bhd. Century Tower Industries Sdn. Bhd. Digiport (M) Sdn. Bhd. Etc Nazim Razak, o quarto irmão que casou ex-anfitrião de TV3s Nona show. Norjuma Habib Mohamed, estudou arquitetura no Reino Unido. Ele é o presidente da Meru Utama Sdn Bhd, uma empresa de publicidade ao ar livre que recebeu uma concessão de publicidade de sete anos em 2007 para anunciar o Aeroporto Internacional de Kuala Lumpur e o Terminal de Transporte de Baixo Custo (LCCT). Nazim é também diretor da Eng Wah Organization Limited, uma empresa com sede em Cingapura, envolvida em operações de cinema, distribuição de filmes e aluguel de varejo e escritórios. Ele é presidente do Conselho de Administração da Masterskill, uma universidade privada (o Pro Chancellor é Raja Azureen Raja Azlan Shah, filha do falecido sultão de Perak) e diretor da OYL Industries (uma subsidiária do Grupo Hong Leong). Tan Kay Hock. 67 Johan Holdings Berhad (Presidente do Conselho de Administração): George Kent (M) Berhad (KLSE: GKENT, código de ações 3204): Chairman Jacks International Limited. Presidente Iskandar Autoridade de Desenvolvimento Regional. Membro Malásia Fundação Humanitária. Diretor Quando Tan Kay Hock, amigo do primeiro-ministro Najib Razak, foi premiado com o trabalho de sistemas para o projeto de extensão da linha de trens ligeiros Ampang (LRT) de RM1,1 bilhão em julho de 2012, levantou as sobrancelhas porque a empresa era mais conhecida como Fabricantes e fornecedores de medidores de água. Tan negou sua companhia, George Kent, ganhou devido aos laços políticos. Agora que seu amigo de golfe Najib está na sopa quente sobre 1MDB8217s escândalo de dívida de RM42 bilhões, será o primeiro-ministro agilizar o projeto de Kuala Lumpur-Cingapura Rail High Speed antes de começar o boot Mais importante, será Tan Kay Hock8217s 25 anos de 8220friendship8221 com Najib ajuda George Kent garante a jóia dos projetos ferroviários Shahril Shamsuddin. 54 SapuraKencana Petroleum Berhad (KLSE: SAPCRES, código de estoque 8575): Diretor Executivo e Presidente e CEO do Grupo Sapura Industrial Berhad (KLSE: SAPIND, código de estoque 7811): Vice-Presidente Sapura Resources Berhad (KLSE: SAPRES. ): Diretor Não Executivo Sapura Secured Technologies Sdn. Bhd. (Divisão privada do Grupo Sapura): Presidente e CEO Shahril Shamsuddin do Grupo Sapura e sua família é bem conhecido por ter um relacionamento muito bom com a família Najib8217s. Seu pai, Shamsuddin Abdul Kadir, o fundador do Grupo Sapura, estava alinhado ao ex-primeiro-ministro Mahathir Mohamad. Mais tarde, a fusão entre Mahathir8217s filho (Mokhzani Mahathir) Kencana Petroleum e SapuraCrest Petroleum formando hoje SapuraKencana 8217s em 2012. No entanto, tanto Mokhzani e Shahril couldn8217t ver olho a olho, devido a diferenças de opinião entre os co-fundadores no funcionamento de SapuraKencana, Para não mencionar sobre quem realmente tem melhor capacidade helming o country8217s maior empresa de serviços de petróleo e gás. Subseqüentemente, Mokhzani renunciou como o vice-presidente este ano (março 2015). Mohamed Azman Yahya. 51 Symphony House Berhad (KLSE: SYMPHNY, código de estoque 0016): Presidente do Grupo, Fundador Symphony Life Berhad (KLSE: SYMLIFE, código de stock 1538): Presidente Executivo Scomi Group Berhad - Executive Director PLUS Expressway Berhad (retirado da lista em 2012): Não-Executivo Diretor Ekuiti Nasional Berhad. Diretor AIA Group Limited. Diretor Não-Executivo Khazanah Nasional Berhad (KNB): Diretor Mohamed Azman Yahya, diretor de Khazanah, e fundador e diretor executivo do grupo da Symphony House Bhd, uma empresa de terceirização. Ele também é o ex-CEO da Pengurusan Danaharta Bhd e senta em vários painéis consultivos para o desenvolvimento do mercado de capitais, capital de risco e sistema de prestação de serviços públicos. Apesar de sua experiência supostamente grande na carga da gerência de recurso nacional, couldn8217t faz qualquer coisa ajudar os uma vez rotting Malaysia Airline Systems. No entanto, Azman Yahya, um dos Najib8217s seis pessoas de confiança, foi alegadamente conspirado com Nor Mohamed Yakcop e Halado Saad enganado em um acordo UEM-Renong aquisição em 2001. Rohana Mahmood. 61 Paramount Corporation Berhad: Diretor não executivo AMMB Holdings Berhad (KLSE: AMBANK, código de estoque 1015): Diretor não executivo Sime Darby Berhad (KLSE: SIME, código de ações 4197) : Diretor Não Executivo RM Capital Partners Sdn Bhd (derivado da Ethos Capital): Presidente e Fundador. Banco AmInvestment Berhad. Diretor não-executivo Rohana foi o presidente e co-fundador da Ethos Capital, uma empresa de private equity de RM200 milhões, que por meio da Ethos Consulting esteve envolvida na Política Nacional de Automotiva que resultou no abuso de APs para indivíduos selecionados associados a Khairy Jamaluddin, Genro do ex-primeiro-ministro Abdullah Badawi. Entre todos os amigos, Rohana Mahmood se destaca como profundamente enraizada nos interesses comerciais da família Najib. Junto com Omar Mustapha Ong, um ex-assistente especial de Najib Razak, eles já tiveram seus olhos em EPF8217s RM300 bilhão fundo para gerenciar. Ela e outro assessor próximo de Najib, Abdul Razak Baginda (ligado ao horrível assassinato do mongol Altantuya), são co-fundadores de um think tank independente, o Malaysian Strategic Research Center. Najib era presidente do think-tank, agora dissolvido. Azman Mokhtar. 54 Axiata Group Berhad (KLSE: AXIATA, código de ações 6888): Presidente e Diretor Não-Executivo Khazanah Nasional Berhad (KNB): Diretor Gerente e CEO Iskandar Investment Berhad. O Presidente Azman foi Diretor Geral e co-fundador da infame firma de consultoria BinaFikir, que propôs a WAU (Wide Unbundling Asset) em 2002 para salvar o Malay Norwegian Airline System (MAS). Amusingly, sob sua liderança pobre. MAS fez maiores perdas. Azman então propôs Penerbangan Malaysia Berhad (PMB), que também perdeu dinheiro. Azman Mokhtar, que está executando Khazanah, fundo de riqueza soberana da Malásia, que de fato controla o CIMB juntamente com o plano de aposentadoria nacional do país, é uma das seis pessoas de confiança pessoalmente escolhido por Najib para idéias sobre questões que vão desde economia, Najib foi nomeado Ministro das Finanças. Comicamente, o suposto gênio Azman Mokhtar não poderia virar o MAS pela segunda vez, em um exercício de troca de ações da MAS-AirAsia. Ele provavelmente tem a lista mais longa de 8220failed8221 reestruturação e empreendimentos comerciais 8211 atum perdas de risco de pesca de RM120 milhões. Parkway Holdings8217 perdas de RM935 milhões. e o que não. Mohd Nadzmi Mohd Salleh. 61 Konsortium Transnasional Berhad (KLSE: KTB, código de ações 4847): Presidente e Diretor Gerente Transocean Holdings Berhad (KLSE: TOCEAN, código de estoque 7218): Presidente e Diretor Gerente V. S. Indústria Berhad (KLSE: VS. stock-code 6963): Diretor Não-Executivo JT International Berhad. Presidente Express Rail Link Sdn Bhd (ERL): Presidente Nadicorp Holdings Sdn Bhd. Presidente Trisilco Folec Sdn Bhd. Presidente Mohd Nadzmi, o presidente e MD do operador de ônibus expressos, Konsortium Transnational Bhd. O ex-chefe do Proton foi chamado pelo governo em 1996 para reviver a empresa de transportes públicos em dificuldades. Ele é um dos seis indivíduos confiáveis pessoalmente escolhidos por Najib para idéias sobre questões que vão desde a economia, mercados de capitais e negócios em geral logo depois Najib foi nomeado Ministro das Finanças. Ele era o ex-prodígio do PM Mahathir8217 e tem experiência em transporte. Nadzmi havia tentado lances para Proton várias vezes, quando os lucros do fabricante nacional de carros estavam sob pressão. A German8217s Volkswagen e a American8217s General Motors haviam conversado com a gerência de Proton, mas a questão sensível da propriedade 8220over-protection8221 impediu qualquer aliança estratégica. Mohd Salleh Bakke. Sime Darby Berhad (KLSE: SIME, código de ações 4197): Presidente, CEO do Grupo Eastern amp Oriental Berhad (KLSE: EampO, código de estoque 3417): Diretor Não Executivo Sime Darby Property Berhad. Diretor Não-Executivo Yayasan Sime Darby: Diretor Não-Executivo Região Econômica do Norte do Corredor (NCER): Diretor Diretoria: Sime Darby Energy amp Utilities Sdn. Bhd. Sime Darby Healthcare Sdn. Bhd. Sime Darby Plantation Sdn. Bhd. Sime Darby Industrial Holdings Sdn. Bhd. Sime Darby Bhd. Este oriental Bhd Sime Darby Energia Sdn. Bhd. Sime Darby Motors Sdn. Bhd. Bakke foi anteriormente o Presidente do Grupo e CEO da Felda Global Ventures Holdings Berhad. Sua participação anterior da diretoria e da presidência incluída Permodalan Nasiona Berhad (PNB), Pengurusan Danaharta Nasional, Banco Islam Malaysia, Lembaga Tabung Haji eo whatnot. Mas nenhum dos anteriores bate o seu mais recente envolvimento8221. Ou pelo menos o seu 8220knowledge8221 sobre o explosivo 1MDB8217s RM42 bilhões dívida. Bakke era o presidente de 1MDB de 11-Aug-2009 até sua renúncia em 19-Oct-2009. Então, ele estava envolvido na aprovação de US700 milhões, supostamente sifonado para Good Star Ltd, uma empresa de propriedade de Jho Low Lodin Wok Kamaruddin. 61 Affin Holdings Berhad (KLSE: AFFIN, código de estoque 5185): Vice-presidente da Boustead Heavy Industries Corporation Berhad (KLSE: BHIC, código de estoque 8133): Presidente Boustead Holdings Berhad E Diretor de Grupo Boustead Plantations Berhad (KLSE: BPLANT, código de estoque 5254): Vice-Presidente Pharmaniaga Berhad (KLSE: PHARMA, código de estoque 7081): Presidente 1Malaysia Desenvolvimento Berhad (1MDB): Presidente Lembaga Tabung Angkatan Tentera (LTAT) Chefe do Executivo Outros directores: UAC Berhad, MHS Aviation Berhad, FIDE Forum, Badan Pengawas Pemegang Saham Minority Berhad, Affin Bank Berhad, Affin Banco Islâmico Berhad, Affin Hwang Banco de Investimento Berhad e AXA Affin Life Insurance Berhad. A menção de LTAT e Boustead facilmente doar o tipo de negócio Lodin especializa-se dentro He8217s essencialmente o 8220Chief do Fundo de Forças Armadas Board8221. Tornando-o muito poderoso e super rico. Suas indústrias pesadas de Boustead eram notorious para começar todos os contratos que constroem navios militares para o governo, mas nunca podem entregá-los (sorrir forçadamente). Mas isso era apenas a ponta de um iceberg. O que muitos não perceberam foi o fato de Lodin Wok ser um dos diretores da Perimekar Sdn Bhd até 2010, quando a aquisição explosiva de dois submarinos franceses foi revelada. O escândalo Scorpene, que envolveu RM534.8 milhões em comissão, e mais tarde o homicídio horrível do mongol Altantuya fala volumes sobre relacionamento de Lodin8217s com Najib. Ele também se senta nos conselhos de Affin Bank Bhd. Um dos banqueiros Perimekars. Ismee Ismail. 51 Syarikat Takaful Malásia Berhad (KLSE: TAKAFUL, código de stock 6139): Presidente TH Plantations Berhad (KLSE: THPLANT) Código da Empresa 5112): Administrador Não Executivo BIMB Holdings Berhad (KLSE: BIMB. Diretor Executivo Banco Islã Malásia Berhad. Diretor Não-Executivo Edra Global Energy Berhad (anteriormente conhecido como 1MDB Energy Group Berhad): Diretor Lembaga Tabung Haji. Diretor Gerente do Grupo e CEO 1Malaysia Development Berhad (1MDB). O diretor Ismee Ismail começou sua carreira na Arab Malaysian Development Berhad em 1987. Mais tarde, ele entrou para o Shell Group of Companies na Malásia e ocupou vários cargos, incluindo o Chefe de Forex e Banking da Shell Malaysia Ltd e Contador de Grupo da Shell Malaysia Trading Sdn. Bhd. Atualmente é Diretor Gerente do Grupo e Diretor Presidente da Lembaga Tabung Haji. Antes disso, ele era o Diretor Executivo da ECM Libra Securities Sdn Bhd e um Diretor da ECM Libra Capital Sdn Bhd. O What8217s no centro das atenções agora é a perspectiva de Tenaga Nasional Berhad que paga Edra Global Energy Berhad, no valor de RM16 bilhões . Ele também tem sua mão na recente aquisição de Tabung Haji8217s de terras de 1MDB8217s Robert Kuok Hock Nien. 92 Com o patrimônio líquido de US12.4 bilhões (Forbes, maio de 2015), o mundo é o mais rico, mas o homem mais rico da Malásia, Robert Kuok é uma lenda. Seu império 8211 Kuok Group 8211 controla uma frota de companhias listadas em Hong Kong, Cingapura e Malásia. PM Najib Razak costumava visitar 8220Uncle Kuok8221. Que era um amigo de infância com o segundo primeiro-ministro Tun Razak. Junto com o terceiro PM Hussein Onn, a amizade do trio8217s foi para trás a seus dias escolares no Raffles School Singapore. Curiosamente, o primeiro-ministro de Singapura 8217 Lee Kuan Yew 8211 era um de seus colegas de classe. Embora Robert Kuok tenha brilhantemente diversificado a maior parte de sua fortuna fora da Malásia, há ainda cerca de 8220leftovers8221. Outras Sociedades Cotadas Instituições Financeiras Tenaga Nasional Berhad (KLSE: TENAGA, código de existências 5347): - possibilidade de resgate de 1MDB8217s Edra Global Energy Berhad com a quantia de RM16 bilhões Empregados Provident Fund8217s (EPF): - RM200 milhão investimento de obrigações em 1MDB RM1.5 bilhão investimento em Panglima Power Sdn Bhd (PPSB) e Jimah Energia Ventures Sdn Bhd (JEV). Fundo de Aposentadoria Inc. (KWAP): - Investiu RM1.4 bilhão em 1MDB8217s várias filiais: Bandar Malásia Sdn Bhd, 1MDB Energia Limitado, 1MDB Investimento Global Limitado, e Jimah Energia Ventures Sdn Bhd (JEV). Lembaga Tabung Haji: - investiu RM920 milhões de títulos em 1MDB8217s desenvolvimento imobiliário Bandar Malásia e no mês passado, comprou 0,63ha do Tun Razak (1MDB RE) Interchange (TRX) distrito financeiro. Outros artigos que podem interessá-lo Horse-trading, o dinheiro muda de mãos, os contratos finalizando, projetos de revisão ea lista continua. That8217s o que está acontecendo agora, como a mãe de todos os escândalos 8211 1MDB 8211 prestes a entrar em um novo mês este ano. As apostas estão na mesa que pelo gancho ou pelo trapaceiro, primeiro-ministro Najib Razak e sua esposa Rosmah Mansor hellip H orse-troca, o dinheiro muda as mãos, os contratos que finalizam, os projetos que revêem ea lista vai sobre. That8217s o que está acontecendo agora, como a mãe de todos os escândalos 8211 1MDB 8211 prestes a entrar em um novo mês este ano. As apostas estão na mesa, que pelo gancho ou pelo trapaceiro, primeiro-ministro Najib Razak e sua esposa Rosmah Mansor pode ter uma vela suave depois de tudo. Na verdade, Najib e tia Rosy estão prontos para puxar Mahathir e sua família juntos. Se isso é o que vai demorar para vencer esta guerra. Claramente, apenas uma equipe emergirá vitoriosa, e o perdedor não será capaz de obter uma saída 8220face-saving8221 desta vez. Com a atual idade de redes sociais, o perdedor será lembrado de uma maneira vergonhosa. O que é surpreendente é o fato de que o governador do Banco Negara (Banco Central) Zeti Akhtar Aziz foi o único indivíduo que não falou sobre o escândalo do 1MDB, até hoje, apesar da instituição ser arrastada para o drama por Najib várias vezes. Primeiro, Najib gritou que o dinheiro de 1MDB não poderia ser repatriado para casa porque o banco central faria um grande problema fora dele. Subseqüentemente, Najib bitched que BRIM, um projeto onde Papai Noel dá afastado o dinheiro livre aos povos, era realmente uma idéia do banco central. Não da sua administração. Ainda assim, Zeti não levantou um dedo, mas manteve um silêncio de elegância, como se estivesse dormindo no trabalho. Hoje, ela finalmente abre a boca. Aparentemente, Zeti havia recebido um relatório da MAS (Autoridade Monetária de Cingapura) sobre uma conta ligada à empresa de investimento estratégica endividada no banco suíço BSI Bank. Como esperado, ela não revelaria nada, usando 8220confidentiality8221 como a desculpa. O governador Zeti deveria saber melhor do que qualquer outra pessoa sobre a ajuda de Najib Razak, por isso espero que ela não faça algo estúpido. Além de formar alianças e traições de recrutamento, esta guerra do século 8211 Mahathir vs Najib 8211 verá perdedores sendo eliminados não só da paisagem política, mas também sobre amigos de negócios perdendo tudo. Portanto, a participação não é apenas RM42 bilhões de dívida de 1MDB sozinho, mas bilhões de novos contratos comerciais. Goste ou não, este 8220Clash do Titans8221 não afeta apenas políticos e empresários, mas também pequenos investidores, como comerciantes do mercado de ações, especuladores, jogadores, apostadores ou qualquer nome que você deseja chamar-se. Se Najib vence, o status quo permanece. Mas se ele perdas, o que é muito provável, você pode querer evitar certos stocks ou empresas relacionadas com seus amigos. Poderia ser essa uma das razões pelas quais seu próprio irmão, Nazir Razak, parece estar no acampamento do inimigo? Na verdade, faz todo o sentido separar-se do irmão mais velho Najib. A aposta é simplesmente muito alta. É um gesto tolo para defender seu próprio irmão e, no processo, perde tudo no CIMB, da mesma forma que Rashid Hussein perdeu RHB porque se alinhou com Anwar Ibrahim. Prepare-se para um super longo write-up em Najib Razak8217s cronies abaixo. Esta não é uma lista completa embora. Mas alguns companheiros como Vincent Tan (Grupo Berjaya), Quek Leng Chan (Grupo Hong Leong), Teh Hong Piow (Banco Público Berhad), Syed Mokhtar Al-Bukhary, Ananda Krishnan são considerados UMNO-compinches. Não Najb-amigos. Nazir Razak. 49 CIMB Group Holdings Berhad (KLSE: CIMB. Stock-code 1023): Presidente Khazanah Nasional Berhad (KNB): Director Fundo de Previdência dos Empregados (EPF): Presidente do Painel de Investimento Comité de Risco Malaysia International Islamic Financial Center. O membro do Comitê Executivo Nazir Razak, o irmão mais novo, é o mais conhecido. Ele obteve um Mestrado em Filosofia na Universidade de Cambridge. Ele é um banqueiro de carreira, juntando-se ao Banco de Investimento do CIMB há quase 20 anos e aumentando através de suas fileiras executivas para se tornar seu CEO em 1999. Talvez o mais experiente nos membros da família Razak, Nazir é infame por sua aquisição controversa de Southern Bank Proprietário Tan Teong Hean. Na sequência da fusão do CIMB e Bumiputra-Commerce Bank, para se tornar Bumiputra-Commerce Holdings Bhd (BCHB), Nazir tornou-se CEO do grupo mesclado e mais tarde Presidente do CIMB Group. Observadores bem informados acreditam amplamente que Nazir aconselha Najib sobre questões de finanças e política econômica. No entanto, as relações entre todos os irmãos Razak com PM Najib estão em má forma devido à esposa Rosmah Mansor. Ahmad Johari Razak. 59 Ancom Berhad (KLSE: ANCOM, código de ações 4758): Presidente não executivo Hong Leong Industries Berhad (KLSE: HLIND, código de estoque 3301): Diretor não executivo Daiman Development Berhad (KLSE: DAIMAN. : Presidente não executivo Sumatec Resources Berhad (KLSE: SUMATEC, código de estoque 1201): Diretor não executivo Sociedade de Recursos da Malásia Berhad (KLSE: MRCB, código de estoque 1651): Diretor independente Deutsche Bank (Malásia) Berhad. Diretor Daiman Golf Berhad. Diretor Não-Executivo Tribunais Mammoth (M) Berhad (privatizado): Presidente não-executivo Johari Razak, o segundo irmão mais velho e um amigo próximo de Perak Sultan Nazrin Shah. Ele é advogado e sócio sênior da Shearn Delamore amp Co, um grande escritório de advocacia localizado na Wisma Hamzah-Kwong Hing, em Kuala Lumpur. Suas áreas de atuação incluem joint ventures corporativas e comerciais, fusões e aquisições reestruturação societária e listagem de empresas públicas. Ele foi acreditado para desempenhar um papel vital durante a crise constitucional de 2009 Perak, que viu o colapso do governo do estado Pakatan Rakyat. Isso permitiu irmão Najib Razak marcou importantes pontos brownie, como um grande estrategista político, pelo menos aos olhos dos membros UMNO. Coincidentemente, 1MDB, atualmente na sopa quente sobre o scandal da dívida de RM42 bilhão, teve empréstimos de um consortium de seis bancos extrangeiros conduzidos por Deutsche Bank. Com a perspectiva de 1MDB declara um padrão sobre o empréstimo sindicalizado no valor de US975 milhões, Deutsche Bank Cingapura e outros bancos como BSI Cingapura, RBS Coutts poderia buscar reembolso antecipado. Mohamed Nizam Razak. 56 Mamee Double-Decker (M) Berhad (excluído da lista de privatizados): Administrador não executivo Yeo Hiap Seng (M) Berhad (privatizado): Administrador não executivo Outras direcções. Synergy Track Sdn. Bhd. Deutsche Bank (Malásia) Bhd. Fundação Noé, Fundação Hong Leong, Fundação Nacional de Bem-Estar das Crianças, Yayasan Rahah e Yayasan Wah Seong. Nizam Razak estudou política, filosofia e economia na Universidade de Oxford. Ele era um corretor da bolsa e CEO da PB Securities Sdn Bhd na década de 1990. Ele é atualmente um diretor não-executivo em várias empresas publicadas anteriormente, incluindo Mamee Double-Decker (M) Bhd e Yeo Hiap Seng (M) Bhd, que desde então foram tomadas privadas. Ele serviu como diretor não-executivo da Hiap Teck Venture Bhd e da Delloyd Ventures Bhd, e como o irmão Johari, Nizam também é diretor do Deutsche Bank. Junto com o portador de dinheiro UMNO Syed Mokhtar eles estavam olhando para a participação de 19,4 em DRB-Hicom realizada pela confiança familiar de Yahaya tarde Ahmad. Hoje, Syed Mokhtar possui DRB. Mohamed Nazim Razak. Hong Leong Bank Berhad (KLSE: HLBANK, código de estoque 5819): Administrador Não Executivo Hong Leong Capital Rótulo (KLSE: HLCAP, código de estoque 5274): Diretor Não Executivo XiDeLang Holdings Limited (KLSE: XDL) Código 5156): Vice-Presidente 7-Eleven Malaysia Holdings Berhad (KLSE: SEM-código-existencial 5250): Administrador não executivo Hong Leong Islamic Bank Berhad. Diretor Não-Executivo Outra diretoria. O Legends Golf amp Resort País Bhd Batu Caves Centrepoint Sdn. Bhd. BTS Land Capital Sdn. Bhd. Century Tower Industries Sdn. Bhd. Digiport (M) Sdn. Bhd. Etc Nazim Razak, o quarto irmão que se casou ex-anfitrião de TV3s show Nona. Norjuma Habib Mohamed, estudou arquitetura no Reino Unido. Ele é presidente da Meru Utama Sdn Bhd, uma empresa de publicidade ao ar livre que recebeu uma concessão de publicidade de sete anos em 2007 para anunciar o Aeroporto Internacional de Kuala Lumpur e o Terminal de Transportadores de Baixo Custo (LCCT). Nazim é também diretor da Eng Wah Organization Limited, uma empresa com sede em Cingapura envolvida em operações de cinema, distribuição de filmes e aluguel de varejo e escritórios. Ele é presidente do Conselho de Administração da Masterskill, uma universidade privada (o Pro Chancellor é Raja Azureen Raja Azlan Shah, filha do falecido sultão de Perak) e diretor da OYL Industries (uma subsidiária do Grupo Hong Leong). Tan Kay Hock. 67 Johan Holdings Berhad (Presidente do Conselho de Administração): George Kent (M) Berhad (KLSE: GKENT, código de ações 3204): Chairman Jacks International Limited. Presidente Iskandar Autoridade de Desenvolvimento Regional. Membro Fundação Humanitária da Malásia. Diretor Quando Tan Kay Hock, um amigo de golfe do Primeiro Ministro Najib Razak, foi premiado com o trabalho de sistemas para o projeto de extensão da linha de trânsito de trilho leve Ampang (LRT) de RM1,1 bilhões em julho de 2012, levantou sobrancelhas porque a empresa era mais conhecida como Fabricantes e fornecedores de medidores de água. Tan negou sua companhia, George Kent, ganhou devido aos laços políticos. Agora que seu amigo de golfe Najib está na sopa quente sobre 1MDB8217s escândalo de dívida de RM42 bilhões, será o primeiro-ministro agilizar o projeto de Kuala Lumpur-Cingapura Rail High Speed antes de começar o boot Mais importante, será Tan Kay Hock8217s 25 anos de 8220friendship8221 com Najib ajuda George Kent garante a jóia dos projetos ferroviários Shahril Shamsuddin. 54 SapuraKencana Petroleum Berhad (KLSE: SAPCRES. stock-code 8575): Executive Director and President and Group CEO Sapura Industrial Berhad (KLSE: SAPIND. stock-code 7811): Deputy Chairman Sapura Resources Berhad (KLSE: SAPRES. stock-code 4596): Non-Executive Director Sapura Secured Technologies Sdn. Bhd. (private division of Sapura Group): President and CEO Shahril Shamsuddin of Sapura Group and his family is well known to have a very good relationship with Najib8217s family. His father, Shamsuddin Abdul Kadir, the founder of Sapura Group, was however aligned to former premier Mahathir Mohamad. Later, the merger between Mahathir8217s son (Mokhzani Mahathir) Kencana Petroleum and SapuraCrest Petroleum forming today8217s SapuraKencana in 2012. However, both Mokhzani and Shahril couldn8217t see eye to eye, due to differences of opinion between both co-founders in the running of SapuraKencana, not to mention about who really has better capability helming the country8217s largest oil and gas services firm. Subsequently, Mokhzani resigned as vice chairman this year (March 2015). Mohamed Azman Yahya. 51 Symphony House Berhad (KLSE: SYMPHNY. stock-code 0016): Group CEO, Founder Symphony Life Berhad (KLSE: SYMLIFE. stock-code 1538): Executive Chairman Scomi Group Berhad (KLSE: SCOMI. stock-code 7158): Non-Executive Director PLUS Expressway Berhad (delisted in 2012): Non-Executive Director Ekuiti Nasional Berhad . Director AIA Group Limited . Non-Executive Director Khazanah Nasional Berhad (KNB): Director Mohamed Azman Yahya, director of Khazanah, and founder and group chief executive officer of Symphony House Bhd, an outsourcing firm. He is also the ex-CEO of Pengurusan Danaharta Bhd and sits on several advisory panels for the development of the capital market, venture capital, and public service delivery system. Despite his supposedly wide experience in charge of national asset management, he couldn8217t do anything to help the once rotting Malaysian Airline Systems. However, Azman Yahya, one of Najib8217s six trusted individuals, was allegedly conspired with Nor Mohamed Yakcop and cheated Halim Saad in a UEM-Renong takeover deal back in 2001. Rohana Mahmood. 61 Paramount Corporation Berhad (KLSE: PARAMON. stock-code 1724): Non-Executive Director AMMB Holdings Berhad (KLSE: AMBANK. stock-code 1015): Non-Executive Director Sime Darby Berhad (KLSE: SIME. stock-code 4197): Non-Executive Director RM Capital Partners Sdn Bhd (spin off from Ethos Capital): Chairman and Founder. AmInvestment Bank Berhad . Non-Executive Director Rohana was the chairman and co-founder of Ethos Capital, a RM200 million private equity firm, which through its Ethos Consulting was involved in the National Automotive Policy that resulted in the abuse of APs to selected individuals associated to Khairy Jamaluddin, son-in-law of former prime minister Abdullah Badawi. Among all cronies, Rohana Mahmood stands out as deeply embedded in the Najib family8217s commercial interests. Together with Omar Mustapha Ong, a former special assistant to Najib Razak, they once had their eyes on EPF8217s RM300 billion fund to manage. She and another close aide of Najib, Abdul Razak Baginda (linked to gruesome murder of Mongolian Altantuya), are co-founders of an independent think-tank, Malaysian Strategic Research Centre. Najib was chairman of the think-tank, now disbanded. Azman Mokhtar. 54 Axiata Group Berhad (KLSE: AXIATA. stock-code 6888): Chairman and Non-Executive Director Khazanah Nasional Berhad (KNB): Managing Director and CEO Iskandar Investment Berhad . Chairman Azman was Managing Director and co-founder of the infamous consulting firm BinaFikir, which proposed WAU (Wide Unbundling Asset) in 2002 to save ailing Malaysian Airline System (MAS). Amusingly, under his poor leadership . MAS made bigger losses. Azman then proposed Penerbangan Malaysia Berhad (PMB), which also lost money. Azman Mokhtar, who is running Khazanah, Malaysias sovereign wealth fund which in effect controls CIMB along with the countrys national pension scheme, is one of six trusted individuals personally picked by Najib for ideas on issues ranging from economy, capital markets and general business soon after Najib was appointed Finance Minister. Comically, the supposedly genius Azman Mokhtar couldn8217t turn around MAS for the second time, in a MAS-AirAsia share swap exercise. He probably has the longest list of 8220failed8221 restructuring and business ventures 8211 tuna fishing venture losses of RM120 million . Parkway Holdings8217 RM935 million losses . and whatnot. Mohd Nadzmi Mohd Salleh. 61 Konsortium Transnasional Berhad (KLSE: KTB. stock-code 4847): Chairman and Managing Director Transocean Holdings Berhad (KLSE: TOCEAN. stock-code 7218): Chairman and Managing Director V. S. Industry Berhad (KLSE: VS. stock-code 6963): Non-Executive Director JT International Berhad . Chairman Express Rail Link Sdn Bhd (ERL): Chairman Nadicorp Holdings Sdn Bhd . Chairman Trisilco Folec Sdn Bhd . Chairman Mohd Nadzmi, the chairman and MD of express bus operator, Konsortium Transnational Bhd. The former Proton boss was called upon by the Government in 1996 to revive the ailing public transport company. He is one of the six trusted individuals personally picked by Najib for ideas on issues ranging from economy, capital markets and general business soon after Najib was appointed Finance Minister. He was former PM Mahathir8217s prodigy and has expertise in transportation. Nadzmi had tried bidding for Proton numerous times, when the national car maker8217s profits came under pressure. German8217s Volkswagen and American8217s General Motors had held talks with Proton management but the sensitive issue of 8220over-protection8221 ownership hindered any further strategic alliance. Mohd Salleh Bakke. 61 Sime Darby Berhad (KLSE: SIME. stock-code 4197): President, Group CEO Eastern amp Oriental Berhad (KLSE: EampO. stock-code 3417): Non-Executive Director Sime Darby Property Berhad . Non-Executive Director Yayasan Sime Darby: Non-Executive Director Northern Corridor Economic Region (NCER): Director Other directorship: Sime Darby Energy amp Utilities Sdn. Bhd. Sime Darby Healthcare Sdn. Bhd. Sime Darby Plantation Sdn. Bhd. Sime Darby Industrial Holdings Sdn. Bhd. Sime Darby Bhd. Eastern amp Oriental Bhd. Sime Darby Energy Sdn. Bhd. Sime Darby Motors Sdn. Bhd. Bakke was formerly the Group President amp Chief Executive Officer of Felda Global Ventures Holdings Berhad. His previous directorship and chairmanship involvement included Permodalan Nasiona Berhad (PNB), Pengurusan Danaharta Nasional, Bank Islam Malaysia, Lembaga Tabung Haji and whatnot. But none of the above beats his latest 8220involvement8221 . or at least his 8220knowledge8221 about the explosive 1MDB8217s RM42 billion debt. Bakke was the chairman of 1MDB from 11-Aug-2009 till his resignation on 19-Oct-2009. So, was he involved in the approval of US700 million, allegedly siphoned to Good Star Ltd, a company owned by Jho Low Lodin Wok Kamaruddin. 61 Affin Holdings Berhad (KLSE: AFFIN. stock-code 5185): Deputy Chairman Boustead Heavy Industries Corporation Berhad (KLSE:BHIC. stock-code 8133): Chairman Boustead Holdings Berhad (KLSE:BSTEAD. stock-code 2771): Deputy Chairman and Group Managing Director Boustead Plantations Berhad (KLSE:BPLANT. stock-code 5254): Vice Chairman Pharmaniaga Berhad (KLSE:PHARMA. stock-code 7081): Chairman 1Malaysia Development Berhad (1MDB): Chairman Lembaga Tabung Angkatan Tentera (LTAT): Chief Executive Other directorship: UAC Berhad, MHS Aviation Berhad, FIDE Forum, Badan Pengawas Pemegang Saham Minority Berhad, Affin Bank Berhad, Affin Islamic Bank Berhad, Affin Hwang Investment Bank Berhad and AXA Affin Life Insurance Berhad. The mention of LTAT and Boustead will easily give away the type of business Lodin specialises in. He8217s essentially the 8220Chief of the Armed Forces Fund Board8221 . making him very powerful and super rich. His Boustead Heavy Industries was notorious for getting all the contracts building military ships for the government, but can never delivered them (grin). But that was just the tip of an iceberg. What many didn8217t realise was the fact that Lodin Wok was one of the directors of Perimekar Sdn Bhd until 2010, when the explosive procurement of two French-made submarines was revealed. The Scorpene scandal, which involved RM534.8 million in commission, and later the gruesome murder of Mongolian Altantuya speaks volumes about Lodin8217s relationship with Najib. He also sits on the boards of Affin Bank Bhd . one of Perimekars bankers. Ismee Ismail. 51 Syarikat Takaful Malaysia Berhad (KLSE: TAKAFUL. stock-code 6139): Chairman TH Plantations Berhad (KLSE: THPLANT. stock-code 5112): Non-Executive Director BIMB Holdings Berhad (KLSE: BIMB. stock-code 5258): Non-Executive Director Bank Islam Malaysia Berhad . Non-Executive Director Edra Global Energy Berhad (formerly known as 1MDB Energy Group Berhad): Director Lembaga Tabung Haji . Group Managing Director and CEO 1Malaysia Development Berhad (1MDB) . Director Ismee Ismail began his career at Arab Malaysian Development Berhad in 1987. He later joined the Shell Group of Companies in Malaysia and held various positions including the Head of Forex and Banking of Shell Malaysia Ltd and Group Accountant of Shell Malaysia Trading Sdn. Bhd. He is currently the Group Managing Director and Chief Executive Officer of Lembaga Tabung Haji. Prior to that, he was the Chief Executive Officer of ECM Libra Securities Sdn Bhd and a Director of ECM Libra Capital Sdn Bhd. What8217s in the limelight now is the prospect of Tenaga Nasional Berhad bailing Edra Global Energy Berhad, to the tune of RM16 billion. Did he also has his hand in Tabung Haji8217s recent acquisition of 1MDB8217s lands Robert Kuok Hock Nien. 92 With net worth of US12.4 billion (Forbes, May 2015), the world8217s 110 richest but Malaysia8217s richest man, Robert Kuok is a legend. His empire 8211 Kuok Group 8211 controls a fleet of listed companies in Hong Kong, Singapore and Malaysia. PM Najib Razak used to visit 8220Uncle Kuok8221 . who was a childhood friend with second prime minister Tun Razak. Together with third PM Hussein Onn, the trio8217s friendship went back to their school days at Raffles School Singapore. Interestingly, Singapore8217s first prime minister 8211 Lee Kuan Yew 8211 was one of their classmates. Although Robert Kuok has brilliantly diversified most of his fortune out of Malaysia, there8217re still some 8220leftovers8221. Other Public-Listed Companies Financial Institutions Tenaga Nasional Berhad (KLSE: TENAGA. stock-code 5347):- possibility of bailing out 1MDB8217s Edra Global Energy Berhad to the tune of RM16 billion Employees Provident Fund8217s (EPF) :- RM200 million bond investment in 1MDB RM1.5 billion investment in Panglima Power Sdn Bhd (PPSB)and Jimah Energy Ventures Sdn Bhd (JEV). Retirement Fund Inc. (KWAP) :- Invested RM1.4 billion in 1MDB8217s various subsidiaries: Bandar Malaysia Sdn Bhd, 1MDB Energy Limited, 1MDB Global Investment Limited, and Jimah Energy Ventures Sdn Bhd (JEV). There was also the controversial sale and leaseback of a commercial office tower with 1MDB Real Estate Bhd (1MDB RE) Lembaga Tabung Haji :- has invested RM920 million bond in 1MDB8217s real estate development Bandar Malaysia and last month, bought 0.63ha from the Tun Razak Exchange (TRX) financial district. Other Articles That May Interest You KL Conference on Islamic Wealth Management amp Financial Planning 2017 KL International Conference on Islamic Wealth Management amp Financial Planning Date. 16-17 May 2017 Venue. Premiera Hotel Kuala Lumpur, Malaysia 8220An international gathering of practitioners, scholars and experts to discuss and share their knowledge, expertise and experience on the principles, instruments and issues related to Islamic wealth management and financial planning to be held at the world8217s leading Islamic financial centre8230Kuala Lumpur.8221 This 2-day conference will explore the key principles and avenues of Islamic wealth management which includes Islamic wealth creation, accumulation, protection, distribution and purification in the Wealth Management Cycle. This conference will enable individuals, investors and corporations to learn and understand more about the Islamic wealth management and financial planning from industry experts with wide spectrum of expertise and will be able to implement them. This conference will also be an excellent platform for networking and exchange of experience, ideas and outlooks about the industry and services. - Islamic Financial Planning amp Wealth Management: Principles, Products amp Services - Sharing the Wealth Using Exchange Instruments - Islamic Funds Management amp Investment - Retirement Planning: Managing Wealth for Golden Years - Islamic Estate Management (Faraid, Wills, Hibah, Waqf) - Risk Management and Takaful (Wealth Protection) - Zakat: Wealth Redistribution and Purification - The Need For Prudent Financial Management KUALA LUMPUR: Ekovest Bhd is set to issue the largest ringgit-denominated Sukuk wakalah of RM3.64bil to fund its Setiawangsa-Pantai Expressway (SPE) project. The toll road project, formerly known as the DUKE phase 3, will cost RM3.9bil with a 53 year concession period with the government. The issuance of Sukuk wakalah for the SPE will be among the largest issuance for a new highway construction project as well as among the highest rates AA-sukuk so far in 2016. The project will also be the first public private partnership project to use the governments reimbursement interest assistance (RIA) as part of the financing structure, said Minister of Finance II, Datuk Johari Abdul Ghani at the signing ceremony of the Sukuk wakalah for the SPE project. Part of the funding of the SPE project would come from a RM560mil interest free government RIA and RM850mil equity by Ekovest. Securing the financing for the SPE was the last piece of the puzzle for project. This would be the largest project that Ekovest group will undertake to date, said Ekovest managing director Datuk Seri KC Lim on Tuesday. AmInvestment Bank Bhd is the principal advisor and lead arranger for the sukuk. The joint lead managers and joint bookrunners are AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd. (The Star Online 16 August 2016) Many identify the Maldives as an idyllic tropical island holiday destination, but little is known about the fact that the country is making plenty of waves in developing its Islamic finance industry towards an investment hub for South Asia and centre for the halal industry in the region. As an Islamic country 8211 the 1997 Constitution of the Maldives designates Islam as the official state religion 8211 the Maldives was quick in building up an Islamic finance industry at a fast pace with the long-term objective to become an offshore finance centre for Shariah-compliant investments, mainly in order to diversify its industry away from dominating tourism. To that end, President Yameen Abdul Gayyoom8217s government has developed a roadmap to expand Islamic financial services throughout the archipelago and base it on official regulations by the Maldives Monetary Authority. According to Aishath Muneeza, Deputy Minister in the Maldives Ministry of Finance and Treasury and chairwoman of the Shariah Advisory Committee of the Capital Market Development Authority Maldives, the share of Shariah-compliant financial assets were already at around 5 of total assets by the end of last year, and increasing. 8220The growth of Islamic finance is happening at a very fast pace,8221 she said, adding that 8220I hope that we will be able to create an Islamic finance centre and act as the leader for Islamic finance and the halal industry in the South Asia region.8221 The advent of Islamic finance in the Maldives dates back to 2003 when the country saw the establishment of its first Islamic finance institution, Amana Takaful Maldives, a fully-fledged Islamic insurance company. But due to little knowledge among the population about the characteristics of Islamic finance at that point of time, it took until 2011 for the first Islamic bank to open, Maldives Islamic Bank, with registered capital of 12mn and the assistance of Saudi-based Islamic Corp for the Development of the Private Sector, or ICD, a unit of the Islamic Development Bank. But from then onwards, the growth of Islamic finance in the country happened at an impressive speed as awareness among the population about Shariah-compliant banking and investment grew and banks and other financial institutions widened their product offerings and services for both retail and corporate customers. In 2012, the first Islamic window of a non-banking financial institution, HDFC Amna, a unit of the Maldivian housing finance Corp HDFC, was introduced to offer musharakah-based home financing instruments. Other financial institutions followed, namely Alia Investment, a private firm offering financing based on ijarah contracts. Later on, an Islamic finance-based Haj pilgrim fund, Maldives Haj Corp, was launched, and the largest bank and the largest insurer of the country, Bank of Maldives and Allied Insurance Maldives, respectively, opened Islamic finance windows. To cope with demand for Islamic finance experts, the government asked the International Centre for Education in Islamic Finance, or INCEIF, to start offering Islamic finance courses in the Maldives to expand skills of conventional banking staff, and later on launched the Maldives Centre for Islamic Finance, designed to strengthen the Maldives8217 footprint as a hub for Islamic finance and the halal industry in South Asia. Furthermore, halal certification was introduced in 2014 and a halal logo for aquaculture and fishery products created. Last year, the Ministry of Economic Development started offering Islamic microfinancing through the Bank of Maldives, and earlier in 2016, the government launched Hazana Maldives, a special-purpose vehicle for the further development of Islamic finance. It also created a Shariah advisory board and laid the regulatory framework for sukuk investment, an important move in the economic diversification drive of the tourism-dependent island nation as Islamic bonds normally entice larger funds. In a first focus, the Maldivian government plans to tap Islamic finance from India via debt sales and deposits. India has a huge Muslim population of 166mn, but so far no Islamic finance industry because of opposition from Hindu lawmakers. Incentives for Indian Muslims to use Islamic finance vehicles in the Maldives instead of Pakistan, Bangladesh or Sri Lanka are that the industry 8211 although having a solid regulation framework 8211 is not as much regulated as those of its bigger rivals in the region and thus is more likely to attract bigger players in the industry. Long under-serviced by Islamic finance, sub-Saharan Africa, and West Africa in particular is seeing a boom in sukuk bonds. West Africa is set to benefit from more intra-regional investment and increased interest from foreign Islamic investors. The growth of Islamic finance in recent years has seen a rapid increase in the value of 8216Islamic Economy8217 8211 with the global shari8217a-approved financial sector projected to be worth 3 trillion by 2018. While Middle Eastern and Asian countries are leading this trend, one region8212Sub-Saharan Africa8212remains under-serviced. The growth of sukuk in Africa Indeed, with over 250 million Muslims, the region is home to a quarter of world8217s Muslim population, yet commands a disproportionately small fraction of Islamic financial activity. However, this is changing as sub-Saharan Africa8212West Africa in particular8212is seeing a marked uptick in Islamic finance, especially in the issuing of Islamic bonds, or sukuk. Increased GDP growth rates in West Africa have led to higher demand, as nations in this region seek to diversify their lending and borrowing options. Sukuk is increasingly being used to finance development projects, as well as to increase domestic capital reserves and financial inclusion thus aiding local small and medium-sized businesses. Furthermore, since speculation is prohibited, and all financial activity must concern real economic activity (with all loans backed by concrete assets), sukuk in theory offers greater stability. Sukuk8217s asset-backed investments and risk sharing can offer African nations more forgiving terms and insulate them from the volatility of the wider global economy. Sukuk issuance boom in 2016 Global sukuk issuance decreased from 101.8 billion in 2014, to 66 billion in 2015. While global uncertainty played a part, the main reason was the cessation of short-term sukuk issuance by Bank Malaysia Negara, the largest issuer, with 50 global market share. This decrease was also due to saturated or unstable traditional markets (Syria, Iraq, Turkey, Libya). Despite these concerns, forecasts for 2016 see an increase to 70 billion, with West Africa playing a significant role. Significant sukuk use is only now beginning in sub-Saharan Africa. While states such as Sudan and Gambia have issued sukuk in the past, it was in 2014 that Senegal authorized the region8217s largest sukuk issuance (200 million). 2016 has seen a host of new sukuk issuances in West Africa. On August 10th, Togo8217s initial CFA 150 billion (263 million) sukuk offering closed. This comes after Senegal launched its second 263 million round at the end of June. The trend is likely to continue. Looking ahead, Cte d8217Ivoire is planning the second phase of its CFA 300 billion (526 million) sukuk program. Similarly, Nigeria has convened multi-agency meetings to organize its maiden sovereign sukuk issuance, expected by the end of the year. Furthermore, Kenya and South Africa are planning issuances for 2017. Islamic investment in West Africa As a result of sukuk8217s unique traits, the IMF is promoting the regional adoption and inclusion of sukuk into African government debt strategies. The region8217s Muslim population and development efforts are attracting Islamic financiers from further afield. Interestingly, in 2014, South Africa became only the third non-Muslim country to issue sukuk issuing Africa8217s first dollar denominated sukuk (500 million). Pretoria is targeting sukuk8217s growing regional influence and is attempting to tap into investment markets in the Middle East and Asia. Specifically, South Africa8217s issuance in U. S. dollars was aimed at enticing foreign investors, and is part of its attempt to position itself as a hub for the import of halal products and financial services. Alongside newcomers to the sector, established players such as Saudi Arabia8217s Islamic Corporation for Development of the Private Sector (ICD) are eyeing West Africa as a profitable frontier market. ICD is seeking to expand its business in Africa and has positioned itself as a facilitator of sukuk deals in the region: ICD was the lead arranger for both Togo and Cte d8217Ivoire8217s sukuk launches. By 2017 West Africa could be the latest arena for Saudi-Iranian competition, as Iran restarts its sukuk industry following the end of sanctions. Iran has an advantage in the sukuk market in that its entire financial sector is sharia compliant. This is due to the Law for Usury Free Banking Operations, passed in 1983, which in turn makes Iranian Islamic finance compliance a legal requirement, rather than regulatory issue. That being said, Iran is currently at a severe disadvantage versus Saudi Arabia, in that Iranian law for bids sukuk trading in foreign currencies. This is a major problem if Iran wants to compete in the international sukuk market, which is dominated by dollar transactions. This requirement has effectively shut Iran out of global markets, and its domestic demand is insufficient to raise enough capital for Tehran8217s development goals. Iran8217s refusal to use foreign currencies is a two-sided issue with regards to West Africa. Firstly, as noted above, many West African issuers are issuing bonds in West African francs (CFA). This is because issuers such as Senegal are seeking to gain regional market share by promoting intra-regional trading. This is aided by the fact that the CFA is used by eight West African countries, and is guaranteed by the French treasury. The CFA also has a fixed exchange rate pegged at 655.957 CFA to the Euro. Consequently, Iran8217s refusal locks it out of a sizeable regional bloc of more than 105 million potential customers. However, industry experts are optimistic that Iran will change its stance on foreign currency denominated bond trading. Even a partial repeal of the law (say allowing some currencies such as the CFA, but not the dollar), would allow Iran to access the West African market. The widespread use of CFA makes this easier, which could see Iran becoming key partner in promoting CFA issued bonds to circumvent Iran8217s own reluctance towards (and Saudi Arabia8217s reliance on) dollar denominated bonds in the region. Increased attention from international investors and growing domestic demand place West Africa in a favourable position heading into 2017. The region is likely to benefit from increased intra-regional investment, as well as better deals as competition between GCC, Iranian and Asian Islamic investors heats up. Under the Radar uncovers political risk events around the world overlooked by mainstream media. By detecting hidden risks, we keep you ahead of the pack and ready for new opportunities. (Global Risk Insights 12 August 2016) KUALA LUMPUR, Aug 12 (Reuters) - Malaysias Islamic finance market is set for a much-needed boost when the countrys largest pension fund launches a 100 billion ringgit (24.9 billion) Islamic fund in January, offering a potential boon for asset managers. The Employees Provident Funds (EPF) sharia-compliant pension plan opened to acclaim this week with Malaysians lining outside its offices to invest. The allocation represents about 15 percent of the EPFs total investments of 681.7 billion ringgit as of March. Having a standalone pension fund of that size is a rarity in Islamic finance, even for majority-Muslim Malaysia, and it is expected to draw interest from foreign asset management firms with homegrown players also upbeat about the prospects. The benefits are multifold, to us and to the industry, said Mohamad Safri Shahul Hamid, CIMB Islamic senior managing director and deputy chief executive officer. As EPF allocates more into the sharia fund, surely they would want to progressively deploy more of their funds into sharia-compliant investments. This would include the market for Islamic bonds, or sukuk, with demand gradually increasing as the EPF hires external firms to manage its bespoke funds, Safri said. Ancillary businesses such as Islamic securities services would also benefit, as well as Islamic money markets, he said. The EPF plans to allocate an additional 20 billion to 30 billion ringgit in 2018 to its Islamic fund, depending on the availability of sharia-compliant investments. The new fund would attract foreign competitors into Malaysia but also widen the opportunities for incumbents, said Mohammad Hasif Murad, investment manager at Aberdeen Islamic Asset Management Sdn Bhd. This announcement might be a good value proposition for foreign players to jump on the bandwagon. We expect EPF to continually assess the response from the market and gradually increase the allocation for Islamic in the medium term. Islamic fund managers screen their portfolios according to religious guidelines such as bans on alcohol and gambling, similar to socially responsible funds in Western countries. Close to a fifth of total assets under management in Malaysia are now managed this way. As of December, fund management companies in Malaysia held 132.4 billion ringgit worth of Islamic assets, up 19.7 percent from a year earlier, according to Securities Commission data. While the benefits of a standalone Islamic retirement fund trickle down to fund managers, the outlook for Malaysias sukuk market is also improving. A healthy supply of sukuk is expected for the rest of 2016, on track to exceed the 34.5 billion of sukuk issued in Malaysia last year, CIMBs Safri said. We expect an active second half, in terms of total size of the corporate sukuk market, which will grow to 40 billion at the minimum, he said. Growth in the fixed income market would outpace equities, as investors seek more stable returns, he added. (Mail Online Wires 12 August 2016) With the revision of RAM8217s stressed refinancing rate to 8.5 per cent (from 10.0 per cent), the stressed debt-service coverage ratios (DSCRs) have increased substantially. Nevertheless, the ratings remain constrained by the loan-to-value (LTV) ratios, which are still consistent with our benchmarks for the relevant ratings. The reaffirmation is premised on the overall stable net property income (NPI) of the portfolio, supported by the underlying properties8217 strategic locations, longer-than-average lease maturities and healthy demand for the portfolio8217s assets due to the shortage of comparable properties. ARSB is a special-purpose vehicle set up by Axis REIT as a funding conduit for its perpetual Islamic MTN Programme of up to MYR 3.0 billion (the Sukuk Programme). The First Sukuk 8211 the first issuance under the Sukuk Programme 8211 is backed by a portfolio of three industrial and industrial-office mixed properties and one retail property, i. e. Axis Steel Centre (ASC), Axis Vista (AV), Bukit Raja Distribution Centre and Tesco Bukit Indah. The portfolio NPI of MYR 20.5 million in 2015 remained in line with our assumed NPI of MYR 20.0 million. Despite the present void at AV due to the recent departure of one of the portfolio8217s six tenants (which accounted for 3.5 per cent of the portfolio8217s NLA and 5.3 per cent of its revenue in 2015), we expect the portfolio8217s stabilised annual NPI to remain in line with our initial assumptions. The average rental rates of the assets are still aligned with market rates while the portfolio8217s adjusted capital value shows a discount of 31 per cent to its market value. Correspondingly, the cumulative LTV ratios of 43.7 per cent, 46.0 per cent, 48.3 per cent and 50.6 per cent coupled with the revised DSCRs of 2.5 times, 2.4 times, 2.2 times and 2.1 times (from 2.1, 2.0, 1.9 and 1.8 times) correspond to the respective AAA, AA1, AA2 and AA3 ratings of the Class A to Class D Sukuk. We note overdue rentals of up to three and five months from two tenants in 2015 and 1Q 2016. However, these issues have been largely resolved 8211 one tenant has caught up on its payments while the security deposit and auction proceeds have been used to offset the overdue rentals from the other tenant at AV. A replacement is currently being sought for the vacant space at AV. Our sensitivity analysis incorporates these factors as the basis for our reaffirmation. We have not accorded any benefit to the new lease agreement pertaining to ASC, which is currently in an advanced stage of negotiations. The ratings are, however, moderated by limited asset diversity and significant tenant-concentration risk, as the portfolio only contains industrial-related properties, and three of the four Secured Properties are single-tenanted. These factors expose the transaction to the cyclicality of the industrial property segment and the risk of significant income loss should any of the tenants8217 relocation result in protracted vacancies. Nonetheless, the fixed long-term tenancies are expected to provide cashflow visibility over the medium term. In fiscal 2015, the collective NPI of the two Secured Properties with fixed long-term tenancies amounted to almost 2.50 times of the transactions profit obligations, and contributed close to 60 per cent of the portfolio8217s rental revenue. The ratings are also underpinned by structural features that enhance the liquidity and security of the transactions, e. g. minimum finance service coverage ratio (FSCR) requirements at the levels of both the Issuer and the sponsor, as well as other trigger mechanisms to accelerate recovery via proceeds from the disposal of the underlying portfolio. We note that the respective FSCRs of the Issuer vis-a-vis the First Sukuk and Axis REIT remained healthy at 4.04 times and 3.37 times (after adjusting for deposits related to acquisitions) as at end-2015. (C P I Financial 12 August 2016) Experts want Central Bank of Kenya to set separate regulations for Islamic banks to avoid operation and auditing challenges. Prof Abdullatif Essajee, currently the CEO and Islamic Finance lecturer at Vision Institute of Professionals, has said Islamic banking has key differences from conventional banks and the two cannot be effectively regulated using the same framework. Former Managing Director at First Community Bank (FCB) and now a director at the same bank, Essajee said that most of the time, the external auditors differ with Islamic banks on presentation of several transactions in financial books. 8220We have reporting standards for Islamic banks but because the regime does not allow that, we have not fully embraced the substance of Islamic banking. The Islamic standards cannot change the fundamentals of reporting but could have enhanced the quality of reporting,8221 said Essajee. For instance, Islamic banks, where charging interest is prohibited, avoid terminologies such as interest income and instead go for financing income yet in their books, they are forced to use the term. The matter has been complicated by absence of CBK Sharia Supervisory Board that is supposed to keep in check the activities of Islamic banks. Essajee pointed out countries like Malaysia, where each bank has its own Sharia-compliant board that is answerable to a similar board by central bank. In Kenya, despite the first Islamic product coming to the market a decade ago, the audit practice leans to the practices of conventional banks. According to Essajee, most of the high non-performing loans displayed on the financial statements of banks offering more Sharia-based loans, are due to differences in the practice of Islamic products and conventional products. 8220For example, in conventional banking, when financing a construction, banks can demand for payment even before construction is up. That cannot happen in Islamic banks yet when auditors come, they say 8216You issued a facility at this time and it is now almost 90 days and there is no payment so we need to downgrade it,8221 he explained. During his helm at FCB, he added, not so many auditors who came for the auditing process could succeed in borrowing from both conventional and Islamic practices. Under Islamic banking law, most lending is directed to a specific project and is premised on utmost good faith. Therefore, where the borrower delays paying yet he invested in a project he or she pre-agreed with the bank and is yet to be paid, Islamic banking laws cannot move to penalise the borrower. 8220It is not a matter of being soft, it is being ethical. If I (Islamic bank) gave you money to build road and the payer is another person and you haven8217t been paid, how do I come to touch your property yet we need to work together to get paid8221 he asked. This may shed light on the increased gross non-performing loans (NPLs) in some lenders that have embraced Islamic products. Half-year results released by NBK, which is one of the lenders with Islamic products, show that gross NPLs moved from Sh16.9 billion to Sh27.3 billion in just three months. (Standard Digital 12 August 2016) KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) has affirmed its AA-IS rating on Kimanis Power Sdn Bhds (KPSB) RM1.16bil Sukuk programme with a stable outlook. It said on Wednesday the affirmed rating was backed by the favourable terms of KPSB8217s 21-year power purchase agreement (PPA) with the offtaker, Sabah Electricity Sdn Bhd (SESB) under which demand risk is transferred to the offtaker. SESB is 83 owned by power giant Tenaga Nasional Bhd (TNB), which has a senior unsecured debt rating of AAAStable. 8220The affirmed rating incorporates Kimanis power plant8217s commendable operating performance in meeting PPA requirements in relation to the heat rate and unscheduled outage limit. 8220The rating also considers Petronas Gas Bhd8217s 60 ownership of and substantial involvement in KPSB, the use of standard and well-proven technology and the gas sale agreement (GSA) with Petronas Gas8217 parent Petroliam Nasional Bhd (Petronas) until June 2029 which mitigates fuel supply risk. KPSB owns the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. Kimanis OampM Sdn Bhd handles the operations and maintenance of the Kimanis power plant. General Electric Company (GE) is responsible for maintaining the gas turbines under a long-term contractual service agreement. MARC said the Kimanis power plant achieved a lower load factor than the initial projection of 90 since achieving its full commercial operations date (COD) in November 2014 due to the excess capacity on the west coast of Sabah. Hence, KPSB had revised its load factor assumptions to 60 for the period between 2015 and 2017 in the revised budget. In 2015, the plant8217s average load factor was 64.7 (2014: 51.2). Its energy payment (EP) receipts of RM125.9mil were 16.4 above the budgeted amount in 2015. KPSB8217s actual capacity payment (CP) of RM201.6mil was in line with the budgeted amount following the resolution of gas supply issues in early 2015. The plant8217s average availability stood at 95.4 during the period under review. MARC noted the plant8217s average actual heat rates were within the PPA heat rate requirement and KPSB has achieved full pass-through of fuel costs in its first full year of operations. KPSB recorded higher electricity sales of 1,519.6 gigawatt hours (GWh) in 2015 (2014: 967.0 GWh), reflecting the full commercial operations of its three generating blocks since November 2014. Operating profit margin was 26.8 on the back of electricity sales of RM200.1mil and operation cost of RM166.8mil. Fuel cost per unit generated improved to 5.94 sen per kilowatt-hour (kWh) (2014: 9.82 senkWh) due to the lower usage of distillates. Net cash flow improved to RM40.2mil (2014: deficit of RM299mil) as the plant incurred lower capital expenditure of RM2mil (2014: RM318.7mil). Cash balance stood at RM214.3mil in 2015 while KPSB8217s leverage ratio improved to 1.27 times following the repayment of its Series 2, Tranche 1 sukuk amounting to RM35mil in December 2015. 8220Going forward, MARC expects KPSB8217s leverage ratio to decrease progressively with the accumulation of retained earnings and paring down of the outstanding rated sukuk. 8220Under Kimanis8217 updated financial projections, KPSB8217s debt servicing capacity remains adequate with minimum and average finance service coverage ratios (FSCR) of 2.24 times and 3.35 times respectively during the Sukuk tenure. 8220The projections are premised on the plant load factor of 60 which will progressively step up to 90 beginning in 2020,8221 it said. MARC8217s sensitivity results show that KPSB8217s cash flows are sensitive to reductions in CP and higher-than-projected OampM costs. KPSB can withstand an increase in OampM costs by 73 before breaching its FSCR covenant in 2026. 8220MARC wishes to highlight that the cash balance brought forward from 2015 amounting to RM214.3mil is sufficient to meet the financial obligations in 2016 totalling RM154.0mil. 8220The stable rating outlook on the sukuk programme reflects MARC8217s expectations that the power plant8217s cash flow generation will be in line with projections. 8220Conversely, the rating would come under pressure if the plant8217s operations underperform significantly, leading to a weakening of KPSB8217s liquidity position, andor if the offtaker8217s credit profile deteriorates,8221 said MARC. (The Star Online 10 August 2016)
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