Shocking and sensational revelations by NGO National Oversight & Whistleblower (NOW) led by PKR MP Rafizi Ramli (CLICK HERE and HERE), and by DAP Leader & MP Lim Kit Siang (CLICK HERE) suggest that as much as $100 million could have been siphoned out corruptly from 4 property purchases by MARA Inc in Melbourne, Australia.
The DAP has raised the issue of MARA Inc's "controversial" purchase of 3 properties in London, and of MARA officials being convicted for false claims and forgery, as well. (CLICK HERE). MARA'S property portfolio in Australia and UK totals $600 million. This financial scandal that broke out in Melbourne may well turn out to be the very tip of a huge iceberg of corruption, fraud, abuse of power and CBT.
The DAP has raised the issue of MARA Inc's "controversial" purchase of 3 properties in London, and of MARA officials being convicted for false claims and forgery, as well. (CLICK HERE). MARA'S property portfolio in Australia and UK totals $600 million. This financial scandal that broke out in Melbourne may well turn out to be the very tip of a huge iceberg of corruption, fraud, abuse of power and CBT.
For a complete understanding of the financial and alleged corruption/fraud scandal that broke out, linking MARA top officials and UMNO/Bumiputra Malay businessmen, refer to my earlier blog post on 29th June, 2015, HERE.
Based on these articles and expose, the details of the alleged fraudulent property investments are as follows:
| Cost | Fair market | Inflated | |
| Value | Cost | ||
| $ Million | $ Million | $ Million | |
| Dudley International House | 66 | 52 | 14 |
| 746 Swanton St. | 139 | 101 | 38 |
| 333 Exhibition St. | 99 | 69 | 30 |
| 51 Queens St. | 71 | 53 | 18 |
| Total | 375 | 275 | 100 |
The fact that several companies were incorporated off-shore and in Australia, is irrelevant to the issue of fraud and CBT. Given that Australia has more complicated laws on property purchase by foreign entities and capital gains tax etc, it is a standard practice in international investments, to have these layers of company structures to minimise tax and protect companies and business entities domiciled outside of Australia.
Even in Malaysia, most, including businesses, will invest in property by incorporating a subsidiary company for each property, in view of RPGT and corporate tax. Often, properties are sold by transferring the shares of the property company to the buyer. Much depends on the tax implications, and the number of shareholders. There is nothing intrinsically sinister or illegal in these modus operandi.
Even in Malaysia, most, including businesses, will invest in property by incorporating a subsidiary company for each property, in view of RPGT and corporate tax. Often, properties are sold by transferring the shares of the property company to the buyer. Much depends on the tax implications, and the number of shareholders. There is nothing intrinsically sinister or illegal in these modus operandi.
"Proper procedures and approvals" may have been adhered to by MARA in parting with solid cash for these investments. But, that does not detract from the fact that determined fraudsters can, using their crony links and connections to the Prime Minister's Office, influence the decision making process in embarking on dodgy overseas investments.
More than that, in the Dudley International House purchase costing MARA $66 million, the seller has admitted that the purchase price was inflated, so that MARA ended up paying $14 million in inflated costs which the fraudsters utilised in paying bribes, kickbacks and fake commissions. Yet, our IGP dismissed the possibility that "for the moment" any CBT took place, and that further investigations would be undertaken by the MACC!!
This dismissive attitude by the IGP only serves to fuel the fires of suspicion that some kind of cover-up is being planned. With NOW upping the ante with its devastating disclosures, attention, by virtue of the contagion effect, must also be drawn to MARA Inc's property investments in Sydney and London. It would not surprise me to learn that MARA "investment' forays have expanded to New York, Paris, Tokyo and Munich. Who knows, they may even have financed 1MDB to the tune of a few hundred millions!
According to newspaper reports, MARA has over 1,000 students in Australia - some 300 in Melbourne and 500 in Sydney alone. This must be costing MARA millions annually, excluding the cost of students sent to UK, USA etc.
When the Arab Spring exploded, our Ministry of Education revealed that it had to evacuate over 4,000 students from the Middle East. How may of them were from MARA? Wtf are so many of our youth doing in the Middle East? Where from, and how, does MARA, a wholly government owned, but autonomous body set up by Parliament, get the funding from, to venture so extravagantly overseas?
MARA stands for 'Majlis Amanah Rakyat' or 'Peoples Trust Council'. The element of 'Trust' seems pretty much tainted, tattered and torn today. While many citizens are finding it increasingly difficult to bridge the widening gap between income and runaway inflation and expenditure, some seem to be living it up, while others loot an plunder from ill-guarded public coffers. While many are struggling to finance the tertiary education of their children, some with lesser educational qualifications are the beneficiaries of a 'cradle to grave' taxpayer funded system, at the expense of others.
Is this the 1Malaysia PM Najib dreamed of, one that is a horrible nightmare, like 1MDB?
The inflated ego, false pride, greed and megalomaniac ambitions of a demented prime minister who has set in motion a government of thieves, has filtered down to those below. They are not going to be satisfied with their more than generous salaries, allowances and pensions. They want Bill Gates' wealth without the entrepreneurial effort. They are not going to work hard and slog to get rich. They have been given the nod to grab with both hands while the gravy trains chugs by.
And that will inevitably lead to chaos, economic destruction and disaster, unles we, THE PEOPLE, put a stop to it, NOW!!
According to newspaper reports, MARA has over 1,000 students in Australia - some 300 in Melbourne and 500 in Sydney alone. This must be costing MARA millions annually, excluding the cost of students sent to UK, USA etc.
When the Arab Spring exploded, our Ministry of Education revealed that it had to evacuate over 4,000 students from the Middle East. How may of them were from MARA? Wtf are so many of our youth doing in the Middle East? Where from, and how, does MARA, a wholly government owned, but autonomous body set up by Parliament, get the funding from, to venture so extravagantly overseas?
MARA stands for 'Majlis Amanah Rakyat' or 'Peoples Trust Council'. The element of 'Trust' seems pretty much tainted, tattered and torn today. While many citizens are finding it increasingly difficult to bridge the widening gap between income and runaway inflation and expenditure, some seem to be living it up, while others loot an plunder from ill-guarded public coffers. While many are struggling to finance the tertiary education of their children, some with lesser educational qualifications are the beneficiaries of a 'cradle to grave' taxpayer funded system, at the expense of others.
Is this the 1Malaysia PM Najib dreamed of, one that is a horrible nightmare, like 1MDB?
The inflated ego, false pride, greed and megalomaniac ambitions of a demented prime minister who has set in motion a government of thieves, has filtered down to those below. They are not going to be satisfied with their more than generous salaries, allowances and pensions. They want Bill Gates' wealth without the entrepreneurial effort. They are not going to work hard and slog to get rich. They have been given the nod to grab with both hands while the gravy trains chugs by.
And that will inevitably lead to chaos, economic destruction and disaster, unles we, THE PEOPLE, put a stop to it, NOW!!
Donplaypuks® with the peoples' money, man!
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