Author: CorruptionDotNet

Ms Shahrizat under pressure to quit

The Straits Times on January 9, 2012, reported that Wanita Umno leader and Minister for Women, Family and Community Development, Datuk Seri Shahrizat Abdul Jalil, was under pressure to quit. “I am a veteran  politician and I know what needs to be done,”  Ms Shahrizat said last month, while stopping short of saying she would resign. Her refusal to step down could prove costly to Prime Minister Datuk Seri Najib Tun Razak. Former Prime Minister Tun Dr. Mahathir Mohamad came up strongly against her asking her to take the blame. Datuk Syed Ali Alhabshi, A KL Umno division chief, wrote on his blog:  “People are angry that they are being made fools of because they feel it wouldn’t make sense that a wife doesn’t know what her husband is doing.” Ms Shahrizat earned a law degree from the University of Malaya and was a magistrate for three years. In 1980, she set up her own law firm which now has 17 partners, including her brother Shahrir. In 1987 she started as a member of the UMNO Economics and Women’s Affairs Bureau legal team. Two years later, she was elected as  Women’s Chief of  the KL UMNO branch. In 1993, she got her first  break to be an UMNO Executive Committee member.  She became  parliamentary secretary for the Youth and Sports Ministry in 1995, and in 1999, she was made deputy minister in the Prime Minister’s Office (Dr Mahathir was then Prime...

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ATM Fraud at DBS Bank

  [[{“type”:”media”,”view_mode”:”media_large”,”fid”:”239″,”attributes”:{“class”:”media-image size-thumbnail wp-image-240″,”typeof”:”foaf:Image”,”style”:””,”width”:”150″,”height”:”150″,”title”:”ATM Machine”,”alt”:””}}]] ATM Machine Reuters on Sun Jan 8, 2012, reported that Singapore DBS bank  is paying about S$500,000 ($386,500) to clients as it investigates the biggest such scam to hit the bank. The situation has been contained and it affected 400 customers, Sim S. Lim, DBS’s Singapore country Manager, told reporters. According to The Star Online on January 10, 2012, Mr. Sim S. Lim  said that the preliminary investigations revealed that some ATM machines in Bugis area were compromised. Singapore’s Minister for Foreign Affairs (MFA) and Minister for Law K Shanmugam said that the Monetary Authority of Singapore will look into this. Some 400 DBS and POSB customers were affected. The unauthorised withdrawals were made in Malaysia. This type of fraud is called skimming, which  usually involves a device being attached to the ATM card reader at the machine to copy personal data, which is then cloned onto another...

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China Sky defends non-compliance

The Straits Times  on January 6, 2012,  reported that the China based firm in its filing to Singapore Exchange (SGX),  said it “has yet to receive all the necessary clarification and explanations from SGX to support their basis and rationale of the directive although it has formally written to SGX to seek the same. “Accordingly, the company is still not in a position to decide on the appointment of the special auditor.” China Sky claimed:  “The starting fees for the special audit would range between RMB 1.5 million and RMB 2 million… the company believes that as the matters within the scope of the special audit had been appropriately dealt with in the past, during these uncertain economic times, it should not be incurring such unnecessary costs.” The Chinese currency renminbi (RMB) or yuan 1.5 million is equal to S$306,900. All three of its independent directors stepped down on Thursday, January 6, 2012. The fallout from the China Sky saga will further deepen Singaporean investors’ cynicism about the problematic S-chip (SGX listed Chinese companies)  sector which has been dogged by a series of accounting scandals in recent years. Some S-chips have a big following with more than 15,000 shareholders each.  This further erosion of confidence will reverberate far beyond the confines of China...

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Cameron vows to curb crony capitalism in Britain

London, January 9, 2012. British Prime Minister David Cameron yesterday vowed to give shareholders the right to veto pay packages of executives, amid mounting political pressure and public anger over huge salaries and bonuses enjoyed by senior executives of some firms. “The market for top people isn’t working, it needs to be sorted out,” he told the Sunday Telegraph. “Let’s empower the shareholders by having a straight, shareholder vote on top pay packages.” He said a major reform of executive pay would rein in what he called “crony capitalism”, where under-performing executives were seen to “fill their boots”. “We have got to deal with the merry-go-round where there are too many cases of remuneration committee members sitting on each other’s boards, patting each other’s backs, and handing out each other’s pay rises,” he said. Labour leader Ed Milbrand, in an interview published in the Guardian Newspaper, scorned the Prime Minister’s stance on executive pay. Labour has put forward a package of its own proposals to curb executive salaries, such as a place for employees on remuneration boards and the publication of a league table of how much more bosses earn than employees. Agence France-Presse said that the Conservatives’ junior coalition partners, the Liberal Democrats, have also spoken out in favour of curbing executive...

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Former Israeli Prime Minister Ehud Olmert: Corruption allegations

[[{“type”:”media”,”view_mode”:”media_large”,”fid”:”238″,”attributes”:{“class”:”media-image size-thumbnail wp-image-126″,”typeof”:”foaf:Image”,”style”:””,”width”:”150″,”height”:”150″,”title”:”Ehud Olmert”,”alt”:””}}]] Ehud Olmert Ehud Olmert was plagued during his three years in office by a string of corruption scandals, which played a major part in his eventual resignation. In January 2012 Ehud Olmert was one of the 18 people charged with allegedly giving or receiving bribes in connection with speeding up of a controversial development, known as Holyland, in the heart of the city. Mr Olmert has also been charged with fraud, breach of trust and concealing fraudulent earnings in connection with donations amounting to $150,00 received from a New York-based financier, Morris (or Moshe) Talansky between 1997 and 2005. He has been charged with concealing fraudulent earnings, fraud, breach of trust, fraudulent tax evasion and fraudulent registration of corporate documents in connection with claims amounting to $ 91,164 that he over-billed the Israeli state and Jewish charities for trips...

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