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1Malaysia Development Berhad
1Malaysia Development Berhad (1MDB; ) is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated). In 2015, the company became the subject of a major international corruption scandal, with evidence pointing to money laundering, fraud, and theft. A lawsuit filed by United States Department of Justice (DOJ), alleged that at least US$3.5 billion has been stolen from Malaysia's 1MDB state-owned fund. US attorney-general Jeff Sessions had described it in an international conference as "kleptocracy at its worst". In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be at US$7.8 billion. The scandal implicated Malaysian prime minister Najib Razak, contributing to the 2018 election loss of his party and his eventual trial and imprisonment. As of 6 August 2022, in an ongoing effort to fight global kleptocracy, the U.S. Department of J ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1Malaysia Development Berhad Scandal
The 1Malaysia Development Berhad scandal, often referred to as the 1MDB scandal or just 1MDB, is an ongoing corruption, bribery and money laundering conspiracy in which the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB) was systematically embezzled, with assets diverted globally by the perpetrators of the scheme. Although it began in 2009 in Malaysia, the scandal's global scope implicated institutions and individuals in politics, banking, and entertainment, and led to criminal investigations in a number of nations. The 1MDB scandal has been described as "one of the world's greatest financial scandals" and declared by the United States Department of Justice as the "largest kleptocracy case to date" in 2016. A 2015 document leak reported in ''The Edge'', '' Sarawak Report'', and ''The Wall Street Journal'' showed that Malaysia's then-Prime Minister Najib Razak had channeled over RM (about US$) into his personal bank accounts from 1MDB, a governmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State-owned Enterprise
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have a distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as a state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. Terminology The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and ente ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kleptocracy
Kleptocracy (from Greek , "thief", or , "I steal", and from , "power, rule"), also referred to as thievocracy, is a government whose corrupt leaders (kleptocrats) use political power to expropriate the wealth of the people and land they govern, typically by embezzling or misappropriating government funds at the expense of the wider population."Kleptocracy". ''The Oxford English Dictionary''. Oxford University Press. 1st ed. 1909. One feature of political-based socioeconomic thievery is that there is often no public announcement explaining or apologizing for misappropriations, nor any legal charges or punishment levied against the offenders. Kleptocracy is different from plutocracy (rule by the richest) and oligarchy (rule by a small elite). In a kleptocracy, corrupt politicians enrich themselves secretly outside the rule of law, through kickbacks, bribes, and special favors from lobbyists and corporations, or they simply direct state funds to themselves and their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cabinet Of Malaysia
The Cabinet of Malaysia ( Malay: ''Jemaah Menteri Malaysia'') is the executive branch of the Government of Malaysia. Led by the Prime Minister, the cabinet is a council of ministers who are accountable collectively to the Parliament. According to the Article 43 of the Federal Constitution, members of the Cabinet can only be selected from members of either houses of Parliament. Formally, the Yang di-Pertuan Agong appoints all Ministers on the advice of the Prime Minister. The constitution is amended by repealing the Clause (8) of Article 43, enabling a person who is a member of State Legislative Assembly to continue to serve even while serving as a minister or deputy minister in the cabinet. Ministers other than the Prime Minister shall hold office during the pleasure of the Yang di-Pertuan Agong, unless the appointment of any Minister shall have been revoked by the Yang di-Pertuan Agong on the advice of the Prime Minister but any Minister may resign from office. In practice, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor General Of Malaysia
The role of the auditor general of Malaysia is to aid accountability by conducting independent financial audit, audits on the account of Federal Government, State Government and Federal Statutory Bodies as well as the activities of the Ministry/Department/Agency and Companies under the Federal and State Government. According to Article 105 of the Federal Constitution, the auditor general is appointed by the Yang di-Pertuan Agong on the advice of the Prime Minister after consultation with the Council of Rulers. The auditor general is not subject to the authority of the Public Service Commission. The position of Auditor General can be re-elected if he resigns previously. However, he is not allowed to hold other positions at the same time at the Federal or State level. List of auditors general Living former auditors general References {{reflist External links Former Auditors General Government audit agencies in Malaysia Government agencies established in 1906 Ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Star (Malaysia)
Star Media Group Berhad (doing business as The Star; ) is a conservative English-language newspaper in Malaysia. Based in Petaling Jaya, it was established in 1971 as a regional newspaper in Penang. It is the largest paid English newspaper in terms of circulation in Malaysia, according to the Audit Bureau of Circulations. It has a daily circulation of about 250,000 (), far eclipsing the circulation of its next-largest paid English-language competitor, the ''New Straits Times'' (which has a circulation of approximately 65,000). ''The Star'' is a member of the Asia News Network. It is owned by the publicly listed Star Media Group. History The daily newspaper was first published on 9 September 1971 as a regional newspaper based in Penang. ''The STAR'' went into national circulation on 3 January 1976 when it set up its new office in Kuala Lumpur. In 1978, the newspaper headquarters were relocated to Kuala Lumpur. ''The Star'' continues to expand its wings over the years. In 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1Malaysia
1Malaysia (pronounced ''One Malaysia'' in English language, English and ''Satu Malaysia'' in Malay language, Malay) was a political slogan coined by former Malaysian Prime Minister of Malaysia, Prime Minister Najib Razak in 2009. The Initiative aimed to promote ethnic harmony, national unity, and efficient governance. Over time, the concept became the subject of public debate and controversy. After the 2018 Malaysian general election, in which the long-standing Barisan Nasional's government collapsed and was defeated by Pakatan Harapan, which emerged as the new ruling government, along with the ousting of Najib, the concept was abolished and replaced with ''Sayangi Malaysiaku'', a concept created by Mahathir Mohamad, alongside other significant changes made by his government during his premiership. Overview 1Malaysia is a concept introduced by Prime Minister Najib Razak to promote national unity. According to Razak, the concept is based on eight values: high performance, c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medium Term Note
A medium-term note (MTN) is a debt note that usually matures – that is, is paid back – between 5–10 years, but the term may be less than one year or as long as 100 years. They can be issued on a fixed or floating coupon basis. Contrasted with conventional bonds, MTNs can be offered continuously through various brokers, instead of issuing the full amount at once. Also, in contrast to conventional bonds market, the agent (typically investment bank) in MTN market is not obliged to underwrite the notes for the issuer and the agent is thus not guaranteed funds. Floating rate medium-term notes can be as simple as paying the holder a coupon linked to Euribor +/- basis points or can be more complex structured notes linked, for example, to swap rates, treasuries, indices, etc. The amount of the issues usually ranges from $100 million to $1 billion. In the recent years, MTNs have become major source of financing in international financial markets, both in US and EU. History Sou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Banking In Malaysia
Islamic banking in Malaysia began in September 1963 when Perbadanan Wang Simpanan Bakal-Bakal Haji (PWSBH) was established. PWSBH was set up as an institution for Muslims to save for their Hajj (pilgrimage to Mecca) expenses. In 1969, PWSBH merged with Pejabat Urusan Haji to form Lembaga Urusan dan Tabung Haji (now known as Lembaga Tabung Haji). The first Islamic bank in Malaysia was established in 1983. In 1993, commercial banks, merchant banks and finance companies were allowed to offer Islamic banking products and services under the Islamic Banking Scheme (IBS). These institutions however, are required to separate the funds and activities of Islamic banking transactions from that of the conventional banking business to ensure that there would not be any co-mingling of funds. The list of banks in Malaysia offering Islamic products (updated in 2015) have grown to 16 banks. Apart from banks, other non-banks intermediaries offering syariah based products are Malaysia Building Soc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AmBank
AmBank Group comprises AMMB Holdings Berhad (AMBANK 1015) is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance. The Group trades under a number of brands, including AmBank, AmInvestment Bank, AmInvest, AmBank Islamic, AmGeneral Insurance and AmMetLife. AmBank, its key brand, covers its retail and wholesale banking businesses and is supported by a network of 175 branches and 766 ATM machines in Malaysia (as stated on its website). AmBank Group was founded in 1975 as Persian - Malaysian Development Bank by Hussain Najadi, the Founder. Tan Sri Azman Hashim, the current group chairman, has an interest of 14.01% in AMMB Holdings as at 30 June 2014. The single largest shareholder in AMMB Holdings is Australia's ANZ Group with a stake of 23.78% as at 30 June 2014.AMMB Holdings Berhad "Annual Report 2014" In 2006, Amcorp's interest in AMMB was reduced to 18.8% from 32.9% aft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Terengganu
Terengganu (; Terengganu Malay: ''Tranung'', formerly spelled Trengganu or Tringganu) is a sultanate and States and federal territories of Malaysia, federal state of Malaysia. The state is also known by its Arabic honorific, ''Dāru l-Iman (concept), Īmān'' ("Abode of Faith"). The coastal city of Kuala Terengganu, at the mouth of the Terengganu River, is both the state and royal capital as well as the most populous city in Terengganu. Other major cities and towns include Jerteh, Kuala Dungun, Chukai, Kuala Berang, Marang, Terengganu, Marang, and Bandar Permaisuri, Permaisuri. At in size and a population of over 1.2 million people in 2023, Terengganu is Malaysia's 7th largest state and 10th most populated. Terengganu, along with Kelantan, Perlis, and the Federal Territory of Putrajaya, is one of the most homogeneous states/territories in the country of which 95% of the population are ethnic Terengganuan Malay people, Malay-Muslims with its own distinct language/dialect, cultu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Wealth Fund
A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank. Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for investment return, and that may not have a significant role in fiscal management. The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Moneta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
