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Wednesday, 8 August 2012

Malaysia must develop new sport talents after Chong Wei

We need to simultaneously develop badminton talent and push other sports to stand a decent chance of doing well in the Olympics.

ANYONE who saw the match between Malaysia’s Lee Chong Wei and China’s Lin Dan for the Olympics badminton gold would not blame Chong Wei for losing.

At the end it was so close that it could have gone either way but Chong Wei was left with silver, his second consecutive defeat to Lin Dan in the Olympics final.



There are two things that come out starkly in the wake of that memorable match – one, there is a dearth of badminton talent for Malaysia after Chong Wei exits the stage. Two, the focus of all that attention on badminton and that elusive gold detracts from some real achievements made by Malaysia in other sports in this Olympics.

If badminton had been an Olympic sport in the 1950s, Malaysia, then Malaya, would have most likely got a gold in either the singles or doubles or both in which they were dominating the world at that time.

For eight straight years from 1950 to 1957, Malaysians Eddy Choong and Wong Peng Soon took the All-England badminton singles title, the de facto world title, sharing it equally between themselves at four times each. Over this period, Malaysians were doubles champions four times.

But after 1957, the Danes and the Indonesians dominated with Tan Aik Huang in 1966 being the lone Malaysian winner until Muhammad Hafidz Hashim pulled a surprise win in 2003. And then Chong Wei came on the scene, winning in 2010 and 2011 and losing to Lin Dan this year after having beaten him in 2011.

We had a better showing in the doubles since the 1950s with Ng Boon Bee and Tan Yee Khan, winning in 1965 and 1966. In 1971, Boon Bee won with Punch Gunalan and then it was a long break before brothers Razik and Jalani Sidek in 1982. There was one more victory in 2007 from Koo Kien Keat and Tan Boon Heong. The pair lost in the play-off for the bronze in the current Olympics.

The main change in the badminton scene was the rise of China and South Korea from the 80s to become world beaters, with China being strong in both singles and doubles and South Korea in doubles.

Among the traditionally strong badminton countries such as Indonesia, Denmark and Malaysia, Malaysia has had the greatest decline, with Chong Wei’s arrival on the scene stopping the slide somewhat.

Now, in the world ranking for badminton we have just one, yes one player, in the top 25 – Chong Wei trailing Lin Dan at No 2. China has five (seven if you include Hong Kong), Indonesia has four, Denmark has four, Japan has two and India has two.

Malaysians in the top 50 are Daren Liew at 27, Muhammad Hafidz Hashim at 30, Chong Wei Feng at 32 and Tan Chun Seang at 39, illustrating the yawning chasm between our next best players and Chong Wei.

In men’s doubles, we have just two pairs in the top 25, one of whom is Koo Kien Keat and Tan Boon Heong, ranked eighth.

With Chong Wei going into his thirties, the outlook for badminton is pretty bleak indeed and with it goes our hopes for gold for a while with our performance in other sports too far below the best.

If squash had been included, we would have had a big hope in world champion Nicol David but it wasn’t.

It would be too tiresome to go into the details of the decline of badminton in Malaysia and sports in general but let us dwell instead on some positive performances by our other athletes which deserve praise and recognition.

Archer Khairul Anuar Mohd reached the quarter-finals in the individual event which puts him among the top eight in the world.

Divers Pandelela Rinong and Leong Mun Yee finished in seventh place in the 10m synchronised platform diving event. Pandelala partnered Cheong Jun Hoong for eighth position in the 3m springboard synchronised event. Bryan Nickson Lomas and Huang Qiang finished eighth in the men’s synchronised 3m springboard event.

Another diver, Yeoh Ken Nee, finished 10th in the men’s 3m springboard event.

As you read this, results for Pandelela’s individual event will be out. And look out for Bryan too.

In cycling, the “pocket rocketman” Mohd Azizulhasni Awang came sixth in keirin behind much more heralded opponents.

Some of these athletes’ performances have been described as “miserable” and “disappointing” but they are anything but that. Seventh or eighth in a field of eight finalists or sixth in a final field of six is often – very wrongly – looked at as last or second last.

But it is not – you are the sixth or seventh or eighth or tenth in the world! To get into the final round of an event in the Olympics is an honour for any country. What a fantastic achievement that is for Malaysians in sports that Malaysia had never excelled in before at the Olympics.

It is this kind of achievement that will build future champions and it is this kind of dedication and passion for the sport that will help to regain glory in badminton for Malaysia.

But let’s be circumspect about the Olympics. It is sports after all and sportsmanship and participation is just as important as achievement. If our best participate, and they do their best with the limited resources wisely spent on them, there is nothing more we can ask from them. Let’s not put too much pressure on them.

Along with Chong Wei in badminton, we must recognise and acknowledge our archers, divers and cyclists for the great achievements that they have made in their respective sport and nurture and build upon their budding talents so that they do better in future.

> P. Gunasegaram’s sleep patterns have been somewhat altered by the Olympics and he wonders if some key events like the 100m and 200m finals could not have been held at times more friendly to Asian audiences.

Related posts:
Malaysia's Datuk Lee Chong Wei vs China's Lin Dan; what difference for winner/loser?
Olympics badminton: China's Lin Dan defeats Malaysia's Lee Chong Wei for gold
Malaysia raising the bar on Olympic golden incentives
Malaysians in high spirits as Chong Wei gears up for Olympic gold!

London Olympics Medal Count
Leaders

Total
1
China352119
75
2
United States301922
71
3
Great Britain221313
48
4
Korea1256
23
5
Russia101820
48
6
France8911
28
7
Germany71510
32
8
Italy764
17
9
Hungary623
11
10
Kazakhstan6-1
7
11
Australia5129
26
12
Netherlands536
14
13
Iran431
8
14
DPR Korea4-1
5
15
Cuba331
7
16
New Zealand325
10
17
Belarus324
9
18
South Africa31-
4
19
Ukraine3-6
9
20
Japan21314
29
21
Romania252
9
22
Denmark243
9
23
Brazil216
9
24
Poland215
8
25
Jamaica211
4
26
Croatia21-
3
27
Ethiopia2-2
4
28
Spain151
7
29
Canada148
13
30
Sweden133
7
31
Czech Republic131
5
32
Kenya122
5
33
Slovenia112
4
34
Georgia111
3
34
Norway111
3
36
Dominican Republic11-
2
36
Switzerland11-
2
38
Lithuania1-1
2
39
Algeria1--
1
39
Grenada1--
1
39
Venezuela1--
1
42
Mexico-32
5
43
Colombia-31
4
44
Egypt-2-
2
45
India-13
4
45
Slovakia-13
4
47
Armenia-12
3
47
Azerbaijan-12
3
47
Belgium-12
3
50
Estonia-11
2
50
Indonesia-11
2
50
Mongolia-11
2
50
Serbia-11
2
50
Tunisia-11
2
55
Cyprus-1-
1
55
Finland-1-
1
55
Guatemala-1-
1
55
Malaysia-1-
1
55
Portugal-1-
1
55
Thailand-1-
1
55
Chinese Taipei-1-
1
62
Greece--2
2
62
Moldova--2
2
62
Qatar--2
2
62
Singapore--2
2
66
Argentina--1
1
66
Hong Kong, China--1
1
66
Saudi Arabia--1
1
66
Morocco--1
1
66
Puerto Rico--1
1
66
Tajikistan--1
1
66
Trinidad and Tobago--1
1
66
Turkey--1
1
66
Uzbekistan--1
1
66
Kuwait--1
1
55
Malaysia-1-
1

Tuesday, 7 August 2012

Standard Chartered Bank shares plunge on laundering charges


Shares of Standard Chartered have tumbled despite the bank denying allegations that it illegally "schemed" with Iran to launder money.

Shares in London fell 16.7%, about as much as its Hong Kong stock dropped.

The New York State Department of Financial Services said the UK-based bank laundered as much as $250bn (£161bn) over nearly a decade.

It said the bank hid transactions for "Iranian financial institutions" that were subject to US economic sanctions.

The regulator said that Standard Chartered had hidden 60,000 such secret transactions.

However, the bank denied the allegations, saying that it "strongly rejects the position or portrayal of facts as set out in the order" issued by the regulator.

'Not a full picture'
Standard Chartered intraday chart

Standard Chartered

Last Updated at 07 Aug 2012, 15:30 GMT *Chart shows local time

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The US regulator labelled UK-based Standard Chartered a "rogue institution" and ordered the bank to "explain these apparent violations of law" from 2001 to 2010.

It accused Standard Chartered of falsifying payment directions by stripping the message of unwanted data that showed the clients were Iranian, replacing it with false entries.

"It provided step-by-step, wire-stripping instructions for any payment messages containing information that would identify Iranian clients," the complaint said.

The regulator also said that it would hold a formal hearing over the "assessment of monetary penalties". The bank, which currently only operates in the US in New York, has also been threatened with having its New York banking licence revoked.

The regulator also pointed the finger at consultancy firm Deloitte, suggesting it could have aided Standard Chartered in its alleged deception.

Deloitte had "intentionally omitted critical information" in a report, it said.

Deloitte responded by saying its financial advisory service division "performed its role as independent consultant properly and had no knowledge of any alleged misconduct by bank employees. Allegations otherwise are unsupported by the facts."

Account freeze
 
Standard Chartered also said the order issued by the US regulator did not present "a full and accurate picture of the facts".

It said that it had conducted a review of its transactions, primarily those relating to Iran for the period between 2001 to 2007, and had given regular updates to the US authorities on the results of the investigation.

"As we have disclosed to the authorities, well over 99.9% of the transactions relating to Iran complied with U-turn regulations," the bank said.

"The total value of transactions which did not follow the U-turn was under $14m."

The so-called U-turn transactions are those started outside the US by non-Iranian foreign banks that pass through the US financial system on the way to other non-Iranian foreign banks.

How Iran receives dollars for oil
To ascertain whether these transactions are permitted or not under current regulations, US clearing banks use the wire-transfer messages they get from the banks involved.

If the banks do not have enough information, they are supposed to freeze the assets.

Senior management were also said to have codified their illegal procedures in formal operating manuals, including one labelled "Quality Operating Procedure Iranian Bank Processing".

Penelope Lepeudry, managing director of Kroll Advisory Solutions, a consulting firm specialising in financial investigations, told the BBC that "if the allegations are confirmed, this is a very serious development".

"The regulators are not going to be merely convinced by a statement from the bank - they need to see the details," she said.

Other schemes found
 
The regulator said it had also uncovered evidence with respect to what are apparently similar schemes to conduct business with other countries under sanctions - Libya, Burma and Sudan.

"Investigation of these additional matters is ongoing," it added.

Who is Standard Chartered?

  • Standard Chartered is headquartered in London and its chief executive and chairman are based in the UK capital
  • Its roots are in Asia; the Chartered Bank was founded by Royal Charter and opened in Bombay, Calcutta and Shanghai in 1858
  • Standard Chartered Bank was formed in 1969 through the merger of Standard Bank of British South Africa and the Chartered Bank of India, Australia and China
  • It currently makes two-thirds of its profit in Asia; only 10% of its operating profit last year came from the Americas and Europe
  • It currently has 1,700 offices in 70 territories
  • The bank made a pre-tax profit of $6.8bn in 2011
  • The bank's New York office was first granted its foreign-branch bank licence in 1976
The regulator said that its nine-month investigation, which involved looking through more than 30,000 pages of documents, including internal bank emails, showed that the bank reaped "hundreds of millions of dollars in fees".

"SCB's actions left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity," it said.

'Staggering cover-up'
 
In numerous emails going back as far as 1995, Standard Chartered's lawyers advised on ways to go about circumventing US sanctions.

In March 2001, the bank's legal adviser counselled that "our payment instructions [for Iranian clients] should not identify the client or the purpose of the payment".

By 2006, there were concerns raised about the bank's conduct in its New York branch.

The chief executive for the Americas sent an email to London saying the programme needed to "evaluate if its returns and strategic benefits are... still commensurate with the potential to cause very serious or even catastrophic reputational damage to the group".

But those warnings were ignored by senior management in London in what the regulator called a "staggering cover-up".

Among the violations of the law, the bank is accused of:
  • falsifying business records
  • failing to maintain accurate books and records
  • failing to report misconduct to the regulator in a timely manner
  • evading federal sanctions
The US Treasury, which implements the sanctions, said that it treated violations "extremely seriously". - BBC