Wira Dani, son of former Finance Minister Daim, declared a bankrupt

In a statement filed with the Singapore Exchange, Wira Dani(filepic) indicated that he intended to settle personal affairs following the court bankruptcy order, which he intends to resolve within the next 30 days.

PETALING JAYA: Datuk Md Wira Dani Abdul Daim, who just recently got appointed as Reliance Pacific Bhd executive director, has been declared a bankrupt by the high court of Singapore.

According to reports, the son of former finance minister Tun Daim Zainuddin failed to settle some S$1.65mil (RM4.9mil) in debts that he owed Maybank Kim Eng Securities.

Following the court order, Wira Dani stepped down as non-independent and non-executive director of Singapore-based gold company LionGold Corp Ltd.

He had also ceased to be the executive chairman of investment and investment advisory firm ISR Capital Ltd since Monday.

In a statement filed with the Singapore Exchange, Wira Dani indicated that he intended to settle personal affairs following the court bankruptcy order, which he intends to resolve within the next 30 days.

Maybank secured a high court judgment against Wira Dani in March to reclaim a debt of $2.459mil (RM7.3mil) that he owed.

This was said to have been borrowed by him to buy LionGold shares on a leveraged account.

Wira Dani, together with Daim’s wife Toh Puan Mahani Idris, emerged as substantial shareholders of Reliance Pacific, which operates the famous Avillion Hotel in Port Dickson, at end-July 2016 through their private vehicle Ibu Kota Developments Sdn Bhd.

Ibu Kota owns a 30.96% stake in the company that has extensive interest in the tourism, property development and hospitality sectors.

Wira Dani was named the executive director of Reliance Pacific on July 27.

At present, he is also a non-executive director of GCM Resources PLC, a company listed on the London Stock Exchange and chairman of Astute Capital Ltd, a company incorporated in the British Virgin Islands.

LionGold was among the three companies whose drastic decline in share prices in October 2013 wiped out some S$6.9bil of their market capitalisation in three days.

The event led to an official probe on suspected irregularities, and lawsuits were filed by various parties.

LionGold and the other two companies, namely Blumont Group and Asiasons Capital, claimed they were unaware of the reasons for the plunge of their shares.

LionGold’s market cap stood at S$26.9mil as of June 2015, compared with S$1.59bil at its peak in August 2013.

Wira Dani had reportedly agreed to pay the bank via instalments. However, by August 2014, he had repaid only S$100,000.

Maybank in April accepted the offer from his lawyer, Woo Tchi Chu, to settle the debt, with S$1mil to be paid in two tranches within the month and the rest by end-June.

Maybank’s Allen & Gledhill lawyer Vincent Leow had made clear that bankruptcy was an option in the event of a default by Wira Dani.

In the event, Maybank received only about S$835,950, leaving a shortfall of S$1.65mil and triggering the bankruptcy move.

Wira Dani is said to have property in Singapore, according to court documents filed.

Maybank refused to comment when contacted last night, citing client confidentiality.

- The Star/Asia News Network

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Malaysia no longer stuck in middle-income trap?

Stuck in the middle-income trap  Attributing the positive development to the various reforms undertaken via the multi-year econom...

Malaysia no longer stuck in middle-income trap?

Stuck in the middle-income trap 

Attributing the positive development to the various reforms undertaken via the multi-year economic transformation programme (ETP), the Datuk Seri Idris Jala,(pic) CEO of Performance Management and Delivery Unit (Pemandu) points out that Malaysia’s GNI at US$10,570 (RM42,340) per capita last year is now only 15% away from the high-income-economy benchmark of US$12,475 per capita.

KUALA LUMPUR: Malaysia is no longer stuck in the middle-income trap, as its gross national income (GNI) is now progressively growing towards the high-income benchmark as defined by the World Bank, says Datuk Seri Idris Jala.

Attributing the positive development to the various reforms undertaken via the multi-year economic transformation programme (ETP), the CEO of Performance Management and Delivery Unit (Pemandu) points out that Malaysia’s GNI at US$10,570 (RM42,340) per capita last year is now only 15% away from the high-income-economy benchmark of US$12,475 per capita.

This compared with a gap of 33% between Malaysia’s GNI of US$8,280 per capita in 2010 and the then high-income economy threshold of US$12,276 per capita.

“As a result of the things we have been doing since 2010 and up to now, we have become completely unstuck (from the middle-income trap), with the gap (in Malaysia’s per capita GNI against the high-income threshold) now narrowed down to just 15%, compared with 33% in 2010,” Idris, who has been leading Pemandu, which is an agency under the Prime Minister’s Department, since 2010, said.

“The gap was even wider before 2010, and we could never close the gap for many years, resulting in many economists and financial experts proclaiming that Malaysia is stuck in the middle-income trap, and would not be able to become a high-income nation by 2020 unless we become unstuck,” he said in his keynote address on the Public Private Partnerships panel discussion here yesterday.

The panel discussion, jointly organised by research and publishing company The Business Year and education services provider Brickfields Asia College, was themed “Innovation as Driver for Local Economic Empowerment”.

According to Idris, Malaysia had managed to transform its economy, as a result of implementing innovative strategies. He said the Government remained confident of closing the GNI per capita gap and achieving the high-income target by 2020.

Under the ETP, the target was to achieve a GNI per capita of US$15,000 by 2020.

Meanwhile, in addition to GNI growth, Idris said Malaysia was also making good progress in the fiscal-sustainability space, as evident in the narrowing of the Government’s budget deficit and the continued manageability of its debt level.

The reduction of Malaysia’s fiscal deficit to 3.2% of gross domestic product (GDP) last year from 6.6% of GDP in 2009, for instance, was an indication of a stronger and more sustainable financial position. The country’s fiscal-deficit-to-GDP ratio was expected to reduce further to 3.1% by the end of 2016.

The Government debt-to-GDP level, on the other hand, would remain below the self-imposed limit of 55%. It stood at 53% last year.

“We have reduced subsides and implemented the goods and services tax (among the various economic reforms) to achieve fiscal sustainability,” Idris said.

“We have also put in a lot of effort to stimulate private investment growth” he added, noting that private investment growth had outpaced public investment since the launch of the ETP.

Idris said while there were still challenges in implementing economic reforms, Pemandu would continue to monitor closely the progress made by various government ministries.

“We are tracking all the investment projects one by one ... we want to make sure that all these projects are being implemented just as we said they would,” Idris said.

On the moderate growth of the country’s economy and gradual pace of fiscal-deficit reduction, Idris said these were a result of deliberate policy to ensure that Malaysia did not grow at the expense of accumulating more debts, or had its budget deficit cut drastically at the expense of the country’s economic growth.

Through this balancing act, Idris said, Malaysia had managed to stay in the “safe zone” in terms of debt-to-GDP and fiscal deficit levels while maintaining a steady growth path. - Cecila Kok The Star

But in the same article, Danny Quah, professor of economics and international development at the London School of Economics, disagreed that Malaysia had moved past the middle-income trap.

Quah maintained his position on Saturday, at a panel discussion organised by Sunway University in Petaling Jaya.

He told the university’s students that Malaysia had been going after “low-hanging fruits” in policymaking, resulting in it being trapped in the middle-income status.

“We are now in a situation where we are in a good place, but we’ll not get past it to gain fully developed country status in Malaysia’s own mould,” he said.

Quah is of the view that Malaysia has become complacent about its achievements, and that the nation suffers from what economists call the “natural resource curse”.

The economist pointed out that only about one million out of the 30 million people in the country are paying income tax, noting that this small fiscal base would be unsustainable moving forward.

The problems are an unclear direction, lack of leadership commitment, high-level plans that are not practical, rigid implementation, a silo mentality and work approach, public demands and inputs not adequately obtained, poor accountability, and a lack of transparency and trust deficit.

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Japan's denial of past military aggression undermines world peace; intervention in SCS perverse, vicious

A Japanese right-winger captured in photo at Yasukuni Shrine on the 71st anniversary of Japans surrender in World War II on August 15, 2016. Yasukuni enshrines war criminals, and as such visits by Japanese politicians tend to provoke anger from neighbors China and Korea that suffered from Japans militarist past.

https://youtu.be/p57piVGcVqg

August 15 marked the 71st anniversary of Japan's unconditional surrender during World War II. However, on this special day when Japan should spend time reflecting on its history of militaristic aggression, its Prime Minister Shinzo Abe sent a ritual offering to the notorious Yasukuni Shrine.

The Yasukuni Shrine, which honors 14 Class-A convicted war criminals among 2.5 million Japanese war dead from WWII, is regarded as a symbol of past Japanese militarism.

The honoring of war criminals, no matter what form it takes, only serves to further hurt those Asian neighbors that Japan once invaded. Such perverse acts to whitewash its crimes of military aggression runs contrary to the pursuit of peace in Asia and the world at large.

It's common knowledge that the Yasukuni Shrine is a source of spiritual inspiration for Japan to start another war of aggression. Yet, the country's new Defense Minister Tomomi Inada has tried to associate such a notorious place with the mourning of soldiers belonging to Japan’s Self-Defense Forces.

She claimed at a recent seminar that “the Yasukuni Shirine is not the place to vow not to fight. It needs to become a place where we vow to desperately fight when our Motherland is at risk.” Her words shocked even the Kyodo News.

The 71-year-peace after WWII was hard-won. Born from the victory over fascism, this peace has been the foundation for post-war international order. This conclusion is not something that can be ignored, denied or overturned by any country.

World peace and the post-war order, which came at the cost of the blood and lives of the peoples of Allied countries, is closely tied to justice.

Last year, the world commemorated the 70th anniversary of the end of the World Anti-Fascist War, but some countries, looking out for their own interests, have turned a blind eye to the wrongdoings of Japan and have even urged Japan to abandon its pacifist constitution. The world today is witnessing the negative impact brought about by this short-sighted strategy.

By erasing its invasion history, Japan is on one hand attempting to lock away memories of the war and on the other hand setting the stage for future action. In the House of Councillors election in July, lawmakers pushing for Constitution amendments won more than two-thirds of seats. This has led to forward-thinking people in Japan to also begin worrying about the “return of war.”

In order to strengthen military power and shake off the post-war order, the Abe administration usually uses the so-called “China threat” as an excuse to deceive the Japanese public and other parts of the world.

After Japan adopted its new security laws that lifted a decades-old ban on collective self-defense, the Abe administration has been making every effort to contain China by instigating disputes between China and other countries.

On the day when the so-called arbitral decision on the South China Sea dispute was announced in July, Japan, a non-party in the issue, immediately pressured China to accept the arbitration. At the following 11th Asia-Europe Summit and foreign ministers' meetings on East-Asia cooperation held in last month, Japan reiterated its stance again and again.

In the country’s annual defense white paper issued in early August, Japan pointed fingers at China over the South China Sea issue once again. The paper also made irresponsible remarks concerning China’s armament, military expense and transparency. These actions by the Abe administration has triggered alarm and concern throughout the international community.

Japan's tribute at the Yasukuni Shrine on Monday once again reminds us that world peace is not that should be taken for granted, it demands continual justice and also the capability to defend it.- People's Daily

Japan’s intervention in South China Sea perverse, vicious: expert

Chinese PLA Navy staged drills in the waters of South China Sea on July 8, 2016.

Japan’s efforts to muddle the waters of the South China Sea are perverse acts that turn back the wheel of history, a Chinese expert wrote on Monday in an article that marked the 71st anniversary of Japan's unconditional surrender in World War II and called on the public to ponder Japan’s real intentions.

In the People’s Daily article, Hu Dekun, the president of China Association for History of WWII, pointed out that the war of aggression initiated by Japanese fascists during the 1930s and 1940s had brought tremendous disaster to people both in China and the Asia-Pacific region.

As an assailant country, Japan should be held accountable for its war crimes. However, in order to cement its global hegemony, the US, who then exclusively occupied Japanese territory, allied with the latter in the hopes of dominating the Asia-Pacific order.

But instead of repenting for its war crimes and improving ties with the victimized countries, Japanese right-wing politicians started bullying other countries under the support of the US, read the article, titled “Perverse Acts of Japanese Government.” Things got worse after the US adopted its “Asia-Pacific Rebalance” policy, Hu writes, citing the South China Sea issue as an example.

Hu noted that in a bid to contain China, Japan repeatedly instigated disputes between China and other countries around the South China Sea. Japan, a country not involved in the South China Sea issue, joined the US as another agitator in meddling the waters.

According to Hu, Japan is attempting to get rid of the post-war order by amending its constitution.

After Japan officially adopted the new security laws that lifted the decades-old ban on collective self-defense, the country is now planning a constitution amendment. But the biggest roadblock ahead is public support. The Abe administration is seeking that support by playing up the “China threat.”

What’s more, Tokyo hopes divert public’s attention from other domestic issues. The Abe administration has lost credibility after "Abenomics" failed to revive the Japan’s sluggish economy. By fanning the flames of the South China Sea issue, the administration hopes to route domestic conflicts and consolidate its power.

By poking its nose in the South China Sea, Japan wishes to buddy up to the US. Though the US tried to manipulate some counties to challenge China, its “Asia-Pacific Rebalance” policy suffered serious setbacks by China's diplomacy, friendships and policy of win-win cooperation, especially as the “Belt and Road” initiative aims to benefit most of its neighboring countries. Japan wants to take this chance to curb China so that it could pander to its alliance with the US.

“What’s Japan's real intention for interfering in the South China Sea issue? Is Japan going to repeat its mistakes? ”asked Hu. - People's Daily

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