Equanimity could be sold for half price

KUALA LUMPUR – The Super yacht Equanimity linked to fugitive businessman Low Taek Jho or Jho Low which was allegedly cost RM1 billion could be sold for half the price, said lawyer R.Sivarasa.
Speaking at the International Malaysia Law Conference here today, Sivarasa said the price was his personal view because the asset would depreciate in value just like a car.
“We are not getting that much, the yacht is just like a car, when you buy today and tomorrow the price will be less. The yacht was bought probably at RM1 billion, we  will be lucky and probably hope to get RM500 million,” he said in his speech during the last plenary session entitled “Equanimity: Perspectives of Handling Criminal Investigations Relating to Government Corruption and Abuse of Power.
Sivarasa, who is also Deputy Rural Development Minister,  said the yacht is currently placed in Pulau Indah, Port Klang  waiting to be sold and the RM500 million cash proceeds will be used to pay the massive 1MDB debts.
On Tuesday, Attorney-General Tommy Thomas had said that the yacht will be sold within three to four months if there was no claim of ownership.
Sivarasa during the question-and-answer session said that the criminal proceedings involving 1Malaysian Development Berhad’s funds (1MDB) would take some time because it was a complicated case which dealt with various agencies.
“I am not here to speak on behalf of the Attorney-General but speaking as a lawyer and  looking at the circumstances of the 1MDB saga, the prosecution would be more complicated and we need to prepare the case properly,” he said, Bernama reported.
He said looking at how the scandal took place, it not only involved Jho Low, but also other individuals and other companies.
Sivarasa, however, said recovering all assets and monies belonging to the 1MDB would not take a long time as the assets had been frozen in Switzerland, Singapore and the United States.
Meanwhile, Deputy Public Prosecutor of the Malaysian Anti-Corruption Commission S.Thangavelu who shared the same view as Sivarasa, said the criminal proceedings over 1MDB  would take some time because for criminal matters the prosecution will have to prove their case beyond reasonable doubt in court in order to win.
“If you don’t have the full picture how are going you to present the case  to the court and  how is the judge going to appreciate such assembly of facts which are incomplete, until and unless we can get all the witnesses,  the exhibits, the evidence, hard evidence. I think it will take some time and it’s not going to happen very quickly,” he said.
Another speaker, Ho Kay Tat, who is the publisher and group Chief Executive Officer of The Edge Media Group also agreed with them that Malaysia will recover of the assets soon.

“If you look at the DOJ  report they have done a lot of work and they know exactly where the assets are ...how the money flowed and every single of transaction. I think it will be quiet fast (recovery of assets),” he said.

Proton SUV open for booking at RM1,000

KUALA LUMPUR -- National car maker, Proton Holdings Bhd, is adopting an alphanumerical naming system for its future models beginning with the X70, its first sport utility vehicle (SUV). Sales and Marketing Vice-President Abdul Rashid Musa said the letter X is synonymous with crossover or SUV vehicles, while the number 70 denoted the size or class of the SUV and would enable Proton to adopt a logical system to add bigger or smaller models in the future. “This is the first time an alphanumerical naming system is used on a Proton model as our research shows it will make it easier to sell in ASEAN and other international markets, as there are no language barriers to overcome,” he told reporters at the preview of the new SUV. Proton Chief Executive Officer Dr Li Chunrong said Proton's adoption of the new naming system would make customer more focus on the brand name as compared with the model name. Abdul Rashid, who is also the Chief Executive Officer o...

Mahkamah meriah dengan tahanan reman lindungi rumah urut

PUTRAJAYA -- Mahkamah Majistret di sini “meriah” susulan prosiding reman beramai-ramai melibatkan 14 individu termasuk tujuh penjawat awam berkaitan dakwaan memberi dan menerima wang sogokan bagi melindungi premis urut di Kuala Lumpur. Tujuh penjawat awam terbabit ialah tiga anggota polis termasuk seorang ketua balai, seorang pegawai bomba dan tiga petugas Dewan Bandaraya Kuala Lumpur. Mereka berserta tiga lagi orang awam yang disyaki berperanan sebagai ‘runner’ atau utusan dibawa ke mahkamah itu pada kira-kira 10 pagi menaiki bas Suruhanjaya Pencegahan Rasuah Malaysia (SPRM), menyusuli empat lagi individu dipercayai pemilik premis yang tiba di mahkamah itu kira-kira sejam sebelumnya, menaiki van SPRM. Prosiding reman terhadap kesemua mereka tamat pada kira-kira pukul 1.30 tengah hari denga...

Hujan lebat di Kelantan dijangka berlanjutan ke Januari

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