Posted by Larrie Chew > 2020-04-03 13:22 | Report Abuse

“We discovered the development in September, but it is only recently we have worked out how huge this area is, a vast 8,000 hectare project in Pahang. They are already in deep financial trouble, so we cannot understand why THP would invest so much money in such a controversial plantation. They are already in deep financial trouble, trying to sell off other plantations, they will be blocked out of the international market if they act this way”” one NGO observer has told Sarawak Report.

Indeed, evidence from a leaked environmental impact report from the approved timber accreditation body SGS (based in Switzerland) implies that originally far more land, as much as 50,000 hectares, had been earmarked for de-gazetting and clear fell destruction under the project.

And, in a further apparent violation of terms agreed by Malaysia’s Timber Council, there is no sign of any attempt to ‘off-set’ the de-gazetting by designating other areas for protection, which is the rule for any timber harvested from formerly gazetted areas post-2015 – the so-called ‘Recovery Liability Compensation Scheme’.

Logging campaigners say although the practice provides an easy loophole for Malaysian actors to plunder valuable remaining forests whilst replacing them with degraded areas of little natural value, that requirement ought to have been fulfilled. However, in the Pahang case not even this gesture has apparently been attempted to replace the damage from this brand new plantation project.

“It is as if this company thinks because they are protected by the government and because they represent sensitive investors, the pilgrims, they can get away with ignoring the rules and the suppliers will not hold them to account. But, those suppliers will themselves be held in violation.” the NGO observer continued.

Tabung Haji comes under the direct purview of the Prime Minister’s Department. However, the concern is perhaps less that its may consider itself ‘untouchable’ but rather that it is vulnerable to political pressure and abuse, given that Najib, who is himself from Pahang, is on record for exploiting the fund to cover up 1MDB amid other suspicious investments.

Sarawak Report has also viewed a copy of the Environmental Scoping Information (ESI) report for the THP Pahang project. It confirms that ‘the Project site is located in Yong Forest Reserve’ in which ‘there were several components considered as an environmentally sensitive area (ESA)‘. Nevertheless, thanks to a string of licences granted by the state planning authority mainly between 2015-2017, the entire forest permitted to be clear felled and converted into the plantation and the question is why?

Mysterious purpose?
The reasons given in the ESI report, published just this year, seem wholly unconvincing given the bottom has fallen out of the palm oil market and THP itself has been losing money hand over fist. The ESI Statement of Need alleges that, despite these circumstances, there is a need for the extra plantation in this environmentally sensitive area and makes the further extraordinary claim the plantation will be “environmentally sustainable”:

STATEMENT OF NEED

The oil palm industry forms the economic backbone of Malaysia and continues to face new challenges in the face of globalization. The growth of the palm industry in Malaysia has been phenomenal. From mere 400 hectares planted in 1920, the hectarage increased to 54,000 hectares in 1960. Since then many more areas have been opened up for oil palm cultivation, either from virgin jungles or from the conversion of plantations that originally supported rubber or other crops….

Among the beneficial aspects of the project are:

The Project is aimed to stimulate economic development and subscribe towards fulfilling national policies under the Eleventh Malaysian Plan (2015-2020) ….;
The Project will support palm oil mill operations and other related downstream industries;
It will provide and increase job opportunities amongst the population i.e. business opportunity and employment in agricultural sector;
.. The project will transform a forest into a plantation site which will be environmentally sustainable;

Posted by Larrie Chew > 2020-04-03 13:22 | Report Abuse

Haha lastly our tax got burn just like that for saving those creeps ass....

Posted by UraniumKing68 > 2020-04-03 13:24 | Report Abuse

Hi Larry Chew, Regardless what happen to TH, our gov will save it .....

will not let it like Bank Bumi Putra, don't worry!

Posted by O'Brian > 2020-04-03 13:25 | Report Abuse

Sure bo?Just try another 3 years plundering of the nation coffers. Unthinkable!

Posted by O'Brian > 2020-04-03 13:26 | Report Abuse

Royal Command?
So were there other incentives that drove the decision to de-gazette a forest reserve, log out the timber and then cause THP to invest huge sums of money in a new plantation at the very time it is divesting of loss making existing plantations elsewhere?

It might be relevant at this point to remind that former prime minister Najib, currently facing multiple kleptocracy charges, has his seat in Pahang and is known to have cultivated an extremely close relationship with the then sultan of the state (now deceased) whose son is the present Agong.

Posted by O'Brian > 2020-04-03 13:27 | Report Abuse

Forest campaigners say although wider information is still lamentably lacking about who is behind the project, the ESI report reveals certain important facts.

Firstly, that THP was not granted the logging rights to the area, although no mention is made as to who did benefit from the highly lucrative timber licences made possible by the decision to clear the land:

“The logging activity is not involved in this proposed development. The project proponent should inform in writing declaration they are only allowed to enter the project site after logging activity is completed.” [ESI report – “Proposed Oil Palm Plantation Development on 8,094.43 Hectares (20,001 Acres) Land on PT4951 – PT4955 and PT4987 – PT4991 in Mukim Tembeling, District of Jerantut, Pahang Darul Makmur”]

Posted by O'Brian > 2020-04-03 13:27 | Report Abuse

Secondly, that whilst the Mukim Tembeling plantation is being developed (i.e. invested in) by THP Agro Management Sdn Bhd, the actual ‘land owner and Project Proponent’ is a subsidiary company called Deru Semangat Sdn Bhd.

Company research has revealed that THP is only the 55% shareholder of Deru Semangat, the other shareholder is the second son of the former Sultan of Pahang and younger brother of the present Agong of Malaysia with 45% of the private company.

Posted by O'Brian > 2020-04-03 13:28 | Report Abuse

wah all billionaire's money earn from stealing.... no wonder

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:30 | Report Abuse

Yes, the son of the former Sultan and brother of the present Agong doing business chopping down ‘Permanent Forest Reserves’ in his state?

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:31 | Report Abuse

Given the low level of public information available on the massive project Sarawak Report therefore believes the public should be informed exactly who was given the licences to log the valuable timber on this land and exactly how the costs of the investment in the subsequent plantation have been shared out between Tabung Haji and the family of the Sultan of Pahang?

There are also unfortunate conflicts of interests that need to be addressed in the light of this hitherto unpublicised involvement by the brother of the present King of Malaysia in this major project licensed by his own state authorities of Pahang.

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:32 | Report Abuse

The recently removed Pakatan Harapan government’s pledge to halt all new palm oil plantations and to halt further deforestation clearly created problems for the major enterprise, which will now be eased, for example, by the overturning of such policies by the as yet unconfirmed administration appointed by the King.

Sarawak Report is therefore bound to point out that the Agong, who controversially appointed the new prime minister, despite the absence of any significant support amongst MPs, appears to have had a family interest in the arrival of a government that has immediately pledged to reverse policies that were creating problems for his palm oil venture.

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:32 | Report Abuse

On the face of it he needs to demonstrate that he was not motivated by personal interest by at the very least ensuring his family produces full and transparent details of its financial involvement in the project, which currently are missing. In particular, how much is being invested by the pilgrim savers of Tabung Haji and how much by the brother to his majesty and how are profits to be divided?

The State of Pahang should also publish exactly who gained the timber licences for the felling of the de-gazetted forest reserve, which will have made huge profits for as yet unknown but possibly interested parties?

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:33 | Report Abuse

if no sarawak report dig all these news out, malaysia backside got more and more invisible big holes!

Posted by Larrie Chew > 2020-04-03 13:35 | Report Abuse

Yes agree, did you guys know Tabung Haji , a pilgrims’ fund or a piggy bank for powerful players in Malaysia?

Posted by Larrie Chew > 2020-04-03 13:35 | Report Abuse

This latest questionable investment by the hard-pressed pilgrims’ fund would seem to represent just the latest in a string of scandals indicating that this fund, raised from the savings of devout muslims wishing to pay for a pilgrimage to Mecca has too often been cynically abused as a piggy bank for powerful figures, particularly the Pahang MP, Najib Razak, who still faces mass kleptocracy charges from his tenure as prime minister.

Posted by Larrie Chew > 2020-04-03 13:36 | Report Abuse

It is established that Tabung Haji was used by Najib’s government to purchase outrageously inflated plots of public land, which were originally gifted to 1MDB, in order to cover payments owed on billions stolen by himself and others. The pilgrimage fund paid out hundreds of millions of ringgit from people’s savings for land given free to 1MDB.

When challenged on the mark ups in 2015 (the same year the THP plantation went into action) Najib claimed the Tabung Haji purchases were a bargain and the fund would sell on at a profit within a month. Yet the plots remain unsold and the loss has been to ordinary pilgrims, whose money is supposedly protected by the government oversight of Tabung Haji.

Posted by Larrie Chew > 2020-04-03 13:37 | Report Abuse

Thanks to the installation of ‘PM8′ Najib, who was booted out at the last election, is now back part of the ruling administration as one of the leading figures of UMNO.

Likewise, over past months Sarawak Report has also reported how the fund (along with the Employee Provident Fund, also controlled by government) has handily ignored the market to buy out huge numbers of shares in the Sarawak Taib family company CMSB belonging to the governor’s son Abu Bekir, thereby boosting the price of the company which had collapsed with the advent of a ‘reforming’ government in 2018.

Posted by Larrie Chew > 2020-04-03 13:37 | Report Abuse

It begs the question whether this government-managed and ‘protected’ fund has really been run in the interests of pilgrims or for the rich and powerful in Malaysia?

Indeed, way back in January 2016, Sarawak Report exposed a devastating warning by the then Governor of Bank Negara that the fund faced bankruptcy owing to its frequent use to invest in and bail out non-profit-making crony ventures – one might say in true, traditional Malaysian style of the sort the newly installed coup coalition fondly intends to return.

Posted by Larrie Chew > 2020-04-03 13:38 | Report Abuse

The report by Zeti Akhtar Aziz warned back in 2016

“the worrying financial situation at Lembaga Tabung Haji… will make it difficult in the future for the LTH to play an effective role in helping Muslim pilgrims to perform their Haj”

Posted by Larrie Chew > 2020-04-03 13:38 | Report Abuse

This latest Pahang plantation scandal raises grave questions as to whether the same pressures are causing poor investment decisions by the fund.

And to increase the woes of Tabung Haji Plantations Sarawak Report has received devastating further information from a leaked report that shows a slew of other violations by the company, which campaigners say should see it struck off from qualifying as a viable and sustainable producer for western markets:

“Tabung Haji Plantations have broken numerous environmental regulations in Sarawak, Sabah and Kalimantan, which we have reported to our industry networks and suppliers, but so far nothing has been done about this rogue supplier. Now there is this scandal in Pahang.”

Posted by UraniumKing68 > 2020-04-03 13:40 | Report Abuse

Hmmm.....it is likely the powerful support of the Malaysian government and religious connotations of the fund have protected THP so far, in that suppliers in the region have sought to overlook glaring sustainability violations. However, they say the destruction of the Yong forest reserve is a matter key suppliers cannot ignore.

Never mind, say the new PAS Ministers of the Environment and their Sarawak helper, as there are other less fussy regions of the world who will apparently pay top dollar instead for Tabung Haji’s dirty product.

That remains to be proven, however Malaysia’s coup coalition clearly doesn’t care about climate change or God’s creations, let alone what people voted for – not if there is money to be made by powerful players now they have joined them.

Posted by UraniumKing68 > 2020-04-03 13:41 | Report Abuse

TH = Money drop from sky. With majority of its investment in dire condition, wondering where the dividend coming from...

Posted by O'Brian > 2020-04-03 13:42 | Report Abuse

Totally damned and divinely cursed

Posted by Umbrella Corp > 2020-04-03 13:44 | Report Abuse

Malaysia got 30 million people but no one hero like British girl, let me create T-virus to get rid of these spineless shameless wolves in sheep fur.........you know who, hehe

Posted by JessicaTan > 2020-04-03 13:47 | Report Abuse

hi hi, happy to see you guys here

Posted by JessicaTan > 2020-04-03 13:49 | Report Abuse

New Tabung Haji Scandal Looms Over The PN Government! We Can't blame them, life's short. THEY USE RACE AND RELIGION TO CHEAT THEIR OWN PEOPLE TO ACHIEVED THEIR OWN AGENDA(FATTENING OWN POCKET)!

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:50 | Report Abuse

Hi JessicaTan, today got top up ageson shares?

Posted by JessicaTan > 2020-04-03 13:52 | Report Abuse

Yes, i did, but i buy batch by batch.......Got news when shoot up Ageson price ?

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-03 13:54 | Report Abuse

JessicaTan, patient a bit, will shoot up very soon, Ageson MD is doing something big recently. Cheers Guys

Posted by Umbrella Corp > 2020-04-03 14:02 | Report Abuse

By observing Ageson price recently, this is the bottom price already, seems like a good time to buy. Sapu Ageson shares time its now,will buy and wait.

Posted by ahfad > 2020-04-03 19:22 | Report Abuse

True umbrella, once finish it will rebound

Posted by Yhlim9958 > 2020-04-06 11:06 | Report Abuse

The ages pa start moving

Posted by Yhlim9958 > 2020-04-06 11:07 | Report Abuse

Now.0.01 0.015

Posted by O'Brian > 2020-04-06 12:28 | Report Abuse

Cuepacs wants govt to defer public sector housing loan repayment

KUALA LUMPUR, April 4 — The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) has called on the government to defer the loan repayment of borrowers under the Public Sector Home Financing Board (LPPSA).

Its president, Adnan Mat, in a statement today, said it would be apt to allow the LPPSA borrowers to defer their loan repayment in line with the six-month moratorium by banking institutions following the outbreak of the Covid-19 epidemic.

“It should be noted that not all civil servants in the country have spouses who are also working. Some of the spouses are housewife, petty trader or working in the private sector.

“The average take home pay of civil servants is about 20 per cent, if they have housing loan or if deducted for housing loan and other loans,” he said.

He said by allowing deferment of repayment for LPPSA borrowers, it would provide them with extra income for use in emergency cases.

He hoped Prime Minister Tan Sri Muhyiddin Yassin and LPPSA would give special consideration to the request, which had been forwarded prior to the announcement on the Prihatin Rakyat Economic Stimulus Package last March 27.

Posted by UraniumKing68 > 2020-04-06 12:30 | Report Abuse

Good Afternoon o'brian, public servants got suffer meh? actually richer because less spending

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-06 12:31 | Report Abuse

What! The most privilige malaysians given more privilige! Stay at home, full salary, paid holidays, what more do you what!

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-06 12:31 | Report Abuse

On top of that already given special RM500 a month for not working!

Posted by Larrie Chew > 2020-04-06 12:33 | Report Abuse

Not like that yo, they're actually work from home like private also.... don't simply say mkn gaji buta...

Posted by O'Brian > 2020-04-06 12:34 | Report Abuse

Good Afternoon UraniumKing68 and happy investors of Ageson, Actually they suffer quite a lot. their sacrifice is huge by staying at home, watching astro lei. wakaka

Posted by O'Brian > 2020-04-06 12:39 | Report Abuse

Speak Frankly, only most of the chinese have work at home discipline, you see many company came from abroad which is work from home one, if they hire many malays or indians, usually it does not work out and need to cancel work from home and rent an office space for them at the end..... But if the other way round if they hire many chinese workers one, the work from home thing high chances it will work out...... And malaysia gov mostly malays, so dun tell me they really work from home, because even if they are in office also working style looks like shit....

Posted by UraniumKing68 > 2020-04-06 12:42 | Report Abuse

crisis come mali, only those who are capable snatch every thing for themselves__.a.k.a gov servant

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-06 12:43 | Report Abuse

phony baloney

Posted by Printing U.S Dollar Dollar Dollar > 2020-04-06 12:43 | Report Abuse

“It should be noted that not all civil servants in the country have spouses who are also working. Some of the spouses are housewife, petty trader or working in the private sector." Well shouldnt you just prioritize those petty traders and private sector then?

Posted by UraniumKing68 > 2020-04-06 12:44 | Report Abuse

this is robbing when others are dying...........

Posted by UraniumKing68 > 2020-04-06 12:46 | Report Abuse

And Basically Cuepacs is telling the government to give upmost priority to 2 million civil servants than the rest of 30 million malaysians! I mean, doesn't Cuepacs know that on top of RM500 special Covid19 bonus, they also enjoy full salary! What about our B40 who will die standing by end of this month! Mind you M40 group too will find themselves jobless if many SME prefer to close shop! Can civil servants make their sacrifice too!

Posted by Larrie Chew > 2020-04-06 12:47 | Report Abuse

Yes, cuepacs have reason to believe malay unity government means cuepacs government!

Posted by UraniumKing68 > 2020-04-06 12:48 | Report Abuse

Larrie Chew! Yeah, totally agree with you! More handouts to malay institution like civil service!

Posted by 靓女 phoon phoon > 2020-04-06 12:50 | Report Abuse

Dow 15,000 very likely as coronavirus pandemic hits U.S. economy: strategist

Veteran markets strategist James McDonald, CEO of Hercules Investments, is staying with a call that he has had throughout the coronavirus pandemic fueled bear market, now going on two months.

That is, at least one more major course correction is ahead for equities as investors realize — once and for all — the U.S. economy is in a severe recession that won’t end anytime soon. It’s a call he has reiterated several times as a guest on Yahoo Finance’sThe First Trade.

By McDonald’s math, he continues to see downside risk to the Dow Jones Industrial Average to 15,000 from its current perch just above 21,000. He thinks the economy could begin to show signs of life in the fourth quarter of this year — but until that starts to show up somewhere in the markets or economic data, he prefers putting on trades that profit from extreme volatility and downside.

Yahoo Finance highlights a call such as this because, well, McDonald has been dead right so far. Moreover, April has lived up to its billing in the early going as potentially lethal to stocks because of dreadful economic data nobody on Wall Street has ever seen before.

March non-farm payrolls plunged 701,000. The U.S. unemployment rate rose to 4.4%. The leisure and hospitality sector shed 459,000 jobs. Keep in mind this jobs data only reflects survey data up to March 12. The April employment report is widely expected to show a massive spike in job losses that reflects the 10 million people that have filed for unemployment benefits in the past two weeks.

After flirting between gains and losses in the morning, the Dow fell nearly 500 points by afternoon trading. The action in the markets today indicates investors haven’t fully grasped how much the coronavirus is derailing the U.S. economy.

Long-time economic forecaster Bethan Ann Bovino, chief U.S. economist at S&P, thinks the April employment report could show 8 million in headline job losses.

“We’re looking at close to 17 million jobs lost. So I don’t think it’s going to end in April,” Bovin said on The First Trade. Bovin adds she wouldn’t be surprised if there are 15 million jobs lost in April.

McDonald isn’t out on an island with his concerns on the market. Many strategists Yahoo Finance has talked with this week suggest the two-week long rally in stocks from the late March lows looks overdone. The pros point to not only souring economic data globally, but also the approaching earnings season as a source of downside risk.

“The market theoretically should be down even more when you lose over 700,000 jobs in one month with the worst yet to come. I think the market is braced for a lot of bad news. I don’t think the market is more or less pricing in a two-month shutdown,” BNY Mellon chief strategist Alicia Levine says.

Posted by JessicaTan > 2020-04-06 12:51 | Report Abuse

HiHi guys, death toll is peaking .....

more than 1300 yesterday, highest!

Posted by JessicaTan > 2020-04-06 12:53 | Report Abuse

Wear mask, clean hands, Do not go out if don't have a good reason! This last 2weeks is the most crucial moment to break the covid-19 chain!