Saturday, January 14, 2012

FROZEN: NFC's Assets

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Asset: A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.

*An action taken to prevent any transactions from occurring in the account. .
*Essentially, freezing is the denial of ownership rights.
* May mean anything from suspending access to a bank account to seizing a piece of real estate.
*Maybe frozen by government or regulatory authorities because of suspicious activity, suspected criminal activity, civil actions or liens filed against the company/account.
*The government can put a freeze on someone's assets if they owe money for several different reasons. Meaning that person cannot touch their money until their debts are paid.

I'm sorry. I put all those up not to insult your intelligence. I'm sure you all know what "freezing XXX's assets" means. In fact, I'm sure that you can come with better definitions.

Anyway, today the Prime Minister Najib Razak said that the NFC's assets had been frozen for the time being.

He said that he had asked his deputy, Muhyiddin Yassin and Agriculture and Agro-based Industry Minister Noh Omar to study how best can the NFC issue be resolved.

Someone remarked that Najib and Muhyiddin cannot put all the blame on Shahrizat because they were also responsible for awarding the project to her family in the first place.

They cannot wash their hands off this project because of their "oversight and negligence that all these monies were misappropriated and transferred out in the first place."

I don't think anyone's washing their hands off this whole thing. And all that "oversight blah blah blah...." -- you think the PM, MBs and CMs should be micro-managing projects awarded to people.

And I don't think the PM and DPM are putting the blame on Shahrizat.

Anyway, that's why we have the *auditor-general's report.

Besides, the project was awarded when Abdullah Ahmad Badawi was PM.

But of course, it's all on Najib's shoulders now.

*The 2010 Auditor-General’s Report pointed out that the NFC had failed to meet production targets.

Investigations by the MACC and police on allegations of bribery, abuse and corruption involving the RM250 million NFC project.


bruno said...

Nuraina,first of all don't you think that the assets of NFC should be frozen the first day when the scandal broke out.Afterall whether it is government or private funds,it was the right thing to do.Instead of nipping the bull by its horns,the GOM has let it spread like a wild bushfire,getting totally out of control.

It is to late for damage control now,but still it is better to be late than never.Something is pretty obviously wrong with our so called tough crime fighting high ranking law enforcement officers,when making the right call.Flawed hindsight,maybe?

Nuraina,sometimes we have to disagree to agree,at least on some things.First of all I would like to say again that non of my comments are meant to insult or offend you personally.Maybe it is because I enjoyed bashing Umno/BN so much.But it is great to have you as a sparring partner.Cheers.


bruon: agree. if i'm not mistaken, their assets were frozen last month.

but you know what i think -- it doesn't matter where the corruption is coming from or who the alleged culprits are -- it is important not to act quickly, yes but more importantly carefully. which means just becos we are angry with what's happening, we want everyone to be hung dry..
if we want to really get the culprits, then investigations have got to be thorough.
for me, i'm not easily swayed, by anyone or any side. if there's corruption, let's investigate.
that said, i'm always on the side of the MACC to do its job. selective prosecution, i don't know. too many baseless allegations.
but, it's on record thatthe MACC has brought to court some high-profile convictions.

Bruno, certainly, we have to disagree to agree, and agree to disagree..
dont worry, i;m not easily offended. you have not offended me at all. bashing Umno/BN? we all do...

and carrying on sparring, partner.