You see, when people talk about 'flattening the curve', they always think about the graph on the left: which is to flatten the pandemic curve.
But economists also are talking about the graph on the right: which talks about minimizing the impact of a recession.
In the latest World Bank report, they predict that baseline GDP will drop for ALL countries, but Malaysia, Thailand, Indonesia, Timor Leste are going to be severely hit, if little to no macro-measures are being taken to soften the recession brought upon by COVID-19.
The unprecedented nature raises serious concerns. Increased financial volatility is in store. We are vulnerable in capital markets, have elevated domestic debt AND private sector debt, and heavy reliance on short-term debt.
For the 4th time in so many months, Tan Sri Syed Mokhtar Bukhary via his unlisted company -Aurora Mulia- bought Media Prima shares off market. This time, he bought another 2.7% shares on Sept 27th paying a 28% premium.
TS Syed Mokhtar now owns 23.3%
Why is he buying them?
Ok some updates...
CGS CIMB, via their report this morning, puzzled out that the actual total shareholding of Syed Mokhtar in Media Prima is actually 36.10%
via Aurora Mulia 23.3%
via MUFJ 12.84%
He could trigger mandatory general offer?
And he buys some more!!!
Tan Sri Syed Mokhtar Bukhari bought 2 blocks of shares off-market. At 60 sen/piece, valued RM53mil
Unlisted Aurora Mulia (TSSMB’s son, Syed Danial is a board member) now owns 31.22% of Media Prima
Surely a Mandatory General Offer will now be triggered?
Press Conference by Head of Commercial Crimes Department Dato Sri Amar Singh Ishar Singh.
PC is in 2 segments. One in BM, one in English
PC Amar Singh: 1. Saya ada 2 tujuan bagi PC pagi ini. 2. Pertama, adalah untuk menyangkal maklumat tidak benar yang ditular di media sosial 3. Kedua, beri maklumat terkini tentang rampasan berkenaan siasatan ini
SANGKAL: 4. Jumlah estimate wang yang dilaporkan di media cetak, adalah palsu dan tidak benar 5. Kenyataan jumlah wang yang poils kira tidak benar 6. Gambar yang ditular, barang kemas tidak benar 7. All this is fake news
1MDB update from MOF: 1. The Directors of 1MDB confirmed that 1MDB was “insolvent” 2. 1MDB is unable to repay its debts 3. Arul Kanda says he is on garden leave therefore Arul says doesn't know what's happening in the company
4. Arul Kanda says all financial matters were handled strictly by the company CFO 5. Arul Kanda says he is absolutely uncertain as to what the value of these ‘investments’ are 6. Arul Kanda says he doesn't know whether they even exist in the first place @501Awani
7. LGE FinMin has instructed PwC to conduct a special position audit on 1MDB 8. LGE FinMin says "Arul Kanda’s response was utterly shocking and preposterous because prior to the change of government, he toured the country preaching the financial viability of 1MDB" @501Awani
Lim Guan Eng Finance Minister (FinMin) 1. Certain files can only be accessed by certain people 2. It is clear previous government playing hot buttons with some data 3. I directed all accounts must be directed to Auditor General and Treasury @501Awani
FinMin LGE PC: 4. Arul Kanda remain CEO as 1MDB until 30 June 5. I've given instructions to Arul Kanda to brief ministry on affairs of 1MDB 6. I've been informed by MOF has been bailing out 1MDB payments since 2017 7. 1MDB has been deceiving Malaysians @501Awani
FinMin LGE: 8. 1MDB has been deceiving the people saying they can finance their debts 9. All this while, it was MOF that has been paying 1MDB debts 10. 1MDB has payment due next week, I've instructed Arul Kanda to explain if 1MDB is capable to make the payment @501Awani
IMPORTANT: Ini bebenang (Thread) ringkasan eksekutif Laporan Pengauditan #1MDB yang dikeluarkan oleh Jabatan Audit Negara
Latar belakang: Cabinet 4/5/15 arah JAN utk verify akaun 1MDB utk pembentangan di PAC. 27/2/15 PAC minta JAN buat audit 1MDB. JAN memulakan audit 1MDB pada 10/3/15. Audit period: 10/3/15 hingga 15/6/15. Interim report diberikan ke PAC pada 9-10/7/15
JAN hadapi limitasi semasa membuat audit kerana sebahagian dokumen asal dan penting lewat diserahkan atau tidak diserahkan oleh 1MDB bagi tujuan pengesahan transaksi dan bukti. Limitasi ini memberi impak signifikan terhadap pengauditan.