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SC allows UN expert to act as friend of the court in Maria Ressa s cyber libel plea
Irene Khan, United Nations (UN) Special Rapporteur for freedom of expression and opinion, has been allowed by the Supreme Court (SC) to sit as an "amicus curiae" to the court in the appeal for the cyber libel case of Rappler.com chief executive officer Maria Ressa and former researcher Reynaldo Santos......»»
Teves gets 15 more days in Timor-Leste
The detention of expelled Negros Oriental congressman Arnolfo Teves Jr. in East Timor has been extended by a local court for 15 days following a trial on March 23, Teves’ lawyer Ferdinand Topacio said......»»
SC affirms ruling granting bail to ex-Masbate lawmaker, Napoles
The Supreme Court (SC) has affirmed a ruling of the Sandiganbayan that allowed businesswoman Janet Lim-Napoles and former Masbate congresswoman Rizalina Seachone-Laneta to post bail in the plunder charges filed against them in connection with the Priority Development Assistance Fund (PDAF) or pork scam......»»
Sabalenka wins with heavy heart
World number two Aryna Sabalenka returned to the court for the first time since the death of her former boyfriend earlier this week and kept her emotions in check as she beat Spain’s Paula Badosa, 6-4 6-3 on Friday......»»
SC upholds decision granting Napoles bail in one PDAF case
Pork barrel scam mastermind Janet Lim-Napoles and former Masbate Rep. Rizalina Seachon-Lanete have been allowed to post bail after the Supreme Court dismissed a case related to the Priority Development Assistance Fund......»»
Panghulan s Hail Mary shot lifts Top Flight past Arellano in NBTC Division 2 finals
Joey Panghulan’s last-gasp half-court heave towed Top Flight Sports Canada into the National Basketball Training Center (NBTC) Division 2 finals over the Arellano Braves, 87-84, Friday afternoon at the Mall of Asia Arena in Pasay City......»»
A mandatory duty
With dynasty-building reaching shameless proportions, the Supreme Court has finally been asked to step in and mandate Congress to carry out a task set out in the Constitution: to define and prohibit political dynasties......»»
SC: LGU lawyers cannot represent local execs
Legal officers of local government units cannot represent LGU officials in cases filed before the Office of the Ombudsman, according to the Supreme Court......»»
ICC can t probe Philippines drug war, Marcos tells Germany s Scholz
MANILA, The Philippines: This week, Philippine President Ferdinand Marcos Jr. told German Chancellor Olaf Scholz the International Criminal Court (ICC) has no authority to probe the bloody war against drugs conducted by his predecessor. Marcos discussed the Hague-based ICC's probe during a bilateral meeting with Scholz while visiting Germany. Former President Rodrigo Duterte officially withdrew from the i.....»»
Malaysian court upholds ex-leader Najib’s audit tampering acquittal
A Malaysian court upheld on Tuesday the acquittal of jailed former prime minister Najib Razak on an audit tampering charge in the investigation into corruption at the 1MDB state wealth fund. Najib is serving a 12-year prison term on other graft charges related to the 1 Malaysia Development Berhad financial scandal. The plundering of the fund led to investigations around the world, including in the United States, Switzerland and Singapore, into the use of their financial systems to launder money. But Malaysia's Court of Appeal struck out the appeal by state prosecutors against the acquittal of the audit tampering charge after prosecutors did not submit documents in time, Najib's lawyer Mohamed Shafee Abdullah told AFP. "In this case, the prosecution evidently found no grounds for appeal, resulting in no petition being filed," he said in a statement. Najib, the 70-year-old leader of Malaysia for nine years until 2018, was acquitted in March after a Kuala Lumpur High Court judge ruled prosecutors failed to provide sufficient evidence that he had tampered with an audit report on scandal-racked 1MDB. That charge focused on allegations that Najib ordered a report by the government's official audit body on the 1MDB sovereign wealth fund to be altered in February 2016. Najib's co-accused, former 1MDB chief Arul Kanda Kandasamy, was also acquitted. The former Malaysian premier's acquittal from the tampering charge does not affect his current jail sentence and he faces dozens more charges that could lengthen that term. Najib's wife Rosmah Mansor was found guilty of graft in 2022 and sentenced to 10 years in prison. She remains on bail pending an appeal. The post Malaysian court upholds ex-leader Najib’s audit tampering acquittal appeared first on Daily Tribune......»»
Malaysia court drops graft charges vs deputy PM
Kuala Lumpur, Malaysia (AFP) — A Malaysian court on Monday approved a prosecution request to drop all graft charges against the country’s deputy prime minister Ahmad Zahid Hamidi, state news agency Bernama reported. Zahid was facing 47 charges of criminal breach of trust, corruption and money laundering related to the misuse of funds at a charity he founded. They were part of a raft of charges leveled at leading figures of the United Malays National Organization party after it was defeated at the polls in 2018, including former prime minister Najib Razak over massive corruption at state fund 1MDB. Prosecutors in Zahid’s case said they wanted more time to investigate his case “in more depth,” Bernama reported. Zahid, wearing a dark suit, hugged his supporters and family members who sat inside the packed courtroom when the decision was announced by the presiding judge. “My family and I are grateful that the court has discharged me of all 47 charges,” Zahid told a press conference. The court said Zahid’s discharge did not amount to an acquittal. He was appointed deputy PM after November’s election when his UMNO party joined the ruling coalition of Prime Minister Anwar Ibrahim. Anwar was forced to ally with his former foes after falling short of an outright majority to form government. Zahid was discharged from another graft case in September last year for what a court said was lack of evidence. The post Malaysia court drops graft charges vs deputy PM appeared first on Daily Tribune......»»
Malaysia’s Anwar thwarts opposition challenge in state polls
Malaysian Prime Minister Anwar Ibrahim's ruling coalition thwarted a challenge by an opposition alliance in state elections, official results showed Sunday, with analysts saying the win would buy him time to consolidate power in the largely Islamic Southeast Asian nation. Saturday's vote in six states had been the toughest political challenge yet to Anwar, who was appointed prime minister in November last year to head a unity government after an indecisive general election. The election of state assembly members does not affect Anwar's current two-thirds majority in parliament. It was, however, widely seen as a barometer of support for Anwar, including his push for a more inclusive society in which minority ethnicities could be allowed greater participation in the largely Malay Muslim nation, which also has large Chinese and Indian populations. Results released by the Election Commission showed that Anwar's Pakatan Harapan coalition retained three states: Selangor, Penang, and Negeri Sembilan. The opposition alliance Perikatan Nasional -- whose key member the PAS party aims to create a theocratic state in Malaysia -- kept its hold on Kedah, Terengganu, and Kelantan. Retaining Selangor, which hosts the country’s biggest port, and Penang, home to Malaysia’s thriving semiconductor industry, are prized wins for Anwar, analysts said. The ruling coalition, however, lost its two-thirds majority in Selangor, as the opposition made strong inroads. Perikatan is backed by the Malaysian Islamic Party, or PAS, whose strong performance in last year’s general elections had sparked ruling party concerns it could spring a surprise and flip one or two states to the opposition. "This is a decision of the people. We have to respect this decision," Anwar said of the results at a late-night press conference as he also appealed for unity after a divisive campaign. "The federal government remains strong after this poll and we will continue to promote a prosperous Malaysia," he added. Oh Ei Sun of the Pacific Research Center of Malaysia think tank said "it was a nail-biting win for Anwar after he thwarted the challenge from the powerful Islamic party PAS". Bridget Welsh, a Malaysia expert from the University of Nottingham, said retaining the three states was a "victory for Anwar" as "he had gone into this campaign defensively". "It was in many ways a stress reliever for Anwar not to be confronted with any major political shifts that could alter the status quo," said Mustafa Izzuddin, a political analyst with consultancy Solaris Strategies Singapore. But the outcome was also a disappointment in that "his coalition did not make much significant inroads" at the polls, he told AFP. Anwar "has more than enough time" before the 2027 general elections "to shore up support including the complex political bargaining that may need to happen within the coalition", according to Mustafa. No guarantee James Chin, a Malaysia expert at the University of Tasmania in Australia, had warned earlier Saturday of "dire" consequences if Anwar lost even a single state, including shifting allegiances that could have threatened his future as prime minister. Anwar became prime minister last November after a long struggle as an opposition leader. His party had won the most seats in the general election but fell short of the outright majority needed to form a government. That forced him into an alliance with former foes in the United Malays National Organisation to secure a two-thirds parliamentary majority and approval from Malaysia's king to form a "unity government". The coalition has so far held together in a country that had seen three leadership turnovers in as many years after scandal-tainted Najib Razak was voted out as prime minister in 2018 over massive corruption at state fund 1MDB. But Oh, the analyst, said Anwar "must remain vigilant" even as he pushes for reforms. "There is no guarantee that his government will stay until the next general elections," he said. The post Malaysia’s Anwar thwarts opposition challenge in state polls appeared first on Daily Tribune......»»
US firms to dip fingers into MIF
An in-depth study by the Asian Central Journal or ACJ dated 20 July 2023 reveals that the Department of Finance forged a $1-million contract with a US PR firm, Weber Shandwick Philippines or WSP, that was signed in early January 2023, according to WSP sources. The ACJ study asks why the Maharlika Investment Fund or MIF bill was signed at the precise time Senate President Juan Miguel Zubiri was in the US. “On 21 June, Senate President Zubiri reportedly signed an ‘enrolled’ copy of the MIF. Jose Manuel Romualdez, the Philippine ambassador to the US, was present for the signing. Ambassador Romualdez has long held the positions of chairman and CEO at WSP.” The ACJ study reports that, “The US was designated as the top campaign market in the PR strategy to draw US investment” and that “the MIF might be used by the US as a means of financial pressure on the (Philippines).” In other words, US funds for the MIF may be used as bait for the US to get major MIF projects in the future. The study says the WSP PR strategy aims (1) “to decrease misconceptions about the MIF, particularly those pertaining to abuse and corruption” (downplaying corruption helps fuel it); (2) “to raise awareness of it as an instrument for economic development” (sanctifying corruption as ‘economic development’); and (3) “MIF management and investment may be subject to US intervention. DBM Secretary Amenah F. Pangandaman stated on 19 April that several US corporate organizations and investors are eager to assist us in structuring the MIF.” This dangerous move towards achieving US corporate funds for the MIF will easily increase corruption tenfold, with the participation of US corporations. This was the strategy of US oil firms in Nigeria in partnership with a corrupt government to siphon the oil for the West. The US corporations turned a blind eye to the corruption. The strategy triggered the growth of terrorists in the Muslim-dominated deep north which did benefit from the “development” received by the Christian-dominated south. The ACJ report, citing the MIF, warns, “There looms a grave concern: the specter of corruption.” It cites two cases. “Norway’s sovereign wealth fund lost $174 billion (about P8.7 trillion) in the first half of 2022, while (the Singapore-based) Temasek Holdings, which is primarily regarded as a sovereign wealth fund, has seen a net loss of S$7.3 billion throughout the nearly 50 years since its founding.” If less corrupt-prone affluent nations like Norway and Singapore are unable to contain corruption in sovereign wealth funds, what more a Third World nation like the Philippines, which is noted for rampant unstoppable corruption? In its 2020-2022 survey, the Philippines ranked no. 116 out of 180 nations (the higher the ranking, the more corrupt) in the Corruption Perceptions Index published by Transparency International. Norway ranked No. 4 and Singapore No. 5 as least corrupt. (Source: Wikipedia). The MIF Act provides that a Maharlika Investment Corporation or MIC will be established to manage the MIF fund. The ACJ study is concerned that the MIC board of directors will consist of presidential appointees “based on favor rather than talent… in a nation where nepotism is rife.” (Ambassador Romualdez is the second cousin of Marcos Jr. It’s all in the family.) This will induce a “lack of transparency in regulation and a high risk of financial embezzlement.” The ACJ study argues that “the MIF could be a weapon for politicians to steal from the public coffers,” citing the case of Angola. In 2018, Jose Filomeno dos Santos, ex-sovereign fund chairman and son of ex-President Jose Eduardo dos Santos, was charged with the theft of $1.5 billion. In 2015, the Wall Street Journal reported that Malaysia’s Prime Minister Najib Razak transferred about $700 million from the 1Malaysia Development Berhad fund to his personal account. The ACJ study reports that Goldman Sachs Group Inc. raised $6.5 billion in five years. In an investigation after the 1MDB scandal broke out, Goldman Sachs admitted stealing $1 billion from 1MDB “to bribe officials in Malaysia and other nations, including (payments) for the extravagant lifestyles of Malaysian officials and purchasing luxury yachts and hotels for them.” Goldman Sachs pocketed $4.6 billion in bribes and kickbacks. Ex-Goldman Sachs banker Roger Ng was sentenced to 10 years in prison for his role in the massive 1MDB heist. It will be easy for creative Filipino politicians to improve on this type of ‘Financial Terrorism’ with the help of equally corrupt Western corporations. They must be drooling in excitement. This evil partnership of government and multinationals is the biggest hindrance to the true development of Third World countries. Even as the MIF heist is yet to happen, the solons are cooking up a more sinister storm, the Overseas Filipino Workers Sovereign Wealth Fund, tapping the biggest dollar earner of the country. This is “stealing” the hard-earned money of our workers. The OFWs may rise in protest. *** eastwindreplyctr@gmail.com The post US firms to dip fingers into MIF appeared first on Daily Tribune......»»
MIF to get initial P81.7-B funding from nat’l govt, LBP
The newly established Maharlika Investment Fund (MIF) has received starting cash of P81.86 billion from the national government and the Land Bank of the Philippines, the Department of Finance (DOF) said on Friday. In a briefing in the DOF office, Finance Secretary Benjamin Diokno said that Landbank approved on Friday morning, 21 July, to put P50 billion on Maharlika Investment Corp. (MIC). With the money in place, Diokno believes the MIF will be up and running by the end of 2023. "It is reasonable to expect that the Maharlika Investment Fund will be up and running before the end of 2023," Diokno said. The Bureau of the Treasury has started crafting and implementing rules and regulations (IRR) with help from the original government financial institutions, like the Land Bank and the Development Bank of the Philippines. Section 54 of Republic Act No. 11954, also called the Maharlika Investment Fund Act, says that the Treasury office has 90 days after the law goes into effect to publish the IRR. "We do not intend to utilize the entire 90 days. We anticipate completing the promulgation of the IRR before the end of August," the government's chief economic manager said. For context, President Ferdinand Marcos Jr. signed MIF into law last 18 July, just a few days before his second State of the Nation Address. The MIF will use state assets to invest in businesses that will bring in more money for the government. Marcos signed Republic Act No. 11954 into law despite some critics expressing worries and doubts about MIF. Some politicians pointed out the MIF bill's obvious mistakes, gaps, and unclear parts. Diokno has already ensured that the country's MIF has responsibility and openness measures so that it doesn't end up like Malaysia's 1Malaysia Development Berhad (1MDB) scandal, where former Malaysian prime minister Najib Razak was found guilty of corruption in the 1MDB financial scam and given a 12-year prison term. The post MIF to get initial P81.7-B funding from nat’l govt, LBP appeared first on Daily Tribune......»»
PBBM thinks certain objections to MIF ‘laughable’
President Ferdinand Marcos Jr. allayed fears of fund mismanagement after signing the Maharlika Investment Fund into law on Tuesday, saying it will be independent of the government and should not be linked to politics. Marcos recalled reading and seeing the criticisms directed at the recently enacted law in the ceremonial signing at Malacanang Palace. He considered some of those objections "laughable." "I noticed that at the very beginning, I would hear some people commenting, 'When we have money like that, when we have those funds, they should be allocated to agriculture, infrastructure, they should be invested in energy development,'" Marcos said. "Well, I was watching television and I said, of course, I was talking to the TV. Where do you think they're thinking of putting it? Are we going to buy fancy cars? Are we going to buy a large yacht? That... it makes me laugh because that is so far from the truth," he added. For context, the bill has undergone revisions to address worries about how the fund would be managed and financed. Hence, Marcos said establishing an Investment Fund would enable the Philippines to reduce its dependence on borrowing for infrastructure development. “I assure you that the resources entrusted to the fund are taken care of with utmost prudence and intent,” Marcos said in a speech after signing into law what he described as an “extremely important” measure. The enactment of the Maharlika Investment Fund into law followed the actions taken by neighboring Asian countries such as Malaysia and Singapore and more recent efforts by Indonesia to establish sovereign wealth funds, although the outcomes have been varied. In Malaysia, the 1Malaysia Development Berhad (1MDB) fund became embroiled in a massive corruption scandal, resulting in significant political consequences. Marcos emphasized that the newly created fund would be entrusted to professionals and operate independently from political interference. To raise its capital, the fund will have the authority to issue a combined total of P500 billion in preferred and common shares, which the national government, state-run companies, and banks can acquire. It was not immediately clear when the fund will be launched. Nevertheless, it has the capability to allocate funds to assets such as foreign currencies, tradable commodities, fixed-income securities, and stocks with the intention of generating revenue to support the funding of infrastructure initiatives. The post PBBM thinks certain objections to MIF ‘laughable’ appeared first on Daily Tribune......»»
New Malaysian PM Anwar reviews predecessor’s billion-dollar projects
Graft is a major issue in Malaysia, with former prime minister Najib Razak jailed over the looting of billions of dollars from sovereign fund 1MDB.....»»
Cronies wealth fund?
The first thing that came to mind when I heard about plans to put up a sovereign wealth fund is 1MDB. That’s Malaysia’s version and they lost $4.5 billion on bad use of the fund......»»
Malaysian prosecutors rest case against ex-PM Najib in final 1MDB appeal
Najib Razak's lawyers decline to present their case in court this week, citing insufficient time to prepare.....»»
Malaysia ex-PM Najib asks court to admit new evidence as final 1MDB appeal begins
Malaysian prosecutors say more than $1 billion in 1MDB funds made its way into former Malaysian prime minister Najib Razakl's personal accounts.....»»
British ex-adviser to Najib& nbsp;has graft charges dropped
A controversial British former media adviser to Malaysian ex-leader Najib Razak has had money-laundering charges dropped after agreeing to pay $1.7 million to scandal-hit sovereign wealth fund 1MDB, officials said Friday......»»