EXCLUSIVE An undercover investigation by an international NGO has revealed video evidence of how Sarawak Chief Minister Abdul Taib Mahmud’s family members and business associates abuse logging licences to enrich themselves at the expense of ordinary Sarawakians.
Two of Taib’s first cousins, a family member of Taib’s key business partner and a lawyer who represented the cousins have been caught on video explaining the mechanisms of circumventing existing laws to profit from the scheme.
The video was discreetly recorded by an investigator with Global Witness, a London-based NGO that investigates and campaigns against environmental and human rights abuses.
The undercover investigator was sent to Sarawak last year posing as a “foreign investor” looking to buy land to set up oil palm plantations.
The investigator approached the Regional Corridor Development Authority (Recoda), the state government body charged with handling foreign investments, and was immediately directed to certain members of Taib’s family who were selling companies licensed to log and clear land for plantations in Sarawak.
These licences were issued by Sarawak’s Ministry of Resource Planning and Environment, which is headed by Taib…
WHAT IS THIS FILM ABOUT?
This investigation provides undercover footage of the corruption and illegality at the heart of governance in Sarawak, Malaysia’s largest state, on the island of Borneo.
For over thirty years, Sarawak has been governed by Chief Minister Abdul Taib Mahmud, who controls all land classification, forestry and plantation licenses in the state. Under his tenure, Sarawak has experienced some of the most intense rates of logging seen anywhere in the world. The state now has less than 5 per cent of its forests left in a pristine condition, unaffected by logging or plantations and continues to export more tropical logs than South America and Africa combined.
The film reveals for the first time the instruments used by the ruling Taib family and their local lawyers to skirt Malaysia’s laws and taxes, creaming off huge profits at the expense of indigenous people and hiding their dirty money in Singapore. Taib and the local lawyers we approached denied Global Witness’s allegations of corruption. A summary of their responses are included at the end of the film.
by Hend Mohamad
Life is full of ups and downs – we have times of joy and times of disappointment, we have our eman increase or decrease, sometimes we feel close to Allah Subhanahu Wa Ta’ala, and sadly at other times we turn away. We must identify if it is our nafs or Shaitan that’s deviating us or decreasing our faith, thus directing us to prepare the appropriate weapon.
If it’s your nafs stop the habit and replace it with a good habit as Allah (Subhanahu wa Ta’ala) said: “And establish prayer at the two ends of the day and at the approach of the night. Indeed, good deeds do away with misdeeds. That is a reminder for those who remember.” (Surah Hud Verse 114)
It is important to educate ourselves about the sin or reflect upon the detrimental habit and then think about the akhirah.
To fight Shaitan’s whispers, Allah Subhanahu Wa Ta’ala gave us a strong system of defense and the best of it is our faith:
Increase in Knowledge
The Qur’an and Sunnah are our reference and guides for knowing what is permitted and forbidden in life as Muslims, it is therefore an obligation to learn about Allah Subhanahu Wa Ta’ala and thus increasing in our pursuit of knowledge strengthens our faith. We should also turn to scholars when in doubt or needing clarification. Try to read The Noble Qur’an, ahadith, various books about Islam to increase your eman to put into practice, and to increase your reliance of Allah Subhanahu Wa Ta’ala as that knowledge will bithn’illah be your protection next time Shaitan tries to make you deviate.
Know that there is no might nor power except with Allah Subhanahu Wa Ta’ala and without Him you can not succeed.
Seeking Refuge: Al-Istiadah
Sincerely seek refuge with Allah from the accursed; do so before entering the toilet, entering your house, when leaving the house, when having bad thoughts, when beginning to recite The Qur’an, so on.
Make du’a for help and protection, and find the Sunnah du’a which can be found in the supplication book Fortress of the Muslim.
Remembrance of Allah:
Abu Hurairah (May Allah be pleased with him) reported: The Messenger of Allah (sal Allahu ‘alayhi wa sallam) said, “Allah the Exalted says: `I am as my slave expects me to be, and I am with him when he remembers Me. If he remembers Me inwardly, I will remember him inwardly, and if he remembers Me in an assembly, I will remember him in a better assembly (i.e. in the assembly of angels).” [Al-Bukhari and Muslim].
You can listen to the Qur’an on your mobile phone, your iPod or MP3, or in your car, on your way to work or school or at home. Make a habit of reading the Qur’an daily, even if it is just a few verses. It is our source of guidance and protection for our eman.
Finally, Shaitan is our enemy and let us wage a war against him and our nafs by devoting ourselves to increasing our eman and serving Allah Subhanahu Wa Ta’ala. At the end of the day, Shaitan does not make us do something, he whispers. If you fall, which we are all bound to do as humans, don’t give up and turn back to Allah Subhanahu Wa Ta’ala:
Say: ”O My servants who have transgressed against themselves [by sinning], do not despair of the mercy of Allah. Indeed, Allah forgives all sins. Indeed, it is He who is the Forgiving, the Merciful.” (Az-zumur 53)
compiled by Dib Mossavi
TAX EVASION is the general term for efforts by individuals, corporations, trusts and other entities to evade taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability, and includes, in particular, dishonest tax reporting (such as declaring less income, profits or gains than actually earned; or overstating deductions).
Tax evasion is an activity commonly associated with the underground economy and one measure of the extent of tax evasion the amount of unreported income, namely the difference between the amount of income that should legally be reported to the tax authorities and the actual amount reported. There were several attempts by some governments to measure unreported income and the tax gap. The tax gap is the difference between the amount of tax legally owed and the amount actually collected by the government.
TAX AVOIDANCE on the other hand, is the legal utilization of the tax regime to one’s own advantage, to reduce the amount of tax that is payable by means that are within the law. Both tax evasion and avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that are unfavorable to a state’s tax system.
compiled by Dib Mossavi
If your fund is down when the market is up, the fund might have just paid a capital gain.
- What is a capital gain? When you sell a capital asset — such as a stock or a bond — for more than you paid for it, you make a profit, or experience a capital gain. So if you buy a stock for $100 and later sell it for $120, your capital gain is $20.
When a fund sells securities at a profit, the sale also generates a capital gain. Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. Long-term capital gain distributions are taxed at a maximum rate of 15%.
Fund managers (the PCEF as in the case of my shares) buy and sell securities throughout the year, sometimes at a profit, sometimes at a loss. When profits outweigh losses, they accumulate and contribute to the rise of the Net Asset Value (NAV) of the fund’s shares. When that profit is paid out to shareholders, its NAV, or share price, will be reduced by the amount of the distribution. These distributions, which typically occur once or twice a year, are made primarily for tax reasons.
However, if you reinvest the distribution, as most shareholders do, the number of shares in your account will increase so that the total value of your account will not be affected by the distribution.
- For example… Say a fund share sells at a NAV of $10. If sales of the fund’s securities have resulted in the fund making a capital gain distribution of $2 a share during the year, $2 will be deducted from the NAV and paid to shareholders on a specified date. On that date the fund share price will decline to $8.
- Don’t worry — you haven’t lost any money. You still have $10 in value — $8 in the fund’s Net Asset Value, and $2 in your pocket or reinvested in the fund. And if you do automatically reinvest your capital gain distribution, it buys you additional fund shares at the new, lower price of $8. These additional shares compensate for the drop in the NAV, so the total value of your account doesn’t change. (Of course, if there is a decline in the market at the same time, you may still see a drop in the total value of your account.)
For example… If you have 100 shares in your account when the NAV is $10 a share, your account value is $1,000. If the fund pays a capital gain distribution of $2 a share (or $200, since you have 100 shares), the NAV drops to $8 a share and your original 100 shares are now worth $800. However, if you automatically reinvest your capital gain distribution, the $200 distribution buys you $200 worth of shares — at $8 per share. The distribution therefore adds 25 shares ($200 divided by $8) to your account, so you now own 125 shares worth $8 each, for a total of $1,000, which was your original account value before the capital gain distribution was paid.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Specially dedicated to Hash Abdullah
compiled by Dib Mossavi
15 Oct 2012
The net asset value formula is used to calculate a mutual fund’s value per share. A mutual fund is a pool of investments that are divided into shares to be purchased by investors. Each share contains a weighted portion of each investment in the collective pool. The premise of grouping in this manner is to minimize risk by diversifying.
It is important to note that net asset value does not look at future dividends and growth as do other stock and bond valuation methods. The formula for net asset value only looks at the fund’s per share value based on its net assets.
The net asset value is determined by the mutual fund company and priced according to this formula. Stock and bond valuation methods are not used due to mutual funds being sold directly from the company and not through an exchange or on the secondary market. Stocks, on the other hand, are sold through bid and ask pricing on the secondary market which requires an investor to determine a share’s value to them based on expected future earnings, in which they bid accordingly.
Use of the Net Asset Value Formula
As already stated, the net asset value formula is used by a mutual fund company to determine the price of a share of a specific mutual fund. An individual investor may not find the net asset value formula particularly useful besides for the sake of knowledge. However, it is important to know how net asset value is calculated, in that expected future earnings are not considered.
Example of Net Asset Value Formula
A simple, perhaps unrealistic, example of calculating net asset value would be a mutual fund with assets of $1 million, liabilities of $100,000, and 100,000 outstanding shares. Putting this information into the variables of the net asset value formula would show :-
which would return $9 per share.
** So Hash, if you do not wish to exit during IPO, you will be grouped under the “NAV DISTRIBUTION GROUP” and receive dividends which usually takes place after they have roll out their financial reports annually (ie. prevailing NAV returns per share multiply total number of shares you own). Apa pun, lets wait for the next news updates from PCEF. Wallahi …..