Singapore Is Malaysia's China Wall Says Malaysian Lawyer

[Windsor2012]

Singapore is new ‘Switzerland’ for investors to dodge taxes, says Malaysian lawyer

UPDATED @ 08:33:18 PM 19-03-2013

BY DEBRA CHONG
ASSISTANT NEWS EDITOR
March 19, 2013

See also my earlier post including video post#38....http://www.sammyboy.com/showthread.php?147542-Singapore-Should-Have-Remained-Part-of-Malaysia-For-Everyone-s-Good&p=1474602#post1474602

KUALA LUMPUR, March 19 — Singapore is the preferred destination for foreign investors looking to bypass Malaysia’s compulsory property partnership laws and dodge paying hefty taxes on land purchased in Sarawak as the republic’s government has a “China Wall”, a Malaysian lawyer purportedly disclosed today.

Alvin Chong, a lawyer said to have represented the Sarawak government, has allegedly been exposed on video teaching undercover investigators from an international activist organisation how to skirt the required 51 per cent local partnership as well as avoid paying the mandatory real property gains tax (RPGT).

Norlia Abdul Rahman and her sister Fatimah, who are the daughters of Sarawak’s former chief minister Tan Sri Abdul Rahman Ya’akub and first cousins to the incumbent CM Tan Sri Abdul taib Mahmud, were seeking to sell a 5,000-hectare piece of land in Malaysia’s largest state for US$16.6 million (RM51.8 million) had put UK-based Global Witness (GW) investigators who were disguised as “investors” with the lawyer.

A mustachioed and bespectacled man identified as Chong told the “investors” could easily circumnavigate the law by duplicating the land transactions here and in Singapore.

The 16-minute video clip uploaded by GW captured snippets of their conversation, parts of which were aired on the Al-Jazeera satellite news channel at 10am today.

GW: Everybody so far we’ve spoken to prefers Singapore.

Man: For some very obvious reasons.

GW: Are you saying there’s no communication between Singapore and here?

Man: That’s why we choose Singapore. The Singapore government has a China Wall. They will not tell the Malaysian government nothing.

GW: Is it because the Malaysian government doesn’t ask them?

Man: They ask them and they’ve been turned down. Sorry, it’s none of your business. They are the new Switzerland. Jurisdiction by choice for people like us. We operate Singapore accounts too, both personal and corporate entities.

In the video, the man also detailed what he claimed to be a common route for foreign investors to escape Malaysia’s law requiring a 51 per cent local partner for the ventures.

“I can put into place a mechanism to control the local shareholder.

“We create a landing situation where your foreign party advance money to them – whatever millions, and in turn their shares is charged as security to your party, so your party holds the original share certificates, they have a lien over it, they have a charge over it ...” the man said in the video.

He said that in Malaysia, local shareholders were required to declare if they were keeping any documents in trust.

He added that the documents would be filed in Singapore, where it would not surface as the proxies would not be keeping any paper evidence.

The man assured the “investor” in the video that they would be able to find a Sarawakian to be a nominee easily and for cheap.

The man suggested getting a poor villager living within the state’s interior who would not have access to “clever advisors”, hampered by lack of access to roads connecting to towns.

“Can you imagine the villager comes to town and you say ‘I’m giving you 10,000 bucks.’

“My God, he’s going to go back to the village, you know, he’ll be the one-eyed man who’s king in the land of the blind, you know,” he said.

Chong’s legal firm issued a denial to GW when contacted after the organisation broke its secrecy on the covert operation. This was also carried in the video documentary.

“We categorically deny our Mr Chong acted as legal spokesperson for the alleged party.

“We deny any discussions to allegedly evade tax and if there were any purported discussions these were strictly hypothetical,” it said.

Chong picked up his mobile phone when contacted by The Malaysian Insider today, but hung up immediately without saying a word. He has also yet to respond to The Malaysian Insider’s text message.

Malaysia was ranked third in last year’s Global Financial Integrity report of top 10 countries worldwide with an estimated US$285 billon (RM889.2 billion) flowing out of the country through illicit channels, coming in just behind China and Mexico, which took the top and runner-up spots respectively.

http://www.themalaysianinsider.com/malaysia/article/singapore-is-new-switzerland-for-investors-to-dodge-taxes-says-malaysian-lawyer/

 

[Ash007]

How is this news? Casino, F1, its all about being the new "swiss" in SEA. Its also uncle Goh's vision of living the "swiss" standard. Only, they have provided that for the rich. Having laws that protect these people are vital for Singapore so that these people can "park" their money in Singapore. PAP is indeed doing a good job at this.

 

[Windsor2012]

How is this news? Casino, F1, its all about being the new "swiss" in SEA. Its also uncle Goh's vision of living the "swiss" standard. Only, they have provided that for the rich. Having laws that protect these people are vital for Singapore so that these people can "park" their money in Singapore. PAP is indeed doing a good job at this.

Bro of course this is NEWS as it is in black and white. Your post about this issue is just hearsay without proof. I am providing proof by way of this report and the video.

 

[Ash007]

Thanks for the post. However, from the post, its more like the Malaysians are the ones that are lugi leh.

Bro of course this is NEWS as it is in black and white. Your post about this issue is just hearsay without proof. I am providing proof by way of this report and the video.

 

[Windsor2012]

Thanks for the post. However, from the post, its more like the Malaysians are the ones that are lugi leh.

Isn't that why Singapore is the new Switzerland? Dirty money pouring into the island state aka money laundering, and exiting the country after washing. Switzerland is a wealthy country doing almost the same thing and it looks like Singapore is now the money hub for drugs dealers and corrupt politicians.

 

[Ash007]

And how is this bad for Singapore?

Isn't that why Singapore is the new Switzerland? Dirty money pouring into the island state aka money laundering, and exiting the country after washing. Switzerland is a wealthy country doing almost the same thing and it looks like Singapore is now the money hub for drugs dealers and corrupt politicians.

 

[winnipegjets]

And how is this bad for Singapore?

Ask the Malaysians.

 

[zeddy]

Sarawak Chief MinisterTaib is one of the most corrupted politicians in Mat Land.. His family's personal wealth is nauseating..

Just like most Malaysian politicians, Taib seek the help of a powerful Bomoh to stay in power.. This Bomoh was given the VIP treatment by Taib.. His ''private doctor'' followed Taib on most of his overseas trips.. Usually Taib would use his personal jet for these trips..

In 2010, while accompanying my then Company Director to Mustafa Ctr, we encountered Taib at the pharmacy section buying bottles of Vitamins accompanied by an aide.. He looked and dressed like a typical elderly Malay pakcik wearing an ordinary Polo shirt with sandals.. No signs of him showing his enormous wealth that night at Mustafa Ctr..

 

[Bigfuck]

Not surprised. Every funny dude likes to talk about Labuan. Now that this is out, it will be interesting.

 

[yinyang]

Ali Baba shenanigans across the causeway, on bumi equity and wheeling dealing. Also on non-bumi staff employment mix. Not new, Malaysia boleh

 

[laksaboy]

That's exactly why Singapore is a 'financial hub'... and there's nothing to be proud of.

Let's not even talk about Malaysia. Lots of dirty money flow in from Indonesia, especially from those Lippo's Riady crooks.

Don't forget the various business dealing with Mugabe, Burmese generals, North Korea etc.

To the PAP and its supporters, this is a good thing. Money is a be all and end all.

 

[Windsor2012]

And how is this bad for Singapore?

And how is this good for the common Singaporeans I need to ask you? The shenanigans from these crooks will only harm the country and it's international reputation.

 

[Windsor2012]

Ali Baba shenanigans across the causeway, on bumi equity and wheeling dealing. Also on non-bumi staff employment mix. Not new, Malaysia boleh

Yes, and one of the ladies in the video is PM Najib's sister-in-law (Rosmah's sister). Muhamad Taib as the Thief Minister of Sarawak for the past 30 years and Mahathir's key man. Together they have destroyed most of it's rich fauna and flora and the homes of the many indigenous aboriginal tribes.

Under Mahathir's watch, they built the mega dams Bakun and currently Baram. There are future plans to build 12 more hydro-electric dams. This will spell doom for the Sarawak peoples and their lands which will be destroyed to feed the greedy Malaysian politicians.

 

[Ash007]

More rich people park their money in SIngapore would mean more law firms, banks, "processing fees", services to cater for them. Which in turn people would get hired. PAP plan was to make Singapore the swiss standard of the region. With a demand for these sort of services you need people to be employed. Its just unfortunate that at the same time the Ah nehs and Ah tiongs are taking up jobs like these. "Who moved my cheese!"

And how is this good for the common Singaporeans I need to ask you? The shenanigans from these crooks will only harm the country and it's international reputation.

 

[Windsor2012]

More rich people park their money in SIngapore would mean more law firms, banks, "processing fees", services to cater for them. Which in turn people would get hired. PAP plan was to make Singapore the swiss standard of the region. With a demand for these sort of services you need people to be employed. Its just unfortunate that at the same time the Ah nehs and Ah tiongs are taking up jobs like these. "Who moved my cheese!"

Very callously said which means you care less about others. So screw the Sarawakians and Singaporeans for voting their leaders in. It's their problem and not ours. Every man to himself. Thank goodness there are still lots of decent people around otherwise we all will end up as robots to serve a few masters.

 

[Ash007]

Are you not serving the boss you work with? Are you not serving the profits of the company you own? Are you not serving the PAP by paying taxes? NS? The nature of capitalism means there would be a growing divide between the rich and the poor. It would reach a critical point where the mob starts to revolt. Malaysia seems to be heading towards this. Singapore? Hard to tell, at least 60% are still content about it.

Very callously said which means you care less about others. So screw the Sarawakians and Singaporeans for voting their leaders in. It's their problem and not ours. Every man to himself. Thank goodness there are still lots of decent people around otherwise we all will end up as robots to serve a few masters.

 

[Windsor2012]

Are you not serving the boss you work with? Are you not serving the profits of the company you own? Are you not serving the PAP by paying taxes? NS? The nature of capitalism means there would be a growing divide between the rich and the poor. It would reach a critical point where the mob starts to revolt. Malaysia seems to be heading towards this. Singapore? Hard to tell, at least 60% are still content about it.

I guess you are going off on a tangent here. The subject here is about caring less of another country's plight and taking advantage of it. This is not about capitalism.

Singapore is a classic example. She could not care less about her citizens, hence the do or die haste to import more foreigners into the country. When her citizens are in trouble in other parts of the world, sorry, you got into trouble so face the music. Take for example this De. Ionescu, the Romanian diplomat, Romania came to his rescue. If the shoe is on the other foot, what do you think the Singapore government will do?

My point here is that Singapore will screw even her own citizens if necessary and imo we are being screwed. There is a change in the air that they are not enjoying the trust of the people, so I hope the government will change it's attitude and it's just too bad many of us are already planning to leave.

 

[Windsor2012]

Ask the Malaysians.

These are some comments made by Malaysians. Damning isn't it?:

Nadarajan Rengasamy: "Singapore has a China Wall," said lawyer Alvin Chong.

I heard this before. Apparently the bulk of illegal monies is stashed away in Singapore and the Singaporean government affords protection against disclosure. Many industry players are well aware of this.

Fair&Just: Remember Amangate - the money illegally smuggled was in Singapore dollars and most probably from accounts in Singapore.

This little red dot portrays itself as a corruption free and clean society (it even ban chewing gum) but underneath it is a place for hiding dirty money.

Jean Pierre: These revelations are probably more damning to Singapore. For years, they had been accused of harbouring ill-gotten wealth of Burmese and Indonesian despots. What will they say now?

Mahashitla: The Malaysian Anti-Corruption Commission (MACC) and Internal Revenue Board (IRB) must act now.

Malaysians must now find a way to break down this 'great wall' of Singapore, which is allegedly protecting the billions of corrupt money from Malaysia.

P Dev Anand Pillai: Just look how the two sisters, daughters of Sarawak's former chief minister Abdul Rahman Ya'akub, belittled the rural folks of Sarawak, who according to them treat BN leaders like "kings".

They expect handouts, they said. Even after seeing all this, there are still many Malays here in the rural hinterlands like the jungle folks in Sarawak who will accept RM500 in cash and continue to vote for BN. So long as the people are stupid, don't expect BN to change.

Onyourtoes: I must say these are chicken feeds, otherwise how would the small-time cousins of Sarawak CM Abdul Taib Mahmud and a nincompoop lawyer get to smell it.

Just imagine they could reveal to a complete stranger on corruption, tax evasion, illegal circumventing of national policy and even implicating a foreign government in complicity without a blink in their eyes.

Goodness me; is Malaysia Somalia? With this revelation, I am sure those subservient enforcement/government agencies must now do extra work to exonerate whatever and whoever that were highlighted.

Now I understand why they must constantly keep the civil service happy by loading them with higher pay.

Ourvotesdecide!: Here's a very simple method to uncover the corruption web among the top leaders in Sarawak. Just call in anyone of the big guys.

Make him spill the beans then everything will be laid bare to all. It just require the MACC, the Inland Revenue Board (IRB) and Customs Department to take the necessary action.

If MACC can aggressively interrogate the late Teoh Beng Hock until he died for the mere suspicion of corruption involving the sum of less than RM2,000, surely they can and ought to be even much more aggressive in investigating these cases involving billions of ringgit.

Unless, of course, they only want to be tools of the BN to politically kill the Pakatan Rakyat leaders.

Travic: The saga continues and in spite of all the incriminating evidence brought forth, no one has been able to bring the accused to justice.

Justice must prevail and the people must be given what is rightfully theirs. Trust me, as long as there is no change in the powers-that-be, there will be no change.

Swipenter: Firstly if I were Alvin Chong, I would use the infamous Lingam defence - "It looks like me, sounds like me but it is not me."

Secondly, it is not surprising that Singapore is a safe haven for all the dirty money so long as the illegal activities are not done in island state.

They turn a blind eye to the source of the money. They just want the money made elsewhere to be parked in Singapore, but don't ever do your dirty business there for they will come after you with a very big stick.

So in this way they preserve their squeaky clean image internationally.

Daud: Many Singaporeans have woken up to the moral decay happening in their country and are willing to now vote for change. You have a so-called honest government but is willing to close one eye to money laundering elsewhere.

Borg Kinaulu: Is Singapore not breaking some international anti-money laundering laws/rules, or the like, for profiting from ill-gotten money like this?

Source: http://www.malaysiakini.com/news/224354

 

[kryonlight]

Very callously said which means you care less about others.

Totally agree with you on this about Ash007.

 

[andyfisher]

if you are money minded above everything else, then this doesnt concern us.
but I think, as we mature as a society, we must also care about things la.

knn why sg must help this corrupt m&ds steal from their cuntry?
Is the pappy govt aware of this kind of illegla unethical dealings?

It seems like besides AIM, the gahment got a lot of rubbish inside, must need to clear.