Bill Allowing Ltat To Stash Funds In Overseas Banks Passed


 


PARLIAMENT | Legal amendments giving the Armed Forces Fund Board (LTAT) broader investment powers have been passed in the Dewan Rakyat with a voice vote.
It will allow the board - which manages pensions for veterans - to deposit monies in local or overseas banks and financial institutions as investments, among other measures.
Other investment measures now open to LTAT in Malaysia or abroad include acquiring movable or immovable properties, property and infrastructure development, as well as any products approved by the Securities Commission (SC) or its foreign counterparts.
The bill - which amends the Armed Forces Fund Act - also empowers the board to incorporate companies.
Other amendments seek to instil good governance in the board, by requiring that members be free of criminal convictions and be made individually responsible for any losses as a result of non-compliance or violation of any provisions.
Deputy Defence Minister Ikmal Hisham Abdul Aziz said the bill will help LTAT diversify its assets to minimise investment risks.
Deputy Defence Minister Ikmal Hisham Abdul AzizHowever, several MPs voiced concerns about the amendments as well as on LTAT's track record.
Opposition leader Anwar Ibrahim, in debating the bill, asked the government to explain the need to allow LTAT to put funds in offshore accounts and whether it had already done so.
"Is such an action not a transgression and wrong? We should use funds available to invest domestically. If not we would be in the same cart as those named in the Pandora Papers," he said.
The Pandora Papers is a trove of leaked documents belonging to financial service firms that facilitate the wealthy all around the world - including Malaysia - to set up and manage offshore entities in tax havens.
It is not illegal to own offshore entities but they can potentially be abused to conceal wealth abroad or for tax evasion.
Ikmal Hisham clarified later that LTAT does not have offshore investments at the moment but does plan to invest in overseas markets.
‘LTAT has been mismanaged’
Anwar (Pakatan Harapan-Port Dickson) also stressed that LTAT must be free of political interference.
He said this is to ensure that the funds benefit veterans - especially those in the B50 income bracket - and not elites who want to enrich themselves.
Anwar Ibrahim (Pakatan Harapan-Port Dickson)His warnings were supported by Tajuddin Abdul Rahman (BN-Pasir Salak) who said LTAT had been chronically mismanaged.
Meanwhile, former transport minister Anthony Loke (Harapan-Seremban) said one example of political interference in LTAT was how it was used by the Najib administration to bail out the traffic automatic enforcement system (AES) project.
LTAT had been instructed by the government to take over the two AES concessions at a cost of RM555 million but audit firm KPMG valued the projects at a maximum of RM251 million.
Besides expanding the fund's investment scope, the amendments also provide a government guarantee for monies to depositors.
In the event the fund cannot make payments to depositors, the fund can get an advance from the government’s Consolidated Fund, which must be repaid as soon as possible. - Mkini


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2022/08/bill-allowing-ltat-to-stash-funds-in.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Ipcc Bill To Improve Police Integrity Passed In Dewan Rakyat

Ipcc Bill To Improve Police Integrity Passed In Dewan Rakyat

papar berkaitan - pada 27/7/2022 - jumlah : 492 hits
PARLIAMENT The controversial Independent Police Conduct Commission Bill 2020 which deals with complaints about police misconduct was passed by a voice vote in the Dewan Rakyat today This was despite civil society and opposition parties rais...
Loke Defends Ph S Decision To Reimburse Rm555mil To Ltat

Loke Defends Ph S Decision To Reimburse Rm555mil To Ltat

papar berkaitan - pada 4/8/2022 - jumlah : 152 hits
Former transport minister Loke Siew Fook said that he saved LTAT from suffering a loss of RM555 million in a government bailout PETALING JAYA A former transport minister has defended the Pakatan Harapan government s decision to reimburse th...
Perak Defers Approval For Proposed Water Resources Bill

Perak Defers Approval For Proposed Water Resources Bill

papar berkaitan - pada 20/7/2022 - jumlah : 155 hits
The approval of the Perak Water Resources Enactment Bill 2022 which was tabled at the State Assembly sitting yesterday has been deferred for now for improvement purposes Menteri Besar Saarani Mohamad who proposed the motion to defer the app...
Trade Union Bill Unions Divided Over Multiple Trade Unions In Single Workplace

Trade Union Bill Unions Divided Over Multiple Trade Unions In Single Workplace

papar berkaitan - pada 21/7/2022 - jumlah : 206 hits
The Trade Union Act Bill is scheduled to be tabled in Parliament for a second reading during this current sitting but the trade union movement in the country is divided between debating the bill to pass the amendments or postponing it The L...
Anti Hopping Bill Would Have Prevented Sheraton Move

Anti Hopping Bill Would Have Prevented Sheraton Move

papar berkaitan - pada 21/7/2022 - jumlah : 147 hits
MP SPEAKS After many months of delay the anti hopping law has finally been presented in Parliament in the form of a number of constitutional amendments These include restrictions on the freedom of association for elected representatives not...
Ltat Perlu Pengurusan Lebih Baik Elak Ketirisan Pastikan Veteran Tentera Dapat Manfaat

Ltat Perlu Pengurusan Lebih Baik Elak Ketirisan Pastikan Veteran Tentera Dapat Manfaat

papar berkaitan - pada 2/8/2022 - jumlah : 227 hits
Pindaan undang undang yang memberi Lembaga Tabung Angkatan Tentera kuasa pelaburan yang lebih luas perlukan kawal selia lebih baik daripada pihak Kementerian Pertahanan Ahli Parlimen Datuk Seri Anwar Ibrahim berkata pengurusan LTAT mesti le...
In 2 1 Decision Court Of Appeal Rules Malaysian Mums Cannot Pass Citizenship To Overseas Born Kids

In 2 1 Decision Court Of Appeal Rules Malaysian Mums Cannot Pass Citizenship To Overseas Born Kids

papar berkaitan - pada 5/8/2022 - jumlah : 137 hits
In this case the Malaysian government had appealed against the High Court s September 2021 decision which recognised that Malaysia s citizenship laws discriminated against women and which had ruled that Malaysian mothers whose children are ...
Beli Rumah Lebih Jimat Dengan Kempen Hartanah Bumiputera Matrix

Bersatu Man Demands Dnb Exit Strategy For U Mobile

Tattoos Raised And Itchy

Khutbah Jumat Jumadil Awal Tangis Ibnu Rawahah Jelang Perang Mu Tah

Tattoos Portland Maine

Bertolak Ansurlah

Kisah Adv 160 Pengajaran Dari Bateri Lemah

Haram Guna Dan Jual Vape Dewan Pemuda Pas Pahang Zahir Sokongan Penuh Terhadap Titah Sultan


echo '';
Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula


Training Refresher Sistem 24 10 2024 29 10 2024

Pas Langkaui Retorik Dap Isytihar Pas Muuh Utama

Kru Voodoo Chord

Umno Youth To Protest Extra Hours For Civil Servants Working Shifts

Abang Adik Wins Best Film Award In Los Angeles

Sisters In Islam Denounce Cruel Public Caning At Mosque