Thursday, 20 January 2011

Hooray!!! RM888 Billion- We're 5th in the world!!

KUALA LUMPUR, Jan 20 — Illicit money outflows from Malaysia tripled to US$68.2 billion (RM208.1 billion) in 2008, from US$22.2 billion in 2000, according to a report by US-based financial watchdog Global Financial integrity (GFI) released this month.

The country also had the fifth largest amount of illegal money outflows between 2000 and 2008, among developing countries. GFI defines illicit financial flows as generally involving the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country's tax authorities, said the programme’s website.

The report titled Illicit Financial Flows from Developing Countries: 2000-2009 said that illicit financial outflows from Malaysia totalled US$291 billion (RM888 billion) in that period.

It said that the increase was “at a scale seen in few Asian countries.”

“The volume of illegal capital flight from Malaysia has come to dwarf legitimate capital inflows into the country in recent years,” said the report.

~Malaysia is fifth in illegal money chart - The Malaysian Insider

Penang shoots to top spot for capital investment

Penang shoots to top spot for capital investment

PENANG, Jan 19: Penang has come up tops for capital investments in the manufacturing sector last year by contributing 26 per cent of the total investment in the country in 2010.

According to figures released by Malaysian International Development Agency (MIDA), the Pakatan Rakyat ruled state has increased its investment by a whopping 465 percent from RM2,165 million in 2009 to RM12,238 million in 2010.

“The significance of this historic achievement is highlighted by Penang's contribution of RM12,238 million to Malaysia's investment constituting 26% of Malaysia’s total investments of RM47,177 million in 2010,” said chief minister Lim Guan Eng in a statement to Harakahdaily.

Lim (right) added the state had moved up to occupy the highest ranking in 2010, from its fourth place in 2009. Selangor came in second with RM10,641 million in 2010, a 50 percent increase from RM6,759 million in 2009.

Other PR-led states Kedah and Kelantan also saw increase in capital investment, with Kedah registering 30 percent more investment (RM1,960 million) in 2010 and Kelantan 34 percent more (RM169 million).

"Penang leads"

Lim said the 465 percent increase in state investment was a reflection of investors’ confidence towards the state's human capital, as well as an affirmation towards the state government’s strategy of promoting Penang as a choice destination for investors.

“Penang believes that competency, accountability and transparency (CAT) has also built confidence that a government with integrity can make things happen and both execute and deliver," he stressed, and added that Penangites could now proudly proclaim that "Penang leads".

He also said the state had received praise in the recent Auditor-General's Report and from Transparency International.