10 theSun | FRIDAY JUNE 12 2009
news without borders
Press Digest
by Kong See Hoh
newsdesk@thesundaily.com
Loanshark link to
money laundering
POLICE will go all out to
investigate the link between
along (loansharks) and money
laundering, China Press reported
yesterday.
The recent exposé on along
chaining and locking up loan
defaulters has prompted police
to set up a special task force
to probe illegal moneylending
activities, including identifying
the black hand that is supplying
along with the capital.
It is learnt that apart from
syndicates, many traders and
businessmen are also involved in
money laundering to evade tax.
Inspector-General of Police
Tan Sri Musa Hassan has pointed
out that police will investigate the
loansharks’ activities from many
angles, including their link to
money laundering.
“You (media) and the public
should give police time to inves-
tigate and handle the problem.
Police will not let up (on along
in their investigations) and will
announce the progress (of their
80%
* Pig farmers bitter over
DISCOUNTS ‘having to face higher risk’
UP TO PROFIT and risk are the under-
lying factors of the feud between
pig farmers and pork sellers,
says Datuk Lee Chong Meng, a
former secretary-general of the
Federation of Livestock Farmers
Associations of Malaysia.
Lee said pig farmers are bitter
that they are facing higher risk
and yet getting less profit than
pork sellers.
Talking to Sin Chew Daily a
day after the two parties failed
to resolve their latest fight over
pig prices at their first dialogue
in five years on Tuesday, he said
their relationship was less bit-
ter years ago when both parties
enjoyed profit margins of about
30%.
But with the rising cost of
production, the pork sellers’
attempt to maintain the same
profit margin by suppressing pig
prices has resulted in a never-
ending saga of rivalry between
the two sides.
“Pig farmers feel that since
they have to bear a lot of risks,
such as diseases that result in
It’s now domestic trade, cooperative
and consumerism ministry
KUANTAN: The Domestic Trade
and Consumer Affairs Ministry
is now known as the Ministry of
Domestic Trade, Cooperative and
Consumerism.
Its minister, Datuk Seri Ismail
Sabri Yaakob, in announcing this
yesterday, said Prime Minister
Datuk Seri Najib Abdul Razak and
the cabinet had agreed to the
name change on Wednesday.
“The change was effective im-
mediately (yesterday) and we will
be using a new logo for the minis-
investigations) at the appropriate
time,” he said.
The report quoted police
sources as saying that many
traders whose businesses involve
cash sales, turn over the money
they earn to “agents” to operate
illegal moneylending business.
To avoid attention, these
“agents” credit the profits from
such investment into the bank
accounts of these traders monthly
while retaining the capital for
their operations.
The report said an officer from
the Bukit Aman commercial
crime investigation department
had revealed that along were in-
deed linked to money-laundering
activities and police were keeping
close tabs.
“Once police obtain evidence
of money laundering, they will
freeze the bank accounts and as-
sets of those involved.”
The officer said police could
also “freeze” the suspects’ pass-
ports to prevent them from leav-
ing the country.
the death of their animals, there
is no reason why they should
be making less profit than pork
sellers,” said Lee.
However, he said pork sell-
ers are also exposed to risks on
their credit sales to restaurant
operators.
“They incur losses if they
have problem collecting money
from their debtors,” he said.
He said since pig farmers
cited cost of production each
time they raised the ex-farm
price of pigs, it would augur well
for them to be transparent about
the cost and give a breakdown of
the costs of the items that go into
the production chain.
Lee said Malaysians are
consuming less pork, and about
7,000 pigs are slaughtered each
day now compared with 10,000
pigs a day 20 years ago.
Many consumers have cited
the high prices of pork and their
loss of confidence in the safety
of the meat following incidents
such as beta-agonist abuse in pig
farms.
try. A logo designing competition
will be organised soon,” he said
after the state-level launching of
Koperasi Bela Rakyat (Kobera),
here.
Ismail Sabri said the name
change was made because a
number of cooperative-related
agencies, which were previously
under the Entrepreneur and
Cooperative Development Min-
istry which was then abolished,
now came under his ministry.
— Bernama