☕️ Medical visa scandal - junior immigration officer found with nearly RM1 mil assets

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD32.5 mil (RM95.1 mil) - the winning price of the ruby shoes worn by Judy Garland in the 1939 cult classic “The Wizard of Oz” at an auction, setting a record for the most valuable movie memorabilia ever sold at auction. The final bid was USD28 mil, with the remaining being taxes and fees. This sequine-covered pumps is one of the 4 surviving ruby pairs worn in the movie and has a storied history as it went missing in 2005 and was recovered in 2018. One pair was sold in 2012 to Steven Spielberg and Leonardo DiCarpio, another resides at the Smithsonian’s National Museum of American History, and the fourth pair was sold in 2000 for USD660,000. The new owner was not disclosed.

As our attention span grows shorter, this gives rise to a whole new way of consuming dramas. Short dramas, also known as microdramas, run just a few minutes per episode and is rapidly growing in popularity in China. Its market is expected to hit RMB48.4 bil (RM29.5 bil), and is forecasted to double between 2024 to 2028. At the longest, minidramas last less than 20 minutes with romance and time travel being the popular themes. Its multiple climatic moments in one short video keep viewers hooked and many series charge for later episodes, forcing viewers to pay to see the rest. Brands are incorporating minidramas into their marketing, such as Starbucks and McDonald’s, launching their own series in 2024

Malaysia has a total of 120,183 expatriates as of Oct 31, according to Home Minister Saifuddin Nasution Ismail. The top 5 (64%) highest number of expats: China (27,460), India (23,131), the Philippines (9,302), Japan (8,739) and Indonesia (8,333). The presence of these expats provided an economic impact of RM75 bil (an average of RM624k per expat, or 4.8% of the nation’s GDP and LHDN has collected RM100 mil in income tax from this group (an average of RM832 per expat, which seems a bit low, but expats might include dependents too). The above was in response to a question in Parliament on the number and percentage of high-value foreigners (i.e. expats) in the country.

3. IN MALAYSIA 🇲🇾

Eyebrows raised over MACC dropping HRD Corp case
To the shock of being told that MACC investigation officers found HRD committing no wrongdoing after an investigation, the Public Accounts Committee (PAC) said it was “bewildered” by the anti-graft body’s decision to not pursue any further action. HRD Corp was shoved into the spotlight after the Auditor-General’s Department recommended that the Human Resources Ministry take a look into the corporation’s failed audit earlier this year. However, MACC chief commissioner Azam Baki clarified that its investigations are ongoing. Such a simple matter and yet they couldn’t get their story straight.

Despite pressure from the AG Department and the PAC separately revealing that HRD mispurposed RM3.77 bil in levies intended for training development programmes for various investments, the MACC found “no offence” being committed, and forwarded the relevant information to the case to the Inspection and Consultation Department.

In a written statement, Bayan Baru MP Sim Tze Tzin shared PAC’s frustration with the Human Resources Ministry’s delay in making HRD Corp a statutory body, from its current form of a company limited by guarantee. Sim also demands immediate action to ensure proper governance of HRD and to take PAC recommendations seriously. Learn more about statutory bodies here.

Junior Immigration Department officer found with nearly RM1 mil in assets
An investigation by the Enforcement Agency Integrity Commission (EAIC) into a medical visa syndicate revealed that a low-ranking Immigration Department official implicated in the scandal possessed nearly RM1 million in assets. The scandal allegedly involved immigration officials issuing medical tourism visas to migrants without complying with procedures. This finding came after the EAIC recorded statements from several other personnel. Given that most junior officers are desk-bound personnel, this raises further questions about the legitimacy of the official’s wealth.

The EAIC described the case as a “bottomless pit,” noting that more wrongdoing emerges the deeper they investigate. As part of a special task force established by the EAIC- which includes officials from the Tourism, Arts, and Culture Ministry alongside the Immigration Department- dozens of boxes containing documents related to medical visa payments have been seized for further examination.

Hundreds gather outside Bank Negara’s Penang branch to demand action over forex scams
Roughly 200 victims gathered in front of BNM George Town yesterday to demand justice and accountability over BNM’s inaction regarding a forex scam allegedly conducted by Russian financial gurus. The perpetrators promised victims 20-30% of returns annually, with each individual losing between RM20,000 and RM1 mil, amounting to RM104.7 mil from a total of 388 victims since 2016. Payments were originally processed but ceased in 2022. The scam involves companies registered in Labuan and Indonesia, allegedly managed by a local licensed forex broker.

At the other end of Semenanjung, a retiree in Kulai has lost almost RM1 mil after succumbing to an investment scam. The victim made a total of 19 transactions to seven local bank accounts in the last couple of months. He was subsequently promised a 10-30% return within three days, available to him in an Arcadia Equity account- an application used to dupe the company director.

If it sounds too good to be true, it usually is.

MYDigital ID responds to backlash regarding yearly renewal
One bad decision after another. The Ministry of Science, Technology, and Innovation through MIMOS planned rollout of MYDigital ID received backlash from netizens recently over its requirement of having users renew their digital certificate yearly, with users being required to visit physical kiosks to re-register should they fail to renew in 90 days after expiry. In response, the app reassured the public on social media that renewing their certificate is not cumbersome, as it could be done in the app itself.

MYDigital ID, announced as the core of Malaysia’s digital transformation during Budget 2025, is a single sign-on system developed by the government for ease of access to government portals- think one username and password for government services like healthcare and education.

The app was lambasted by PM Anwar Ibrahim last week due to progress seemingly slowing down. Despite RM 380 mil being spent on development, the app has recorded a mere 1.319 mil registrations as of December 5, a far cry from its target of 10 mil users by the end of the first quarter of next year.

Woman testifies against celebrity missionary claiming harassment
The Magistrate Court in Tenom heard from a claimant on Monday, who alleged that she had received lewd messages from Malaysia’s once-revered missionary, Ebit Lew. Serving as the prosecution’s ninth witness, the woman claimed to have ignored most of Ebit Lew’s calls. However, the one call she did answer allegedly subjected her to discussions about the missionary’s sexual desires. Ebit Lew’s trial continues today as he faces 11 charges for sending unsolicited lewd messages and pictures to her phone number back in 2021.

4. AROUND THE WORLD 🌎

Syria - The Aftermath

The Assad family ruled Syria for more than 50 years with an iron fist - this has come to an end.
Read: What happened in Syria and who’s in charge?

Transitional authorities: Following the rebel factions seizing the capital and Syrian President Bashar al-Assad fleeing to Russia, main rebel commander Ahmed al-Sharaa, better known as Abu Mohammed al-Golani, met with Prime Minister Mohammed Jalali and Vice President Faisal Mekdad to discuss a transitional government, which was reported to be led by Mohamed Al-Bashir, who was the administrator in a small pocket of rebel-held territory before the collective’s 12-day lightning offensive. Fighters have also voiced hopes of putting down their weapons and returning to their lives, expressing that state and security forces should be in charge.

Iran makes contact: Following the lightning advance, Assad-backer Iran has made direct contact with rebels in Syria’s new leadership in an attempt to “prevent a hostile trajectory” between the two nations, with Iran looking to “stabilise ties and avoid further regional tensions”. Still, the level of interaction between Iran and the new Syria will be assessed in the coming days after a meeting at Iran’s Supreme National Security Council, considering Iran’s, and Russia’s, loss of influence in Syria after Assad’s ouster.

Biden promises help: The US President shared that the US will be working with “partners and stakeholders” in Syria to help Syrians seize the opportunity to build a better future. He also commented that it was a time of risk and uncertainty in Syria, considering all three of Assad’s backers – Iran, Russia, and Hezbollah – have any influential role there. Addressing concerns about the ISIS links to the Syrian rebels, Biden noted that the group is “saying the right things” at this stage and that US forces have conducted dozens of precision strikes on Sunday against camps and operatives of Islamic State to keep the group from reasserting itself. Interestingly enough, the end of the conflict may save the US some tax-payer dollars. According to Musk, the US Pentagon and CIA had backed opposing sides in the conflict.

Turkish delights: Turkey, which had backed the rebels, is currently working for the safe and voluntary return home of the Syrian migrants it hosts, and called for the new Syrian administration to be inclusive and for the Syrians to determine their own future. Officially, the nation “gave no support and had no involvement” in the lightning offensive that ended the civil war. However, it has offered to help in the reconstruction of Syria which has led to the shares of Turkish construction and cement companies being buoyed by the expectations they will benefit from rebuilding Syria.

DR Congo’s Disease X widening outbreak
The mysterious flu-like illness in the Democratic Republic of the Congo has seen more cases, with 406 detected between 24 October and 5 December, of which 31 are deaths. According to the World Health Organization, which sent experts to investigate the outbreak, all severe cases were reported to be severely malnourished, with the majority of the reported cases being children under the age of five.

However, the team is experiencing difficulties in determining the underlying cause of Disease X. The outbreak is centred in a remote rural area, where poor road and weather conditions hamper travel to confirm fatalities linked to the disease. The severe malnutrition of patients also adds complexity in trying to identify the cause of the disease, as does the limited diagnostics in the region.

Nvidia probed, uranium fuel solution, BYD sells

• China probes Nvidia for antitrust
  Beijing authorities believe Nvidia is in violation of China’s anti-monopoly law, though the statement from the State Administration for Market Regulation did not elaborate on how. This led to the antitrust probe being largely seen as a retaliatory move to the latest US curbs on China’s chip sector. A further accusation is that the US chipmaker also violated commitments it made when acquiring Israeli chip designer Mellanox Technologies under the terms of approval by the Chinese regulator.

• Former SpaceX engineer wants to help with US problem of special uranium fuel
  Scott Nolan, CEO of startup General Matter, is looking to end Russia’s monopoly on high-assay low-enriched uranium (HALEU) by producing it at a commercial scale and slashing prices for it. The former SpaceX engineer already has plans for several atomic plants, including small modular reactors that backers hope will kick off in the 2030s. The ultimate goal of the startup, which was incorporated this year, is to halve the cost of HALEU enrichment over the long term. Currently, the price of HALEU ranges from USD25,000 to USD30,000 per kilogram of uranium.

• BYD on track to outsell Ford, Honda
  China’s EV darling is set to exceed its global annual sales goal of four million vehicles and overtake both Ford and Honda, thanks to the market share gained during China’s auto market recording its fastest-growing month in 2024 on the back of government-subsidised auto trade-ins. This comes after BYD has undergone capacity growth and a hiring spree that saw its revenue surpassing Tesla in the third quarter. BYD has delivered 3.76 million cars by the end of November. Should this sales momentum continue, the automaker could see more than six million units sold in the next 12 months.

Shorts:

1. "Raygun" musical cancelled after legal threat
   Australian comedian Steph Broadbridge cancelled a musical about Olympic breakdancer Rachael “Raygun” Gunn following threats from Gunn’s legal team that it would hurt her reputation. The musical had been set to open in Sydney this weekend, with dance moves from Gunn’s Olympic routine. If you forgot how horrible was her dance, watch here.

2. Jay-Z accused of raping 13-year-old girl with Diddy in 2000
   The rapper and music producer fired back, stating that his lawyer received a blackmail attempt in the form of a demand letter, which was aimed at forcing Shawn “Jay-Z” Carter to settle out of court due to the nature of the allegations and the public scrutiny it would bring. Carter then called on the unnamed complainant to make a criminal complant rather than a civil one, considering the “heinous nature” of the allegations.

3. Jack Ma expresses confidence in AI and Ant Group's future
   In a rare appearance, the Alibaba co-founder sees significant opportunities in AI for the tech giant when he spoke at Ant Group’s 20th anniversary celebration. He also welcomed the AI revolution, saying that the “great changes brought by the AI era in the next 20 years will exceed everyone’s imagination. Ma had previously criticised Chinese regulators in a speech in 2020, which derailed a massive listing by Ant Group.

5. FOR YOUR EYES 📺

1. The late Astro and Maxis tycoon Ananda Krishnan make bank from building the Petronas Twin Tower. Read more here.

2. Cilisos taking you for a walk down memory corruption lane