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Showing posts with label HongKong. Show all posts
Showing posts with label HongKong. Show all posts

Wednesday 10 June 2015

HSBC Bank to cut 50,000 jobs in major overhaul: slash investment bank and shrink risk!


http://bcove.me/a7i3qveb

HSBC Holdings PLC will eliminate as many as 50,000 jobs through 2017 by shrinking its global reach as Chief Executive Officer Stuart Gulliver seeks to cut annual costs by about $5-billion (U.S.) to restore profit growth.

Europe’s largest bank plans to reduce full-time employees by 22,000 to 25,000, or about 10 per cent, it said in a presentation to investors on its website on Tuesday. A further 25,000 positions will be cut through the sale of its Turkey and Brazil operations. The bank left its target for return on equity, a measure of profitability, at more than 10 per cent.

Gulliver, 56, is looking to restore investor confidence in a bank battered by a series of scandals and surging compliance costs. Since taking over in 2011, he’s announced more than 87,000 jobs cuts, exited about 78 businesses and reduced the number of countries the bank operates by 15 to 73.

“HSBC is a big bank to move and they’re definitely moving in the right direction,” said Chris White, who helps oversee about 3.9 billion pounds ($6-billion), including HSBC shares, at Premier Fund Managers Ltd. in Guildford, England. “A lot of it feels like it was broadly as expected.”

The shares were little changed at 619.6 pence at 9:30 a.m. in London. They are up about 1.9 per cent this year, trailing a 6.9 per cent gain at Standard Chartered PLC, the other U.K. bank generating most of its earnings in Asia.  

U.K. Cuts

Just months after taking over, Gulliver announced some 30,000 jobs cuts to trim costs by as much as $2.5-billion. In the latest round, as many as 21,000 of the cuts will be lost in a push for digital banking, automation and branch closures. In the U.K., up to 8,000 jobs will be cut, Gulliver said.

Under his plan, the CEO plans to cut risk-weighted assets by about $290-billion, including a reduction at the securities division to less than one-third of the group’s RWAs, and target a return on equity of more than 10 per cent by 2017. The bank cut its ROE target to 10 per cent in February from as much as 15 per cent. In 2014, it had an ROE of 7.3 per cent.

At the investment bank, HSBC plans to cut RWAs by a net $130-billion, or 31 per cent, while “keeping costs flat.” The global banking and markets division had a 6 per cent profit gain in the first quarter, as revenue from foreign-exchange rose.

Asia Focus

The savings program will cost $4-billion to $4.5-billion through 2017, according to the statement.

“We recognize that the world has changed and we need to change with it,” Gulliver said in the statement. “I’m confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”

HSBC, founded 150 years ago in Hong Kong, will also sell operations in Turkey and Brazil, while stepping up investment in Asia, expanding asset management and insurance and focusing on places including China’s Pearl River Delta and areas including the internationalization of the yuan.

Jonathan Tyce, a senior banks analyst at Bloomberg Intelligence, said that while it’s a “good cost number,” the short list of disposals “may have surprised a little.”

“Margins are higher” in Asia,” Tyce said in an interview on Bloomberg Television from London on Tuesday. “Everybody’s all over Asia. This is all about improving capital efficiency. You can completely understand the motivation.”

HSBC Fines

With his strategy update, Gulliver is seeking to convince investors that he’s the right man to lead HSBC. At Deutsche Bank AG, Germany’s largest lender, co-CEO Anshu Jain announced his resignation on Sunday, just two months after presenting a strategic update that investors considered too weak.

“Gulliver is not an idiot,” said Chris Wheeler, an analyst at Atlantic Equities in London. “This is quite the opposite to Deutsche Bank as there is tonnes of granularity of where the cost cutting will come, how they’re achieving it and why they’re getting out of countries.”

HSBC has come under pressure to reduce costs and reverse a decline in profit after a year that saw the bank being fined for manipulating currency markets and embroiled in a tax-avoidance scandal in Switzerland.

The bank last week agreed to pay 40 million Swiss francs ($43-million) to close an investigation by Geneva prosecutors into allegations of money laundering at its Swiss private bank.

‘Extreme Solutions’

In February, Gulliver pledged that underperforming units would face “extreme solutions” after full-year earnings fell 17 per cent and the lender scrapped four-year-old profitability targets, citing a tougher regulatory environment.

HSBC is among the hardest hit by regulator scrutiny, with the Bank of England forcing the largest lenders to separate their consumer from riskier investment banking activities by 2019. It’s also been hurt by an increasing bank levy, costing lenders about 5.3 billion pounds over the next five years.

The bank said earlier this year that it’s reviewing whether to re-domicile from London because of rising tax and regulatory costs. It will complete its headquarters review by the end of 2015, according to the statement.

“It would be a mistake that HSBC flees the country,” Bill Blain, a strategist at Mint Partners, said in an interview with Jonathan Ferro on Bloomberg Television on Tuesday. “This is actually a pretty good place for banks to be.”

Source: Blomberg News
Go to the Globe and Mail homepage

HSBC to cut 50,000 jobs, slash investment bank and shrink risk by $290 billion

HONG KONG/LONDON: HSBC will shed almost 50,000 jobs and take an axe to its investment bank, cutting the assets of Europe's biggest lender by a quarter in a bid to simplify and improve its sluggish performance.

HSBC said it will shrink global banking and markets division to less than one third of HSBC's $2.6 tn balance sheet from its current level of 40%. 

The bank said on Tuesday about half the staff cuts will come from the sale of businesses in Brazil and Turkey. The other half will come from cutting about 10 per cent of the remaining 233,000 staff by consolidating IT and back office operations and closing branches. About 7,000-8,000 cuts are expected to be in Britain, or one in six UK staff.

The cuts will leave HSBC with about 208,000 full-time equivalent staff by 2017, down from 295,000 at the end of 2010 and 258,000 at the end of 2014, although the bank said it will be hiring in growth businesses and its compliance division.

The cuts are part of a second attempt by Chief Executive Stuart Gulliver to boost profits since he took the helm at the start of 2011. The previous effort was foiled by high compliance costs, fines, low interest rates and sluggish growth.

"Slaughtering the staff is not necessarily the solution unless management makes the bank considerably less complex," said James Antos, analyst at Mizuho Securities Asia.

HSBC shares in London opened 0.9 per cent higher at 625 pence before slipping back to underperform both the FTSE 100 index and European banking stocks slightly.

HSBC said it will cut its assets on a risk adjusted basis (RWA) by $290 billion by 2017. That will include a reduction of a third, or $140 billion, in global banking and markets (GBM), its investment bank. That means GBM will account for less than a third of HSBC's balance sheet, down from 40 per cent now.

Investors had been calling for more radical cuts at the investment bank, which Gulliver ran for five years but where returns have suffered in tough market conditions.

"The cuts provide significant headroom for the group to fund asset growth in Asia and absorb RWA inflation, whilst protecting its ability to pay a progressive dividend," said Gurpreet Singh Sahi, analyst at Goldman Sachs.

COST SAVINGS

The bank lowered its target for return on equity to greater than 10 per cent by 2017, down from a previous target of 12-15 per cent by 2016. Gulliver said he will push through annual cost savings of up to $5 billion by 2017. It will cost up to $4.5 billion in the next three years to achieve the savings.

HSBC confirmed the planned sale of its businesses in Turkey and Brazil, adding it would keep a presence in the latter to serve corporate clients. It aims to overhaul underperforming businesses in Mexico and the United States to improve returns.

The bank said it was also targeting growth in Asia by expanding its insurance business and its presence in China's Pearl River Delta region.

Some analysts said the changes did not go as far as hoped, though others said the asset reduction plan was a substantial shift.

"The market is likely to respond positively on the move with investors having a much clearer idea of HSBC's direction going forward," said Steven Leung, a sales director at UOB Kay Hian in Hong Kong.

The bank also set out 11 criteria it will use to evaluate whether to move its headquarters from London to Asia, likely Hong Kong. They include factors such as economic growth, the tax system, government support for the growth of the banking system, long-term stability and an ability to attract good staff.

HSBC said it would complete the review of the possible move by the end of the year.

The bank also has to separate its British retail banking operation, which is to be based in Birmingham in central England. The "ring-fenced" bank will account for about two thirds of UK revenues, or $11 billion, and will have some 26,000 staff, or 57 per cent of the total in the United Kingdom.  - Reuters

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Monday 7 November 2011

Malaysian education heavily politicised, Quality & English standard not up to par!



Give everyone a choice in education

ANALYSIS by BADARAN KUPPUSAMY

Our education system is heavily politicised and needs to be de-politicised to offer good, simple and advancing education for all citizens – one they can be proud of.

SCIENCE and Mathematics were taught in English until all subjects switched to Bahasa Malaysia in 1970 under the national education policy.

Former Prime Minister Tun Dr Mahathir Mohamad, worried over the decline of English and the poor employability of graduates who had been taught in Bahasa Malaysia, then decided to revert to teaching the two subjects in English, beginning in 2003.

Now, the Education Ministry, under persistent pressure from Bahasa Malaysia advocates, has decided to go back to teaching Science and Mathematics in the national language.

From English to Bahasa Malaysia, then back to English and again to Bahasa Malaysia.

We should not be playing kick-ball with the lives of young students who are subjected to enormous stress by such policy changes called by special interest groups.

Parents too are subjected to horrendous pressure as policy shifts come and go at the drop of a coin.

Parents want the best for their children; they want a good, simple and advancing education that arms the children with knowledge to compete in the world and succeed.

They want their children to be on par with other societies, like in Singapore or Hong Kong, which had inherited a colonial education system but decided to build on it, rather than pull it down.

Malaysians from Johor travel by bus in the early hours of the day to study in Singapore, while their parents take courses to keep up, communicate with and help in their children’s studies.

The world has become that competitive.

There was a referendum in Hong Kong after the former British colony was handed back to Chinese sovereignty in July 1997, whether to continue in English or switch to Mandarin.

Parents wanted to maintain English overwhelmingly.

In Hong Kong today, there is a system of dual languages, where Mandarin is taught along with English, attracting an international student clientele to Hong Kong.

Parents are important stakeholders in the field of education and know better what their children should get by way of a modern education.

Democracy offers alternatives and choices. You do not shut the door on any stakeholder.

The Parent Action Group for Education (PAGE), which is fighting to retain the learning of Science and Mathematics in English (PPSMI) policy, is spot on in pursuing its goal.

While the group is strongly supported by the MCA, MIC and Gerakan – all component parties of the Barisan Nasional – many in Umno also see the promise that an education in English holds for the children.

PAGE has submitted another memorandum to Prime Minister Datuk Seri Najib Tun Razak, asking for special schools to teach the subjects in English. Najib will have to decide on the request because it is becoming a political hot potato.

Najib had said the era of “the Government knows best” had been long over. He has emphasised this several times to indicate that policymakers have to listen to all stakeholders and not go on a tangent of their own.

But his deputy Tan Sri Muhyiddin Yassin, who is also Education Minister, has said the situation would be “chaotic” if the ministry were to provide facilities for the teaching of Science and Mathematics in both Bahasa Malaysia and English.

But there are practical solutions, such as hiring Indian teachers from overseas. They have a good proficiency in English and can teach well.

Our education system is heavily politicised and needs to be de-politicised to offer a good and simple education for all citizens – one they can be proud of.

Given the chance to decide, even parents in rural areas would vote for PPSMI as it gives their children a leg up in today’s competitive world.

Our society has developed many alternatives to the Bahasa Malaysia-only policy – private education, home schooling and international schools – which the Government throws open to all.

These centres of excellence in education come at a price. They are expensive and the poor cannot afford it.

So, the rich – of all races – escape our Bahasa Malaysia-only policy, study in alternative schools and eventually move overseas to continue their education and then stay back to work and live there.

There are, ironically, Africans, South Americans and other Asians enjoying a multi-cultural education in English in Malaysia.

If we insist on teaching only in Bahasa Malaysia, we will eventually have just Bahasa Malaysia-speaking students in a society that privately offers English-language education for anyone who wants it.

An estimated one million Malaysians have left for greener pastures abroad and we are now wooing them back through Talent Corp and also offering incentives to bring them back.

Never mind if things are initially “chaotic” – it is the Government’s responsibility to provide for all its citizens.
Eventually, we should aim to democratise the cluttered and over-burdened education system that is pulling various ethnic groups asunder. We need to provide choices for all – rich and poor.

English standard of undergrads still not up to par

M. Saraswathi
KUALA LUMPUR (Nov 6, 2011): Malaysia is on par or ahead of some of the regional countries in terms of investment in education. However, the quality of its undergraduates' command of English still remains an issue.

Dr Marie Aimee Tourres, a senior research fellow at the Department of Development Studies, Universiti Malaya, said it was crucial for graduates to have a good command of English to ensure they would be able to compete effectively, in the global job market.

Nevertheless, “in terms of education spending, Malaysia is comparable to some countries in the region based on the percentage spent over its gross domestic product (GDP) growth,” she told Bernama in an interview here.

She said Malaysia was actually spending more vis-a-vis other countries.

In Budget 2012, RM13.6 billion was allocated to the social sector, including education and training, health, welfare, housing and community development.

Dr Tourres said there was also a lot of focus given for training and re-training for graduates, which was important to continuously upgrade skilled and knowledge workers in the country.

However, the quality of undergraduates remains an issue in Malaysia, since the students find it difficult to grasp the English language.

"Language is definitely an issue,” she said, citing a recent publication by the World Bank entitled The Road to Academic Excellence, which was a study on what contributes to a world-class research university.

The study compared Universiti Malaya (UM) and National University of Singapore (NUS) in a chapter entitled The National University of Singapore and the University of Malaya: Common Roots and Different Paths.

In the report, it was stated that as NUS kept pace with the demands of a growing economy that sought to become competitive internationally, with English continuing as the language of instruction and research, UM began to focus inward as proficiency in English declined in favour of the national language.

The publication, which is based on a study conducted by two scholars, Philip Altbach and Jamil Salmi, also stated that because UM taught courses predominantly in the national language, it had much more limited internationalisation of programme, academic staff and student body.

"This generation will have to face international standard and competition in terms of job market, as part of globalisation," said Dr Tourres.

She cited Pakistan as an example, where she gives lectures.

"In Pakistan, although the people speak different dialects, next to the Urdu language, their English is better than our graduates,” she pointed out.

It made them more marketable in the competitive global environment, she noted.

"The immediate result of their English capacity is that you can find many Pakistanis who work for international organisations such as the World Bank and International Monetary Fund,” noted Dr Tourres.

She believed that even if Malaysia gave more focus in English, the national language and culture could still prosper, provided that teaching was made interesting.

"More English in school will not deter Malay, Indian and Chinese culture per se. We should not mix the issue of a command of good language and the preservation of national heritage," she said.

As for the distribution of the book voucher worth RM200 to all Malaysian students in public and private local institutions of higher learning, matriculation as well as Form 6 students nationwide, she believed that it should be monitored to ensure that it served the purpose.

This assistance is expected to benefit 1.3 million students with an allocation of RM260 million.

“That is a lot of money. Probably, it could have been done based on meritocracy to ensure that it is properly utilised,” said Dr Tourres, pointing out that there were risks of students re-selling the voucher, especially when the new targeted generation lacked the reading habit and prefered to go online to search for their study materials. -- Bernama



Importance of being earnest

ON THE BEAT WITH WONG CHUN WAI

The DPM has said it would not be possible to use English in teaching Science and Mathematics. Let’s look at other options to improve proficiency in English.

WE all know and acknowledge that our standard of English has taken a beating. We all know that many of our teachers cannot even construct a sentence in English without grammatical errors, and many of them are teaching our kids the language.

We all know that many of our university lecturers are in the same boat too, as well as some of our politicians and senior government servants. For them, it is a struggle to speak in English.

A letter, presumably written by an examiner or a parent, that appeared in this newspaper’s education section last Sunday startled me. The writer made a comparison between our 2011 Penilaian Menengah Rendah (PMR) English paper and the 2011 International Competitions and Assessments for Schools (ICAS) English Reading Paper.

The latter is used to test students’ English proficiency in private and international schools, which have increasingly become the choice of urban Malaysian parents who can afford to send their children there.

Giving detailed comparisons, the writer claimed that the PMR English paper taken by our 15-year-olds is much easier than those taken by Year Four Malaysian students in private and international schools and Year Three Singaporean pupils in similar schools.

“How can we expect our local students to compete with students from other countries if the standard of English in our PMR exam is even lower than the standard of English required for Year Four pupils in private and international schools?” he asked.

In short, the PMR English paper is too easy. We have long cast doubts on the quality of our students who earn a string of distinctions. We hear grumbles that in some papers such as Physics, the grading is so ridiculously low you just need to answer a few questions to get the A, but that’s another story.

Older Malaysians – those who sat for Senior Cambridge (Form 5), Lower Certificate of Education (LCE) for Form Three, Malaysian Certificate of Education (MCE) for Fifth Formers and the Higher School Certificate (HSC) for Form Six – will vouch that the standard of English was much higher then.

The Prime Minister and his deputy Tan Sri Muhyiddin Yassin are products of the early education system which has enabled them to speak and write well in English. It is such a joy, for example, to listen to Datuk Seri Najib Tun Razak delivering a speech in crisp English.

We know that much of the Cabinet deliberations are conducted in English. So are the Cabinet committee meetings, where most ministers find it more comfortable to express themselves in English.

When they attend international conferences, one or two ministers whose command of English is described as atrocious still have to use the language, but they would just read from a prepared text.

In a tweet last week, prominent human rights lawyer Malik Imtiaz lamented the poor English in the written judgment of a Judicial Commissioner. The legal reasoning was equally bad. This is sad because the Malaysian legal system is primarily based on English common law and most students have to use English textbooks.

I have just returned from India where I attended an international conference on the advertising industry. It was a joy to listen to people there – from the emcee, former Miss World Diana Hayden, to Bollywood actor Shah Rukh Khan to leaders of the industry – speak in English with confidence, eloquence and wit and without referring to a prepared text.

These people are able to speak so well because India has not allowed its nationalists to tear down the legacy of the British education system in the name of nationalism and race. Yes, there are millions in India who can only speak Hindi or other dialects but English remains in a dominant position.

In Singapore, the medium of instruction in schools is English and to ensure that the young get the best education, teachers are among the best paid in the island republic’s civil service.

Certainly, those given the responsibility to nurture, teach and inspire young minds deserve the best, but let the best join the profession and keep out the mediocre.

The DPM has said it would not be possible to use English in teaching Science and Mathematics (PPSMI), citing possible chaotic situations if parents were given the option to decide if they wished to use English or Bahasa Malaysia.

He said some teachers were not efficient in teaching English and that it would also be hard for the Education Ministry to plan.

I think these are sound and valid reasons but we must also look for other options. It is not a zero sum game. We should not see the controversy from a “them and us” situation. Neither do we want politicians and groups to cloud the issue further by using race to silence proponents of the PPSMI.

We can introduce English Literature in schools and also increase the teaching hours in English as the next step. Even Physical Education, Art and Moral Studies classes can be taught in English.

We will go nowhere if we continue to cite lack of English teachers as the reason why we cannot move forward. The situation we are in is a reflection of the failure of our education system as far as English is concerned. It is a statement of our lack of commitment.

Let’s hire teachers and trainers from India and other Commonwealth countries, compile a data bank of retired teachers who still want to contribute, and even graduates who are keen to teach English in schools.

For urban parents, the option should not be the private and international schools. Haven’t our children been divided by the different schools they go to already? The last thing we want to do is to create a class system where the better-off go to private schools while the less privileged have to settle for national schools.

Chua: Make pass in SPM English compulsory; Malaysians should be multi-lingual by being well-versed in Bahasa, English and Mandarin

By KAREN CHAPMAN, TAN EE LOO, FLORENCE A. SAMY, CHRISTINA CHIN, HAMDAN RAJA ABDULLAH, DESIREE TRESA GASPER and REGINA LEE

PETALING JAYA: While the MCA welcomes the decision made on the Teaching and Learning of Science and Mathematics in English (PPSMI) policy, it is now calling for the language to be made a compulsory pass subject for SPM.

“We should work towards making English a compulsory pass subject in the SPM examination and also make English Literature a compulsory subject,” said party president Datuk Seri Dr Chua Soi Lek.

On the policy, he said Deputy Prime Minister Tan Sri Muhyiddin Yassin had paved the way for clear guidelines on the matter and put an end to any confusion.

In a statement yesterday, Dr Chua said the Government had listened to the voices of the rakyat in coming up with a win-win situation for all.

It was also the party’s fervent hope for the Education Ministry to emphasise the usage of English to equip Malaysians with the universal language to keep up with the rest of the world, he added.

“The MCA would like to re-affirm its stand that all Malaysians should be multi-lingual by being well-versed in Bahasa Malaysia, English and Mandarin to ensure we are more competitive in the globalised world,” said Dr Chua.

In Friday’s announcement, Muh­yiddin – also Education Minister – said the current batch of Year Two to Form Four students would continue under the policy until they complete their secondary education.

Year One pupils this year are already learning the two subjects in Bahasa Malaysia.

Speaking to reporters after attending the SJK (C) Mun Yee fundraising dinner here last night, Dr Chua hit out at the Opposition, saying it should make up their mind on the PPSMI policy and not make “flip-flop” statements.

Responding to a suggestion by PKR’s Selayang MP William Leong that there should be English- medium schools in the country, Dr Chua said DAP and PKR had previously expressed their support towards using Bahasa Malaysia to teach the two subjects.

“In Pakatan Rakyat, they have different stands. Now that the Govern­ment has allowed English to be continued to be used until 2020, they again switch.

“The rakyat has the right to know what is PKR’s policy and stand,” he said, adding that DAP’s stand was also inconsistent.

MIC president Datuk G. Palanivel said the PPSMI decision was a step in the right direction for the future of affected students.  

Taking a page from history

Friday 26 August 2011

Mother of all scams - Many fall for Bukit Aman scam, Syndicates clone caller IDs of enforcement agencies





Many fall for Bukit Aman scam

By AUSTIN CAMOENS austin@thestar.com.my 24/8/11

PETALING JAYA: We have heard of the Nigerian 419 scam, the AL-Globo lottery scam, but the Bukit Aman scam must surely be the mother of all scams.
Part of Bukit Aman's police facilities, as see...Image via Wikipedia

A syndicate posing as police officers from Bukit Aman has been ripping off unsuspecting victims of hundreds of thousands of ringgit by claiming that they are being investigated for alleged money laundering.

Their latest victim is an elderly woman who lost about RM260,000.

Relating the ordeal, the woman who only wanted to be known as Margeret, in her 60s, said she received a phone call on Aug 18 from a man claiming to be a police inspector from Bukit Aman.

She said the “officer” told her that she was being investigated by the Hong Kong police over dealings with two drug dealers there.

“The officer told me that if I did not cooperate fully with police investigations, I would be extradited to Hong Kong to face charges for the offence,” she told The Star yesterday.

Margeret said the officer then passed to her the number of a senior police investigator in Hong Kong to verify the matter.

“I called the number given and a man claiming to be a police officer warned me that I was being investigated together with 28 other people for alleged dealings with drug dealers there,” she said, adding that the man told her to cooperate fully with the police here.

She said she then received another call from a senior police inspector in Bukit Aman who asked her to transfer all her money into an account provided by them.

“They said this was to help them verify that the funds were not linked to drug dealers in Hong Kong,” she said, adding that she transferred a total of RM260,000 from five separate banks to the police here.

Margeret said the officer told her to transfer any additional funds she had to facilitate police investigations failing which she would be arrested.

“I told them that I had an additional RM128,000 in a fixed deposit account in Temerloh, but I could not withdraw the money until the next day.”

Fearing something was amiss, she lodged a police report with the Mentakab police.

Federal Commercial Crimes Investigations Department (CCID) deputy director Deputy Comm Datuk Tajuddin Md Isa said police were investigating the case and appealed to the public to contact Bukit Aman to verify the calls.


 Syndicates clone caller IDs of enforcement agencies

By AUSTIN CAMOENS and RASHITA A. HAMID newsdesk@thestar.com.my

PETALING JAYA: Syndicates are using special technology to dupe unsuspecting victims into believing they are being called by real law enforcement agencies.

The Voiceover Internet Protocol (VoIP) technology is used to replicate phone numbers of the police, Bank Negara and other government agencies.

“The victims do not know they are being duped as the caller ID is identical to the real number of the relevant authority,” Federal head of CyberSecurity and Multimedia Investigation Division Asst Comm Mohd Kamaruddin Md Din told The Star, referring to reports on the Bukit Aman scam.

VoIP is a family of technologies, communication protocols and transmission techniques for the delivery of voice communications and multimedia sessions over Internet Protocol (IP) networks, such as the Internet.

The modus operandi of the syndicate involved in the Bukit Aman scam was to tell victims that they were being investigated by Hong Kong police for money-laundering activities.

“The syndicate then tells the victims that they must transfer all their savings into an account which is provided by the syndicate in order to verify that the funds are not linked to any cases,” ACP Kamaruddin said, adding that victims were told the money would be transferred back to their accounts once Bank Negara had completed investigations.

He said there had been 76 such cases reported nationwide amounting to losses of more than RM3.05mil between January and June this year.

ACP Kamaruddin advised the public to immediately contact the relevant authorities if they received such calls.

He said there had been a total of 367 cases involving bogus police, bank and government officials between January and June this year, resulting in losses of more than RM10mil.

“Last year, there was a total of 996 cases amounting to about RM17.4mil in losses,” he said, adding that in most cases the money could not be retrieved as the syndicates operated from outside the country.