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No. 4639 PP 2644/12/2008 (020369)

Friday
November 14, 2008
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NAZRI ADMITS

Yes, judges MISTAKE AFTER

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FINDING
Germany in recession ROYAL LETTER
and markets fall

were sacked
LONDON: Germany has fallen recession will curb demand.
into recession and China industry In a bid to bolster stocks,
output growth dropped to its low- Australia moved to impose a
est in seven years, data showed permanent ban on so-called naked
yesterday, reinforcing fears the fi- short-selling, the practice whereby
nancial crisis is plunging the world hedge funds sell shares they
into a painful downturn. neither own nor have borrowed in
Seeking to limit the fallout the hope of quickly buying them
from a crisis which began when back at a discount.
the US housing market collapsed, Governments around the world
Japan said it would offer up to have pledged around US$4.6
US$100 billion to the International trillion for bank bailouts, credit by Husna Yusop After checking the files, Nazri He also revealed that former Lord
Monetary Fund (IMF) for emerging guarantees and fiscal spending and Giam Say Khoon admitted that the former top judges President Tun Salleh Abas received
economies. to contain the damage from the newsdesk@thesundaily.com were sacked but pensions were paid RM5 million in ex-gratia payment
The impact of the worst finan- financial turmoil. upon the King’s request. from the government for being
cial conditions in 80 years was Leaders of the G20 industrial- KUALA LUMPUR: Minister in the “I regret that my statement was removed during the crisis. Five
felt sharply in Germany, Europe’s ised and emerging nations will Prime Minister’s Department Datuk misinformed and caused some other judges were paid a total RM5.5
largest economy, where the gather in Washington tomorrow to Seri Nazri Abdul Aziz admitted misrepresentation. There was no million.
economy contracted by 0.5% in the decide on the next steps in tack- yesterday that he did not have all the intention to do so,” he told a press Former Supreme Court judges
third quarter, putting it in recession ling the crisis. Japan is prepared facts when he said six former judges conference in Parliament lobby. Tan Sri Wan Suleiman Pawan Teh
for the first time in five years. to offer foreign reserves worth up were not sacked in 1988. Last Thursday, Nazri when and George Edward Seah Kim Seng
The decline was accentu- to US$100 billion to the IMF if the He said he based his statement, winding-up for his ministry on received RM2 million each. Tan Sri
ated by a negative contribution Washington-based lender needs when answering a question in the Budget 2009, had said the judges Wan Hamzah Mohd Salleh, Tan Sri
from foreign trade as exports extra funds to help emerging Dewan Rakyat last week, on the fact were found guilty by a tribunal and Azmi Kamaruddin and the late Tan
weakened. economies, a government source that the judges had been receiving asked to take early retirement, “not Sri Eusoffe Abdoolcader received
“The headwinds of the financial said yesterday. – Reuters their government pensions. sacked”. RM500,000 each in ex-gratia.
crisis and the global economic EPAPIX “For the past 50 years in
slowdown are blowing right in the government service, it is understood
face of the German economy,” said that if you were sacked, pension
Carsten Brzeski of ING Financial would not be paid. In this instance,
Markets. the judges were paid pensions, so
China, which has unveiled a we were under the impression
four trillion yuan (US$586 billion) that they were not sacked,” he
stimulus package, also felt the ill explained.
effects of a global slowdown, with “But in this instance, I took some
annual industrial output growth time to check and true enough … I
slumping to 8.2% last year, its found a letter from the Agong to the
weakest showing since October Chief Secretary to the Government
2001. that even though they were sacked,
Stock markets tumbled in Asia the King requested that pensions
and Europe, spooked by worries be given to them on compassionate
that massive capital injections and grounds.
emergency regulatory measures “This is a letter that we all
have failed to halt damage to the did not know (of). But now that I
real economy. know, I wish to say that I regret my
Following a Wall Street sell-off statement and when asked in the
that sent the Nasdaq to a five-year Parliament (last Thursday), I did
low, Tokyo shares slid 5.3% and the not have the fact and I had to reply
price of oil fell to a 22-month low that I feel that they might not have
at US$55 a barrel on worries that a been sacked as written in the
Hansard,” he said.
» Bad news drags down markets
– Page 28 » Turn to Page 6