THE

(Co. Reg No. 188754-U) PP 7011/04/2013(032125)

MALAYSIA CANADA BUSINESS

COUNCIL

DECEMBER 2014

‡ Anti-Bribery Laws - Prevention is best policy ‡ Cyber Secrets in your Business - How safe is IT in your everyday life? ‡ Crowdfunding - You can fund your start-up through techniques on the "Net"!

TECHNOLOGY

IS THERE A ‘CLOUD’ ON YOUR HORIZON?

2 I THE BRIDGE

MCBC Patrons Her Excellency Judith St. George High Commissioner for Canada

Hon. Dato Mustapa Mohamed Minister of International Trade and Industry

MCBC Honorary Members

Did you ever wonder why this magazine is called the Bridge? The name

Tan Sri G.S. Gill

was derived from the connecting sky bridge between the KLCC Twin

MCBC Board of Governors

Architects for Cesar Pelli, who was the lead Architect on this project. The

Roger F. Poulin, MCBC President Visionary Zone Sdn. Bhd.

featured in the movie Entrapment.

Towers. Adamson Associates from Toronto, Canada were the Associate

Dato’ Sri Dr. Richard Ong, MCBC Vice-President

connecting sky bridge is at 41st and 42nd levels, and was prominently

Smart Reader Worldwide Sdn. Bhd.

CONTENTS

Lodewijk Govaerts, MCBC Vice President

TECHNOLOGY

Bank of Nova Scotia

Abdul Malik Abdullah, MCBC Advisor PR & D’Tandoor Food Industries Sdn. Bhd.

Crowdfunding

14 & 15

Government Relations

Travis Smith, MCBC Golf Chairman SNC Lavalin Power (M) Sdn. Bhd. Mr. Jim Tarlton, MCBC Visa Chairman Tamarind Energy Limited

BUSINESS Many Winners, A Few Bad Losers

5&6

Cyber Secrets in your Business

8&9

Iftikhar Jami, Governor Blackberry

AGM

11

Mr. Mark Hudak, Governor Talisman Malaysia Limited

Canadian Trade Commissioners Service

12

Mr. Rolf Beutel, Governor Santa Fe Relocations

Anti-bribery Laws in Canada & Asean

Publications Committee Barbara Ford, Editor Soo Lynn Chan, Contributor Peter Lim, Contributor Natasha, Contributor Scott Coates, Contributor Published by: Malaysia Canada Business Council 29-5, Jalan PJS 5/30, Pusat Dagangan Petaling Jaya Selatan, 46150 Petaling Jaya, Selangor. D. E. Tel : +6037785 0799 Fax : +603 7886 6155 E-mail : [email protected]

Profiles

17 & 18 20, 21, 22

Company News

23

Malaysia’s GST Budget 2015

24

ON THE GROUND President’s Message

4

EVENTS - MCBC

25

Calendar of Events

26

Webmaster : [email protected] Design & Printed by: Customaze (M) Sdn Bhd B-13-03 Menara Prima, Jalan PJU 1/39, Dataran Prima, 47301 Petaling Jaya, Selangor. D. E., Malaysia.

Tel: +603 7886 6155

Fax: +603 7887 6255

E-mail: [email protected]

ON THE GROUND

PRESIDENT’S MESSAGE Dear Members, By Tuesday December 9th, 2014 MCBC will have celebrated MCBC Christmas on the rooftop of WISMA RKT overlooking the downtown core of Kuala Lumpur. Christmas is always a special time for those who celebrate this occasion, as we look forward to spending the holiday season with our families and friends. December marks the the first quarter with the new MCBC Board of Governors as well as the new Senior Trade Commissioner, Mark Strasser. At our first meeting, we held a brainstorming session to see how MCBC has evolved over the past 25 years and where in fact we wish to be in the next 25 years. It was interesting to discover that the Mission and Vision identifying parameters that set MCBC afoot 25 years ago, still maintains its lustre today. It is also interesting that the present High Commissioner, H.E. Judith St George, as a trade commissioner, was actually part of the team that originally set MCBC’s goals and strategies for bi-lateral trade. Now that she is back with us in Kuala Lumpur, it is telling that she can now celebrate what had been conceived a quarter century ago. The board has decided that the mandate determined at that time will remain as written. In the last Bridge, this write-up dealt with trade between Malaysia and Canada and as previously indicated, Foreign Direct Investment (FDI) was in favour of Malaysia at a 3:1 ratio. The service industry, as one of Canada’s largest industries which is presently on the increase in Malaysia, is being highlighted here.

As seen through the FDI chart above, Malaysian investment in Canada has been minimal over the years, excluding the most recent investments in the shale project by Petronas. On the other hand Canada’s imports from Malaysia are primarily in electronics and machinery as seen in the Major Import Products Chart. The Service Trade Chart indicates to us a more balanced bi-lateral relationship in services, as identified below. “Canada–Malaysia services trade totalled $755.0 million, comprised of $307.0 million in Canadian exports to, and $448.0 million in imports from, Malaysia.. Canadian direct investment in the country increased by 21.5% between 2011 and 2012. Malaysian direct investment in Canada increased by 23.3% between 2011 and 2012.” It will be interesting to review these statistics after further investments are carried out by Petronas. Petronas is not only investing in the shale project but further down the line will invest in the pipeline processing and delivery required for export markets. These plans are already in the making and clearly increase Malaysia’s interest in Canada for the long term. It will be a step in the right direction after Malaysia balances trade between both countries. In view of the upcoming season, on behalf of MCBC and the Board of Governors, I want to wish everyone a Merry Christmas and Happy New Year, and for all our Chinese friends, all the best in the coming Year of the Sheep.

Roger F. Poulin, President 4 I THE BRIDGE

NOTE: The above data and statistics were extracted from the Canadian Trade and Investment Activity: Canada-Malaysia, the Library of Parliament Research Publications; http:// www.parl.gc.ca/Content/LOP/ResearchPublications/2013-61-e.htm

BUSINESS

MANY WINNERS, A FEW BAD LOSERS Article by: The Economist October 25th - 31st 2014

A lower price will boost the world economy and harm some unpleasant regimes - but there are risks. The collapse of the Soviet Union in 1991 had many causes. None was as basic as the fall in the price of oil, its main export, by two-thirds in real terms between 1980 and 1986. By the same token, the 14 year rule of Vladimir Putin, heir to what remained, has been bolstered by a threefold rise in the oil price. Now the oil price is falling again. Since June, it has dropped from about $115 for a barrel of Brent crude to $85 or so - a reduction of roughly a quarter. If prices settle at today’s level, the bill for oil consumers will be about $1 trillion a year lower. That would be a shot in the arm for a stagnating world economy. It would also have big political consequences. For some governments it would be a rare opportunity; for others, a threat. The scale of shale Predicting oil prices is a mug’s game (we speak from experience). The fall of the past three months is partly the result of unexpected - and maybe short-lived - developments. Who would have guessed that chaotic, war-torn Libya would some how be pumping 40% more oil at the end of September than it had just a month earlier? Saudi Arabia’s decision to boost output to protect its market share and hurt American shale producers and see off new developments in the Arctic was also a surprise. Perhaps the fall was exaggerated, by hedge-fund investors dumping oil they had been holding, in the false expectation of rising prices. Geopolitical shocks can surprise on the upside as well as the down. Saudi Arabia may well decide to resume its self-appointed post as swing producer and cut output to push prices up once more. With war stalking Iraq, Libya still fragile and Nigeria prey to insurgency, supply is vulnerable to chaotic forces. But many of the causes of lower prices have staying power. The economic malaise weighting down on demand is not about to lift, despite the tonic of cheaper oil. Conservation, spurred by high prices and green regulation, is more like a ratchet than a piece of elastic. The average new car consumes 25% less petrol per mile than ten years ago. Some observers think the rich world has reached “peak car”, and that motoring is in long-term decline. Even if they are wrong, and lower prices encourage people to drive more, energy-saving ideas will not suddenly be uninvented. Much of the extra supply is baked in, too. Most oil investment takes years of planning and, after a certain point, cannot easily be turned off. The fracking revolution is also likely to rage on. Since the start of 2010 the United States, the main winner, has increased its output by more than 3m barrels per day to 8.5m b/d. Shale oil is relatively expensive, because it comes from many small, short-lived wells. Analysts claim that a third of wells lose money below $80 a barrel, so shale-oil production will adjust, helping put a floor under the price. But the floor will sag. Break-even points are falling. In past price squeezes, oilman confounded the experts by finding unimagined savings. This time will be no different. For governments in consuming countries the price fall offers some budgetary breathing-room. Fuel subsidies hog scandalous amounts of money in many developing countries - 20% of public spending in Indonesia and 14% in India (including fertiliser and food). Lower prices give governments the opportunity to spend the money more productively or return it to the taxpayers. This week India led the way by announcing an end to diesel subsidies. Others should follow Narendra Modi’s lead.

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BUSINESS

MANY WINNERS, A FEW BAD LOSERS

The axis of diesel For those governments that have used the windfall revenues from higher prices to run aggressive foreign policies, by contrast, things could get uncomfortable. The most vulnerable are Venezuela, Iran and Russia. The first to crack could be Venezuela, home to the anti-American “Bolivarian revolution”, which the late Hugo Chavez tried to export around his region. Venezuela’s budget is based on oil at $120 a barrel. Even before the price fall it was struggling to pay its debts. Foreign-exchange reserves, are dwindling, inflation is rampant and Venezuelans are enduring shortages of everyday goods such as flour and toilet paper. Iran is also in a tricky position. It needs oil at about $140 a barrel to balance a profligate budget padded with the extravagant spending schemes of its former president, Mahmoud Ahmedinejad. Sanctions designed to curb its nuclear programme make it especially vulnerable. Some claim that Sunni Saudi Arabia is conspiring with America to use the oil price to put pressure on its Shia rival. Whatever the motivation, the falling price is certainly having that effect. Compared with these two, Russia can bide its time. A falling currency means that the rouble value of oil sales has dropped less than its dollar value, cushioning tax revenues and limiting the budget deficit. The Kremlin can draw on money it has saved in reserve funds, though these are smaller than they were a few years ago and it had already budgeted to run them down Russia can probably cope with today’s prices for 18 months to two years, but the money will eventually run out. Mr. Putin’s military modernisation, which has absorbed 20% of public spending, looks like an extravagance. Sanctions are stifling the economy and making it hard to borrow. Poorer Russians will be less able to afford imported food and consumer goods. If the oil price stays where it is, it will foster discontent. Democrats and liberals should welcome the curb the oil price imposes on countries like Iran, Venezuela and Russia. But there is also an increased risk of instability. Iran’s relatively outward-looking president, Hassan Rouhani, was elected to improve living standards. If the economy sinks, it could strengthen the hand of his hardline opponents. Similarly, a default in Venezuela could have dire consequences not just for Venezuelans but also for the Caribbean countries that have come to depend on Bolivarian aid. And Mr. Putin, deprived of economic legitimacy, could well plunge deeper into the xenophobic nationalism that has fuelled his campaign in Ukraine. Cheaper oil is welcome, but it is not trouble free. Every way you look at it, the games industry is massive and evolving, and looks like it is only going to get bigger.

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BUSINESS

BUSINESS

CYBER SECRETS IN YOUR BUSINESS Article by Ziaullah Mirza The development of technologies always have impacts, in positive or negative ways, on businesses, cultures, economies and even on countries. Information Technology is one of the most effective technologies with rapid development characteristics for itself as well as businesses around the globe. Cyber Security is one of the best branches or modern tools of Information Technology with respect to security concerns and risk management factors. Information technology is highly integrated into our everyday lives. As a society, we have gone digital. We play, learn, socialize, communicate, and do business online. While cyberspace brings significant benefits, our ever increasing reliance on it, is creating new and significant vulnerabilities.

Intelligence Gathering: IG is one the best techniques that is used in business development to obtain information about customers, buyers and suppliers with the help of various tools such as: email- spider, google Intelligence, and other services etc. under a strict code of ethics. This technique is also used to screen the business against rivals. Companies also provide these services under the name of “Competitive Intelligence Services”. However, most of the tools are available for quality improvement or educational and research purposes. Let’s say we use Google Intelligence by logging on www.google.com/xx-hacker and in the search bar “Canada Business Council filetype:pdf”. You can see results, all in pdf files related to Canada Business Council as illustrated in the picture and you may use other Google commands too. A number of commands may be used for required functions. Cyber Profiling After IG, Cyber profiling is an important factor that can have a very powerful impact on your business growth. Social Media (facebook, Twitter, LinkedIn, Blogs, etc.), Website, Apps can always help to attract more business than traditional business development means. A number of social media companies are available that may

In Cyber Space, we are filled with our email communication, regardless of personal, office or corporate, data storages, electronic commerce, banking & financial activities, defense, domestic and International trade activities etc. With the passage of time, using IT is becoming very helpful, effective and dangerous as well. IT Security & Cyber Security are being used by various actors, in positive or negative ways, to develop business or compete with rivals. Cyber law has been established in the developed countries and on going in developing or under developing countries, in order to secure the cyber space. Cyber Security law has been practiced in Malaysia and Canada for a long time. Canada has announced the formation of a Cyber Security strategy as well as cyber crime respond centers. Cyber crimes starts with persons to businesses and then enterprises. Canada has implemented a new cyber law called CyberBullying. This is distinct in the cyber world, as it strives to eliminate the personal level cyber factors which alway damages harmony and peace in the cyber space. This is one of the most solid steps ever taken at the Government level, to protect the rights of internet users with their privacy, on a humanitarian basis. Business Development by Cyber Tools/IT Tools I would like to discuss some major factors that may benefit businesses in improving or minimizing risks, through cyber security or IT security. Business development comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities between multiple organizations. Business Development through Cyber Tools, those may be software, techniques or Services. 8 I THE BRIDGE

build your company’s profile up to standard to bring an ease for customers to understand your products and services. Chambers of Commerce and BusinessCouncils Always try to communicate through a business council’s contacts and references. This is the best service available around the world. An Online directory is the easiest one. Cyber Marketing Internet marketing like SMS, email and website techniques using legal software or cyber tools to enhance the company presence in the market, may result in a significant increase in business for an organization.

BUSINESS Cloud Computing IT applications are everywhere in modern business and their great advantage is the way that they can lower costs. One way that costs can be lowered is in cloud computing. Small Businesses can reduce their cost up to 70%. Cloud computing can be used as an alternative to Computer Hardware Infrastructure, Telecommunication Infrastructure, and all types of software as well as human work force time. Microsoft, Google, Amazon etc are major companies that may facilitate through their cloud platforms. Business War Games and Strategy If you are running a business or organization, a feasibility study, Predated Analysis, Sales Intelligence, marketing intelligence and business plan is the best way to analysis and anticipate the problems. All good organizations maintain CID ( Competitive Intelligence Department) to improve productivity, marketengaged customers and research. A number of software tools are being used to carry out Business War Games and Strategy under the ethics of competitive intelligence. Risk Management to improve your business (Cyber Risk) Cybercrime takes a US$400-billionplus toll on the global economy every year, a new report suggests. But the problem in Canada, unlike in the U.S. and some other Western economies, is we don’t have clear data on what cybercrime is costing us — leaving us vulnerable. Organizations in energy, utilities and financial services have substantially higher cyber crime costs than organizations in media, life sciences, and healthcare. Cyber Criminals always focus on customer records (including contact information, sales history and passwords), contact lists, employee Information (including email addresses and passwords), company banking information, Credit Card numbers etc by compromising servers, infecting computers with viruses & malware and accessing your system Cyber Security Awareness: If your business is related to IT (Information Technology) or you are using IT as the main resource for your business with respect to communication, sales, marketing and customer cares etc, all people involved in the operations must have some know-how about cyber security, cyber threats etc. It always helps to understand about cyber scams, copy rights, email & data security etc. A basic training programs for the whole organization may help to understand the sensitivity and precautions when using IT resources. Even the most sophisticated security software won’t protect your business if employees click on improper pop-ups or fall for phishing scams. Train your employees on the threats they face and the safest way to use the company’s Internet and email. Keep your software and operating systems up-to-date. When an update to your operating system becomes available, download and install it immediately. Updates often contain improvements to security based on recent viruses and attacks.

Though it may seem tempting to ignore it and cut costs, it’ll help protect your system from a much larger loss in the future. Install the right security software Make sure your computer systems are installed with the most up-to-date antivirus and anti-spyware software. Many security software companies offer software programs tailored to small business needs, for prices that will fit within your budget. Firewalls protect your internal networks from Internet threats. Make sure to install them not only on your server, but on all office computers, laptops and mobile devices as well. Secure your wireless networks & decide who has administrative privileges If you leave your wireless network unprotected, you won’t just be giving free Internet to anyone walking by, you’ll leave a door open for cyber criminals. First, make sure your wireless network is set up to hide the service set identifier (SSID). Then encrypt your network with strong passwords, and don’t forget to change the default administrator password that came with the device to something only you’ll remember. Restrict administrative privileges to the key decision makers within your business, which can range from top IT staff to senior executives. This will help control unexpected changes to your network, and limit your exposure to cyber threats. Also instruct employees to update their passwords at least every three months. Do the same with general network passwords. Secure physical access to your network devices and computers Cyber threats don’t just come through viruses and scams, they’re also lurking in your physical environment. Ensure that your office space is safe from unauthorized visitors, and that easy-to-grab laptops and mobile devices are stored securely and installed with remote tracking software. Educate employees on USB stick usage Though useful for employees working from multiple devices, a USB stick can be used to accidentally transport a cyber threat from home directly into your business system. Educate your employees on the risks they run when using USB sticks, and consider having a USB usage policy. Learn the risks of cloud computing & Back up your important data If you’re using cloud computing for your small business, make sure to prioritize the assets you store there. Learn the security controls available to you from your cloud provider, and use them. Inquire about the security and reliability certifications the provider has earned, and build security controls into your contract. It’s critical that you regularly back up your important business data and information, from customer records to accounting files. This will lessen the damage in the case of a breach or computer problem. Consider encrypting your computers, laptops, and USB keys The latest versions of most operating systems provide built-in encryption as a standard or optional feature. Turning this on will greatly reduce the value of any data that a hacker may obtain. Encrypting portable devices such as laptops, USB keys, and DVDs is easy to do and can significantly reduce the damage done by a lost or stolen device. http://www.getcybersafe.gc.ca www.google.com/xx-hacker THE BRIDGE I 9

BUSINESS

MCBC’S ANNUAL GENERAL MEETING Our 2014 Annual General Meeting (AGM) was a big success on both administrative and social levels. Held on September 11th, at the BEST WESTERN PREMIER Dua Sentral, we bid “farewell” to three Board Members and said “hello” to two. More than 50 MCBC members and friends joined us after the official paperwork was out of the way for a fun evening of networking and socializing. Adding to the event was the presence of Her Excellency Judith St. George, High Commissioner for Canada, who mingled with guests, and also delivered some thoughtful words, congratulating MCBC on 25 years of existence in Malaysia. Interestingly, she was one of the original founders of MCBC in 1989 during her first assignment in the country. The evening began with a 45-minute meeting, which MCBC members attended to approve Minutes from the 2013 AGM, hear financial and operational reports from the Board of Governors

(BOG), then new Governors were elected for the coming year. Mr. Roger F. Poulin was selected to continue serving as President, as he has successfully done for many years. We thank outgoing Governors for their service, including Dr. Riyaz Rashid (Bombardier (M) Sdn. Bhd.), Mr. Stefan Pertz (Launchpad Sdn. Bhd.), and Mr. Virata Gamany (VI Properties Sdn. Bhd.). And we welcome incoming Governors, Mr. Mark Hudak (Talisman Energy Limited) and Mr. Rolf Beutel (Santa Fe Relocations) to the MCBC BOG. With official business out of the way, it was on to a fun networking session at Hugo’s on 6, where guests mingled, enjoyed tasty canapés, sipped cool beverages, and shared their passion for Malaysian - Canadian ties. With our 2015 BOG in place, get ready for a top year ahead.

Our 2015 Board of Governors list is as follows: • President: Mr. Roger F. Poulin (Visionary Zone Sdn. Bhd.) • Vice President: Dato’ Sri Dr. Richard Ong (Smart Reader Worldwide Sdn. Bhd.) • Vice President: Mr. Lodewijk Govaerts (Bank of Nova Scotia) • Governor: Datuk Abdul Malik Abdullah (D’Tandoor Food Industries Sdn. Bhd.) • Governor: Mr. Mark Hudak (Talisman Malaysia Limited) • Governor: Mr. Travis Smith (SNC Lavalin Power (M) Sdn. Bhd.) • Governor: Mr. Rolf Beutel (Santa Fe Relocations) • Governor: Mr. Jim Tarlton (Tamarind Energy Limited) • Governor: Mr. Iftikhar Jami (Blackberry) • Invited Governor: Mr. Mark Strasser (Trade Commissioner for Canada) Honorary Member • Special Advisor: Tan Sri Dato’ G.S. Gill Patrons • Her Excellency Judith St. George, High Commissioner for Canada • Y.B. Dato’ Sri Mustapa Bin Mohamed, Minister of International Trade and Industry

BOG members (R-L): Rolf Beutel, Jim Tarlton, Mark Hudak, Lodewijk Govaerts, Roger F. Poulin, Dato’ Sri Dr. Richard Ong, Mark Strasser, H.E. Judith St. George

Many thanks to representatives from event sponsors Scotiabank, Talisman Energy, and SNC Lavalin

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BUSINESS

CANADIAN TRADE COMMISSIONER SERVICE ARTICLE BY: Mark Strasser, Senior Trade Commissioner, Canadian High Commission One of the first tasks a Foreign Service officer assigns himself or herself upon arrival in a new country is to learn as much as they can, about as many things as they can, as quickly as they can. This is what I set out to do when I arrived in Malaysia less than 10 weeks ago, spending as much time away from the office as possible. I set out to meet people, primarily those engaged in Canada-Malaysia commerce, and to attend a wide array of receptions, seminars and conferences with the aim of better understanding the breadth of opportunities Malaysia has to offer and the challenges of doing business in this country. This will be an ongoing task and I plan on getting to know as many members of MCBC as possible in the coming months. There were many things that struck me from the numerous conversations I have had since my arrival, but there are two I would like to highlight in this article. The first was the warmth with which I was received and everyone’s readiness to share their views and experiences and their willingness to answer all my questions, no matter how trivial. For this I am grateful. The second was the number of questions I received on Canada-Malaysia bilateral relations. I am pleased to receive these queries, because they allow me to state and restate with enthusiasm that relations are already very good and are only getting better. I will be sharing with readers highlights of this growing relationship in future editions of The

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Bridge. For the moment, I thought I would start with the basics and highlight the role of the Canadian Trade Commissioner Service and how we help businesses succeed both in Malaysia and the rest of the world. The Trade Commissioner Service (TCS) is on-the-ground in 174 cities worldwide where we gain market intelligence and insight, uncover opportunities and do what we can to reduce business costs and risks for Canadian business. We also have regional offices in major Canada cities to help companies prepare for international markets. Canadian companies typically reach out to us here in Malaysia to fine-tune their business strategies and assess their potential in this country. We can also offer up our network of local contacts, such as customers, distributors, sources of finance or investment, technology partners or other intermediaries, that could connect them to opportunities or resolve otherwise intractable problems. Research has shown that companies that use TCS services are more successful at exporting than those that don’t - the value of their exports is 18 percent higher, and they export to 36 percent more markets. Good reasons to contact us! We are equally pleased to support Malaysian companies by finding Canadian solutions to match their business needs.

Whether they are interested in sourcing high quality products from Canada, looking to take advantage of Canada’s strong economy, well-educated labour and favourable business climate by establishing or expanding their business in Canada, or seeking technology partnerships to bring complementary expertise together leading to the commercialization of new products and technologies, we are here to help. The Canadian Trade Commissioner Service in Malaysia comprises a team of eight trade specialists. We are located within the High Commission of Canada, on the 17th floor of Menara Tan & Tan on Jalan Tun Razak in Kuala Lumpur. Companies interested in our services can contact us at klmpr-td@ international.gc.ca. More information on the Canadian Trade Commissioner Service can be found at: www.tradecommissioner. gc.ca. These are exciting times to be in Malaysia and I am pleased to be part of it during the coming years. I invite you to keep abreast of the latest developments from the Canadian High Commission by following us on Twitter (@CanadaMalaysia) or by “liking” us on Facebook (CanadaMalaysia). Saya merasa senang berada di Malaysia.

TECHNOLOGY

CROWDFUNDING People Powered Enterprises by Shawn Teng Shawn is a co-founder of SplatWears.com, a tshirt crowdfunding platform that connects independent designers and artists with independent consumers.

In the year 1760, a new manufacturing process was introduced. Production went from family-run backyards to massive factories filled with giant coal-powered machines. Efficiency was measured, by the highest number of units churned out in the least possible time. The only way to push down cost was by maximising production quantity. Companies began integrating vertically and horizontally to cover the horizon, in order to control entire supply chains, increase barriers to entry and eliminate competition. This came at a grave price to the world as these expansions caused major environmental, social and economic impact. Raw material harvesting neglected human rights and environmental erosion. Banking and investment decisions were made based on selfish gains and without consideration for long term effects. Unnecessary products and services were marketed as commodities to elevate actualisation of status, all in the name of promoting expenditures.

method, the funder will not get anything back in return for their funding besides the satisfaction of having done something good for the world. Examples of donation-based Crowdfunding are Super Typhoon Haiyan Relief Fund through Globalgiving (globalgiving.org).

Unhealthy alternatives to natural foods were marketed as far superior, causing harm to lives of the uninformed. The result was a market where the public consumed what was created, instead of businesses creating what the public wanted to consume.

Reward-based Crowdfunding is essentially investing on a unit of that creation before it is created. By placing a pre-order, the funder will have a unit of his/ her funding delivered upon successful creation of that project. Other forms of reward-based Crowdfunding include funders obtaining publicity in exchange for monetary support. The Internet’s most beloved encyclopedia, Wikipedia, maintains its operation through reward-based Crowdfunding. By donating any sum of money, people will be able to continuously enjoy unlimited and unbiased access to all the information in the world.

Financial institutions and venture capitalists viewed their investments as almost purely monetary equations. This method of funding eliminates a majority of start-ups with some of the best world-changing ideas refected, based solely on the basis of not having strong return values. However with increasing awareness of the world’s problems caused by the unsustainable methods traditional corporations are using, younger generations are taking it into their own hands to hopefully solve some of these problems. And they are doing it through Crowdfunding.

What is Crowdfunding

Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, a task made exponentially easier via the Internet. It is a process of peer-to-peer lending that raises funds from the masses rather than approaching few established institutions. Through Crowdfunding, businesses and individuals can reduce the Return on Investment pressures placed on them, if otherwise funded from financial institutions or venture capitalists. This enables them to focus on the non-monetary values of their projects and ventures.

How Crowdfunding is Changing the World As described earlier, businesses today often come with efforts to better the world in any way they can. This value is not credible with banks, other financial institutions and venture capitalists, whose primary concern is always Return on Investment.

There are a number of widely practiced Crowdfunding methods, which come in the form of donation-base, reward-base and equity-base.

Through Crowdfunding, funders usually do not have enough stake in the venture or project to qualify for intervention or veto. Instead, they would buy into the ideology sold by these founders and trust that the entities will follow through on their words. When founders autonomously steer their start ups, they can maintain their integrity.

Donation-based Crowdfunding is perhaps the oldest of the lot, being a well known fundraising platform for social and non-governmental bodies. In this

Crowdfunding also aims to disassemble massive supply chains. Traditionally if one has an innovative

Types of Crowdfunding

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TECHNOLOGY

creation that he/she would like to realize, the safest bet would be approaching a large multinational. It made sense because giant multinationals come equipped with bottomless financial backing, state-of-the-art manufacturing plants and an intricate web of global supply chains. But approaching them also means losing ownership and control of a creation or idea to the company. Chances are the initial world-changing goal of this design will be altered to suit the profit-hungry goals of its new owner. One design will be split into 5 different models, sold at insane prices only the ultra rich can afford. By employing the concept of collaborative creation, an innovative idea can move from conceptualization to creation while maintaining full control of every moving part. Kickstarter and Indiegogo are famous Crowdfunding platforms that connect great ideas with social-conscious funders. By announcing their creation’s purpose and funding goal, they are directly pitching their ideas to the entire world. One might think that this method of fundraising is only suitable for small numbers and simple creations. While this holds true for most Crowdfunding projects, there have been some ideas that racked up enormous funding. Star Citizen is a video game that initially intended to raise a meagre $ 2,000,000 but at the moment is clocking more than $58,000,000 before its deadline. Other Crowdfunding projects hitting more than $10,000,000 in funding include an innovative cooler box “Coolest Cooler”, smartphone “Ubuntu Edge” and smartwatch “Pebble”. There was even a movie, “Veronica Mars”, funded through Kickstarter.

Crowdfunding in Malaysia

While the developed world has been seeing tremendous growth with Crowdfunding, this idea is still at its infancy right here at home. Although foreign to the mainstream, the concept is already making an impact in some specific industries especially with the younger and more entrepreneur-minded communities. Pitchin.my is a local Crowdfunding platform very much like Kickstarter and Indiegogo. Browsing through the pitches submitted over the years, one can gauge the scene still being very new and that a lot more work is required to educate and empower the minds of fellow Malaysians. But it is by no means a stumbling business model not being able to take off.

Epic Homes Project (epichome.org) is a Crowdfunding and Crowdsourcing initiative that employs the strength of the people to fund and build homes for the Orang Asli around Malaysia. In the nation’s efforts to develop and transform into a fully industrialised nation, the Orang Asli (Malaysian Aborigines) are often sidelined and displaced. As a result, the Orang Asli find themselves without adequate education and support to cope with the changes that are happening around them. By obtaining funding and expertise from the community willing to help, Epic Homes is able to buy materials, get housing blueprints drawn pro-bono, and employ an army of voluntary builders to assemble these houses in Orang Asli villages. Working closely alongside them is a famous documentary photographer, Puah Sze Ning (szening.com), who works tirelessly to communicate the plights of the Orang Asli to urban Malaysians informing them of this displacement in our society. On top of that she also runs a number of donation-based Crowdfunding initiatives to raise funds to build and maintain the Orang Asli education centers, in hopes that their future generations will be able to find a place in the quickly developing side of Malaysia. This writer recently launched Splat Wears (splatwears.com), a tshirt Crowdfunding platform where independent designers and artists meet independent consumers. It provides an opportunity for designers and artists to put their works out for the public to fund. Through this platform, designs and funding are sourced from the crowd. With enough pledges, Splat Wears will print and sell the t-shirts, giving designers and artists the chance to monetize on them. By employing the model of disintermediation, whereby supply chain channels are minimised considerably, Splat Wears is able to adequately direct profits to its designers.

The Future of Alternative Funding

The new generation of consumers, especially the Millennials, buy less into cost and more into purpose. They are more community driven and strongly believe that their acts, however small, will affect the world somehow. It is with this belief that Crowdfunding can grow to become a relevant business model that stands for a social direction and potentially change traditional businesses. THE BRIDGE I 15

BUSINESS

ANTI-BRIBERY LAWS IN CANADA & ASEAN Article by: Scott Coates, Executive Director, MCBC For anyone doing business in Malaysia, The Malaysian AntiCorruption Commission Act (MACC) (2009) is a key piece of legislation to be well versed with. It applies to Malaysians inside and outside of the country, companies and individuals in Malaysia (even if non-Malaysian), and does not allow facilitation payments. An interesting exclusion of the Act is that it does not pertain to relatives of public officials, meaning they can receive gifts without any potential wrongdoing. Ciambella highlights the OECD as being particularly important, as Canada is a party to the Convention. Despite it not being ratified by any ASEAN members, its Anti-Corruption Action Plan for Asia and the Pacific (2001) has been endorsed by all ASEAN nations with the exception of Brunei, Indonesia, and Laos. “Be keenly aware of your business doings and institute strong compliance mechanisms if you’re operating in sectors with high incidences of corruption such as extraction, defense, construction, or for those that retain agents, consultants, or distributors to help operations in foreign countries.”

When it comes to anti-bribery laws, ignorance is certainly not bliss. That’s the message Canadian lawyer, Franca Ciambella, Managing Director at MCBC member company, Consilium Law Corporation, based in Singapore, shared with a group of executives during an MCBC Business Breakfast at a Kuala Lumpur hotel earlier in 2014. Ciambella knows what she’s talking about, having spent more than 20 years practicing law, 13 of those operating a private law practice, along with seven years serving as General Counsel for a large US Fortune 500 multinational corporation. Her interest in anti-bribery laws as they apply to persons doing business in Canada, Malaysia and the greater ASEAN region is natural due to her position as a Board Member and Vice President of the Canada-ASEAN Business Council. While there’s much to understand about anti-bribery laws in specific countries, she says one thing is consistent and clear regardless of where you’re doing business, “Prevention is the best policy. Having and implementing a comprehensive Compliance Programme is one of the best defenses should a violation occur.” “If you do discover a potential violation, self-reporting and ‘doing the right thing’ is the best policy. Also, a rule of thumb is, if it does not ‘feel right’, consult with an expert before the act occurs.” A recent report by the Asia Pacific Foundation found that corruption and bribery are the largest obstacles to Canadians doing business in ASEAN. New Canadian legislation on anti-bribery is aimed at preventing bribery by Canadian businesses and employees of public officials outside of Canada, even if done through an agent or third party. Its far-reaching powers and recent RCMP enforcement efforts demonstrate that Canada is taking the issue very seriously. Other legislation such as the US Foreign Corrupt Practices Act, the Convention on Combating Bribery of Foreign Public Officials (OECD), and local legislation are all worth being knowledgeable about, if operating in ASEAN and/or Canada.

The risk of bribery issues arising while doing business in ASEAN is highlighted in Transparency International’s Corruption Perceptions Index 2013 (http://www.transparency.org/cpi2013/results), which ranked 175 countries according to their level or perceived corruption. Denmark faired the best at #1, Singapore placed the highest of any Southeast Asian country at #5, Canada came in at #9, Malaysia ranked #53, Cambodia fared the worst of ASEAN nations at #160, and Somalia came dead last at #175. Canada’s Corruption of Foreign Public Officials Act (CFPOA) was put in to law in 1999 and is the most important Canadian antibribery law to be aware of. “Its application is very wide and includes subsidiaries of Canadian companies outside of Canada and applies even when there is just a ‘substantial link’ with Canada even if the entity was situated outside of Canada,” Ciambella explains. “It applies to every Canadian citizen, corporation, society, company, firm or partnership, that is incorporated, formed, or otherwise organized under the laws of Canada or a province.” Punishment under the CFPOA: • Maximum term of imprisonment for a violation of the CFPOA is 14 years for a private individual. • No maximum for fines. • Potential for forfeiture of all proceeds related to the bribery. • Debarment from dealing with governments and International Organizations. • No limitation period for when someone or a company can be prosecuted. America’s Foreign Corrupt Practices Act (FCPA) (1977) is a key piece of legislation that is used as a benchmark in many countries. It applies to any US issuer, which means a company that’s listed on US exchanges, has a US director, shares a server with a US company, or has a US subsidiary. It also applies to foreign nationals while in US territory. Ciambella draws special attention to the ‘shared server’ concept, “This comes into play where it makes two otherwise separate subsidiary companies liable because they have a shared server.” THE BRIDGE I 17

BUSINESS

ANTI-BRIBERY LAWS IN CANADA & ASEAN Being knowledgeable about the laws of the country you’re operating in, not just those of your home country is of prime importance according to Ciambella. “The most common mistake is thinking the MACC or CFPOA does not apply to you, or thinking that if you did not know about the bribery, or if it was done through an agent or middleman, then there is no liability. This is wrong for both Malaysia and Canada.” Operating in the ASEAN region can be particularly tricky with respect to entertaining and giving gifts, practices that are common and in many cases expected says Ciambella. “Look for red flags or potentials for risk even before the bribery has the opportunity to take place. If you are in an industry where you deal with public officials, make sure you have a good compliance programme in place and that you have sufficient resources to check if an action would be in violation or not.” Some items to keep in mind when extending gifts and hospitality in the region include: • Must be infrequent and of minimal value. • Must arise out of events or activities related to the public servant’s duties. • Must be within the normal standards of courtesy, hospitality, or protocol. • Does not appear to compromise the integrity of the public servant. • Can be given to reciprocate a gift, but must be of comparable value. While nothing can completely safeguard you from potentially falling victim to anti-bribery laws, good practice and common sense play an important role. Ciambella shares some of her top ‘Red Flags’: • Be watchful for any connections with the US or UK, for their strong legislations. • Be watchful of intermediaries and employees directly related to them. • Absence of a proper anti-corruption policy within an entity you are dealing with in business. • Excessive commissions or fees. • Unusual contract terms or payment arrangements with intermediaries. • Lavish entertaining of government officials. The most important step to protect oneself and your company according to Ciambella is to educate your staff and immediately establish a Compliance Programme. “Identify the risks and who in the entity would be exposed to the risks. Then put measures in place internally to address the risks, such as policies in Company Handbooks and in Employee Handbooks against bribery. They should also look at more formal education programmes for employees and online tools for refresher courses on an annual basis.”

18 I THE BRIDGE

ODDS & SODS

ADVERTISE IN ‘THE BRIDGE’ TODAY! 1. Background Information The Malaysia Canada Business Council (MCBC) publishes this magazine on a quarterly basis (i.e., 4 issues per year). Serving as an avenue to inform members and readers in niche market segments about what is happening within MCBC and the business community, it is distributed to a readership of more than a thousand in both Malaysia and Canada:3 3 3 3 3 3 3

Chambers of Commerce and/or Business Councils Embassies, High Commissions and Consulates Selected Hotels Tourism Offices Airline Lounges Boards, Governmental Agencies and Departments Trade Associations and selected professional bodies

The entire magazine is printed in full colour on the A4-sized format with no specific theme but related to business, education, IT & technologies and etc. Copies of the magazines may be sent to you for your reference if required. A booking form is enclosed for your perusal. 2. Advertising Rates The rates for putting up advertisements are tabulated below.

Table 1. ‘The Bridge’ Magazine Advertising Rates SPACE SIZE RATE(RM) MEMBER NON-MEMBER Back Cover Full Page 1,500.00 1,650.00 Inside Front Cover 1,200.00 1,350.00 Other Pages 1,000.00 1,100.00 Half Page 700.00 800.00 Advertisers would receive a five (5) percent discount if they advertise in four or more issues. Advertisements should be submitted in high resolution JPEG, AI or PDF format data files. Feel free to contact any of our Publication Committee members if you need clarification or additional information. Additional copies of published issues may be separately purchased. Issues which have yet to be published may also be pre-ordered and purchased prior to printing. Please do contact us for additional information. 3. Specifications Artwork is to be proofed, free of errors, and supplied to MCBC no later than one-month prior to print deadline. Print specifications are as follows: Full page Half page Trim size: 20.5cm x 27.5cm Trim size: 20.5cm (W) x 13.7cm (H) Bleed size: 21.5cm x 28.5cm Bleed size: 21.5cm x 14.7cm Safe area: 17.5cm x 25.5cm Safe area: 17.5mTHE x 12.7cm BRIDGE I 19

BUSINESS

INDIVIDUAL MEMBER: Mr. Tony Yee Mr. Yee is a founding member and Managing Director of Ingermark (M) Sdn. Bhd., which is involved in the supply and distribution of electrical, automation and industrial components, systems and services, systems integration of M&E works, and clean and green technology. 3 3G

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Entertainer Malaysia

He has more than 30 years of experience in the field of electrical engineering from low, medium, to high voltage switchgears, transmission and generations systems, drives, automation to material handling, safety-at-works, hazardous, heavy duty, explosion proofs and hygiene contras application to having ‘hands-on-knowledge’ and exposure to wide spectrum of manufacturing industries. He has attended numerous training courses around the world, including Germany, Italy, Switzerland, Austria, Spain, Canada and Malaysia. In addition he is a CIDB Green Card holder. Mr. Yee is formally educated in Electrical Engineering, Marketing and Business Management. He is a ‘technopreneur’ by nature, is widely traveled, established an office in Vietnam in 2008, and has business exposure in Indonesia, Singapore, Thailand and the Philippines. More Information: 012-299-9718, www.ingermark.com.com

theentertainerasia.com

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BUSINESS

Building An Asian Energy Champion

Mitra Energy Limited (Mitra) is a privately-owned, independent oil and gas company focused on South East Asia with a portfolio of fourteen upstream assets. In September 2014, Mitra announced its intent to combine with Petra Petroleum Corp., a British Colombia registered, TSX-Venture listed company. Mitra’s headquarters is in Malaysia with principal business interests in the Philippines, Vietnam and Indonesia. The company has built a portfolio of high quality assets that makes it one of the largest and most active exploration and appraisal players in the region. Mitra has an experienced management team and a strong, supportive register of institutional investors. The company prides itself on its technical excellence and boasts a technical team with considerable experience in the focus countries. This underpins Mitra's exceptional ability to identify, capture and maximise the value of its asset portfolio. The company recognises that local presence is essential for successful partnerships. To this end, Mitra established its corporate headquarters in Kuala Lumpur and has support offices in Jakarta, Manila, Ho Chi Minh City, Hanoi, Bangkok and Singapore. On completion of the combination with Petra, a Canadian representative office will be located in Vancouver. THE BRIDGE I 21

PROFILE: RED KNOT EVENT MANAGEMENT Corporate member Established as a Bumiputra company in 2008, Red Knot Event Management is committed to working along side each client, large or small, to ensure a successful and memorable event. With a young and dynamic team we take care of every stage of your event, from conception, organization to realization. The whole process is managed and supervised by our experienced professionals who are ready to respond to any request. We operate events, conferences and annual of different sizes, in different areas all over the country. We provide wide range of event management solutions such as the creative development, staging, exhibition, design, production, product launches, celebrity entertainment, concert shows, conferences & seminars.

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Audio Visual Systems Carnival-related Equipment and Supplies Logistics Management Multimedia Printing for Marketing or Event Collaterals Show and Stage Management including stage design Sound & Lighting Management Special Effects Equipment and Supplies Stage and Props Fabrication Venue Management

Tel: 03-7770-8008 Email: [email protected] Web: www.facebook.com/RedKnot.Event

BUSINESS

COMPANY NEWS

Mitra Energy Limited Announces Definitive Agreement with Petra Petroleum Inc.

Kuala Lumpur-based Mitra Energy Limited announced in October that it entered into a definitive agreement with British Colombia registered Petra Petroleum Inc., listed on the TSX Venture Exchange, in respect of a Reverse Takeover of Petra. The transaction is currently expected to be held in the middle of December, 2014. A number of related transactions are occurring including a bridge financing, a private placement financing, name change of Petra (probably to Mitra Energy Inc.) and share consolidations. The concurrent transactions are subject to any regulatory, shareholder or such other approvals as may be required and the conditions contained in the Definitive Agreement on or before December 31, 2014. Photo: Mitra-Energy-Logo

Lodewijk with his award

Scotiabank CEO Receives Prestigious Award

Lodewijk Govaerts, VP and CEO of The Bank of Nova Scotia Berhad was recently awarded with the Malaysia Outstanding Entrepreneurship Award. The award was presented by Enterprise Asia, a non-governmental organization in pursuit of entrepreneurship development across the Asian Region recognizing outstanding performance and tenacity in developing successful businesses. Lodewijk’s vision, mission and strategy for BNS Berhad has been summarized in the “3-2-5” plan: in 3 years double the bottom line and become a top 5 bank to chosen clients. Since his appointment to CEO, net profit has grown, new products have been added, and the bank is moving to core panel positions with key clients. In Lodewijk’s own words, “It is about creating a winning culture with increased individual accountability and strong collaboration and teamwork. Life is a journey of constant learning and achieving ambitious goals.”

A New Bridge

HSS Integrated Sdn Bhd (HSSI), one of the country’s leading engineering consultants offering a full range of engineering disciplines, recently completed a new bridge. They’ve been involved in various landmark bridge projects in Malaysia and overseas over the years with this most recent completion coming in at 1,670m long, with a navigational clearance of 25m. It’s known as Bridge 19 of the South Klang Valley Expressway (43km) in Malaysia. Have a look if you’re in the area.

Bridge 19 under construction

THE BRIDGE I 23

BUSINESS

MALAYSIA’S GST BUDGET 2015 Article by: Nicholas Crist, KPMG Tax Services Sdn. Bhd. printed in the EDGE Malaysia, October 20, 2014

With the theme “People Economy”, Budget 2015 focuses primarily on government measures to cushion the effects of the Goods and Services Tax (GST) due to be implemented on April 1 next year. Given the recent cut in fuel subsidies and rising cost of living, taxpayers will be relieved that the list of products and services not subject to GST will be expanded to cover additional basic food items, reading materials and medicines, as well as RON95 petrol, diesel and LPG. Various incentives and financial assistance programmes - ranging from the 1Malaysia People’s Housing Programme to increased cash assistance for BRIM recipients have also been announced. Now that GST is just around the corner, it will be important for the government to focus on its successful implementation by allocating the right resources to this cause. Businesses must reciprocate by allocating sufficient time and resources to be GST-compliant. As foreseen, GST Orders relating to exempt supplies, zero-rated supplies and reliefs have been issued. These orders identify a number of goods and services that will not be subject to GST. While the majority of items identified are clear, there may in some instances be questions about their scope- this is an issue of classification, which is a common challenge for GST and valueadded tax systems. For example, it appears that the category of books subject to zero-rating does not include novels but does include reference books. What constitutes a reference book? Would the definition cover a travel guide, particularly if the guide is written in a narrative form? From a corporate and individual tax perspective, the budget holds no major surprises as it largely formalises the measures announced last year. It has been proposed to reduce the corporate tax rate from 25% to 24% with effect from year of assessment 2016. Although a positive measure, it should be noted that the headline corporate tax rates in Singapore and Thailand are only 17% and 20% respectively. However, the effective Malaysian tax rate may often be lower than the headline tax due to incentives. The proposed tax incentives are primarily for medical tourism and investment projects based on technology, innovation and knowledge that involve highly qualified employees with high salaries (although full details on the latter have not been announced). There is, however, a general relief for players in the manufacturing industry, which is the automation capital allowance (of 200% for capital expenditure of RM2 million, and up to RM 4 million for certain labour-intensive industries) to encourage efficiency.

24 I THE BRIDGE

Notwithstanding the cuts and reliefs, it should also be noted that in line with the recent crackdown on tax evaders, harsher penalties will now be imposed for various tax offences, including the failure to furnish a return, or leaving or attempting to leave Malaysia without paying tax. The penalties have been increased from a maximum fine of RM2,000 to RM20,000. Such changes, coupled with the introduction of GST, are in line with the government’s resolve to strengthen the compliance base of Malaysia’s tax system and promote the efficient collection of taxes and duties in future. For individuals, the reductions in the personal tax rates are also in line with expectations, as announced in the previous budget. In this regard, individual tax rates have been reduced by 1% to 3% across various income bands while the highest marginal tax rate (reduced to 25% from 26% currently) will now only apply to chargeable income exceeding RM400,000 compared with RM100,000 currently. While these cuts are welcome, there is perhaps some disappointment that existing reliefs have not been enhanced to ease the burden on households, such as increasing the current limits for personal relief of RM9,000, child relief of RM1,000, and the limits for Employees Provident Fund contributions. The only reliefs that have been marginally enhanced are mainly for disabled taxpayers and for expenses related to treatment for serious diseases. In summary, Budget 2015 delivers no surprises but rather reflects the government’s commitment to ensuring that GST will be implemented as planned.

ON THE GROUND

EVENTS - MCBC MCBC Great Canadian Bowling Tournament 2014

Tuesday, October 28th, saw 12 teams of 4-persons hit the lanes at Bukit Kiara Equestrian & Country Resort, for the very first (and now annual) MCBC Great Canadian Bowling Tournament. A fun evening was had by all as teams battled it out for a range of prizes from Top Team to Most Gutter balls. Many thanks to our Event Sponsors: Smart Reader Worldwide and Santa Fe Relocations for helping to make it a big success!

Craft Beer Tasting

With our good friends at the Malaysia Canada Business Council, we hosted a Craft Beer Tasting evening on September 30th, at Taps Beer Bar on Jalan Nagasari. Thirty thirsty guests learned about the brewing process of five specialty beer from around the world, got tasting notes, and then enjoyed trying them. Thanks to everyone who attended.

THE BRIDGE I 25

Premier Corporate League:

ON THE GROUND

IS THERE A ‘CLOUD’ ON YOUR HORIZON?

CALENDAR OF EVENTS Date

Event

Location

MCBC Calendar of Events Tuesday, Dec 9 MCBC Christmas Party Menara RKT Rooftop Thursday, Dec 11 Spring Professional HR Seminar “Generation Z Workers Capri by Fraser Bangsar Tuesday, Jan 20 Networking TBA Tuesday, Feb 24 MCBC-CAM Quiz Night TBA May 2015 MCBC Annual Golf Tournament Tropicana - details to come Please contact Natasha at MCBC (603) 7785-0799 or [email protected] or www.malaysia-canada.com for further information. Canadian High Commission Commercial – Heads Up Dec. 2-5 20th International Oil & Gas Exhibition & Conf Marina Bay Sands Singapore Jan. 17 - 18 Star Education Fair KL Convention Centre March 2-5 Mobile World Congress Barcelona Please contact the Canadian High Commission at (603) 2718-3333 for further information. Canadian Association Malaysia (CAM) Oct 2015 Canadian Thanksgiving Ball TBA Please contact Terry Andersen at [email protected] or www.canadians-in-kl.com for further information.

26 I THE BRIDGE

The Bank of Nova Scotia Berhad Menara Boustead 69 Jalan Raja Chulan 50200 Kuala Lumpur Malaysia Phone: (60-3) 2141-0766 Fax: (60-3) 2141-2160

Scotiabank named Global Bank of the Year Scotiabank is the first Canadian bank to be recognized as Global Bank of the Year by The Banker magazine The Bank was also recognized in seven other categories, including Bank of the Year for the Americas. This is the first time a Canadian bank has been recognized in either category. Scotiabank was also recognized by the magazine as Bank of the Year in Canada, Antigua, Barbados, Belize, Turks and Caicos and the British Virgin Islands. Financial institutions are judged by The Banker on their ability to deliver shareholder returns and gain strategic advantage.

www.scotiabank.com.my

The Scotiabank Group – Global Reach Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With 80,000 employees, Scotiabank Group and its affiliates serve almost 18.6 million customers in over 50 countries.

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