THE IMDB SCANDAL HAS GONE A LONG WAY. WITH ALL THE NEW ISSUES BEING DELIBERATELY INTRODUCED, INTENTIONALLY OR NOT, IT IS BETTER THAT SOME UNCENSORED FOREIGN REPORTS, OR REPORTS ON FOREIGN OPINION, BE REINTRODUCED HERE IN ORDER TO REFRESH EVERY READER'S MEMORY.
(You may read by chronological order from below)
THIS ENTRY WILL BE UPDATED FROM TIME TO TIME
September 2, 2015
Malaysia must explain US$700 million donation, says international anti-graft group
Its president, Jose Ugaz, said Malaysia's commitment towards fighting corruption cannot be taken seriously as long as it did not explain who paid the money, why, and what happened to it.
"We want to see more progress (from Malaysia) but that cannot happen while there are unanswered questions about the US$700 million that made its way into the prime minister's personal bank account," said Ugaz at the opening ceremony of the 16th International Anti-Corruption Conference (IACC).
The hall, which comprised delegates from across the world, broke into applause at his statement.
"No one can be in Malaysia and not be aware of the corruption allegations of recent months and how damaging they are to the country."
He said in recent weeks, the attorney-general “who was critical of the government” was replaced, the task force probing into 1Malaysia Development Bhd (1MDB) was suspended, investigators were arrested, and newspapers suspended.
"These are not the actions of a government that is fighting corruption.
"We may well hear promises of reform. That is not what is needed at this time. And promises alone will not restore confidence and trust," said Ugaz.
Ugaz, a Peruvian lawyer with a history of taking on grand corruption, said only “one man” could provide answers, in an apparent reference to Najib.
But he said if the man refused to come forward, then only a fully independent investigation, free from political interference, could uncover the truth.
"Until that happens, no claim from the government on anti-corruption will be credible."
Kuala Lumpur is hosting the ongoing IACC and Najib was to have given the keynote address.
The conference at the Putrajaya International Convention Centre ends on Friday.
(Touted as a premier global gathering of anti-corruption stakeholders, the IACC is held once every two years and this year it drew 1,000 delegates from 130 countries. – September 2, 2015)
August 22, 2015
Le Temps, one of Switzerland's premiere newspapers, has tonight (Friday) received confirmation from the Attorney General's Office that an official investigation has now been launched into 1MDB.
It is a highly significant move, because it signals that the international banking regulators are now engaging in the scandal, which has engulfed Malaysia for several months.
Over the past few weeks the Prime Minister of Malaysia has moved to close down the country's own investigations into the matter, leaving many to wonder if 1MDB's financial irregularities would pass unnotices.
At the same time he sacked his Deputy Prime Minister, his Attorney General and several members of his cabinet, while also shutting the country's premiere independent business newspaper and, of course, banned Sarawak Report.
However, with each high-handed move Najib Razak has engendered concern within the international financial community , which regards transparency and due legal process as a crucial pre-cursor to investment.
The ringgit has plunged by a quarter over the past few months and there are now fears of a free -fall if the Prime Minister's refusal to abide by normal due processes continues.
Whistleblower in Thailand jailed for three years this week for revealing 1MDB's secrets.
The Swiss press have been alerted to the story by the arrest and apparent vilification of an apparent whistleblower into 1MDB, the Swiss national Xavier Justo.
Justo received a three year sentence in Thailand for allegedly blackmailing PetroSaudi International over his information about their condect during the highly controversial venture with 1MDB, where US$1.19 billion appears to have been siphoned out via a company owned by Najib Razak's proxy, businessman Jho Low.
Involved in these deals have been RBS Coutts, Zurich, JP Morgan and the Swiss private bank Falcon, which was bought by the 1MDB joint venture partner from Abu Dhabi, Aabar.
The Chairman of Aabar was sacked two months ago, following a spate of revelations about 1MDB and the CEO was sacked yesterday also.
Altogether the various moves and declarations by the international finance community over 1MDB-related matters indicate a growing momentum of concern about the multi-billion dollar scandal in Malaysia, where the Prime Minister appears unable to answer the most basic questions.
Next weekend, as the international community has noted, the well renowned Bersih (Clean) movement has scheduled the 4th of a series of peaceful protest marches, calling for a clean up against corruption.
Bersih 4 is specifically directed against Najib Razak's current failure to explain the arrival of US$681 million into his own account, which was believed by investigators to be linked to the 1MDB scandal-before their investigations were closed down.
The last march, held before the 2013 General Election and directed against cheating by the ruling party, rallied over 300,000 people.
Temperatures are said to be rising even higher now, following what was generally regarded as a bought result by the ruling party. There are indications that intimidatory tactics against the marchers by 'counter-groups' and the police will reach new levels.
Government employees have also been warned they could lose their jobs if they participate in the march, which is a clear violation of their constitutional rights.
The notice from Le Tamps from the Swiss Attorney General states:
"Regarding the state of affairs to which your request relates, confirms that the MPC (Swiss Confederation) opened a criminal case against two 1MDB bodies, dated August 14, 2015, and against unknown (an individual who is yet to be named - one obvious suspect being Tarek Obaid, the Director of PetroSaudi International). The procedure is being conducted under the laws concerning the bribery of foreign public officials (art. 322 septies CP), dishonest management of public interests (art 314 CP) and money laundering (Art. 305 bis CP). The opening of the criminal action follows two communications office for money laundering (MROS) (Transaction)
This key announcement in Switzerland confirms that the authorities in that country opened a case on 1MDB on 14th August 2015.
It is the first key sign that the investigation into 1MDB has been globalized into the hands of other implicated regulatory authorities. As Malaysia abdicates its own leading role in the investigation the markets have markedly started to panic, as evidenced by the ongoing collapse of the Ringgit.
Other internationals are clearly being forced to take action to ensure co (Truncated by WhatsApp)
Gulf Times: Saudi government reportedly 'not amused' about 1MDB headlines
The news that Switzerland has now kicked off a probe into banks linked to 1MDB scandal has caught the attention of the Gulf Times.
The Gulf Time is a report titled 'Switzerland could turn the scales in 1MDB scam'.
In the 1MDB case, the whereabouts of $1.8 bn of its funds are unknown. A probe found that around $680 mn made their way on a private bank account of Malaysia Prime Minister Najib Razak, who denied any wrongdoing and claimed that the money was a 'donor' from Saudi Arabia, meant as of appreciation to Malaysia for 'championing Islam' and fighting militant group ISIS.
However, unease is growing in the Middle East over the issue. The Saudi government is reportedly not amused about making in into the headlines in the 1MDB case, and at Falcon Private Bank's parent, Aabar Investment Company, two top executives, Chairman Khadem al Qubassi and CEO Mohamed Husseiny, have been shown the door.
It is about time that Najib reveals the identity of the mysterious 'donor' before causing unnecessary embarrassment (by association) to anyone else.
November 10, 2014
EXPOSED: Tony Blair's lucrative cash-for-contacts deal with 1MDB-funded PetroSaudi.
The Sunday Times in the UK has a massive expose on that war crimilan Tony Blair:
TONY BLAIR secured a secret contract with an oil company founded by a senior member of the Saudi royal family for a fee of GBP41,000 a month and a 2% commission on any of the multimillion-pound deals he helped broker, a leaked document reveals.
The contract agreed in Novermber, 2010 between Tony Blair Associates (TBA) and the oil firm PetroSaudi involved the former premier arranging introductions to his contacts in Chine, including senior political figures. The firm was told it could not divulge Blair's role to anyone without permission.
Interestingly enough, a joint-venture between PetroSaudi and 1MDB was entered into in 2009, a year before the above contract was agreed. Effectively, 1MDB had pumped several billion ringgit into PetroSaudi.
Before that, PetroSaudi had only little money in the bank, according to some top-notch investigative journalism in Sarawak Report, and it was hardly a Saudi state-owned entity.
The Australian reports:
It (PetroSaudi) is a relative upstart in an industry dominated by big long-term players, but its global ambition s were bolstered in 2009 with a deal with 1 Malaysia Development Board, a company owned by the Malaysian government.
1MDB agreed to participate in a joint venture with an initial US$1bn investment. The money helped established the fledgling company as an international operation.
There were questions in Malaysia over the lack of transparency in the deal, and 1MDB later disposed of its interest.
So basically, 1MDB had raised money via bonds, incurring expensive fees, and the lent most of it to PetroSaudi.
In 2010, 1MDB sold its 40 per cent stake in PetroSaudi. This resulted in a 'gain' of RM650 m from the deal. If not for this 'gain', 1MDB would have made a loss instead of a profit for its financial year 31 March 2010. But 1MDB apparently did not receive cash from the sale at the time. Instead, it was forced to accept a 11 year repayment bond, for which PetroSaudi has to pay 1MDB interest.
1MDB reportedly made more loans to PetroSaudi after that - to help PetroSaudi service the interest? Oh, what a mess!
Hey, it was also in 2010 that Blair again visited KL - to chants of 'War Criminal'.
If only, the protesters had also known of Blair's links to PetroSaudi back then.
In 2011, Blair and Bush were found guilty of war crimes by the KL War Crimes Tribunal, a Mahathir inspired initiative.
But then, two months ago, in September 2014, this war criminal, Tony Blair, was apparently allowed to visit Malaysia and address students at the Subang campus of Inti International University and Colleges. So much for the KL Tribunal.
So that makes it at least three visits by Blair in the last five years. Now, why would a retired British premier - a war criminal at that - be so interested and made to feel so welcome in Malaysia? Cuti-cuti Malaysia.
Something else of note: PetroSaudi is reportedly registered in the Cayman Islands. Does that ring a bell?
1MDB now says RM4 bn of its RM7 bn parked in the Cayman Islands has been returned to Malaysia since 31 March 2014 with the balance due to be returned by this month.
I can't wait to see what the auditors of 1MDB have to say about the Cayman Islands money.
Najib has some serious explaining to do.
Jan 22, 2010.
Questions re: 1MDB's RM100 million CSR fund.