Malaysia Probe Says It Has Found Documents Tied to Alleged Transfers to Premier

Wall Street Journal
July 4, 2015

KUALA LUMPUR, Malaysia—Malaysia’s attorney general said an official investigation into a troubled state investment fund has uncovered documents related to allegations that money was transferred into the personal bank accounts of Prime Minister Najib Razak.

A task force comprising the central bank, the national police and the nation’s anticorruption agency uncovered the documents during a probe of 1Malaysia Development Bhd., or 1MDB, Abdul Gani Patail, the attorney general, said Saturday.

Mr. Abdul Gani said that on Friday the task force had raided the offices of three Malaysian companies linked to 1MDB that allegedly were involved in the transfer of funds to Mr. Najib’s accounts.

“I confirm that I have received documents from the special task force related to 1MDB, including documents related to the allegations of channeling of funds to accounts owned by Prime Minister Najib Tun Razak,” Mr. Abdul Gani said.

The Wall Street Journal reported on Friday that Malaysian government investigators looking into 1MDB’s activities had traced almost $700 million in deposits into what they believe are Mr. Najib’s personal accounts. The investigation documents, reviewed by the Journal, didn’t provide the original source of the money or what happened to the cash after it allegedly entered Mr. Najib’s accounts.

Mr. Najib on Friday said the allegations were an attempt by his political adversaries to smear his name. His office declined to comment on specific allegations referring to the alleged money transfers.

The government investigation, reported first by the Journal, marks the first time Mr. Najib has been directly connected to probes into 1MDB, which owes over $11 billion to banks and bondholders. A person familiar with the government investigation said the documents had been given to the attorney general several weeks ago.

In response to the Journal report, Deputy Prime Minister Muhyiddin Yassin said on Saturday that authorities must investigate the allegations made against Mr. Najib, in a statement given to local media.

“These allegations are serious because they can affect the credibility and integrity of Najib as PM and the leader of the government,” said Mr. Muhyiddin, who is from Mr. Najib’s ruling party.

The raids of the three companies netted documents which will be examined as the investigations continue, Mr. Abdul Gani said.

The Journal reported how government investigators had traced the movement of a total $11.1 million from a unit of the country’s finance ministry through a subsidiary of the unit to a third company, which carries out corporate social responsibility work, exclusively for 1MDB. According to the government investigators, the money then went into Mr. Najib’s accounts.

SRC International is the unit of the Finance Ministry, which also is headed by Mr. Najib. The company originally was part of 1MDB but was transferred to the Finance Ministry in 2012.

1MDB has denied any involvement in transferring money to Mr. Najib’s accounts. The corporate social responsibility company, Ihsan Perdana, said to local media Friday that the firm didn’t send any money to the prime minister’s accounts. Attempts to reach the three companies weren’t successful.

By far, the largest alleged transfers into Mr. Najib’s accounts were two deposits of $620 million and $61 million in March 2013, during a heated election campaign in Malaysia, the government investigation documents show. The cash came from a company registered in the British Virgin Islands via a Swiss bank owned by an Abu Dhabi state fund according to documents obtained by investigators.

The fund, International Petroleum Investment Co., or IPIC, has guaranteed billions of dollars of 1MDB’s bonds and in May injected $1 billion in capital into the fund to help meet looming debt repayments. A spokeswoman for IPIC couldn’t be reached for comment. The British Virgin Islands company, Tanore Finance Corp., couldn’t be reached.

Mr. Najib set up 1MDB in 2009 to develop new industries. But the fund’s overseas energy ventures have failed to take off and it has been forced to reschedule debt repayments. Critics, including opposition politicians and some members of the ruling party, are worried about its heavy borrowings and lack of transparency.

The Journal last month reported how 1MDB indirectly had supported Mr. Najib’s election campaign in 2013. The fund appeared to pay an inflated price for a power asset from a Malaysian company, according to financial statements. That firm then contributed millions of dollars to a Najib-led charity that spent on schools and other projects that Mr. Najib was able to tout as he campaigned.

“We only acquire assets when we are convinced that they represent long-term value, and to suggest that any of our acquisitions were driven by political considerations is simply false,” 1MDB said last month.

A number of agencies are probing 1MDB. They include the national police, the auditor general, a parliamentary committee and the central bank. The attorney general didn’t say whether his office would launch its own investigation. The auditor general last week completed its probe into 1MDB’s finances, and plans to hand its report to Parliament on Thursday.

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  1. #1 by flyer168 on Sunday, 5 July 2015 - 6:41 am

    “Malaysia Probe Says It Has Found Documents Tied to Alleged Transfers to Premier”

    YB LKS,

    Bank Negara Malaysia, Ambank and Affin (Islamic, UnIslamic, Private, Not So Private etc)

    Please Confirm The Denial…

    Suggest you write to / contact the Monetary Authority of Singapore and Commercial Affairs Department Singapore to conduct investigations on the USD681 million transfer from Falcon Private Bank, Singapore Branch…

    “Reporting – The public and CAD need to work together to control crimes and maintain Singapore as a reporting choice destination for businesses and investment.

    If you suspect that an individual or company has committed an offence of a commercial nature or has contravened legislations enforced by the Department, you can lodge a report on commercial crime.

    If in the course of your trade, profession, business or employment, you have reason to believe that any property or transaction may be connected to criminal activity, you can lodge a Suspicious Transaction Report (STR) with the Suspicious Transaction Reporting Office (STRO).

    If you move physical currency and bearer negotiable instruments exceeding SGD 30,000 into or out of Singapore, through cargo, post or other means, you are required to give a NP728 report to STRO…”

    Also to share this…

    Role of Nik Faisal Ariff Kamil is revealed…

    Nik Faisal Ariff Kamil – key link between 1MDB, Najib and Jho Low

    A letter from Nik to the branch manager of AmIslamic Bank in Jalan Raja Chulan, KL dated 20th January 2014 reveals his management of several of the bank accounts owned by Najib, including two involved in the SRC investigation.

    Nik Kamil refers to three accounts, 211202201188-0/ 211202201189-8/211202201190-6, for which he reveals he has been appointed “Authorised Personnel” with the right to deposit cash.

    Because he and the account holder (Najib Razak) have schedules involving “various international trips and meetings scheduled and other potential ad hoc requirements”, he explains to the branch manager that there will be occasions where he “may not be available to provide necessary transfer and remittance instructions to the Bank”.

    He therefore wished to nominate a representative to “arrange for urgent cash deposits into the accounts where required for purposes of, inter-alia, clearances of urgent cheques against my instruction”.

    This revelation shows that Nik Faisal Ariff Kamil is not only the Director of the 1MDB subsidiary SRC, but also the manager of private accounts owned by Najib Razak, which have received money from that company…”

    Next to share this…

    This is from the Malayian Insider :
    Saturday, July 4, 2015

    “So the AG has confirmed that he has raided the offices of SRC and recovered documents which seem to tally with what the WSJ has revealed…”

    “There is a video from CNBC where they interview the Wall Street Journal’s Hong Kong Bureau Chief about the Wall Street Journal’s story. It is a must watch.

    The Wall Street Journal has proof to stand behind their story.”

    July 3 2015 – Probe finds 1MDB money in Malaysia PM’s accounts: WSJ

    CNBC Videos by CNBC Videos 2:43 mins

    Nearly $700 million of deposits were made into what are believed to be the personal bank accounts of Malaysian Prime Minister Najib Razak, the Wall Street Journal reported Friday citing documents from a government investigation.

    Guess what – they have ensured that this video is “sensored/silenced/muted”…WHY???

    Finally to share this

    Pascal Najadi is the founder president of the international private Swiss merchant banking advisory firm A.S. Najadi & Partners.

    This article was originally published under the title of Quo vadis Malaysia on July 4, 2015.

    July 4 2015 Najib’s Karma –

    July 4 2015 – Quo vadis Malaysia? – Pascal Najadi –

    July 4 2015 Murdered so that a new loan can be given to 1MDB –

    You be the judge.

  2. #2 by Godfather on Sunday, 5 July 2015 - 7:59 am

    Don’t expect the gomen to investigate itself. Eventually they will find no evidence of wrongdoing.

    • #3 by cemerlang on Sunday, 5 July 2015 - 10:38 am

      Never wave your dirty linen to others.

  3. #4 by TheWrathOfGrapes on Sunday, 5 July 2015 - 10:23 am

    Just like Bank Bumi scandal – a heinous crime with no one culpable.

    • #5 by cemerlang on Sunday, 5 July 2015 - 10:38 am

      She help U. Lu help her. Common purpose.

  4. #6 by boh-liao on Sunday, 5 July 2015 - 6:23 pm

    Fascinating ……… now, just connect d DOTs

    AhCheatKor declared dat MMK was pulling d strings 2 destroy him n supplied damaging info on him 2 d WSJ

    Gunnysack confirmed dat he received relevant documents fr d special task force

    Ha, ha – Know dis Gunnysack? Loyalty 2 MMK or ACKor? Remember THE mattress with seminal fluid stains incidence? Mee Sodo I & II …….

    Watch out 4 NEXT change

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