Plans by the Prime Minister, Datuk Seri Najib Razak, in the Ramadan month for a rescue and re-make of his image in readiness for the 14th General Election were blown apart by Najib’s and the country’s two largest financial scandals – the RM50 billion 1MDB international money-laundering scandal and the RM13 billion Felda Group Ventures Holdings Bhd (FGV) scandal.

As a result, the possibility of general elections being held after the SEA Games from August 19 – 30 and the 60th National Day celebrations on August 31, 2017 have dimmed, while the chances of the 14th General Elections being held next year have increased although I would not completely rule out the possibility of polls at the end of this year.

The FGV and 1MDB twin scandals have spoiled Najib’s carefully choreographed strategy to present himself as a “statesman” Prime Minister, respected by the nation and the world, and who deserve to win the next general elections with a two-thirds parliamentary majority.

They are indeed the latest living examples of the saying, “Man Proposes, God Disposes”. Read the rest of this entry »

By Emma Richards | 17th June 2017
Asian Correspondent

It’s got it all – super models, mega yachts, diamond necklaces, Hollywood superstars, fine art, and political intrigue.

While you could be forgiven for thinking I’m describing the latest extravagant and somewhat farfetched storyline of the latest James Bond outing, you would be wrong. For this story also involves a pudgy Malaysian businessman and the biggest theft in history from the coffers of the Malaysian tax payers.

I am, of course, referring to the 1 Malaysia Development Berhad (1MDB) scandal that has one again hit the headlines following the release of a 251-page court document issued Thursday by the US Department of Justice.

The document details the crafty workings of Malaysian financier Jho Low – among others, including Malaysian Prime Minister Najib Razak’s stepson Riza Aziz – who is accused of going on a lavish spending spree that beggars-belief with money stolen from the Malaysian people via the fund established by Najib in 2009 to promote economic development. Read the rest of this entry »

Straits Times
17th June 2017

These are some of the alleged assets bought using stolen funds from 1Malaysia Development Berhad (1MDB), as well as new pieces of information, detailed in the third filing by the US Department of Justice (DOJ) in its 251-page civil lawsuit.

“This money financed the lavish lifestyles of the alleged co-conspirators at the expense and detriment of the Malaysian people,” US Acting Assistant Attorney-General Kenneth Blanco said in a statement on Thursday.

The DOJ wants to seize the items as part of its Kleptocracy Asset Recovery Initiative. Read the rest of this entry »

By Una Galani
BreakingViews
Reuters
16 June 2017

1MDB’s money trail is quite something. Cash siphoned from the disgraced Malaysian sovereign fund ended up in a luxury yacht, technology startups, the movie “Dumb and Dumber To”, a pink diamond pendant, and artwork by Picasso and Basquiat, the U.S. Department of Justice alleges. This reads like a parody of the shopping habits of the rich and decadent.

With the latest filing, made public on Thursday, authorities now claim more than $4.5 billion was misappropriated between 2009 and 2015. Out of that, the DOJ is seeking to seize $1.7 billion of assets. The lawsuit shows in gritty detail how money was handled by the world’s biggest banks including Goldman Sachs and Deutsche Bank. They are not accused of wrongdoing, but no one comes out looking good in the largest case brought under the department’s so-called “Kleptocracy Asset Recovery Initiative”. Read the rest of this entry »

Aljazeera
17th June 2017

Malaysia officials have denied US allegations that the assets were stolen from the country’s sovereign wealth fund.

The US Department of Justice is seeking to recover $540m in assets that it says were stolen from Malaysia’s troubled sovereign wealth fund, prompting objections from Malaysian officials who said on Friday there was no evidence of such crimes.

The move by the United States, announced on Thursday, is part of an effort to seize luxury property, art, and other ill-gotten assets linked to fraud at the government-controlled fund, which is intended to promote economic development projects in the Asian nation.

It was the latest development in a complex money laundering scheme the Justice Department says was intended to enrich top-level officials of the fund, including some who are close to Malaysian Prime Minister Najib Razak.

Najib has denied wrongdoing. The prime minister’s press secretary, Tengku Sariffuddin, attacked the latest move and said: “The judicial process is not served by headline seeking.”

The Justice Department says more than $4.5bn has been stolen from the fund, known informally as 1MDB, which was created in 2009.

“This money financed the lavish lifestyles of the alleged coconspirators at the expense and detriment of the Malaysian people,” acting US Assistant Attorney General Kenneth Blanco said in a statement. Read the rest of this entry »