Archive for category Financial Scandals

Najib’s misdeeds at the 71st UMNO General Assembly which still rankle Malaysians who are rational, fair-minded, patriotic and nationalistic

It is almost a week week since the 71st UMNO General Assembly but what the Prime Minister, Datuk Seri Najib Razak said and did at the opening of the UMNO General Assembly and the winding-up still rankle rational, fair-minded, patriotic and nationalistic Malaysians who believe in what Bapa Malaysia Tengku Abdul Rahman said in 1957 about the country being “a beacon of light in a disturbed and distracted world” and the Dream and Vision in the Merdeka and Malaysia Proclamations of a Malaysia of excellence, justice, integrity, freedom and harmony despite the diverse races, religions and cultures in Malaysia.

Firstly, Najib’s resort to lies and falsehoods when he accused the DAP of being anti-Malay and anti-Islam, that “DAP yang terang terang Anti-Melayu dan Islam, sebagai tercatat dalam perlembagaan DAP, langsung tidak meyebut Islam sebagai Agama Persekutuan”.

Present at the 71st UMNO General Assembly opening were the leaders of the other 12 Barisan Nasional component parties, such as MCA, MIC, Gerakan and the Sabah and Sarawak component parties.

His criticism of DAP that “tercatat dalam perlembagaan, langsung tidak sebut Islam sebagai Agama Persekutuan” applies in equal measure to the 12 other BN component parties.

Will Najib accuse the other 12 BN component parties, and therefore the Barisan Nasional coalition, as anti-Malay and anti-Islam? Read the rest of this entry »

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If Najib can get away with the 1MDB “kleptocracy at its worst” in the 14GE, what is there to prevent Malaysia from scaling greater kleptocratic heights after the general election with 2MDB, 3MDB and worse money-laundering scandals which will make 1MDB scandal look like peanuts?

This has never happened before.

Malaysia singled out in an international forum as the No. 1 rogue nation in the world, with the United States Attorney-General Jeff Sessions condemning 1MDB, the brainchild of the Prime Minister, Datuk Seri Najib Razak, as “kleptocracy at its worst” at the Global Forum on Asset Recovery (GFAR) co-organised by the UK and US governments on 4th December DC.

Again, never happened before, news reports of Sessions’ castigation of Malaysia as global kleptocracy completely blacked out by UMNO/BN owned and controlled mainstream media, whether online or printed, in the country – whether the New Straits Times, Utusan Malaysia, Berita Harian or The Star.

I shudder to think that if Najib can get away with the 1MDB “kleptocracy at its worst” in the impending 14th General Election, what is there to prevent Malaysia from scaling greater kleptocratic heights after the general election with 2MDB, 3MDB and worse money-laundering scandals which will make 1MDB look like peanuts?
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JASA Director-General is paid higher than a Minister because he must be a person who is no respector for the truth and must be in the forefront to tell lies to defend Najib and “global kleptocracy”

Last month, Parliamentary Opposition Leader Datin Seri Dr.Wan Azizah Wan Ismail asked in Parliament why the Director-General of of Special Affairs Department (Jasa) is paid more than the monthly salary of Ministers, including the Communications and Multimedia Minister, to whom the JASA Director-General is supposed to be answerable to.

This answer has been given by the JASA Director-General Datuk Mohd Puad Zarkashi in his response to my criticisms of the Prime Minister, Datuk Seri Najib Razak’s summing-up speech at the UMNO General Assembly on Saturday.

It is clear that the reason why the JASA Director-General is paid higher than a Minister, including the Minister of Communications and Multimedia to whom he is not answerable to as he is accountable only to the Prime Minister is that the Jasa DG must be a person who is no respector for the truth and must be in the forefront even to tell lies to defend Najib and Malaysia’s infamy and ignominy as a “global kleptocracy”. Read the rest of this entry »

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14th General Election will be battle of truth vs lies, people of Malaysia vs UMNO/BN and “No Kleptocracy in Malaysia vs 2MDB/3MDB and more”! I have a confession to make.

I have a confession to make.

UMNO/BN owned or controlled media made quite a circus during the UMNO General Assembly over a former Penang DAP State Assemblyman for Jawi, Tan Beng Huat leaving the party to join the People’s Alternative Party (PAP), and I was singled out as the main reason for Tan’s departure from the party.

When I saw a photograph of Tan’s submitting his membership application to People’s Alternative Party, I had thought that the younger person to his right was Tan Beng Huat.

Tan resigned from the DAP more than a year ago, and he did not breathe a word about what he was purported to have said on Friday.

Now a person whom I have no impression whatsoever is quoted as authority by the Prime Minister, Datuk Seri Najib Razak that I want to be Prime Minister of Malaysia.

This is quite a reflection on the credibility and authority of Najib as the sixth Prime Minister of Malaysia.
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Will UMNO General Assembly ignore three years in a row what the United States Attorney-General Sessions described yesterday as the world’s “kleptocracy at its worst” – the international multi-billion dollar 1MDB money-laundering scandal?

Will the 71st UMNO General Assembly ignore three years in a row what the United States Attorney-General Jeff Sessions described yesterday as the world’s “kleptocracy at its worst” – the international multi-billion dollar 1MDB money-laundering scandal?

At the opening speech for the Global Forum on Asset Recovery in Washington DC yesterday, US Attorney-General Sessions described the 1MDB scandal as “kleptocracy at it worst” when referring to United States government efforts in combatting corruption on the global level.

No other kleptocracy rated the prominence given by Sessions to the 1MDB scandal. Read the rest of this entry »

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3Vs in the RCI Report of the Bank Negara Forex Losses in the 1990s, presenting the top political leaders and public servants in 1990s as a cast of villains raises questions about the present top political and government leaders in relation to 1MDB scandal – greatest corruption scandal in nation’s history

Everything is happening with unusual rapidity advertising that the motivating impulse is not to seek justice but the 3Vs of vengeance, vindictiveness and vendetta to target Tun Dr. Mahathir Mohamad and Datuk Seri Anwar Ibrahim with the impending 14th General Election in 120 days.

One sad outcome is the besmirching and devaluation of the institution of Royal Commission of Inquiries – as evident by the dishonourable manner in which the RCI Report on Bank Negara Forex Losses in the 1990s was surreptitiously circulated to Members of Parliament on the last day of Parliament, without any notice whatsoever and without any opportunity for MPs to debate it! Read the rest of this entry »

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Three dominant thoughts when ploughing through RCI Report on Bank Negara Forex Losses

I had three dominant thoughts when ploughing through the Royal Commission of Inquiry Report into the Bank Negara Forex Losses in the 1990s, tabled in Parliament today.

Let me share these three dominant thoughts before I have gone through the 830-page report.

Firstly, how accurate I was when I spoke in Parliament about a quarter of a century ago in 1993 and 1994 about the Bank Negara Forex Losses.

In my speech in Parliament in the debate on the Royal Address in April 1994, I estimated that the Bank Negara forex losses in the early nineties could exceed RM30 billion. Read the rest of this entry »

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Report: Bank’s board briefed on deposits into Najib’s account

Free Malaysia Today
November 13, 2017

PETALING JAYA: Members of AmBank’s board were in the know about large quantities of money deposited into the accounts of Prime Minister Najib Razak in 2013, according to Australian broadcasting agency SBS.

It said the full 12-man board had been briefed about the matter on multiple occasions between September and November 2014, but was not aware then of the source of the funds.

Following the briefing, then-CEO Ashok Ramamurthy, who had been seconded by the Australia and New Zealand Banking Group (ANZ) to head AmBank, was directed to report the transactions to Bank Negara Malaysia (BNM), it added. Read the rest of this entry »

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Singapore Police Examine Goldman’s Role in 1MDB Deals

By Andrea Tan
Bloomberg
November 3, 2017

Singaporean prosecutors and police are examining Goldman Sachs Group Inc.’s relationship with the Malaysian state investment fund at the center of global money laundering probes, people with knowledge of the matter said.

The Commercial Affairs Department, the police’s economic crime unit, and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Bhd., said the people, who asked not to be named because the queries are confidential. Investigators are also looking into the firm’s links with Malaysian financier Low Taek Jho, who the U.S. has alleged controlled a plot to siphon billions of dollars from the bond proceeds, the people said.

Investigators’ meetings with current and former Goldman Sachs employees are part of a criminal probe into fund flows related to 1MDB, the people said. The bank itself isn’t the focus of the investigation, they said. Neither Goldman Sachs nor its current or former employees have been publicly accused of criminal offenses or charged in relation to the fund, whose dealings have sparked probes in Singapore, Switzerland and the U.S. Read the rest of this entry »

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1MDB-linked Prince Turki among those nabbed for corruption in Saudi Arabia

The Edge Markets
November 06, 2017

(Nov 6): Prince Turki bin Abdullah, co-founder of Petrosaudi, the company that is embroiled in the 1Malaysia Development Bhd scandal, was among the 11 princes arrested in anti-corruption raids in Saudi Arabia on Saturday.

Reuters had named Prince Turki bin Abdullah, the former governor of Riyadh province, as among those arrested.

“A Saudi official said former Riyadh Governor Prince Turki bin Abdullah was detained on accusations of corruption in the Riyadh Metro project and taking advantage of his influence to award contracts to his own companies,” Reuters reported. Read the rest of this entry »

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Was “the power of 1MDB scandal” at play when in Parliament yesterday former Second Finance Minister Husni transformed from a Najib critic on 1MDB to a Najib sycophant, talking about Najib’s legacy of “zero corruption” when everybody knows it is “global kleptocracy”?

Was the “Power of the 1MDB scandal” at play in Parliament yesterday when former Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah transformed from a Najib critic on 1MDB to a Najib sycophant, talking about Najib’s legacy of “zero corruption” when everybody knows it is “global kleptocracy”?

Before further commentary on Husni’s speech in Parliament yesterday, Husni should clarify what he said a year ago, whether they were the truth and still relevant, for instance:

• That handling 1MDB had made him ill, that he was under heavy stress for months while trying to resolve the controversy and suffered high blood pressure; that a question from a senior official of Bank Negara that “Everyone knows that you are not involved in 1MDB. Why are you feeling stressed over the 1MDB issue?” finally prompted his decision to resign from the Cabinet; and that after his resignation, he felt relieved as “1MDB no longer disturbs my mind and heart”. Read the rest of this entry »

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Najib cannot be more wrong in boasting that the 2018 is the “mother of all budgets” – it is the “mother of all hypocritical budgets” when he dared not even address the 1MDB “mother of all scandals” which transformed Malaysia overnight into a global kleptocrcacy

I am very disappointed.

Throughout the nearly three-hour budget presentation by the Prime Minister and Finance Minister, Datuk Seri Najib Razak, I did not hear the single reference to the interntional multi-billion dollar 1MDB money-laundering scandal which had overnight transformed Malaysia into a global kleptocracy.

How can Najib boast that the 2018 Budget which he had presented is the “Mother of All Budgets” – that no other budget “during the last 22 years or the past 60 years of our own nation” had never been crafted so well – when he dare not even mention address the 1MDB “mother of all scandals” which transformed Malaysia overnight into a global kleptocracy!

I am shocked that Najib should claim that he is even better than his father, Tun Razak who had presented a budget as Finance Minister.
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Call on Najib to start his belated defence of international multi-billion dollar 1MDB scandal which transformed Malaysia overnight into a global kleptocracy in his 2018 Budget speech

Three days before his 2018 Budget speech, the Prime Minister, Datuk Seri Najib Razak suddenly issued a 81-paragraph blog on “My Economic Vision for Malaysia” which is remarkable for its attempt for the first time to white-wash the international multi-billion dollar 1MDB money-laundering scandal by explaining away the colossal theft and misappropriation of tens of billions of ringgit of public funds as a mere 1MDB “share of problems” which “we long ago revamped the management to correct the mistakes and bring it back to financial health”.

This is not a worthy or acceptable response to the international strictures that Malaysia has become a “global kleptocracy” as a result of the 1MDB scandal, which is the core of the kleptocratic litigation instituted by the United States Department of Justice (DOJ) to forfeit US$1.7 billion 1MDB-linked assets in the United States, United Kingdom and Switzerland, and which are now suspended pending criminal investigations by the United States authorities, as well as for the various financial and criminal actions and investigations by over half a dozen countries, including Singapore, Switzerland, Hong Kong, Abu Dhabi, the United Kingdom and Australia in connection with the 1MDB scandal.

Lest it be forgotten, the Malay Rulers’ on October 6, 2015 issued a rare joint statement and called on the Government to complete the investigation related to 1MDB as soon as possible and take “the appropriate stern action” against all found to be implicated. Read the rest of this entry »

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If 1MDB is a “national savior”, including saving Malaysia RM200 billion over the next 20 years on power agreements, then stop the clampdown and allow a full debate on 1MDB in Parliament!

Friday Oct. 27, 2017 is a watershed day for the Prime Minister, Datuk Seri Najib Razak, as he will be tabling the 2018 Budget as his “ultra weapon” for winning the 14th General Election.

Today, as a prelude to his 2018 Budget on Friday, Najib released his “My Economic Vision for Malaysia”, where he boasted about his accomplishments and achievements in his more than seven years as Prime Minister.

What will history and future generations remember about Najib’s premiership? Read the rest of this entry »

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Lesson from first day of Parliament – no way the 1MDB scandal can be swept under the carpet as it will continue to haunt and hound Malaysia until there is full accountability releasing the country from the infamy of a global kleptocracy

The lesson from the first day of the 25-day Budget 2018 parliamentary meeting is that there is no way the international multi-billion dollar 1MDB scandal can be swept under the carpet as it will continue to haunt and hound Malaysia until there is full accountability releasing the country from the infamy of a global kleptocracy.

Parliament can pretend that the 1MDB scandal has ceased to exist, rejecting questions from Members of Parliament relating to the 1MDB scandal and Malaysia as a global kleptocracy and stopping MPs from demanding accountability for the 1MDB scandal from the Prime Minister and the Cabinet Ministers, with Ministers having to undergo political acrobatics and contortions like the one performed by the Deputy Prime Minister, Datuk Seri Zahid Hamidi yesterday both during and after Question Time on the 1MDB scandal, particularly with reference to the whereabouts of major 1MDB scandal mastermind, Jho Low, but the monstrous 1MDB scandal will not go away. Read the rest of this entry »

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Will Najib give an assurance that the Malay Rulers’ statement of concern on national unity and harmony will not suffer the same fate as their previous statement two years ago on 1MDB scandal, which was virtually ignored and disregarded

Will the Prime Minister, Datuk Seri Najib Razak, give an assurance that the Malay Ruler’s statement of concern on national unity and harmony two days ago on Oct. 10, 2017 will not suffer the same fate as their previous statement two years ago on the 1MDB scandal, which was virtually ignored and disregarded.

The only reference, and a most indirect one, made by the Prime Minister to the Malay Rulers’ statement of concern on the 1MDB scandal was some three months later in Najib’s 2016 New Year Message on 31st December 2015 where Najib told Malaysians that his RM50 billion 1MDB and RM2.6 billion donation twin mega scandals had been resolved and were no more issues.

Najib could not be more wrong, as the past 21 months have shown that the 1MDB and Najib’s RM2.6 billion donation twin mega scandals have continued to haunt and hound Malaysians from various corners of the world.

As result, Malaysia has won the dubious distinction of being known worldwide as a “global kleptodcracy”! Read the rest of this entry »

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There is a plot to get MACC to arrest and parade me in handcuffs in orange-coloured MACC lock-up uniform to counter kleptocratic allegations against Najib over 1MDB scandal

Today’s Barisan Nasional owned and controlled media are full of pictures and story of the Parti Warisan Sabah vice president Datuk Peter Anthony, in handcuffs and in orange-coloured MACC (Malaysian Anti-Corruption Commission) lock-up uniform being taken to the Kota Kinabalu courthouse to be remanded for five days for further MACC investigations in connection with the siphoning off of some RM7.5 billion to supply water, electricity and roads to the rural poor.

I do not know anything about the latest Sabah corruption case, but I know there is a conspiracy and plot to get the MACC to arrest me under the allegation that former Prime Minister Tun Dr. Mahathir Mohamad had given me a RM1 billion bribe and parade me in handcuffs in orange-coloured MACC lock-up uniform.

This, according to the UMNO/BN election strategists, would be the best way to counter the kleptocratic allegations against Najib over the international multi-billion dollar 1MDB money-laundering scandal which had turned Malaysia overnight into a global kleptocracy.

The top UMNO/BN election strategists had brain-stormed long and hard as to what is the most effective way to counter the main issue against Najib in the “do-or-die” 14th General Election – the kleptocratic allegations, not only in Malaysia but world-wide, against Najib because of the 1MDB scandal.

The most powerful and effective way to counter and destroy this attack on Najib over kleptocracy and 1MDB scandal would be for Najib to prove that he is clean, honest and trustworthy, that there is no 1MDB scandal and that the lies about the US Department of Justice (DOJ) allegations against him as a kleptocrat and “MO1” are just utter lies and falsehoods. Read the rest of this entry »

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Malaysia: 1MDB casts a long shadow

by Eric Ellis
EuroMoney
October 04, 2017

This is the third year of the drama: as the government desperately tries to untangle its controversial fund before elections are called, Malaysians are asking who’s really paying to clean up the mess.

It was a revealing time to be a banker in Malaysia.

During the last week of July, word went around Kuala Lumpur’s banking circles that there could be a big government mandate in the offing, a deal to raise around $600 million, there for the taking for anyone up for the business. A $600 million transaction might not be especially large, but a deal is a deal, and even better if it’s for a sovereign, no? After all, the pickings have been a little slimmer for KL bankers ever since Malaysia was engulfed by the 1MDB corruption scandal in 2015, a saga that has rocked the ringgit, threatened Malaysia’s credit standing and plunged the country into chronic political and economic turmoil. At the centre of the scandal is Malaysia’s prime minister, Najib Razak, who received hundreds of millions of dollars via 1MDB, and who claimed the money was a donation from Middle Eastern supporters.

Two years on, the $12 billion debt drama at the Malaysian sovereign fund continues to reverberate at home and echo in regulators’ offices around the world, with investigations under way in seven countries – but notably not Malaysia. Given the suspicions of money laundering and embezzlement, investigators, some wielding indictments, are demanding answers to tough questions about important people implicated in the case. Read the rest of this entry »

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Challenge to Najib to deny that he had not created an instant billionaire (in Malaysian ringgit) by approving RM1.8 billion commissions to Leissner or 9% of the three 1MDB bonds totally US$6.5 billion in 2012/3 – which is several times the industry average for underwriting risky bonds

The international headlines about former Goldman Sachs banker Tim Leissner, who had been linked to the 1MDB scandal, barred from the US securities industry for failing to provide documents for 1MDB investigations, is the latest proof that despite Malaysian Prime Minister, Datuk Seri Najib Razak’s optimistic forecast in his 2016 New Year Message 21 months ago that the 1MDB scandal was no more and his Sept. 12 visit to the White House and meeting with US President Trump, the 1MDB scandal is not only very much alive, but has become more global in its tentacles and scope.

The US Financial Industry Regulatory Authority (Finra) said the indefinite ban on Leissner was issued on Sept 11 as he did not respond to requests for documents and other information on 1MDB investigations.

The US industry body was probing Leissner’s departure from Goldman Sachs in early 2016, in particular into a reference letter he allegedly wrote during his time with the firm.

Leissner, who was formerly Goldman Sachs’ Southeast Asia chairperson, was an adviser to 1MDB and had allegedly issued an unauthorised letter in June 2015 to a financial institution in Luxembourg, vouching for controversial entrepreneur Jho Low, a key figure in the scandal surrounding the Malaysian sovereign wealth fund.

Goldman Sachs suspended him, and he later quit the firm. Subsequently, the Monetary Authority of Singapore (MAS) issued a 10-year ban against him trading in the country, effective March 13, 2017.

Leissner was prime mover in Goldman Sachs’ effort in raising US$6.5 billion through the sale of three bonds in 2012 and 2013 for 1MDB, a deal where the firm made US$593 millionh (or RM1.8 billion) in commissions.

Malaysians are entitled to know who in 1MDB, the Finance Ministry and the Government of Malaysia was responsible for approving US$593 million (or some RM1.8 billion) profits to Leissner or 9% of the three 1MDB bonds totally US$6.5 billion in 2012/3 – which is several times the industry average for underwriting risky bonds.

I challenge Najib to deny that he had not created an instant American billionaire (in Malaysian ringgit) in the 1MDB scandal by approving RM1.8 billion commissions to Leissner or 9% of the three 1MDB bonds totally US$6.5 billion in 2012/3 – which is several times the industry average for underwriting risky bonds. Read the rest of this entry »

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Ex-Goldman Banker Leissner Barred From U.S. Securities Industry

By Michael J Moore
Bloomberg
October 4, 2017

Tim Leissner, a senior Goldman Sachs Group Inc. banker before leaving the firm in the wake of its work with Malaysia’s embattled investment fund, has been barred from the U.S. securities industry for failing to provide documents to a regulator.

The Financial Industry Regulatory Authority issued an indefinite bar on Sept. 11, saying Leissner didn’t submit to its requests during an investigation, according to his employment records on Finra’s website. Leissner accepted the findings, without admitting or denying them, according to the self-regulatory body.

Leissner, once Goldman Sachs’s Southeast Asia chairman, was an adviser to 1Malaysia Development Bhd., an investment fund set up in 2009 to help the nation build infrastructure. 1MDB ultimately became embroiled in allegations of financial irregularities that sparked probes in multiple countries. Leissner left Goldman last year after questions about the fund, his work on an Indonesian mining deal and a reference letter he allegedly wrote. Read the rest of this entry »

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