Archive for category Financial Scandals

Najib in panic mode

The Prime Minister, Datuk Seri Najib Razak is in panic mode.

His latest attack of nerves that he would fulfill the “RAHMAN” prophecy as the last UMNO Prime Minister in Malaysia in the 14th General Election came about because of an unprecedented concatenation of external and internal developments.

Externally, the 1MDB scandal which had brought Malaysia worst infamy and ill-repute in nation’s history transforming Malaysia overnight into a global kleptocracy, has just refused to die.

Although Najib had wished in his 2016 New Year Message on 31st December 2015 that his RM50 billion 1MDB and RM2.6 billion donation twin mega scandals had been resolved an d were no more issues, events have proved that he could not be more wrong.

For almost every month in the past 19 months since Najib’s 2016 New Year Message, the 1MDB scandal, far from disappearing into thin air, has gathered increasing speed, momentum and power as the biggest kleptocratic scandal in the world, promising even to out-live Najib’s premiership.

In July 2016, the United States Department of Justice (DOJ) filed its largest kleptocratic lawsuits to forfeit over US$1 billion of 1MDB-linked assets embezzled from 1MDB funds and money-laundered through American banks, a detailed lawsuit covering some 126 pages which highlighted the role of “MO1”. Read the rest of this entry »

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If Apandi is so God-fearing, he should not be Attorney-General of a global kleptocracy

Replying to the former Prime Minister, Tun Dr. Mahathir Mohamad who said at the Pakatan Harapan Ceramah “Sayangi Malaysia, Hapus Kleptokrasi” in Shah Alam on Monday night that if Pakatan Harapan forms the government after the next general election, it would summon the Attorney-General, Tan Sri Mohamed Apandi Ali over the allegation that he used the Official Secrets Act (OSA) to hide evidence in the 1MDB scandal, Apandi replied:

“I do not fear anyone, including Mahathir. I don’t fear human beings, but I fear Allah.”

If Apandi is so God-fearing, he should not be Attorney-General of a global kleptocracy.

Let me remind Apandi of the following Quranic injunctions:

“Do not act wickedly in the land spreading corruption, disorder or mischief. [Quran 2.60]”;

“Do not confound the truth with falsehood, nor knowingly hide the truth [Quran 2.42]”. Read the rest of this entry »

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1MDB scandal and Malaysia as global kleptocracy are potent signs that something is very wrong and even rotten in Malaysia and that the nation has lost its moral moorings of its founding years of Merdeka and Malaysia

Yesterday was the eighth anniversary of the murder of an idealistic young Malaysian, Teoh Beng Hock in Shah Alam, who died because of a baseless allegation of corruption involving RM2,400 for 1,500 Malaysian flags used in the Merdeka celebrations in 2008, where the institutions of state were misused by the powers-that-be to persecute political opponents.

If a RM2,400 case could cost a life to be lost, how many lives should be lost over the 1MDB financial scandal?

The 1MDB scandal, which catapulted Malaysia into stratospheric infamy as a global kleptocracy, is one of astronomical proportion and could involve RM50 to RM55 billion – which means that some 100 million people (more than three times the population of Malaysia) would have to die if a person’s life could be lost over a RM2,400 allegation.

This highlights the monstrosity of the 1MDB scandal!

Recently, there were glowing reports about the benevolence of one 1MDB mastermind, Penang billionaire Jho Low, who donated hundreds of millions of ringgit to charitable foundations.

This was also about the time when the Prime Minister, Datuk Seri Najib Razak declared that “Not everything about the 1MDB is bad or negative” and lamented that many Malaysians were unaware that 1MDB had contributed a lot of good in many ways, like spending RM57 million since 2011 to finance 5,700 Malaysians to perform the haj. Read the rest of this entry »

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Two things for Malaysian voters to prove at the 14th GE – that Malaysians reject kleptocracy and is a normal democratic country

There are two things for Malaysian voters to prove in the next 14th General Election – firstly, that Malaysians reject kleptocracy; and secondly, that Malaysia is a normal democratic country.

I do not believe there a single person who would think when the country attained Merdeka on August 31, 1957 or when Malaysia was formed on Sept. 16, 1963 that the nation would become not just a kleptocracy, but a “global kleptocracy”.

Malaysia only became known as a “global kleptocracy” after the 13th General Election in May 2013.

This is quite an achievement of sorts in so short of time, but Malaysians must demonstrate in the 14th General Elections that they are not proud of such “achievement” and do not want such international infamy and ignominy for the country, where they are shy when overseas to admit that they are Malaysians for they do want to answer questions revolving around “MO1”or the RM117 million pink diamond necklance for “wife of MO1”.

For six decades, the political rulers in Malaysia from Barisan Nasional have acquired the traits of a “big bully” which can be seen by the high-handed and arbitrary manner in which they tried to disqualify the DAP Sarawak State Assemblyman for Pujut, Dr. Ting Tiong Choon with the brute Barisan Nasional majority in the Sarawak State Assembly.

Another example of Barisan Nasional as the “big bully” trampling on the human rights of Malaysians is the high-handed and arbitrary ban of political activist Hiew Kuan Yau from entering Sarawak this evening to be guest speaker at this Miri DAP Branch dinner. Read the rest of this entry »

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Is there not a single one from the 36 Ministers who realized that establishing an RCI into Bank Negara forex earnings losses a quarter of a century ago without a RCI into 1MDB is the dumbest thing the Cabinet can do?

Newly-appointed Pakatan Harapan Chairman and former Prime Minister, Tun Dr. Mahathir Mohamad, in his blog yesterday, wrote:

“On the other hand, no RCI is being set up to investigate the proven losses of tons of money by 1MDB and Najib despite the enormous evidence of wrongdoings which are available to the world and the Malaysian public.

“The RCI on currency trading by Bank Negara more than thirty years ago is not about seeking justice but is clearly a desperate effort by Najib to silence his detractors. It will not work.”

I fully agree with Mahathir.

In fact, I want to ask if there was not a single one from the 36 Ministers who did not realize that establishing a Royal Commission of Inquiry (RCI) into Bank Negara forex earnings losses a quarter of a century ago without a RCI into 1MDB is the dumbest thing the Cabinet can do and that the Malaysian Cabinet has become the laughing stock in the world in the past three weeks?

Where is the conscience of Barisan Nasional in the Cabinet? Gerakan had forsaken that self-appointed role as “conscience” of Barisan Nasional long time ago, and has the Barisan Nasional Cabinet and government become conscienceless all these years? Read the rest of this entry »

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Najib should take a leaf from Singapore Prime Minister Lee Hsien Loong, schedule a three-day parliamentary debate on 1MDB on 24-26th July when Parliament reconvenes and waive parliamentary immunity to give full accounting of a scandal which has made Malaysia into a global kleptocracy

The Prime Minister, Datuk Seri Najib Razak should take a leaf from his Singapore counterpart and schedule a three-day parliamentary debate on 1MDB on 24-26th July when Parliament reconvenes and waive parliamentary immunity to give a full accounting of the scandal, which has made Malaysia into a global kleptoracy.

Up to now, Najib and his government have put up an elaborate but artificial charade that the 1MDB scandal does not exist, a figment of imagination of Najib’s enemies who want to topple the Malaysian Prime Minister and undermine the national sovereignty of Malaysia.

However, the fig leaf of such an elaborate and artificial charade has been torn to shreds by the guilty plea of the former Singapore banker, Yeo Jiawei, to charges including money-laundering of stolen 1MDB funds. Yeo played a role in the 1MDB money-laundering transactions and made secret profits on the side.

Even more ominous was the statement by the Singapore prosecutors that 1MDB was the “main victim” of the US$6 billion financial scam by the Penang billionaire Jho Low and the revelation that Jia Wei had agreed to help with Singapore’s 1MDB money-laundering probes, described as the largest in the country’s history. Read the rest of this entry »

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Why had Khairy been overshadowed not only by “old men” in Pakatan Harapan but also “old men” in UMNO?

Former Prime Minister, Tun Dr. Mahathir Mohamad made a valid point when he asked the UMNO youth leader and Minister for Youth and Sports, Khairy Jamaluddin, why he is afraid of “old men” in politics because Khairy had asked Mahathir, Datuk Seri Anwar and I myself to retire from politics.

While we wait for Khairy’s reply, just as I am waiting for Khairy to elucidate the mysterious reason he had given asking for my retirement from politics, Khairy should explain why he is being overshadowed not only by “old men” in Pakatan Harapan, but also by “old men” in UMNO!

Khairy, who may regard himself as the greatest gift to Malaysians, has failed to stand heads-and-shoulders over the “half-past six” and “deadwood” Ministers in the Najib Cabinet which he joined in 2013 – an eloquent but sad testimony of the mediocrity of an Oxonian. Read the rest of this entry »

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Malaysia’s 1MDB Fund Spawns Worldwide Probes: QuickTake Q&A

By Shamim Adam and Laurence Arnold
Bloomberg
16 June 2017

Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions.

1. What is 1MDB?

It’s a government investment company — full name, 1Malaysia Development Berhad — that took shape in 2009 under Najib, who went on to lead its advisory board. Its early initiatives included buying privately owned power plants and planning a new financial district in Kuala Lumpur. The fund proved better at borrowing — it accumulated $12 billion in debt — than at luring large-scale investment. Read the rest of this entry »

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Malaysia’s 1MDB a `Victim’ of Jho Low, Singapore Prosecutors Say

By Andrea Tan and Chanyaporn Chanjaroen
Bloomberg
12 July 2017

Prosecutors in Singapore said Malaysian financier Low Taek Jho is the central figure in probes linked to 1Malaysia Development Bhd., and that he used money traceable to the state fund for his own benefit.

Low received “huge” sums of money, the prosecutors said in court filings made public on Wednesday. About $1 billion that 1MDB was purported to invest in a joint venture with PetroSaudi International Ltd. was diverted to a bank account beneficially owned by Low, according to the filings.

“The main victim in this case is 1MDB,” prosecutor Nathaniel Khng said in a Singapore state court. “Jho Low has gone missing from the public eye.”

Singapore’s investigations into 1MDB-related activities has so far seen five people convicted, four of whom have been sentenced to jail. The city-state is the only country so far to have criminally charged bankers. Read the rest of this entry »

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1MDB probe: Former BSI banker Yeo Jiawei gets 54 months’ jail for money laundering, cheating

Grace Leong
Straits Times Singapore
12th July 2017

SINGAPORE – Former BSI Singapore wealth planner Yeo Jiawei was sentenced to 54 months in jail in a Singapore court on Wednesday (July 12) for money laundering and cheating in relation to a massive global probe involving billions of dollars allegedly misappropriated from the 1Malaysia Development Berhad (1MDB) state fund.

Yeo, 34, plead guilty and was convicted on one charge each of money laundering and cheating, with eight other charges taken into consideration.

The sentence, which Yeo began serving immediately, will run concurrently with the remainder of an earlier 30-month jail sentence he was slapped with in December last year for witness tampering.

He is the third former BSI banker to be found guilty in the city’s 1MDB investigations. Read the rest of this entry »

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Singapore Banker Admits Money Laundering in 1MDB-Linked Case

By Andrea Tan and Chanyaporn Chanjaroen
Bloomberg
12 July 2017

Yeo Jiawei, a former banker serving the longest jail term in Singapore’s probes linked to 1Malaysia Development Bhd., admitted to charges including money laundering.

Yeo, who also pleaded guilty Wednesday to cheating his former employer, agreed to help with Singapore’s money-laundering investigation, which prosecutors described as the largest in the country’s history. He was sentenced to 54 months in jail by a Singapore state court. The former BSI SA wealth planner was handed a 30-month term in December on charges of trying to tamper with witnesses in the probe.

Principal District Judge Ong Hian Sun said on Wednesday that the courts must take an “uncompromising stance” to safeguard the integrity of Singapore’s financial system. Read the rest of this entry »

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The RM117 million 22-carat rare pink diamond necklace stolen from 1MDB funds by Jho Low and given to “wife of MO1” would be able to immediately sponsor over 11,000 haj pilgrims from Malaysia

The Prime Minister, Datuk Seri Najib Razak said yesterday that 1MDB had contributed to the people in many ways which they are unaware of, like the Prime Minister’s special haj programme which had spent RM57 million since 2011 to finance 5,700 people to perform the haj in Mecca.

I did an immediate calculation and found that the RM117 million (US$27.3 million) 22-carat rare pink diamond necklace stolen from 1MDB funds by Jho Low and given to the “wife of MO1” would be able to immediately sponsor over 11,000 haj pilgrims from Malaysia.

May be this is what the “wife of MO1” should do with regard to the 22-carat rare pink diamond necklace to immediately finance over 11,000 haj pilgrims from Malaysia. Will the “wife of MO1” agree to this suggestion?

We are only talking about the 22-carat rare pink diamond necklace gifted to the “wife of MO1” from the stolen 1MDB funds, which is not the only item of jewellery involved in the 1MDB international money-laundering scandal which landed up with “wife of MO1”. Read the rest of this entry »

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The RM117 million pink diamond necklace money-laundered from 1MDB funds by Jho Low and gifted to “wife of MO1” is beyond the capability of over 99% of Malaysians, even from their multiple life-time incomes or earnings

The MCA President and Transport Minister, Datuk Seri Liow Tiong Lai, asked how the DAP could assume the responsibility of managing and governing at federal level when the DAP could not resolve its problem with the Registrar of Societies (ROS) for some five years with regard to the DAP Central Executive Committee elections in December 2012.

Liow is barking up the wrong tree, for the problem of the DAP CEC elections dragging on for some five years is solely the responsibility and doing of the Registar of Societies under the directive of the political masters, and not because of any wrongdoing on the part of the DAP.

Who would have imagined that the Registrar of Societies could ask the DAP to have DAP Central Executive Committee re-election some four years after the DAP had conducted such CEC re-election following the ROS’ directive on Sept. 29, 2013?

If Liow Tiong Lai is a conscientious, outspoken and responsible Minister, he should be speaking up in Cabinet to point out that it is extremely ridiculous and irresponsible for the ROS to want the DAP to conduct re-election of DAP CEC based on the 2012 DAP Congress delegates’ list when the DAP had done precisely this on Sept 29, 2013, and asked why the ROS had taken four long years over the matter. Read the rest of this entry »

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Pakatan Harapan has to defeat the Najib-Hadi alliance defending Malaysia as a global kleptocracy, assaults on Constitution and Rukunegara if Malaysia is to be saved with a new federal government in Putrajaya in 14GE

The Australian newspaper, Sydney Morning Herald, recently carried a report about two individuals whom Malaysians should be familiar – Australian supermodel Miranda Kerr and the Penang billionaire Jho Low who is the mastermind behind Malaysia and the Prime Minister, Datuk Seri Najib Razak’s world-class financial scandal – the international multi-billion dollar 1MDB money-laundering scandal.

The Sydney Morning Herald article entitled “Miranda Kerr holidayed on Malaysian billionaire’s yacht after split from Orlando Bloom” was published after world publicity on Kerr’s handing over of tens of millions of ringgit worth of jewellery from her Los Angeles safe deposit box to US government agents after the third US Department of Justice (DOJ) suits to forfeit US$1.7 billion of 1MDB-linked assets in the United States, United Kingdom and Switzerland purchased from funds stolen from 1MDB and money-laundered through American banks.

The Sydney Morning Herald reported about Jho Low’s courtship of the Australian supermodel in 2014 on the US$250 million super-yacht Equanimity off the idyllic coastline of Corfu, a Greek island in the Ionian Sea.

Jho Low’s ‘”romance” with the Australian supermodel should be private matters except that the jewelleries presented by Jho Low to Kerr, which included a 11.72 carat heart-shaped diamond pendant, a Valentine’s Day gift from Jho Low in 2014, and even the US$250 million super-yacht Equanimity, with its gold-plated interiors, were stolen, misappropriated and money-laundered from 1MDB funds, which the US DOJ wanted to forfeit to return to the people of Malaysia. Read the rest of this entry »

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Miranda Kerr holidayed on Malaysian billionaire’s yacht after split from Orlando Bloom

Andrew Hornery
Private Sydney
Sydney Morning Herald
JULY 7 2017

While Miranda Kerr’s silence on her “romance” with Malaysian billionaire Jho Low, which last week resulted in her handing over $11 million worth of sparkly jewels from her Los Angeles safe deposit box to US government agents, has been deafening, PS has managed to unearth a few more details about the model and the moneybags’ seemingly unlikely connection.

Among the jewels Kerr handed over, according to The Wall Street Journal, was a 11.72 carat heart-shaped diamond pendant, a Valentine’s Day gift in 2014 from former “boyfriend” and Malaysian financier Low.

PS can reveal that later that year, in August, Kerr and her Californian-based agent Kristal Fox, enjoyed Low’s hospitality aboard his $250 million superyacht Equanimity while it was bobbing off the idyllic coastline of Corfu.

​Fresh from splitting with her husband Orlando Bloom, Kerr was spotted in Corfu at the time and even made the local press, but it was her host who is raising eyebrows three years later as the central figure in a corruption scandal that has engulfed Malaysia’s powerful elite. Read the rest of this entry »

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Will Hadi support the return to the people of Malaysia the billions of ringgit worth of jewelleries, art pieces and luxury properties misappropriated by Jho Low from 1MDB and gifted to Leonardo DiCaprio, Miranda Kerr, “wife of MO1” and others?

DAP National Publicity Secretary and MP for PJ Utara, Tony Pua; DAP Assistant National Publicity Secretary and MP for Bukit Bendera Zairil Khir Johari; PKR Secretary-General Datuk Saifuddin Nasution Ismail; Faiz Fadzil, AMANAH Deputy Youth Chief; Yaakob Osman, Penang Pribumi Bersatu Information Chief and DAP MP for Batu Kawan Kasthuri Patto are to be congratulated for a successful kick-off of the Pakatan Harapan nation-wide tour and campaign to explain the intricacies and complexities of the international multi-billion dollar 1MDB money-laundering scandal to Malaysians in the rural areas.

As the six Pakatan Harapan leaders told the inaugural “Sayangi Malaysia, Hapuskan Kleptokrasi” (Love Malaysia, Destroy Kleptocracy) 1MDB ceramah in Penaga, Penang last night, the expensive jewelleries, art pieces, even luxury properties which included Jho Low’s US$250 million (approximately RM1.069 billion) mega yacht – the 3,000-tonnes 54th largest yacht in existence which can carry 28 crew members and 18 guests – will all be sold and the money returned to Malaysians if Pakatan Harapan takes control of the government in the coming general election.

As Faiz Fadzil specifically mentioned, these properties include the much-talked-about US$27.3 million (RM117 million) 22-carat rare pink diamond set in a necklace, which the US Department of Justice (DoJ) alleged was purchased with stolen 1MDB money for the wife of “Malaysian Official 1” (MO1).

As Faiz said last night: “Her necklace, we will auction and sell it off and return the proceeds to the people.

“If we can recover the money, we can use it for the people. The pink diamond was bought with our money.” Read the rest of this entry »

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Does Prime Minister Najib know that he is the”MO1” referred to in the US DOJ lawsuits to forfeit US$1.7 billion 1MDB-linked assets money-laundered through American banks?

I am quite impressed. Two page headline leads face-to-face on page 12 and page 13 in the New Straits Times (NST) – the page 12 headline lead “KIT SIANG’S RETIREMENT OFFER A ‘DIVERSION’” for a three-column report while page 13 headline lead “’KIT SIANG A HYPOCRITE’” for a four-column report.

I have never received such coverage by the self-proclaimed national mainstream newspaper before. Why have I suddenly become so important?

Pity, I am not one of NST fans.

Even greater pity that such prominent coverage comes at a time when the NST has degenerated from a newspaper into a lies-paper, with its formidable circulation in the region of 300,000 copies a day in the past shrinking to the pitiable figure of some 40,000 actually sold circulation today!

But the mission of NST, just like other media in the UMNO/BN stable, is not to report news but to disseminate lies, fake news and false information and there are many such lies, fake news and false information in the two mentioned NST reports today. Read the rest of this entry »

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Congrats to Najib in getting Hadi to be his chief defender on 1MDB scandal as the PAS President himself is worth more than the phalanx of overly-paid local and foreign and media consultants and propagandists

I congratulate the Prime Minister, Datuk Seri Najib Razak, for getting Datuk Seri Hadi Awang to be his chief defender on the international multi-billion dollar 1MDB money-laundering scandal as the PAS President himself is worth more than the phalanx of overly-paid local and foreign media consultants and propagandists.

On the eve of Hari Raya Aidilfitri, Hadi issued an extraordinary Open Letter to all Political Parties asking all political leaders to ease up on their attacks on Najib on the 1MDB scandal, introducing the ridiculous notion that the US Department of Justice (DOJ) kleptocratic lawsuits to forfeit US$1.7 billion 1MDB-linked assets which had been acquired through stolen 1MDB funds money-laundered through American banks as “foreign interference” in Malaysian domestic affairs.

Yesterday, Hadi came out with another novel defence of Najib and the 1MDB scandal, claiming that the 1MDB scandal is a consequence of Barisan Nasional’s motto of “leadership by example” over the years, as good as arguing that just because there had been scandals in the past, Malaysians should not object to another scandal – even though the 1MDB scandal is the greatest financial scandal in the nation’s history and given Malaysia the infamous and ignominous appellation of a “global kleptocracy”!

On this basis, Hadi will be able to defend and justify all the abuses and corruption of power by the Najib government.

Is this the basis on which Hadi wants PAS to defend and even save Najib and UMNO? Read the rest of this entry »

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No stronger proof that Hadi’s PAS is not the PAS in Pakatan Rakyat than Jasa chief’s attack on Tuan Ibrahim using Hadi’s arguments

There is no stronger proof that Datuk Seri Hadi Awang’s PAS is not the PAS in Pakatan Rakyat when it was bound and guided by the Pakatan Rakyat Common Policy Framework for a united, harmonious, inclusive, successful, progressive and prosperous Malaysia with zero tolerance for corruption than the news yesterday that “Jasa chief uses Hadi’s argument to slam Tuan Ibrahim” – an UMNO propaganda operative using the PAS President to attack the PAS Deputy President!

When was there such similar incident in the 66-year history of the party?

As far as I know, such a thing had never happened before in the history of PAS.

Will the PAS President come to the defence of his deputy from such UMNO attacks? Quite unthinkable! Read the rest of this entry »

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I weep for Najib – with 1MDB billions, can’t he find smarter and more intelligent propagandists, publicists and cybertroopers?

I weep for Datuk Seri Najib Razak, the Prime Minister of Malaysia and President of UMNO/Barisan Nasional. With his 1MDB billions, can’t he find smarter and more intelligent propagandists, publicists and cybertroopers?

There is an idiom that “If you pay peanuts, you get monkeys”. But what happens if you get the same results despite loaded with tons of money?

The latest attack on DAP by Najib’s army of propagandists and publicists, rushed out to the media late last night and directed at the DAP Director of Political Bureau and MP for Kluang, Liew Chin Tong, provides one such classic example.

I was taken aback by the “gutter” contents of the statement, which I will not dignify as Chin Tong has ably responded to it, except to refer to the last two sentences in the statement, viz:

“We are now in the 21st Century. Dictators are relics of the past – although the opposition, even though it claims to speak for democracy, now has not one but two dictators leading it.”

May be I should congratulate Najib for being able to find a “genius” who could think of a country, a political system or a political party with two “dictators” – making nonsense of the meaning of a dictator. Read the rest of this entry »

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