Archive for category Financial Scandals

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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Tomorrow, a third “Believe It or Not” event in two years involving the Prime Minister will take place when Najib declares open the new glittering MACC headquarters in Putrajaya

Tomorrow morning, a third “Believe It or Not” event in two years involving the Prime Minister will take place when Datuk Seri Najib Razak declares open the glittering new MACC headquarters in Putrajaya – and like the two earlier “Believe It or Not” events, be the joke of Malaysians and the world!

Pakatan Harapan Members of Parliament only discovered that the MACC was having a gleaming new headquarters at Precinct 7 in Putrajaya on August 8 when some 30 Members of Parliament walked about 600 metres from Putrajaya Sentral station to the MACC headquarters to present a memorandum to MACC Chief Commissioner, Tan Sri Dzulkifli Ahmad to re-open investigations into the international multi-billion dollar 1MDB money-laundering scandal.

A week earlier, more than 30 Pakatan Harapan Members of Parliament marched from Parliament to Bank Negara to present a memorandum to the Bank Negara Governor, Tan Sri Muhammad Ibrahim to reopen its investigation into the 1MDB scandal in light of new developments.

The MPs carried paper cutouts of “pink diamond” and a large banner stating “Sayangi Malaysia Hapuskan Kleptocrasi” during the march.

Bank Negara has since replied to the memorandum of the Pakatan Harapan MPs, revealing that Bank Negara had imposed a total of RM115.8 million in compounds and administrative penalties on 1MDB and its entities in the past two years.

Although the Bank Negara reply was unsatisfactory, at least there was a response, but there is no official reply as yet from the MACC Chief Commissioner.

Will the MACC Chief Commissioner deliver his reply to the memorandum of the Pakatan Harapan MPs on August 7 at the official opening of the new MACC Building in Putrajaya tomorrow? Read the rest of this entry »

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Challenge to MACC Chief Commissioner Dzulkifli to explain at the Pakatan Harapan “Sayangi Malaysia, Hapuskan Kleptokrasi” rally in PJ on Oct. 14 what MACC had done about fighting corruption and abuses of power in the 1MDB scandal

The Malaysian Anti-Corruption Commission Chief Commissioner (MACC) Tan Sri Dzulkifli Ahmad said two days ago that the people are watching me to judge my commitment and seriousness towards fighting corruption and abuses of power.

I have been watched by the people for more than half a century, and DAP leaders are prepared to be judged by the people.

But the MACC Chief Commissioner does not seem to realise that the people are watching the MACC under his leadership to judge whether it dares to fight the “sharks” of corruption, or only goes after the “ikan bilis” and the “medium-sized fishes” in its campaign against corruption.’

In his first anniversary as MACC head, Dzulkifli has launched a nation-wide anti-corruption campaign by MACC officials.

Unfortunately, MACC officials only dare to tell the people to “Say No to Corruption” but they dare not say so themselves, in particular on the international multi-billion dollar 1MDB money-laundering scandal which had turned Malaysia overnight into a global kleptocracy.

I challenge Dzulkifli to come to the Pakatan Harapan “Sayangi Malaysia, Hapuskan Kleptocrasi” rally in Petaling Jaya on Oct. 14 to tell Malaysians what the MACC under his leadership had done about the No. 1 financial scandal and corruption in Malaysia – the 1MDB scandal. Read the rest of this entry »

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Three FAQs on 1MDB scandal on whether Najib received RM2.6 billion donation from Saudi royalty and returned RM2.1 billion, whether the RM144 million pink diamond necklace for “wife of MO1” came from stolen 1MDB funds all answered in US DOJ kleptocratic suits

Tonight a historic political night for Pahang with the launch of Pahang Pakatan Harapan.

We have with us tonight the Pahang Pakatan Harapan Chairman and PKR Pahang Chairman, Datuk Fauzi Abdul Rahman (MP for Indera Makhota); DAP Pahang Chairman and Pahang Assemblyman for Tanah Rata, Leong Ngah Ngah and DAP Pahang Vice Chairman Tengku Zulpuri Shah b Raja Puji (State Assemblyman for Mentakab); Amanah Pahang Chairman Dr. Hamzah Jaafar and Amanah Pahang Deputy Chairman and Pahang State Assemblyman for Kuala Semantan Syed Hamid Syed Mohamed; Pribumi Bersatu Pahang Chairman, Datuk Salim Salleh as well as the national representatives of the four Pakatan Harapan component parties – Mohamad Sabu, Amanah President; Sdr. William Leong, PKR MP for Selayang and Akramshah Sanusi Junid, Pribumi Bersatu Central Commttee member.

The gathering of the national and state leaders of the four component parties of Pakatan Harapan to launch the Pahang PH wants to send out a clear message to the voters of Pahang – that Malaysians, regardless of race, religion or region, are on to move to reclaim their democratic right to save Malaysia from kleptocracy and fulfill our Merdeka and Malaysia Dream for Malaysia to be a world-class example of “unity in diversity” where diverse races, religions, languages and cultures can come together to build a democratic, just, progressive and prosperous nation.

There is a great difference between the Barisan Nasional and Pakatan Harapan coalitions.

The BN coalition leaders talk in forked tongues – UMNO leaders playing the race and religious cards among the Malays, inciting fears among the Malay voters with lies that DAP and I are anti-Malay and anti-Islam, that Tun Mahathir, Datuk Seri Anwar Ibrahim , Tan Sri Muhyiddin Yassin and Mohamad Sabu are all my stooges and can only say and do what I told them to do; but MCA and Gerakan leaders among the Chinese voters try to scare them with a different story, that I am a puppet of Tun Mahathir and Anwar Ibrahim.

But we in Pakatan Harapan, whether DAP, PKR, Amanah or PBBM, say the same thing whether to Malays, Chinese, Indians, Kadazans or Ibans – that the time has come for Malaysians regardless of race, religion, region or even politics to unite and as summed up in tonight’s theme, “Sayangi Malaysia, Hapuskan Kleptocrasi”. Read the rest of this entry »

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How long will Najib and his administration perpetrate the charade that there is no 1MDB scandal although it continues to make waves and hog international headlines and turned Malaysia overnight into a global kleptocracy?

How long will the Prime Minister, Datuk Seri Najib Razak and his administration perpetrate the charade that there is no 1MDB scandal although it continues to make waves and hog international headlines, the subject of the largest kleptocratic litigation and investigation by the US Department of Justice (DOJ) and turned Malaysia overnight into a global kleptocracy?

So long as Malaysia plays the modern-day role of “The Emperor with no clothes” in the international arena, pretending that there is no 1MDB scandal within the four walls of Malaysia although in foreign financial centres, former bankers are convicted and imprisoned and banks and financial houses and banks are penalized and even closed down for involvement in the international multi-billion dollar 1MDB money-laundering scandal, so long will the 1MDB scandal hamper and impede the healthy political, economic, moral, nation-building and democratic development of the country.

It will even affect Malaysia’s foreign relations as witnessed by Najib’s recent disastrous visit to the White House and meeting with President Trump, the conspicuous absence of a press conference by Najib with the White House press corps and Najib’s equally conspicuous absence from the United Nations General Assembly opening session although he was in Washington a few days earlier. Read the rest of this entry »

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Najib’s three “political disasters” on the seventh day of his week of “political disasters” totalling nine “political disasters” from Sept. 12

Yesterday, I listed the six “political disasters” committed by the Prime Minister Datuk Seri Najib Razak’s in his new “swamp politics ala-Trump” from Sept. 12 when he visited the White House and met with US President Trump, viz:

1. Najib’s visit to the White House and meeting with US President Trump on Sept. 12, without any sense of personal shame or national humiliation at being branded a “kleptocrat” and “MO1” by the US Department of Justice (DOJ) largest kleptocratic litigation to forfeit US$1.7 billion 1MDB-linked assets in US, UK and Switzerland, and his subservient position in a supplicant role to Trump to the extent of offering up as “homage” three “value propositions” to strengthen the US economy.

2. Najib publicly labeled as a “crook” by former World Bank President Paul Wolfowitz and Newsweek magazine on Sept. 13, and Najib dare not sue them for defamation.

3. Najib’s speech at the MCA-organised Chinese Community Patriotic Assembly at the UMNO HQ in Kuala Lumpur on Saturday, Sept. 16, where he threatened the Chinese saying that “the Chinese community would be targeted should Malaysia ever descend into chaos…If there is no peace in our country, what will happen? The Chinese will be the first to be targeted if there is no peace in this country.”

4. The perfunctory manner in which Najib as Prime Minister celebrated Malaysia Day on Sept. 16, spending less than 24 hours in Sabah to attend the official Malaysia Day events in Kota Kinabalu at night while completely ignoring Sarawak altogether.

5. The Prime Minister’s highly-hyped media conference announcement on Sept. 17 at 4.45 pm, resulting in the swarming by over 100 reporters from all over the world at the media conference, but which produced a dud in Najib’s latest “swamp politics” – “Mike Tyson” rejoining UMNO after a five-year sojourn in PAS and PKR from April 2013.

6. The continued hearing on Sept. 18 of the farcical Royal Commission of Inquiry into Bank Negara foreign exchange losses a quarter of a century ago, while there is no RCI on the elephant in the room – the international multi-billion dollar 1MDB money-laundering scandal which turned Malaysia into a global kleptocracy overnight. Read the rest of this entry »

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The Wolf Of Wall Street producer settles civil suit linked to 1MDB

The NewPaper
Sep 18, 2017

KUALA LUMPUR The company that made the film The Wolf Of Wall Street and was co-founded by Malaysian Prime Minister Najib Razak’s stepson has settled a civil lawsuit brought by the United States government to seize assets allegedly bought with money stolen from a Malaysian state fund.

Red Granite Pictures announced the settlement in a filing at the federal Los Angeles court last Friday, without revealing any sum.

US prosecutors had claimed that the 2013 film, directed by Martin Scorsese and starring Leonardo DiCaprio, was financed by Red Granite using funds stolen from 1Malaysia Development Berhad (1MDB). Read the rest of this entry »

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Was RCI into Bank Negara forex losses three decades ago concluded earlier than scheduled to avoid the issue of Najib having to testify why he had opposed my call for an RCI in 1993?

A few hours after I issued a statement describing “the continued hearing on Sept. 18 of the farcical Royal Commission of Inquiry into Bank Negara foreign exchange losses a quarter of a century ago, while there is no RCI on the elephant in the room – the international multi-billion dollar 1MDB money-laundering scandal which turned Malaysia into a global kleptocracy overnight” as the sixth political disaster of the Prime Minister, Datuk Seri Najib Razak in a week, the Sidek RCI into the Bank Negara forex losses concluded earlier than scheduled.

Was the Sidek RCI into Bank Negara forex losses three decades ago concluded earlier than scheduled to avoid the issue why Najib is not testifying at the RCI to explain why he had opposed my call for a Royal Commission of Inquiry into the Bank Negara forex losses in 1993?

In his testimony before the RCI yesterday, former Prime Minister Tun Dr. Mahathir Mohamad revealed that Najib was among the ministers in a 1993 cabinet meeting who rejected my proposal at the time to set up a Royal Commission of Inquiry into Bank Negara foreign exchange losses.

I had at the time, some a quarter of a century ago, asked the then Finance Minister Datuk Seri Anwar Ibrahim to refer to the Cabinet to set up a RCI on Bank Negara’s forex losses. Read the rest of this entry »

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‘Wolf of Wall Street’ Producer Reaches Settlement in Federal Corruption Case

Gene Maddaus
Variety
15th Sept 2017

Red Granite Pictures, dogged for more than a year by its connection to a massive Malaysian corruption case, on Friday reached a settlement with federal prosecutors.

The Department of Justice filed a civil forfeiture case in July 2016, seeking to recoup proceeds from “The Wolf of Wall Street.” Prosecutors alleged that Red Granite — whose CEO, Riza Aziz, is the step-son of Malaysia’s prime minister — used funds embezzled from a Malaysian development authority to produce the film.

The case was one part of a much broader effort to seize more than $1 billion in assets, out of $4.5 billion allegedly stolen from the development fund, known as 1MDB. Prosecutors have seized a Picasso and a Basquiat that were gifted to Leonardo DiCaprio, as well as an Oscar statuette that once belonged to Marlon Brando. Read the rest of this entry »

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Najib’s sixth mistake in one week: the continued RCI hearings into Bank Negara forex losses a quarter of a century ago while no RCI on the elephant in the room – 1MDB scandal which turned Malaysia into a global kleptocracy overnight

Two days ago, I spoke about Datuk Seri Najib Razak as a very disaster-prone Prime Minister who made history by committing five political disasters within a week.

But I had under-estimated Najib, as I am today writing about Najib’s sixth political disaster within a week, while tomorrow, I will deal with Najib’s seventh political disaster within a week – from Sept. 12 to 19. Read the rest of this entry »

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US court grants stay in 1MDB assets seizure case

by David J Lynch in Washington
Financial Times
18th Sept. 2017

A federal judge in Los Angeles has granted a US government request to delay its attempt to seize assets allegedly purchased with funds stolen from the 1MDB Malaysian state investment fund while a criminal investigation proceeds.

The ruling came one day after President Donald Trump proclaimed it “a great honour” to welcome to the White House the Malaysian Prime Minister Najib Razak, who is linked to the investigation but denies any wrongdoing.

The US Department of Justice has been pursuing the alleged misappropriation of $4.5bn from the 1MDB fund along two paths.  Read the rest of this entry »

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Instead of a meaningless “hero’s welcome home” in KLIA last night, is Najib prepared to convene a special Parliament on 1MDB scandal to clear and cleanse Malaysia of the infamy and ignominy of a global kleptocracy?

The Prime Minister Datuk Seri Najib Razak returned to “a hero’s welcome” at Kuala Lumpur International Airport (KLIA) last night after his recent visit to White House and meeting with US President Trump.

What was the “hero’s welcome home” for?

Was it for representing Malaysia bearing gifts like a vassal state to the White House in the meeting with US President Donald Trump, with three “value propositions” to strengthen the US economy to make America great again – as stated in the White House transcript of the 5-minute 58-second exchange between Najib and Trump in their meeting?

Although the Finance Ministry Secretary-General Tan Sri Irwan Sregar has denied that Najib was bearing gifts to Washington to “strengthen the US economy”, the Prime Minister himself has not made any denial in the past four days.

I do not think Najib could deny what was clearly stated in the transcript of the Najib-Trump 5-minute 58-second exchange at the White House meeting, as the transcript was released by White House itself.
Read the rest of this entry »

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It makes no difference, as after Najib’s White House visit and photo-op with Trump, Najib’s infamy as “kleptocrat” and “MO1” and Malaysia’s shame for being regarded worldwide as a “global kleptocracy” remain

Never before has a Prime Minister of Malaysia invested so much on publicity and propaganda (not to mention funds) for his visit to the United States to visit the White House and meet with US President Trump in Washington Tuesday or several hours from now.

On his departure for the US on Sept. 10, the Prime Minister, Datuk Seri Najib Razak wrote a special article in his blog entitled “Malaysia’s Record of Democracy and Free Speech is Strong” extolling his own democratic virtues and commitments and human rights record, which are quite dismal indeed.

But this was not enough. On Sept. 11, the Prime Minister’s Office ensured that Najib’s special message appeared in the top American political website, the Hill, entitled: “Malaysian prime minister: Trump, we have your back in fighting ISIS”.

But all these PR exercises to generate positive vibes for Najib’s visit to the White House and meeting with President Trump were drowned in an ocean of bad press, not only in the United States but in the world as well. Read the rest of this entry »

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Attorney-General Apandi should be part of Najib’s delegation to Washington to meet up with US Attorney General Jeff Sessions to ascertain what evidence the US Government has to pursue the 1MDB case against 1MDB conspirators including “MO1”

Yesterday, I suggested that Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Datuk Seri Dzulkifli Ahmad should accompany the Prime Minister, Datuk Seri Najib Razak on the latter’s trip of Washington so that Dzulkifli can meet his counterparts in the Federal Bureau of Investigations (FBI) to ascertain the basis and latest status of US Department of Justice (DOJ) investigations into the international multi-billion dollar 1MDB money-laundering scandal as well as to learn the FBI investigation techniques which had enabled FBI to amass a mountain of evidence about criminal aspects of 1MDB scandal but which is beyond the present investigatory capabilities and prowess of MACC.

However, Najib’s delegation to the United States would be incomplete without the participation of the Attorney-General Tan Sri Mohamad Apandi Ali himself, especially as Malaysia had been tarred with the infamy and ignominy of a global kleptocracy precisely because of the US Department of Justice (DOJ)’s largest kleptocratic litigation in US history to forfeit US$1.7 billion 1MDB-linked assets around the world, particularly in the United States, United Kingdom and Switzerland.

Apandi should meet with US Attorney General Jeff Sessions to ascertain what evidence the US Government has to pursue the 1MDB case against 1MDB conspirators including “MO1”.
Read the rest of this entry »

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Trump’s Malaysia Swamp

By The Editorial Board
Wall Street Journal
Sept. 6, 2017

Did Tillerson tell his boss he’s repeating an Obama mistake?

A visit to the White House is a diplomatic plum that world leaders covet. So why is President Trump bestowing this honor on Malaysian Prime Minister Najib Razak, who jailed an opposition leader and is a suspect in a corruption scandal that spans the globe?

Mr. Najib will visit the White House next week for a presidential photo-op that could help him win the next general election and imperil Malaysia’s democracy. Yet it isn’t clear that Mr. Trump and Secretary of State Rex Tillerson are getting anything in return for associating with a leader their own Justice Department is investigating. This could set them up for a repeat of the way Mr. Najib humiliated Barack Obama. Read the rest of this entry »

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MACC Chief Commissioner Dzulkifli should accompany Najib to Washington to meet FBI head so that he could report to Malaysians the basis and status of US Department of Justice’s multi-billion dollar kleptocratic investigations into 1MDB scandal

I do not think the Prime Minister, Datuk Seri Najib Razak should accept the invitation to visit the White House and meet with US President Trump next Tuesday, as it would put him in an inferior position as if a supplicant after being branded as a kleptocrat and “MO1” by the US Department of Justice (DOJ)’s largest kleptocratic litigation in US history and had done nothing since the DOJ action in July last year to clear or cleanse the Malaysian government of implication in the 1MDB scandal or challenge the appellation of Malaysia as a “global kleptocracy”.

But if the Prime Minister insists on visiting Washington and meeting Trump as scheduled, the Malaysian Anti-Corruption Commission Chief Commissioner Datuk Dzulkifli Ahmad should accompany Najib to Washington to meet with the Federal Bureau of Investigations (FBI) head so that he could report back to Malaysians on the basis and status of the US DOJ’s kleptocratic investigations into the 1MDB scandal. Read the rest of this entry »

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Please grow up, MACC Chief Commissioner!

Today, the international press reported that the US Federal Bureau of Investigation (FBI) investigator conducting criminal investigation into 1MDB-linked funds is encountering problems as several possible witnesses are too scared to speak out.

US media network Bloomberg reported that some people in “certain foreign countries” already assisting the criminal probe, are concerned for their safety, while others say it’s too dangerous to co-operate, FBI said in a Federal Court filing in Los Angeles yesterday.

The report said FBI has requested to keep the names of its informants secret from the alleged masterminds of the 1MDB conspiracy.

Individuals who were otherwise willing to provide information said they were worried about putting “the safety and security of both themselves and their families at serious risk,” FBI said in its filing.

FBI also cited Malaysian news reports, where local officials arrested due to their role in probing the 1MDB embezzlement and the driver of former attorney-general Abdul Gani Patail, who was shot at his house in Ampang Perdana late last month. Read the rest of this entry »

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1MDB Stolen Funds Witnesses Are Scared to Talk, FBI Says

By Edvard Pettersson
Bloomberg
September 6, 2017

Possible witnesses to the alleged looting of billions of dollars from 1Malaysia Development Bhd are too scared to talk to U.S. investigators because they fear retaliation, according the Federal Bureau of Investigation.

Some people in “certain foreign countries” already assisting the criminal probe are concerned for their safety, while others say it’s too dangerous to cooperate, according to an FBI request to keep the names of its informants secret from the alleged masterminds of the 1MDB conspiracy.

Individuals who would otherwise be willing to provide information have told the government they’re worried about putting “the safety and security of both themselves and their families at serious risk,” the FBI said Tuesday in a federal court filing in Los Angeles. Read the rest of this entry »

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International drama of “MO1” visits White House and meets US President Trump begins next week – is it a national honour or a national shame for Malaysia?

Next week, a new drama will be enacted on the world stage – “MO1” visits the White House and meets US President Trump.

Will it be a national honour or a national shame for Malaysia?

In fact, the Najib-Trump meeting at the White House next Tuesday on Sept. 12 has sparked two questions:

First, is it right for Trump to invite Najib to visit him in White House?

Second, is it proper for Najib to accept Trump’s invitation to visit the White House to meet Trump?

The first question would have to be posed and answered by American political leaders and opinion makers.

Already there is an opinion piece in Washington Post yesterday entitled “Trump’s hosting of Malaysia’s prime minister marks another setback for the rule of law”, pointing to the “striking”: similarities between the two leaders – with both of them “wrapped up in major investigations that involve the US Justice Department”. Read the rest of this entry »

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Najib is maker of biggest fake news in Malaysia that the international multi-billion dollar 1MDB scandal does not exist and a sheer figment of imagination

Malaysians should not be surprised that the Minister in the Prime Minister’s Department, Datuk Paul Low yesterday expressed sympathy with US President Donald Trump with regard to the proliferation of “fake news” on the social media in the US, giving another example to the saying “Birds of the same feather flock together”.

This is because the maker of the biggest fake news in Malaysia is none other than the Prime Minister, Datuk Seri Najib Razak, himself – in his pretence in the last two years that the international multi-billion dollar 1MDB scandal does not exist and a sheer figment of the imagination.

The former Cabinet Minister and current UMNO Information Chief, Tan Sri Annuar Musa, want Malaysians to believe that the Bank Negara’s forex loses a quarter of a century ago were real while 1MDB losses are only on paper.

I am still waiting for Annuar’s response whether 1MDB’s payment of some US$350 million to IPIC a day before the August 31 deadline was “just only on paper” and another one of the fake transactions by 1MDB.
Read the rest of this entry »

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