Archive for category Financial Scandals

Ex-BSI Banker Yak Found Guilty in Singapore 1MDB-Linked Case

Andrea Tan and Livia Yap
Bloomberg
November 11, 2016

Yak Yew Chee, a former BSI SA private banker, became the first person to be found guilty in a Singapore case linked to 1Malaysia Development Bhd. He also became the first banker to be convicted in the global corruption and money laundering probes surrounding the Malaysian investment fund.

Yak pleaded guilty in a Singapore court Friday and the judge convicted him of four charges, including forging documents and failing to disclose suspicious transactions allegedly related to Malaysian financier Low Taek Jho. The former senior banker at BSI had faced seven charges, and prosecutors said the other three charges would be taken into consideration for sentencing.

Low has been named as a key person of interest by Singapore authorities and characterized by U.S. prosecutors as the controller of an illicit payments scheme draining billions from the Malaysian investment fund. The high-living financier had previously described his role with 1MDB as informal consulting that didn’t break any laws. Read the rest of this entry »

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Malaysia rebuffs Swiss inquiries into 1MDB

Ralph Atkins in Bern and Jeevan Vasagar in Singapore
Financial Times
10th Nov 2016

Refusal adds to concerns about Kuala Lumpur’s response to multiple investigations

Malaysia has rebuffed Swiss efforts to investigate multibillion-dollar corruption allegations surrounding the 1MDB state investment fund.

Officials in Kuala Lumpur refused an appeal from Swiss authorities for help in gathering evidence into claims that up to $4.8bn was diverted from companies linked to 1MDB, a fund set up by Najib Razak, Malaysia’s prime minister.

The refusal will add to questions about the adequacy of Malaysia’s apparent response to an affair that is the subject of multiple international inquiries.

Switzerland had twice asked Malaysia for mutual legal assistance, Michael Lauber, the Swiss attorney-general, said in an interview.

“Very recently we have had the response that the Malaysian authorities will not reply to our request,” he said. “They just said that under their legal framework, they can’t reply.” Read the rest of this entry »

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HOW WILL NAJIB’S GOLFING BUDDY TRUMP TREAT MALAYSIA’S 1MDB PROBE?

BY AMY CHEW
South China Morning Post
9 NOV 2016

Malaysian Prime Minister Najib Razak is apparently US president-elect Donald Trump’s golfing buddy and “favourite Prime Minister”. Given the ties between the two men, some observers expect the relationship between…

Malaysian Prime Minister Najib Razak is apparently US president-elect Donald Trump’s golfing buddy and “favourite Prime Minister”.

Given the ties between the two men, some observers expect the relationship between Muslim-majority Malaysia and the US to remain good despite Trump’s anti-Muslim rhetoric during his bitterly fought campaign.

“Next to the prime minister’s chair in his office is a photo of him and Trump. It is signed by Trump with the words “To my favourite Prime Minister”, a Malaysian government source told This Week in Asia. “They are golfing buddies,” he said, adding the picture was taken “not too long ago”.

The government-owned New Straits Times quoted Najib as saying he “personally knows Trump and the president-elect is no stranger to him.” Read the rest of this entry »

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In one of the darkest Deepavali in modern Malaysian history, all Malaysians of good sense and goodwill regardless of race, religion or politics should come together to be the beacon of light to save Malaysia from the darkness of kleptocracy, injustice and politics of lies

Deepavali is the victory of light over darkness, good over evil and hope over despair.

This year, Malaysians observe one of the darkest Deepavali in modern Malaysian history and all Malaysians of good sense of good will, regardless of race, religion, region or politics, should be the beacon of light to save Malaysia from the darkness of kleptocracy, injustice and the politics of lies.

It is sad that in this year’s Deepavali, the week started with the tragic fire at the Hospital Sultanah Aminah (HSA) in Johor Baru, which claimed the lives of six Malaysians seeking a new lease of life at the ICU ward.

The tragic incident at HSA where six patients who sought a new lease of life at the ICU met death instead because of systemic, infrastructure and human failure and negligence should never have been allowed to happen, and it is even more shocking for Malaysians to learn that HSA does not have a fire safety certificate, that the hospital had not conducted a fire drill for its staff for at least two years since 2014, that some 10 days before Tuesday’s blaze that killed six and injured 11 others, that there was a small fire at the ICU and worst of all, that there had been more than seven fires at the hospital in the past four years. Read the rest of this entry »

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Parliament has become a national disgrace when after meeting for two weeks, it is not prepared to do anything to purge and cleanse the national infamy and ignominy of being regarded world-wide as a global kleptocracy

The Malaysian Parliament has become a national disgrace when after meeting for two weeks, it is not prepared to do anything to purge and cleanse the national infamy and ignominy of being regarded world-wide as a global kleptocracy.

Parliament experimented with parliamentary reforms like the Ministerial Question Time (MQT) intended to make Parliament more relevant by dealing with urgent topical issues, but my question to the Prime Minister asking what the government was doing to cleanse and purge the country of the infamy and ignominy of being regarded world-wide as a “global kleptocracy” could not see the light of day, although it was submitted three times at each of the first three MQTs in the past fortnight.

This raises the question whether MQT is capable of making Parliament more relevant by dealing with pertinent national issues like the question of the national infamy and ignominy for being regarded world-wide as a global kleptocracy.

Is there a light at the end of the tunnel to cleanse and purge Malaysia’s infamy and ignominy as a global kleptocracy as a result of the 1MDB global mega-financial scandal, the US Department of Justice (DOJ)’s largest single action against US$1 billion 1MDB-linked assets under the US Kleptocracy Assets Recovery Initiative and the investigations by regulatory authorities in Switzerland, Singapore, Abu Dhabi, Australia, Luxembourg, Hong Kong and United Kingdom?

Or is there no way the issues of integrity, accountability and transparency in the 1MDB global mega- financial scandal could be pinned down and dissected in the Malaysian Parliament for answers and full accountability to be provided by Prime Minister Datuk Seri Najib Razak and his Ministers and that such answers and reforms are only possible if there is a change of Federal Government in the next 14th General Election? Read the rest of this entry »

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All UMNO/BN Ministers and MPs should declare the donations they received from Najib personal banking accounts for the 13GE, like Shahrir who got RM1 million, and whether this is the reason they are keeping dumb on 1MDB scandal

The Chairman of BN Back Benchers Club and former Cabinet Minister, Tan Sri Shahrir Samad is not doing his political credibility any service when he denounced former Cabinet Ministers, Datuk Seri Ahmad Husni Hanadzlah and Datuk Seri Shafie Apdal for asking questions about the 1MDB global financial scandal in the current debate in Parliament.

Shahrir should have praised Husni and Shafie for their conviction and principle for asking in Parliament when they could not get answers in the Cabinet about the 1MDB global financial scandal – which is particularly commendable in the case of Husni, who was appointed the Cabinet spokesman on 1MDB in the middle of last year.

When even the only Minister to be appointed Cabinet spokesman for 1MDB is in the dark about the many important transactions and decisions taken by 1MDB, is Shahrir seriously suggesting that it is a patriotic option for Husni to keep silent in Parliament about his worries, reservations and concerns about the 1MDB financial scandal?

In fact, the question Shahrir should answer as Chairman of BNBBC, former Cabinet Minister and one of the very few in UMNO/BN who claims to have principles and integrity is why he has not yet broken his silence on the 1MDB scandal? Read the rest of this entry »

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Confirmed – Parliament a third-world Parliament with its charade pretending that Malaysia’s infamy as “global kleptocracy”, US DOJ billion-dollar forfeiture of 1MDB-linked assets and 1MDB scandal do not exist

It is now confirmed.

The Malaysian Parliament is a third-world Parliament incapable of becoming a first-world Parliament with its charade pretending that Malaysia’s infamy as a “global kleptocracy”, US Department of Justice (DOJ) billion-dollar forfeiture of 1MDB-linked assets and the 1MDB global financial scandal do not exist.

I have given Parliament three opportunities to prove that it is not a third-world Parliament where the majority of MPs are not in hock to the Prime Minister and the Executive, but I have failed and Parliament has failed.

It is now clear that the majority of MPs are in hock to the Prime Minister and the UMNO/BN government of the day as Parliament continues with the parliamentary charade to prop up the Prime Minister and the UMNO/BN government by ignoring the world-wide currents swirling with increasing intensity over Malaysia’s first international financial scandal which has netted for Malaysia the ignominous epithet of a “global kleptocracy”.

Even the Parliament Speaker has got into the act, with his arbitrary “sub judice” ruling to ban these issues from being questioned or debated in Parliament.

My question on the question of Malaysia as a global kleptocracy was submitted for the third time for the third Ministerial Question Times (MQT) today, but it has again been rejected by the Speaker, Tan Sri Pandikar Amin Mulia. Read the rest of this entry »

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UMNO leaders from Najib, Hishamuddin to Khairy should realise that there is nothing more embarrassing, shameful, indecent and unprofessional than to lead Malaysia to a “global kleptocracy”

The Prime Minister, Datuk Seri Najib Razak said that Opposition MPs have embarrassed themselves by staging a walkout during his Trumpish 2017 budget speech in Parliament on Friday.

The Defence Minister, Datuk Seri Hishammuddin Hussein said that the walkout of Opposition MPs from Najib’s 2017 Budget in Parliament was shameful and indecent because never in the history of the country had MPs walked out during the budget presentation.

The Minister for Youth and Sports, Khairy Jamaluddin said it was unprofessional for Opposition MPs to stage a walk-out of Parliament during Najib’s budget speech.

Let me tell UMNO leaders from Najib to Hishammuddin to Khairy that they should realise that there is nothing more embarrassing, shameful, indecent and unprofessional than to lead Malaysia to a “global kleptocracy”.

I am shocked that the Prime Minister and all the UMNO and Barisan Nasional Ministers are completely bereft of shame and outrage that Malaysia is regarded world-wide as a “global kleptocracy” and they could accept such infamy and ignominy to the nation with such equanimity, passivity and peace of mind!

I for one have never felt so ashamed and outraged as a Malaysian in my 75 years that the country I so loved and for which I am prepared to sacrifice my freedom and liberties have descended so low that it is regarded world-wide as a “global kleptocracy”, a country ruled by PPP – Penchuri, Perompak dan Penyamun! Read the rest of this entry »

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I will ask for a third time in the MQT on Tuesday the question what the government is doing to purge the country of the infamy of a “global kleptocracy” – a test of whether Malaysian Parliament is first or third world Parliament

I will ask for a third time in the third session of Minister’s Question Time (MQT) next Tuesday the question what the government is doing to purge the country of the infamy of a “global kleptocracy”, which will be a test of whether the Malaysian Parliament is capable of becoming a first-world Parliament or is destined to be relegated to a third-world Parliament status.

I had boycotted the two MQTs last Tuesday and Thursday in protest agains the parliamentary charade pretending that Malaysia’s infamy for being a “global kleptocracy” does not exist.

I had on both MQT occasions submitted a question to ask the Prime Minister what action the government was taking to cleanse and purge the national infamy of being regarded world-wide as a “global kleptocracy”, but on both occasions, the question was not picked by the Speaker, Tan Sri Pandikar Amin Mulia, as one of the three questions for answer during the MQT.

During the first day of Parliament last Monday, the Speaker made a most shocking and extraordinary ruling, barring all questions on the US Department of Justice (DOJ) lawsuit filed on July 20 seeking forfeiture of US$1billion 1MDB-linked assets in the United States, United Kingdom and Switzerland from over US$3 billion international embezzlement, misappropriation and money-laundering of 1MDB funds on the ground that it is “sub judice”.

Pandikar is making a Speaker’s ruling which sets a world precedent, for no other Parliament in the world applies the “sub judice” rule arising from lawsuits in foreign countries. Read the rest of this entry »

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Malaysia intent on becoming laughing stock of the world – from “hotdog” furore to Speaker of global kleptocracy trying to ensure integrity of justice system in United States when we cannot ensure integrity of Malaysian judiciary

Malaysia seems intent to be constantly in international headlines as the laughing stock of the world – the latest being the “hotdog” furore and the Speaker of a global kleptocracy trying to ensure integrity of justice system in the United States!

I fully agree with former Cabinet Minister Tan Sri Rafidah Aziz who lamented that Malaysia’s reputation as a moderate Muslim nation is being negated with unfavourable developments which paint the country as nation governed in some spheres by people with horses blinkers – like the furore involving Auntie Anne’s “pretzel dog”, with people in power who had gone “doggone loco” trying to change the name of popular Western snack.

Then we have the Speaker of Parliament of a country which is the latest entry of the obnoxious club of “global kleptocracies” trying to ensure the integrity of the justice system in the United States, when we cannot ensure the integrity of the Malaysian judiciary in the first place.

Yesterday, Dewan Rakyat speaker Tan Sri Pandikar Amin Mulia says it is sub judice to discuss the United States Department of Justice (DOJ) suit on 1MDB assets, because the Hansard could then be cited by the DOJ in the US hearing.

He said: “Even if no one from Malaysia is called to testify in the trial in America, they can quote what is being said in the Malaysian Parliament in order to influence the trial in the America.

“This is why I did not allow the debate, because every argument made here can be used in the American trial, even if it is in a foreign land.

“What the minister said here can be quoted in the American trial. In my opinion, this can influence the trial.” Read the rest of this entry »

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Continued boycott of second Minister’s Question Time: Parliament must bear part responsibility if Malaysia TI CPI 2016 plunges because of Malaysia’s world-wide infamy as the newest global kleptocracy

Today is the second day of Minister’s Question Time (MQT) which I am continuing to boycott in protest against the parliamentary charade pretending that Malaysia’s infamy for being a “global kleptocracy” does not exist.

I had again submitted a question for the MQT today to ask the Prime Minister what action the government was taking to cleanse and purge the national infamy of being regarded world-wide as a “global kleptocracy”, a question which was not picked by the Speaker, Tan Sri Pandikar Amin Mulia, as one of the three questions for answer during the MQT debut on Tuesday.

This question has again been rejected for the MQT today.

All over the world, the reverberations from Malaysia being regarded world-wide as a global kleptocracy as a result of the 1MDB global financial scandal continues unabated, but in Malaysia, Parliament is the latest recruit of the great national pretence that Malaysia’s infamy being regarded world-wide as a global kleptocracy as a result of the 1MDB global financial scandal does not exist. Read the rest of this entry »

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Is UMNO leading MCA/Gerakan/MIC/BN or PAS down the garden path on Hadi’s hudud bill?

On May 26 in Parliament, the UMNO leadership led MCA, Gerakan, MIC and the Sabah/Sarawak Barisan Nasional parties down the garden path when without any Barisan Nasional “consensus”, the UMNO Minister in the Prime Minister’s Department, Datuk Azalina Othman Said unilaterally and arbitrarily, moved a motion in Parliament to give priority to PAS President, Datuk Seri Hadi Awang’s private member’s bill motion over all official business.

In the last two days in Parliament, the UMNO leadership led PAS President, PAS MPs and the PAS membership down the garden path when Hadi’s private member’s bill motion was pushed from Item No. 4 yesterday to Item No. 7 today.

Although PAS members throughout the country expected Hadi’s private member’s bill motion to be passed in Parliament either yesterday or today, it is now clear that Hadi’s private member’s bill motion is unlikely to be debated in this first week of Parliament, which means it could not be debated, if at all, only in the last two days of the present budget meeting on Nov. 23 and 24 as Parliament will begin debating the 2017 Budget on Monday.

The intriguing question is who UMNO is leading down the garden path – MCA/Gerakan/MIC/BN parties in Sabah and Sarawak or PAS? Read the rest of this entry »

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Boycott of Minister’s Question Time (MQT) debut in protest against Parliamentary charade pretending Malaysia’s international infamy for being “global kleptocracy” does not exist

Today is supposed to be a historic day for the Malaysian Parliament with the debut of the half-hour Minister’s Question Time (MQT), touted as the most significant of the Speaker’s parliamentary reforms.

I have however boycotted the debut of the MQT in protest against the parliamentary charade pretending that Malaysia’s infamy for being a “global kleptocracy” does not exist.

I had submitted a question for the MQT debut today to ask the Prime Minister what action the government was taking to cleanse and purge the national infamy of being regarded world-wide as a “global kleptocracy”.

This question was rejected by the Speaker, Tan Sri Pandikar Amin Mulia for today’s MQT.

After the Speaker’s ruling yesterday barring all questions on the US Department of Justice (DOJ) lawsuit filed on July 20 seeking forfeiture of US$1billion 1MDB-linked assets in the United States, United Kingdom and Switzerland from over US$3 billion international embezzlement, misappropriation and money-laundering of 1MDB funds on the ground that it is “sub judice”, the rejection of my question for the MQT would appear to be part of a blatant and unashamed attempt to censor and outlaw all debate, discussion or question not only about the DOJ action but anything concerning 1MDB and Malaysia’s infamous and iniquitous appellation as a “global kleptocracy” in the Malaysian Parliament.

I fully agree with former Court of Appeal judge Datuk Hishammuddin Mohd Yunus who asked what “sub judice” was the Speaker talking about, as Ministers should not be “barred” from answering questions in Parliament on the United States Department of Justice’s (DOJ) civil suit involving the alleged misappropriation of 1MDB funds for the reason of sub judice. Read the rest of this entry »

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History will not look kindly at 13th Parliament as it pretends that the 1MDB financial scandal and infamy of Malaysia as “global kleptocracy” are no issues at all!

History will not look kindly at 13th Parliament as it pretends that the 1MDB financial scandal and infamy of Malaysia as “global kleptocracy” are no issues at all!

We must thank young creative architect Tey Tat Sing for sharing with us his vision of transforming our present living surroundings into a more humane, connected, integrated and holistic living spaces with a “soul”.

I particularly appreciate Tat Sing’s reimagination as I find the very unconventional décor of the Library for Social Democracy very soothing to the nerves and the soul, especially after a very stressful, disconnected and dehumanizing day – attending the first day of the 2017 Budget Parliament and at the end of it, being caught in more than an hour of a totally no-reason traffic jam in Kuala Lumpur, where traffic lights at intersections changed from red to green for close to ten times, but no traffic moved!

I thank REFSA (Research for Social Advancement) Chairman Liew Chin Tong for inviting to launch this Library for Social Democracy.

I am reminded of the great libraries during the golden age of Islamic civilization in the ninth through thirteenth centuries which mark an era of scientific, religious, philosophical and cultural development the scale and depth of which had never been in world history before or since.

There was Abbasids’ House of Wisdom in Baghdad which was at once a university, library, translation institute and research lab, all on one campus.

Baghdad had reached its highest reputation and glorious status during the reigns of the Caliphs Al-Rasheed, Al-Ma’moun, Al-Mu’tadhid and Al-Muktafi.

It was the centre for Islamic (if not the world) culture and civilisation, as well as the headquarters for the Arts, Sciences and Letters. It was crowded with Scientists, Physicians, philosophers, Mathematicians, Astronomers, Men of Letters, Poets, Writers, Translators, Scribes, and Professionals in the various arts and crafts.

Baghdad’s House of Wisdom met its sad, tragic and brutal end in 1,258 with the Mongol invasion of Baghdad and the killing of the last Abbasid Caliph, the slaughter of the Caliph’s entire family and relatives, as well as those in the Caliphate Court – marking the end of the Abbasid Caliphate.

The magnificent collection of books and manuscripts of the House of Wisdom was thrown into the muddy waters of the River Tigris whose brown colour turned black for days as a result of the washing away of the ink used in the writing of these books and manuscripts. Read the rest of this entry »

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World’s largest gathering of blind and mute MPs on Monday – when Malaysian Parliament reconvenes pretending the 1MDB financial scandal and infamy of Malaysia as “global kleptocracy” do not exist

The world’s largest gathering of blind and mute Members of Parliament will meet on Monday when the Malaysian Parliament reconvenes with the Barisan Nasional MPs, with the exception of former Finance Minister, Datuk Husni Hanazlah, pretending that the 1MDB global financial scandal and the infamy of Malaysia as “global kleptocracy” do not exist.

All patriotic Malaysians who love the country deeply and passionately must feel ashamed and outraged that since the May meeting of Parliament some five months ago, Malaysia has acquired the international infamy being a “global kleptocracy”, especially after the July 20 lawsuit initiated by the US Department of Justice (DOJ) to forfeit over US$1 billion of 1MDB-linked assets in the United States, United Kingdom and Switzerland from over US$3 billion international embezzlement, misappropriation and money-laundering of 1MDB funds and the recent actions by the Swiss and Singapore financial regulatory authorities to either close down banks or institute criminal proceedings in connection with 1MDB money-laundering crimes.

The 1MDB global scandal and the infamy of Malaysia becoming a “global kleptocracy” should be the first item of parliamentary business when Parliament reconvenes on Monday, but from the Parliamentary Order Paper, it is clear that these two issues are totally absent from the radar of the Malaysian Government and Parliament.

One can in fact use the 1MDB and Malaysia’s infamy as “global kleptocracy” as a yardstick to judge whether a Minister or a Member of Parliament is a Malaysian patriot and nationalist, as no Malaysian can claim to be a patriot, nationalist or love Malaysia if he or she is not ashamed and outraged by the disgraceful appellation of Malaysia as a “global kleptocracy”, as if Malaysians are happy to be ruled by PPP – Pencuri, Perompak dan Penyamun.

It is to the eternal shame of the Malaysian Parliament that no oral question on the 1MDB global financial scandal is slated to be answered in the 90 minute of question time on the first day of Parliament on Monday – although there are seven out of the 56 oral questions listed for Monday’s Question Time, but they are placed so behind the queue that they will not be answered at all. Read the rest of this entry »

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Singapore Mustn’t Spare the Rod

By Andy Mukherjee
Bloomberg
Oct 12, 2016

A slap on the wrist of a licensed, regulated intermediary must satisfy three conditions. One, the errant party must feel remorse before relief. Two, all other players ought to be put on notice. Three, society should feel avenged on behalf of its often faceless victims.

The punishment meted out by Singapore to banks as part of its ongoing investigation into the 1MDB scandal looks to have achieved little success in meeting the first aim. It has done better in hitting the second goal, but largely missed the third.

Start with the first objective. A S$1 million ($725,000) fine on homegrown DBS and a S$1.3 million penalty on UBS elicited just the kind of contrition one can expect from organizations brimming with talented public relations professionals. UBS said it was “disappointed” it didn’t do more to detect and report suspicious transactions earlier; DBS said it should have taken more “rigorous action.” Both have promised to go after miscreant bankers, and forgo profit from their lapses. UBS would support industry-wide anti-money-laundering initiatives, while DBS would donate to a worthy cause.

These are all fine words, but peering through them is a palpable sense of relief. While nobody quite expected pragmatic Singapore to score an own goal by aggressively punishing shareholders of lending institutions for egregious behavior by their executives, the fines appear way too small in a city where being in possession of chips outside of a casino attracts a S$150,000 penalty. Read the rest of this entry »

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Malaysian Fund 1MDB Linked to White House Visit

By BRADLEY HOPE and COLLEEN MCCAIN NELSON
Wall Street Journal
Oct. 13, 2016

Investigators look into whether money embezzled from the fund paid for lobbying seeking closer U.S.-Malaysian relations

WASHINGTON — Malaysia’s government-fund scandal, one of the world’s biggest alleged white-collar crimes, has been connected to a Hollywood studio, high-end U.S. real estate — and now, a visit to the White House.

Federal investigators are looking into whether money improperly obtained from the Malaysian fund was paid to a businessman who later arranged an Oval Office visit for relatives of the Malaysian prime minister, according to people familiar with the probe.

The businessman is Frank White Jr., an entrepreneur who helped start an investment firm called DuSable Capital Management LLC, along with partners including a rap star. Mr. White has also raised funds for President Barack Obama and Hillary Clinton.

Investigators believe about $10 million allegedly embezzled from 1Malaysia Development Bhd., known as 1MDB, flowed indirectly to Mr. White in a business deal, said people familiar with the probe.

Additionally, 1MDB paid $69 million to buy a DuSable unit out of a deal they had agreed on to build solar-power plants, the firms said last year. Read the rest of this entry »

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Former Finance Minister Husni Hanadzlah is the only BN MP who had put in a parliamentary question out of the 1,800 oral and written questions in the 25-day budget meeting on the 1MDB scandal

I had several shocks when going through the Parliamentary Order Paper for the 25-day budget meeting of Parliament from Oct. 17 to 24th November.

One is that PAS President Datuk Seri Abdul Hadi Awang’s private member’s bill motion is item No. 4, which means that after the Youth and Sports Minister, Khairy Jamaluddin’s motion to congratulate the Malaysian Olympians and Para-Olympians for their sterling performances in the two recent world sporting events; the Advocates (Sabah) (Amendment) Bill 2016 and a Treasury motion to convert a RM500 million loan to Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) to equity, Hadi’s private member’s motion may come up for debate and voting on Tuesday, or even on Monday!

This will lead to be tectonic shift of the fundamental basis and principles of the Merdeka Constitution 1957 and the Malaysia Agreement 1963, with far-reaching consequences not only the nation-building process but to the very survival and integrity of the Malaysian federation since 1963.

Another surprise and shock is the lowly and irrelevant position given to the one issue which had made Malaysia infamous internationally – the 1MDB global financial scandal which had catapulted the nation into world rank of a “global kleptocracy”.

The 1MDB global scandal should the first item of parliamentary business when Members of Parliament reconvened on Monday 17th October, after a break of five long months, when the country’s reputation was battered all over the world in a tide of negative and adverse international developments about the 1MDB scandal, the worst being the July 20 lawsuit initiated by the US Department of Justice (DOJ) to forfeit over US$1 billion of 1MDB-linked assets in the United States, United Kingdom and Switzerland from over US$3 billion international embezzlement, misappropriation and money-laundering of 1MDB funds as well as the crackdowns by the Singapore and Swiss financial regulatory authorities.

But from the Order Paper for the forthcoming 25-day meeting of Parliament, it would appear that the 1MDB global scandal is not a major concern or worry for Malaysia at all – and totally absent from the radar of the Malaysian Government.

No Malaysian can claim to be a patriot or love Malaysia if he or she is not ashamed and outraged by the disgraceful appellation of Malaysia as a “global kleptocracy” – as if Malaysians are happy to be ruled by thieves and robbers.

In fact, I would go so far as to say that no Malaysian is fit to be a Member of Parliament or Minister in the country if he or she is not ashamed and outraged by appellation of Malaysia as as a “global kleptocracy”. Read the rest of this entry »

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Will there be a tectonic shift of the fundamental basis of the Merdeka Constitution 1957 and Malaysia Agreement 1963 next week in Parliament if Hadi’s private member’s bill is passed?

I visited Parliament to collect the Parliamentary Order Paper for the 25-day budget meeting of Parliament from Oct. 17 to 24th November, and I find the parliamentary business planned most surprising and even shocking.

Firstly, will there be a tectonic shift of the fundamental basis of the Merdeka Constitution 1957 and Malaysia Agreement 1963 next week in Parliament if the PAS President Datuk Seri Abdul Hadi Awang’s private member’s bill is passed?

Hadi’s private member’s is slated as the fourth item of parliamentary business after a motion by the Youth and Sports Minister, Khairy Jamaluddin to congratulate the Malaysian Olympians and Para-Olympians for their sterling performances in the two recent world sporting events; the Advocates (Sabah) (Amendment) Bill 2016 and a Treasury motion to convert a RM500 million loan to Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) to equity.

Under the circumstances, the possibility that Hadi’s private member’s bill motion will come up for debate and voting either on Tuesday, or even on Monday, cannot be ruled out. Read the rest of this entry »

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

by Shamim Adam and Laurence Arnold
Bloomberg
October 11, 2016

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. Singapore on Oct. 11 announced it will revoke the local license for a second bank for breaches of anti-money laundering rules in relation to its 1MDB probe.

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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