Archive for category Financial Scandals
Time for Najib to speak up personally and state which version or versions about the source of the multi-billion ringgit deposits into his personal bank accounts was the true and correct one
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Tuesday, 24 May 2016
Since the expose by Wall Street Journal in early July last year of the RM2.6 billion into Prime Minister, Datuk Seri Najib Razak’s personal banking accounts, there have been numerous diverse and even conflicting versions about the source of the multi-billion ringgit deposits in Najib’s accounts, with the total figure expanding from RM2.6 billion to RM4.2 billion.
The latest and newest version about the source of the RM2.6 billion donation to Najib’s personal banking accounts came from the Director-General of Department of Special Affairs (Jasa), Datuk Mohd Puad Zarkashi in his speech in Canberra in his international “Veracity Tour” to “brainwash” Malay students overseas.
Puad told Malay students in Canberra that Najib had told UMNO leaders when the Wall Street Journal reported the expose in early July last year that he had “Bank Negara documents” to approve the transfer the money (RM2.6 billion) into his personal accounts and that he had discussed it with the Bank Negara governor.
According to Puad, Najib denied the money originated from 1MDB and told UMNO leaders that the money was from the Saudi King (Raja Saudi) to “combat the Islamic State, and secondly, to help in other places such as in Palestine and others”.
The other and sometimes conflicting versions of the source of the RM2.6 billion “donation” into Najib’s personal bank accounts include: Read the rest of this entry »
Will PAC Chairman Hasan apologise for his several breaches of parliamentary privileges in connection with PAC Report on 1MDB and make amends by tabling in Parliament the Report of Auditor General on 1MDB as he had promised on 7th March and re-open investigations into 1MDB scandal?
Posted by Kit in Constitution, Corruption, Financial Scandals, Parliament on Monday, 23 May 2016
Will the Public Accounts Committee (PAC) Chairman Datuk Hasan Arifin apologise for his several breaches of parliamentary privileges in connection with the PAC Report on 1MDB and make amends by tabling in Parliament the Report of the Auditor-General on 1MDB as he had promised on 7th March?
On 7th March 2016, Hasan gave a categorical statement that the Auditor-General’s final report on 1MDB investigations would be “declassified” under the Official Secrets Act 1972 once the PAC tables its report to Parliament.
The PAC Report on 1MDB was tabled in Parliament on April 7, and there are no signs that the Auditor-General’s final report on the 1MDB will be tabled in Parliament, which will adjourn on Thursday this week.
Hasan had said at the time that the Auditor-General Tan Sri Ambrin Buang had explained that the Auditor-General’s final report on 1MDB will no longer be a classified document under OSA once PAC tables its 1MDB report.
Can Hasan explain why he is dragging his feet in tabling the Auditor-General’s final report on 1MDB as attachment to the PAC Report on 1MDB?
What has Hasan and Prime Minister Datuk Seri Najib Razak and his government to hide in refusing to make public the Auditor-General’s final report on 1MDB? Read the rest of this entry »
Puad Zarkashi has let the cat out of the bag – the obsession of Najib and UMNO leaders about the 1MDB and “donation” scandals which have catapulted Malaysia to world’s top nations associated with global corruption
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Sunday, 22 May 2016
The Director-General of Department of Special Affairs (Jasa), Datuk Mohd Puad Zarkashi has let the cat out of the bag – that despite all the show and pretence put up by the Prime Minister, Datuk Seri Najib Razak that all the problems created by his twin mega scandals had been resolved, and that the country must move on, the nation’s leadership are still haunted and hounded by the 1MDB and “donation” global financial scandals and could not move on!
This is why the head of one of the propaganda units of government had to conduct a double-speak “Veracity Tour” to meet Malay students abroad to “explain current issues” – or to be more exact, a “brainwash tour” to mislead Malay students overseas about what is happening in the country.
This is why five months after Najib announced to the world that his twin mega scandals were “history” in his 2016 New Year Eve message, and a month after the Public Accounts Committee (PAC) on 1MDB, which only touched on the “tip of the iceberg” of the 1MDB scandal but which Najib hailed as vindication for his premiership, Puad had to embark on a world-wide “veracity tour” to “brainwash” Malay students because the credibility of Najib and his administration was hovering near the zero level!
Unfortunately, Puad is so used to hard and blatant propaganda among UMNO crowds, silenced and compromised by the distribution of various “goodies” at these brain-washing sessions, that he has lost the ability to discern the importance of showing greater finesse and discretion when dealing with more questioning minds among Malay students overseas.
This was why Puad could trot out such arrant nonsense about Najib’s twin mega scandals to Malay students in Canberra, claiming that Najib had told UMNO leaders when the Wall Street Journal reported the expose in early July last year that he had “Bank Negara documents” to approve the transfer the money (RM2.6 billion) into his personal accounts and that he had discussed it with the Bank Negara governor. Read the rest of this entry »
Is Malaysian Parliament one-sided and partial where Ministers and senior government leaders like PAC Chairman cannot be referred to Committee of Privileges for lying and the Speaker only a “yes men” to such breaches of parliamentary privileges?
Posted by Kit in Corruption, Financial Scandals, Parliament on Sunday, 22 May 2016
Is the Malaysian Parliament one-sided and partial where Ministers and senior government leaders like Public Accounts Committee (PAC) Chairman cannot be referred to the Committee of Privileges for lying and the Speaker only a “yes man” to such breaches of parliamentary privileges?
The Minister in the Prime Minister’s Department, Datuk Azalina Othman had committed a double contempt of Parliament when:
• firstly, she lied when replying to the DAP MP for Bagan Lim Guan Eng on Monday that PAC members were informed about the deleted lines from the PAC Report on 1MDB because of correspondence from Bank Negara on April 6 that its information was “confidential for the purpose of intelligence only and not for court usage or public report”; and
• secondly, when she defended her first lie with another lie by claiming that DAP MP for PJ Utara and PAC member Tony Pua’s statement that the PAC Chairman, Datuk Hasan Arifin had “never at any point of time communicated with PAC members on any developments subsequent to the meeting on April 4” before the PAC Report on 1MDB was presented to Parliament on April 7, 2016 was “untrue and without any basis”.
In their joint statement in Parliament on Thursday, the Deputy Chairman of PAC, Dr. Tan Seng Giaw (MP – Kepong) and the four opposition PAC members have confirmed that they had never been informed of any Bank Negara correspondence of April 6 before the tabling of the PAC Report on 1MDB on April 7.
The PAC Chairman Hasan Arifin has also committed a grave breach of parliamentary privilege in tampering with the PAC report on 1MDB. Read the rest of this entry »
Najib’s Ministers have been very busy indulging in sophistry, prevarication, obfuscation and downright evasion instead of being true and frank about the RM50-55 billion 1MDB and RM4.2 billion “donation” global financial scandals
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Friday, 20 May 2016
Malaysian Prime Minister, Datuk Seri Najib Razak’s Ministers have been very busy indulging in sophistry, prevarication, obfuscation and downright evasion instead of being true and frank about the RM50-55 billion 1MDB and RM4.2 billion global financial scandals.
It would be difficult to find a denser statement than the one made by the Communications and Multimedia Minister, Datuk Salleh Said Keruak that the Wall Street Journal cannot convince Malaysians if it does not reveal the sources of its stories.
In fact, WSJ must thank Salleh for giving greater publicity to its latest report about Najib’s stepson Riza Aziz’s purchase of a RM137 million property in London is now part of the 1MDB probe by international investigators.
Salleh cannot be more wrong when he suggested that WSJ reports have no credibility unless they reveal the sources of its stories, as it is the Prime Minister and his ministers who have been haemorrhaging from a credibility crisis since the 1MDB global scandal burst on the global scene more than a year ago, till today there is considerable truth in the claim that “For foreign media, Malaysia now synonymous with kleptocracy”. Read the rest of this entry »
Did regulatory slips ‘enable’ the 1MDB scandal?
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 19 May 2016
The Business Times, Singapore
Wednesday, May 18, 2016
WITHIN the span of six years, 1Malaysia Development Bhd’s (1MDB) debt had ballooned 10 times to RM50 billion (S$17 billion) and its business deals are now the subject of probes in seven jurisdictions, including Singapore. Could the mammoth scandal around the state-backed fund have been averted?
The answer is “Yes”, given the events at the strategic investment firm from the outset, which ought to have set off alarm bells at various government agencies, regulatory authorities and financial institutions.
In fact, had there been vigilance and proper checks and balances in the first place, the 1MDB controversy could well have been nipped in the bud. Read the rest of this entry »
Stepson of Malaysia’s Najib Razak Bought $34 Million London House With 1MDB Funds
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 19 May 2016
By SIMON CLARK, GEORGI KANTCHEV and BRADLEY HOPE
Wall Street Journal
May 19, 2016
Investigators believe that money from the Malaysian fund was used to buy home in 2012
The stepson of Malaysian Prime Minister Najib Razak bought a £23.25 million ($33.6 million) house in central London in 2012 with money originating from the troubled Malaysian state investment fund 1Malaysia Development Bhd., according to people familiar with the situation.
The redbrick four-story house, built around 1900, is part of a row set back from the road and protected by security gates, a short walk from Malaysia’s diplomatic mission in London’s exclusive Belgravia neighborhood. The registered owner of the house is Qentas Holdings Ltd., a company based in the British Virgin Islands. Mr. Najib’s stepson is the beneficial owner, the people familiar said.
Investigators believe that money from the Malaysian fund known as 1MDB was used to buy the house in July 2012. The Wall Street Journal has previously reported that Riza Aziz, a film producer and stepson of the Malaysian leader, used money that originated from 1MDB to buy $50 million worth of properties in New York and Los Angeles and to finance the 2013 movie “The Wolf of Wall Street.” Read the rest of this entry »
Azalina has committed double contempt of Parliament when she defended her lie in Parliament in her reply to Guan Eng on the PAC Report on 1MDB
Posted by Kit in Corruption, Financial Scandals, Parliament on Thursday, 19 May 2016
The Minister in the Prime Minister’s Department, Datuk Azalina Othman had committed a double contempt of Parliament when she defended her lie in Parliament in her reply to DAP MP for Bagan, Lim Guan Eng, claiming that Public Accounts Committee (PAC) members were informed about the deleted lines from the PAC Report on 1MDB.
In her written reply on Monday, Azalina had lied that PAC Chairman Datuk Hasan Arifin had informed or showed PAC members letter from Bank Negara Malaysia which stated that the information provided to the PAC was confidential for the purpose of intelligence only and not for court usage or public consumption.
DAP MP for PJ Utara, Tony Pua, who is a PAC Member has described Azalina’s answer as a lie, making very clear that after the the final PAC meeting on April 4 which approved the PAC report on 1MDB for publication, Hasan “never at any point of time communicated with the PAC members on any developments subsequent to the meeting on April 4”.
I have spoken to the Deputy Chairman of PAC, Dr. Tan Seng Giaw (MP – Kepong) and he has confirmed that what Pua said was true and factual, and that PAC members were never informed about Bank Negara’s letter before PAC Report on 1MDB was tabled in Parliament on April 7, and that Azalina had told a lie in Parliament.
Thus, when Azalina yesterday denied that she lied to Parliament when she said PAC members had been informed about the deleted lines in the PAC report on 1MDB, and that Pua’s statement was untrue and made without any basis, Azalina had committed a double contempt of Parliament. Read the rest of this entry »
Would Azalina refer herself to the Committee of Privileges for lying in Parliament or would there be an Acting Minister in the PM’s Department appointed to be in charge of parliamentary affairs to refer Azalina to Committee of Privileges?
Posted by Kit in Corruption, Financial Scandals, Parliament on Wednesday, 18 May 2016
Would the Minister in the Prime Minister’s Department, Datuk Azalina Othman Said refer herself to the Parliamentary Committee of Privileges for lying in Parliament, or would there be an Acting Minister in the Prime Minister’s Department appointed to be in charge of parliamentary affairs to refer Azalina to the Committee of Privileges?
Public Accounts Committee (PAC) member and DAP MP for PJ Utara, Tony Pua has made a very serious charge that Azalina had lied in replying to the DAP MP for Bagan Lim Guan Eng that PAC members were informed about the deleted lines from the PAC Report on 1MDB.
Pua said Azalina lied in Parliament when she said in her parliamentary reply on Monday that the PAC Chairman Datuk Hasan Arifin had informed or showed PAC members letter from Bank Negara Malaysia which stated that the information provided to the PAC was confidential and not for public consumption.
Azalina had replied to Guan Eng that Hasan had received Bank Negara’s information which stated all the information given was “confidential for the purpose of intelligence only and not for court usage or public report” and that all PAC members were informed of the matter via a letter penned by the PAC chief to the deputy governor of the central bank on April 6.
I have received confirmation from the Deputy Chairman of PAC, Dr. Tan Seng Giaw (Kepong) that PAC members were never informed about the matter by the PAC Chairman on April 6 and that Azalina had told a lie in Parliament. Read the rest of this entry »
Four ways for Najib and Parliament to redeem their abject failure to ensure responsibility and accountability for first global financial scandal in nation’s history
Posted by Kit in Corruption, DAP, Financial Scandals, Najib Razak, Parliament on Monday, 16 May 2016
I have visited 130 parliamentary constituencies in the country in my nation-wide “Pantang Undur – Berani kerana Benar” nation-wide tour during my six-month suspension from Parliament in October last year.
Only three days ago, I visited Kuala Terengganu, Marang, Setiu and Besut in Terengganu and Pasir Puteh in Kelantan.
Wherever I went in the 130 Parliamentary constituencies in the past six months, Malaysians regardless of race, religion or region want the Prime Minister, Datuk Seri Najib Razal to answer the two simple questions about his global financial scandal – where the money came from and where the money had gone to! Read the rest of this entry »
I have visited 130 parliamentary constituencies during my six-month suspension from Parliament and all Malaysians, regardless of race, religion or region want Najib to answer two simple questions about Najib’s global financial scandal – where the money came from and where the money had gone to!
Posted by Kit in Corruption, DAP, Financial Scandals, Najib Razak, Parliament on Sunday, 15 May 2016
This morning, I want to report to the voters of Gelang Patah that I have visited 130 parliamentary constituencies in the country during my six-month suspension from Parliament and I will return to Parliament tomorrow.
Only two days ago, I visited Kuala Terengganu, Marang, Setiu and Besut in Terengganu and Pasir Puteh in Kelantan.
Wherever I went in the 130 Parliamentary constituencies in the past six months, Malaysians regardless of race, religion or region want Najib to answer the two simple questions about his global financial scandal – where the money came from and where the money had gone to!
I apologise to the people of Gelang Patah for being suspended for six months from Parliament, not because I had stolen, robbed, murdered or guilty of corruption, but because I had wanted the Prime Minister to answer two simple questions about his global financial scandals – Where the money came from and where the money have gone to.
Six months later, Najib has not been able to answer these two simple questions, but his twin mega scandals have continue to mushroom to become ever more monstrous, with Malaysia topping the global charts as among the most corrupt nations in the world like the third place in international website, foreignpolicy.com’s ranking of the world’s “worst corruption scandal in 2015” at the end of last year, TIME magazine’s second ranking of “global corruption” in March or the Economist’s second placing in its second index of crony capitalism early this month.
Six months ago, we were talking about Najib’s RM2.6 billion “donation” scandal and the RM42 billion 1MDB scandal – today, we are talking about Najib’s RM4.2 billion “donation” scandal and the RM50-55 billion 1MDB scandal! Read the rest of this entry »
Why is Najib absconding to UK next week when he should be in Parliament to give full and satisfactory accounting on the exploding 1MDB global financial scandal?
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Saturday, 14 May 2016
It has been reported that the Prime Minister, Datuk Seri Najib Razak will be making a “working visit” to the United Kingdom from Sunday to May 18 to promote investment between the two countries.
It would appear that Najib’s overseas itinerary had been planned to enable him to avoid parliamentary responsibility and accountability with Parliament scheduled to reconvene on Monday.
Why is Najib absconding to UK when he should be in Parliament to give full and satisfactory accounting on the exploding 1MDB global financial scandal?
Why is Najib going away from the country when he should have given top priority to his attendance of Parliament among all his Prime Ministerial duties especially with the 1MDB scandal assuming such an explosive dimension? Read the rest of this entry »
Challenge of Pakatan Harapan is to convince all voters that the victims of the RM50 billion 1MDB scandal are the 30 million Malaysians as corruption is not a victimless crime
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Saturday, 14 May 2016
The challenge of Pakatan Harapan is to convince all voters that the victims of the RM50 billion 1MDB scandal are the 30 million Malaysians as corruption is not a victimless crime.
In normal crimes like theft, robbery or murder, it is easy to know the victims but corruption seems to be a remote and distant matter of little or no concern to the public, especially as there appears to be no victims.
This is however the greatest fallacy of all – that corruption is a victimless crime. Read the rest of this entry »
Terengganu is a peculiar state where Opposition Assemblymen help to prop up the UMNO Mentri Besar to defeat a no-confidence motion in the State Assembly from an UMNO Assemblyman
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Friday, 13 May 2016
Marang is the 127th parliamentary constituency I am visiting since my six-month suspension from Parliament for wanting the Prime Minister, Datuk Seri Najib Razak to answer two simple questions about the twin global corruption scandals which had been haunting and hounding him for over a year – where the astronomical sums of money running into billions of ringgit in the twin mega scandals come from and where the monies have gone to.
I am returning to Parliament on Monday but these two simple questions about Najib’s RM50 billion 1MDB scandal and RM4.2 billion “donation” scandals are as elusive as ever, although the twin mega scandals have merged into one gargantuan global scandal spanning over a dozen countries.
The Global Anti-Corruption Summit in London yesterday has among its objeectives to:
* expose corruption so there is nowhere to hide;
* punish the perpetrators and support those affected by corruption; and
* drive out the culture of corruption wherever it exists.
Will Najib as Prime Minister of Malaysia declare full support for these three objectives of the Global Anti-Corruption Summit in London, or is the Malaysian Government terribly frightened of these triple goals. Read the rest of this entry »
Four parliamentary measures to redeem national honour and reputation in the handling of Malaysia’s first global scandal – RM50 billion 1MDB scandal
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Friday, 13 May 2016
Kuala Terengganu is the 126th parliamentary constituency that I am visiting in my “Pantang Undur – Berani Kerana Benar” nation-wide tour since my six-month suspension from Parliament in October last year for demanding two simple answers from the Prime Minister, Datuk Seri Najib Razak with regard to this twin mega scandals which have put Malaysia among the top 10 countries infamous for global corruption – where the monies for the RM50 billion 1MDB and RM4.2 billion “donation” scandals came from and where the monies have gone to.
I will return to Parliament when it reconvenes on Monday 16th May, but six months after my suspension from Parliament, the two questions of “Where the monies came from and where the monies have gone to” have still to be answered, and have writ even larger, with major developments in Najib’s twin mega financial scandals confirming Malaysia as home to one of the great global corruptions of the time.
In fact, never before had Malaysia seen a local scandal taken such global dimension as to be almost in frequent international limelight, sometimes for days at a stretch, in the past year or more, and if anyone googles “1MDB scandal”, there would be more than half a million returns!
This is not to the credit or honour of Malaysia – but to our great national shame and humiliation. Read the rest of this entry »
Malaysian Leader Najib’s Stepson Allegedly Funded U.S. Property Deals With 1MDB Money
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 12 May 2016
By BRADLEY HOPE and TOM WRIGHT
Wall Street Journal
May 11, 2016
At least $50 million allegedly diverted from state investment fund was spent on luxury real estate in the U.S.
At least $50 million allegedly diverted from a state investment fund in Malaysia was spent on luxury properties in New York and Los Angeles by the stepson of the Malaysian prime minister, according to documents reviewed by The Wall Street Journal and people familiar with the matter.
Riza Aziz, a film producer and stepson of Malaysian leader Najib Razak, used money that originated from the 1Malaysia Development Bhd. fund to acquire a 7,700-square-foot, $33.5 million duplex in the Park Laurel condominium tower overlooking New York’s Central Park, the documents and people said.
Mr. Aziz also used money originating from 1MDB to buy an 11,000-square-foot walled mansion in Beverly Hills with a 120-foot-long pool for more than $17.5 million, the documents and people said.
The financing of those acquisitions is under investigation by the Federal Bureau of Investigation, which is conducting a wide-ranging inquiry into alleged misappropriation of billions of dollars from 1MDB, according to people familiar with the probe. 1MDB was set up in 2009 to benefit the Malaysian people. Read the rest of this entry »
Abu Dhabi’s IPIC demands more Malaysia compensation as debt row deepens
Posted by Kit in Financial Scandals on Wednesday, 11 May 2016
KUALA LUMPUR/HONG KONG | BY JOSEPH SIPALAN AND UMESH DESAI
Reuters
Wed May 11, 2016
Disputes between Abu Dhabi state-owned International Petroleum Investment Co (IPIC) and the troubled Malaysian state investment fund 1MDB intensified on Wednesday, with IPIC saying there was a fresh default by 1MDB.
IPIC claimed that 1MDB and the Malaysian government now owe it more than $1.2 billion after a complex series of agreements between the two former partners went sour.
The latest turn came on Wednesday, when IPIC [INTPV.UL], said it had to stump up a $52.4 million coupon payment after 1MDB defaulted on $1.75 billion on bonds due in 2022.
1Malaysia Development Berhad (1MDB) said it had “more than sufficient” funds to make the interest payments on that bond and another $1.75 billion declared in default in April, but did not due to its dispute with IPIC.
1MDB has been locked in a dispute over its obligations to IPIC under a debt restructuring agreement reached in June. Read the rest of this entry »
Call to Najib to present White Paper on 1MDB in next week’s Parliament and to set aside three days for debate on it, as well as PAC Report on 1MDB
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Wednesday, 11 May 2016
The Prime Minister, Datuk Seri Najib Razak said yesterday a failed initial public offering (IPO) exercise, as a result of being “attacked”, was the main reason why 1Malaysia Development Bhd (1MDB) encountered problems.
He said 1MDB used the debt funding approach to operate its business, which required an IPO to be undertaken in the shortest possible time. The authorities did not foresee that 1MDB would come under relentless “attacks”, which resulted in the IPO exercise could not be carried out, hence the cashflow problems.
Was this the real reason why 1MDB had exploded to become the nation’s first global financial scandal, keeping the nation constantly in the international limelight for massive transborder financial frauds, irregularities and money-laundering?
Or was the Economic Planning Minister, Datuk Sri Abdul Wahid Omar more to the point when he admitted last month that 1MDB model of low capitalization and huge borrowings was unsustainable from the very start.
What was the “original sin” of the 1MDB global financial scandal – the IPO failure, the unsustainable model of low capitalization and huge borrowings or something more fundamental, conceived right from the beginning as a mega global scam that has triggered investigations by several countries on international embezzlement and money-laundering to the tune of some USD11 billion stretching from Singapore to the United States? Read the rest of this entry »
1MDB – A wonderland saga
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Wednesday, 11 May 2016
Tan Siok Choo
Making Sens
The Sun Daily
20 April 2016
“CURIOUSER and curiouser,” said Alice as she grew to more than nine feet high in Lewis Carroll’s fabled novel Alice’s Adventures in Wonderland.
This is the likely response of non-partisan readers of often contradictory articles about 1Malaysia Development Berhad (IMDB), the report by the Public Accounts Committee (PAC) and strongly-worded statements by Abu Dhabi’s sovereign wealth fund, International Petroleum Investment Company (IPIC).
In a joint announcement on April 11, IPIC and its subsidiary Aabar Investments PJS (Aabar) categorically denied Aabar Investments PJS Ltd, established in the British Virgin Islands (Aabar BVI), is “an entity within either corporate group”. Both IPIC and Aabar also said they had received no payments from Aabar BVI.
In response, 1MDB said it was “curious” IPIC and Aabar had waited “until April 2016” to issue a denial and was surprised “neither IPIC nor Aabar has knowledge of, nor has benefited from, payments made by IMDB to Aabar BVI.”
Under a debt-asset swap agreement on May 28, 2015 involving Aabar, Malaysia’s Ministry of Finance (MOF) and 1MDB, IPIC agreed to:
» provide US$1 billion to enable 1MDB to settle its liabilities;
» pay interest on the US$3.5 billion bonds;
» repay the US$3.5 billion bond; and
» forgive certain 1MDB debts.
In return, 1MDB would transfer to IPIC by June 30, 2016 assets with an aggregate value of all the sums paid by IPIC.
DAP MP Tony Pua says the value of assets 1MDB must transfer to IPIC total US$4.7 billion – US$1 billion to settle 1MDB’s liabilities, US$3.5 billion for the 2012 bonds and up to US$200 million in interest payments. Read the rest of this entry »
Najib has gained no respite for Malaysia or for himself on the 1MDB global scandal despite the landslide Barisan Nasional victory in Sarawak state general elections on Saturday
Posted by Kit in Corruption, Financial Scandals, Najib Razak, Parliament on Tuesday, 10 May 2016
JP Morgan Asia’s downgrade of Malaysia’s status to underweight is the latest bad news for Malaysia and potent testimony that the Prime Minister, Datuk Seri Najib Razak has gained no respite for Malaysia or for himself on the 1MDB global scandal despite the landslide Barisan Nasional victory in Sarawak state general election on Saturday.
The equity research team cited concern about Malaysian banks, which also account for about 30 percent of the iShares MSCI Malaysia ETF (EWM), as one of the main reasons for the downgrade.
It said: “Negative outlook on financials driven by increasing credit costs due to declining loan and deposit growth. Banks are grappling with rising non-performing loans (expected to peak at 3.1 percent in 2018).”
The iShares MSCI Malaysia ETF had fallen 7.7 percent in the second quarter, which makes it the second worst performing market in Asia after Taiwan.
In the past fortnight, while Najib has led the campaign in the Sarawak state elections to rain money throughout the state, Malaysia has not ceased to be at the receiving end of adverse international developments and references, like being named number two by The Economist in its second index of crony capitalism, just behind Russia which clinched the crony capitalism crown. Read the rest of this entry »
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