Paul Low Seng Kuan must be the only Minister in the world responsible for integrity who is neither moved nor concerned about revelations of mega money politics and corruption like former Kedah Mentri Besar Datuk Mukhriz Mahathir’s disclosure of RM1.5 billion spent by Barisan Nasional – Malacca Chief Minister Datuk Idris Harun said its more than RM1.5 billion – in the 13th General Election.

It is rather amusing, even comical but most outrageous that Paul Low had protested that he was “definitely” not sleeping on the job, when evidence had just surfaced publicly that he was doing exactly that – “sleeping” on the job.

Can Paul Low explain what he had done as Minister in the Prime Minister’s Department in charge of integrity and good governance to Mukhriz’ shocking disclosure when speaking to UMNO grassroots members at a function in Kelantan on Monday that Najib had revealed that BN spent RM1.5 billion for the 13th General Election in a meeting with UMNO liaison chiefs?

Mukhriz has recounted that he was told about this after quizzing Najib in a meeting of the Prime Minister with UMNO liaison chiefs about the RM2.6 billion that was deposited into the latter’s personal bank accounts, which the prime minister stated was a political donation from the Middle East. Read the rest of this entry »

By TOM WRIGHT in Hong Kong and JUSTIN BAER in New York
Wall Street Journal
March 10, 2016

Wall Street firm hired daughter of close ally to Malaysian Prime Minister Najib Razak

Goldman Sachs Group Inc. hired the daughter of a close ally to Malaysia’s prime minister around the time the firm’s bankers were pitching business to the country’s government investment fund, people familiar with the matter said.

Goldman is looking into the hiring as part of its investigation into the firm’s actions related to the Malaysia fund and into the Wall Street firm’s former Southeast Asia chairman, Tim Leissner, said one of the people.

The probe is also part of its broader investigation into the hiring of relatives of government officials or other well-connected people, the person said. Goldman is among several international banks under investigation by U.S. authorities to determine whether their hiring practices violated antibribery laws, The Wall Street Journal has previously reported. The Foreign Corrupt Practices Act bans U.S. companies from giving anything of value to a foreign official to gain an unfair advantage or business favors. Goldman has declined to comment on the U.S. probe.

Neither Goldman nor Mr. Leissner have been accused of wrongdoing. Read the rest of this entry »

Greg Farrell & Keri Geiger
Bloomberg
March 7, 2016

A former Goldman Sachs Group Inc. banker has become entangled in a sprawling investigation of the Malaysian state investment fund as U.S. authorities turn to him for information.

Tim Leissner was issued a subpoena about the Malaysia matter in late February, according to three people briefed on the matter, just days after Goldman Sachs confirmed he had left the firm.

Leissner, a German national, was most recently chairman of the firm’s Southeast Asia operations but had taken personal leave and relocated to Los Angeles by early this year, according to people with knowledge of the move.

From Malaysia to Switzerland to the U.S. investigators have been trying to trace whether money might have flowed out of the fund and illegally into personal accounts. Accusations have boomeranged and been called politically motivated even as authorities outside Malaysia press ahead with their inquiries.

Prosecutors in the Justice Department’s kleptocracy asset-recovery unit are investigating whether funds were embezzled from 1Malaysia Development Bhd., known as 1MDB, by politically connected people in Malaysia, the people said. The FBI’s New York office is leading the investigation and is trying to determine if any U.S. laws were broken, according to one of the people briefed on the subpoena issued to Leissner. Read the rest of this entry »

Economist
Mar 5th 2016 | KUALA LUMPUR

Malaysia’s 1MDB affair – Investigators in several countries are trying to get to the bottom of Malaysia’s growing corruption scandal

IT WAS a striking move from a country better known for hiding iffy foreign wealth than for exposing it. Frustrated by a lack of co-operation from Malaysian counterparts, Switzerland’s attorney-general declared in late January that there were “serious indications” that $4 billion had gone astray from Malaysian state concerns, some of it into accounts held by current or former Malaysian and Middle Eastern officials. The announcement fuelled an already combustible scandal that has transfixed Malaysians, battered their prime minister, Najib Razak, and could yet ensnare banks around the world.

The allegations of misappropriation centre on a Malaysian state investment fund, from which it is suspected that large sums were siphoned by businessmen and officials with links to Mr Najib. It is thought that some of this was used to help his party win an election in 2013; some was spent on buying assets at questionable prices; and some of the remainder was moved to offshore shell companies and bank accounts. All those suspected of involvement, including Mr Najib, deny wrongdoing. None has been charged with a crime. Read the rest of this entry »

– Jakarta Post
The Malaysian Insider
3 March 2016

In a desperate attempt to unseat his former “golden boy” Datuk Seri Najib Razak from the premiership, former Malaysian leader Tun Dr Mahathir Mohamad announced his resignation from the ruling Umno on Monday.

His move, however, will hardly impact Najib, because Dr Mahathir cannot deny that he was also, at least partly, responsible for the current political landscape. The resignation looks more like personal revenge against Najib because of his failure to abide by his former mentor’s instructions.

There are growing protests from civil society groups against alleged power abuses and rampant corrupt practices involving political elites and the ruling coalition government.

But the opposition is divided and even hostile within itself, while the government silences the disgruntled groups using the tactics of wealth and power distribution.

The Wall Street Journal dropped another political bombshell on Malaysia when it reported on Monday that Najib has US$1 billion in his bank accounts, US$319 million more than what the newspaper allegedly found in July last year. Read the rest of this entry »

Nash Jenkins
Time
3rd March 2015

Najib Razak is accused of siphoning more than a billion dollars from a struggling state fund

Malaysian Prime Minister Najib Razak continues to dismiss allegations that he embezzled funds from a struggling state development fund, even after new evidence reportedly links upwards of a billion dollars in deposits from the fund into his personal accounts.

Najib has been the subject of unprecedented controversy since last July, when the Wall Street Journal and investigative news website Sarawak Report published documents tracing nearly $700 million from the ledgers of 1Malaysia Development Berhad (1MDB) to Najib’s private bank accounts. On Monday, the Journal reported that antigraft investigators believed the sum in Najib’s accounts was in fact higher than initially stated — totaling more than $1 billion.

Najib’s office released a statement in response to the article, condemning the Journal as a “willing vehicle for certain political actors who are seeking to damage the Prime Minister and Malaysia for personal gain,” but not commenting directly on the matter of the finances. Read the rest of this entry »

By Jennifer Gould Keil
New York Post
February 28, 2016

He arrived from out of nowhere in 2009, a mysterious, geeky 28-year-old dropping ridiculous amounts of money all over the city.

When Lindsay Lohan was celebrating her 23rd birthday at 1Oak, he sent 23 bottles of Cristal to her table. He spent $160,000 on bottle service one evening at Chelsea hot spot Avenue and once flew eight waitresses from Greenwich Village club Pink Elephant to an after-party — in Malaysia.

Yet no one knew who this man, Low Taek Jho — otherwise known as Jho Low — was, or where he got his money.

The intrigue only deepened over the next few years, as Low collected a staggering amount of luxury real estate and famous artwork. He spent $30.55 million for an apartment in the Time Warner Center, as well as $23.98 million for a condo at the Park Laurel.

He bought Monets, Basquiats, Rothkos. He is widely thought to be the person who bought Picasso’s “Women of Algiers” last May for $141 million at auction — the most expensive painting ever purchased. He made the ARTnews list of the world’s 200 top private collectors.

Now the mystery of Jho Low may have finally been solved, thanks to a scandal that threatens the government of Malaysia and Wall Street titan Goldman Sachs.

Real-estate brokers in New York are being asked questions about the deals they worked on involving Jho Low, The Post has learned.

Federal investigators are probing what could end up being “one of the largest money-laundering frauds in the world,” a source told The Post. Read the rest of this entry »