Archive for category Financial Scandals

Parliament has been reduced to a theatre of the absurd with the PAC Chairman wearing the dunce’s cap as the most absurd Parliamentarian with his absurd edict banning Tony Pua from speaking about 1MDB in public

Parliament has been reduced to a theatre of the absurd with the Public Accounts Committee (PAC) Chairman Datuk Hasan Arifin wearing the dunce’s head as the most absurd Parliamentarian with his absurd edict banning Tony Pua from speaking about 1MDB in public.

At the rate of such absurdity in Parliament and the higher echelons of government leadership, it appears to be just a matter of time before “1MDB” joins the select group of subjects where mere criticism will be criminalized and construed as an act of sedition!

It is clear that the Najib leadership had been brainstorming for quite some time to find a way to criminalise and ban public debate on the twin1MDB and RM2.6 billion “donation” twin scandals, starting with Parliament before the ban is extended to all public spaces in the country, especially with the two scandals acquiring lives of their own, exploding every few days with new revelations completely beyond the control or ken of Najib’s PR handlers – to the extent that more than half a dozen countries have initiated their own separate investigations into the twin mega scandals.

Worst of all, the Malaysian Prime Minister Datuk Seri Najib Razak had been pinpointed by the United States media as being the target of a FBI probe under the United States Department of Justice Kleptocracy Assets Recovery Initiative 2010 with neither Najib nor the Government able to deny or clarify such a damning report of Najib being investigated as a kleptocrat although more than a month had elapsed since the United States media report. Read the rest of this entry »

3 Comments

After three-month derailment, PAC under new Chairman is dragging its feet on 1MDB investigations with no sense of urgency or priority – making total mockery of the concern of the Malay Rulers, 30 million Malaysians and the majority of three million UMNO members

The first meeting of the newly reconstituted Parliamentary Public Accounts Committee (PAC) under a new Chairman Datuk Hasan Arifin is a great national let-down, as after three-month derailment, the PAC is dragging its feet and procrastinating on 1MDB investigations with no sense of urgency or priority and making a total mockery of the concern of the Malay Rulers, the 30 million Malaysians and the majority of the three million UMNO members.

I suggest that the PAC Chairman Datuk Arifin and the newly-appointed PAC members should be provided with a copy of the Malay Ruler’s unprecedented statement of Oct. 6 calling for the 1MDB investigations to be completed “as soon as possible” and for “appropriate stern action” to be taken against all found to be implicated.

The Malay Rulers’ statement should be compulsory reading for Arifin and the new PAC members for it articulated not only the concern of the Malay Rulers, but the 30 million Malaysians including the majority of the three million UMNO members on the inordinate procrastination of 1MDB investigations. Read the rest of this entry »

2 Comments

10 questions I would pose to 1MDB President, Arul Kanda during the “live discussion, talk show or debate”

Tony Pua
DAP MP for PJ Utara
3rd November 2015

1MDB President, Arul Kanda has during his press conference on Saturday, informed Malaysians that “I will meet YB Tony Pua for live discussion, or talk show, or debate, without any condition.”

I would like to announce that the Members of Parliament for Kulai and Serdang, Teo Nie Ching and Dr Ong Kian Ming will be representing me to conduct the necessary discussions with the team from 1MDB to finalise the format and details of the proposed “live discussion, or talk show, or debate” between the 1MDB President, Arul Kanda and myself.

While we wait for the much anticipated face-off, I would like to offer Arul Kanda the heads up, so that he can prepare the necessary answers whether during replies or debate speech. This way, Arul cannot feign ignorance or pretend that the documents were unavailable with him to provide the necessary answers. Therefore, let me disclose here the 10 questions which I will ask during the “live discussion, or talk show, or debate”: Read the rest of this entry »

3 Comments

Barisan Nasional MPs in the PAC who have been beneficiaries in the RM2.6 billion Najib “donation” scandal should declare their pecuniary interests and withdraw from participation in any PAC discussion, decision or investigation into the twin mega scandals on 1MDB and RM2.6 billion ‘donation”

Former MCA President, Datuk Seri Chua Soi Lek has made startling revelations about the Prime Minister, Datuk Seri Najib Razak’s RM2.6 billion “donation” scandal in his personal banking accounts before the 13th General Election.

Malaysiakini yesterday reported the former MCA President as throwing some light on where some of the RM2.6 billion in Najib’s personal bank accounts had gone to.

Chua recollected how Najib had in a BN Supreme Council meeting before the 13th general election made an “unprecedented pledge to fund BN component parties”. Read the rest of this entry »

1 Comment

Support for the call by G25 Group of Eminent Malays for the separation of the powers of the Attorney-General as legal adviser to the government and that of Public Prosecutor to ensure that political influence is not brought to bear on prosecutorial decisions

The call by the G25 Group of Eminent Malays for the transfer of the prosecutorial powers of the Attorney-General to an independent office of the Director of Public Prosecutions deserves support and action by Parliament.

The G25 Group statement said:

“There is a fundamental conflict of interest in the functions and powers of the AG, which enables him to take action against national interests.

“It is poor governance that the AG is the legal adviser for the government of Malaysia and also the final arbiter on decisions to prosecute.”

The conflict-of-interest and the subordination of national interest to sectional and political interests that can arise as the result of the Attorney-General being vested with these two functions and powers has been most vividly and dramatically highlighted by investigations into the two mega-scandals of 1MDB and the RM2.6 billion “donation” in Prime Minister Datuk Seri Najib Razak’s personal banking accounts – resulting in the shocking sacking of the Attorney-General Tan Sri Gani Patail on July 28 amidst controversy that the Attorney-General’s Chambers was preparing to charge the Prime Minister Najib for corruption in connection with the 1MDB scandal, the dissolution of the multi-agency Special Task Force into the 1MDB scandal and the three-month stoppage of Public Accounts Committee from continuing its 1MDB investigations. Read the rest of this entry »

No Comments

What has the Najib government done in the past fortnight of parliamentary meetings to address the concern of Malay Rulers and Malaysian citizenry that IMBD investigations be completed “as soon as possible”?

Some three weeks ago, the Malay Rulers issued an unprecedented statement urging the government to complete the 1MDB investigations “as soon as possible” and to take “the appropriate stern action” against all found to be implicated.

Such crisis of confidence, among other things, have caused “the plunge in the value of the Malaysian Ringgit, impacting the country’s financial market and economic climate negatively and at the same time adversely affecting the world’s view of Malaysia” – and if not “wisely handled”, could “jeopardize the country’s economy and the livelihood of the people”.

The Malay Rulers wanted the findings of the investigations to be reported “comprehensively and in a transparent manner” so that the people will be convinced of the government’s sincerity not to conceal “facts and truth”, as such failure to give “convincing clarifications and answers…is feared to have resulted in a crisis of confidence”.

Although the language is somewhat convoluted, it is the result of trying to diplomatically convey the messages (i) that the Malay Rulers were very concerned at the worsening crisis of confidence caused by the two mega scandals in the nation’s history, the RM50 billion 1MDB and RM2.6 billion “donation” in Najib’s personal banking accounts, which had brought together a conjunction of political, economic, good governance and nation-building crises which threaten to produce the first “perfect storm” to hit Malaysia for six decades; and (ii) that the government had not conducted itself in a frank and transparent matter it should have done in these two mega-scandals.

What has the Najib government done in the 24 days since the Oct. 6 statement of the Malay Rulers, or in the past fortnight of parliamentary meetings, to address the concern of Malay Rulers and Malaysian citizenry that IMBD investigations be completed “as soon as possible”?

Absolutely nothing! Read the rest of this entry »

3 Comments

Najib government too “economical with the truth” when it would not clarify after two weeks of Parliament whether Muhyiddin was right in his last speech as DPM three months ago that 1MDB scandal had mushroomed from RM42 billion to over RM50 billion

The Prime Minister Datuk Seri Najib Razak and his government were too “economical with the truth” when it would not clarify after two weeks of Parliament whether Tan Sri Muhyiddin Yassin was right in his last speech as Deputy Prime Minister to the Cheras UMNO Division three months ago that the 1MDB scandal had mushroomed from RM42 billion to over RM50 billion.

There was not a single reference whatsoever to the two mega scandals which had been dominating international headlines about Malaysia for the past few months, the RM50 billion 1MDB and RM2.6 billion “donation” in Najib’s personal banking accounts for the 13th General Election, in Najib’s much-awaited 2016 Budget – fully justifying Opposition MPs resorting to the unorthodox but very creative ploy of collectively displaying the placard “Mana RM2.6 billion” (Where is the RM2.6 billion) after Najib’s budget speech.

This action of Opposition MPs resonated in the hearts and minds of 30 million Malaysians, including the majority of the three million UMNO members, although there are those who excoriated such a creative ploy as “uncivilized”, as if they more Umno than Umno! Read the rest of this entry »

4 Comments

So, where did the RM2.6 billion go? Tell us, Najib

Phlip Rodrigues
Malaysiakini
25 Oct 2015

COMMENT When a sea of placards washed over the face of Prime Minister Najib Abdul Razak on Budget Day, it created huge waves in the annals of Malaysian politics. Never before in the history of parliamentary democracy had a prime minister had to face the ignominy of seeing his role flashed in loud, clear and bold message across the national stage.

For Parliament is the time-hallowed podium where the actions and thoughts of the elected representatives are in full play for all to see. What the opposition lawmakers did on that memorable day is an act of patriotism: they do not want to see the country destroyed by a prime minister whose every action is a tight slap on democracy.

Parliament is a fitting place to debate with intelligence and vigour the problems and ills of the country – be they social, economic, political. More importantly, it is the ideal arena to drill the prime minister on his deeds as the head of government.

But Najib chooses not to engage in the cut and thrust of political life, which is the hallmark of a healthy and vibrant democracy. Instead, he treats Parliament with contempt when he ignores the existence of the opposition and cares only for his own skewed views.

His words have become his laws and as a result, justice and truth have taken a terrible beating. He comes and goes as he wishes and most of the time, his seat, given by the people to serve the people, is left cold and empty. Read the rest of this entry »

2 Comments

Najib’s 2016 Budget made history as a budget which could not generate any budget euphoria as it was snuffed out within seconds of delivery by phalanx of Opposition MPs standing up and displaying “Mana RM2.6 billion” placard

Prime Minister-cum-Finance Minister Datuk Seri Najib Razak’s 2016 Budget made history as the first Malaysian budget which could not generate any budget euphoria as it was snuffed out within seconds of delivery by the phalanx of Opposition MPs standing up and displaying the “Mana RM2.6 billion” placard.

Normally, the budget presented by a Finance Minister in Parliament on a Friday would be able to generate a budget euphoria for weeks, or at least for the immediate weekend, with glowing economic reports and superlative accounts of the government’s budgetary plans, but Najib’s 2016 Budget failed dismally on this account, with the country overcast with hazy sky and noxious air which for weeks had closed schools, disrupted the economy and created havoc in the life of Malaysians.

In fact, events in the 24 hours after Najib’s delivery of the 2016 Budget had continued to be relentless in stamping out any ember for any post-budget euphoria, for instance:

1. the report by The Australian yesterday that a sixth foreign government, Australia, has joined five other countries, namely Switzerland, United Kingdom, Hong Kong, Singapore and United States in the ever-widening international inquiry into Malaysia’s biggest scandal in history, the RM50 billion 1MDB (well exceeding the RM42 billion normally associated with the scandal, according to Tan Sri Muhyiddin Yassin in his last speech as Deputy Prime Minister to the UMNO Cheras Division on July 26); Read the rest of this entry »

No Comments

Malaysia’s 1MDB scandal: Australian connection in Malaysia scandal

Ben Butler
The Australian
October 24, 2015

Sitting on the canals behind the glitzy towers that line Broadbeach, on Queensland’s Gold Coast, the low-rise Icon Corporate Park doesn’t look much like the kind of place you’d find a funds management company looking after billions of dollars caught up in a financial scandal that is rocking Malaysia.

But this modest address, at a modern low-rise located at 2 Miami Key, has emerged as host to Australian key players, some with colourful histories, caught up in the controversy engulfing Malaysia’s debt-ridden sovereign wealth fund, 1MDB.

In Malaysia, the scandal involving hundreds of millions of dollars allegedly paid into the bank account of the country’s Prime Minister, Najib Razak, has left behind a trail of arrests, accusations and alleged murder.

In August, police arrested three senior officials at the ­Malaysian Anti Corruption Commission, which has been investigating 1MDB, over alleged leaks to London-based website Sarawak Report.

The controversy has also touched Australia’s ANZ Bank: it owns a quarter of Malaysia’s AmBank, which loaned 2 billion ringgit ($660 million) to 1MDB and where Mr Najib kept the account in question. Read the rest of this entry »

No Comments

Aussie authorities looking into businesses associated with 1MDB, says report

The Malaysian Insider
24 October 2015

Australian authorities are investigating key players connected to controversial state-owned investment firm 1Malaysia Development Berhad (1MDB), The Australian reported today.

The daily said the Australian Securities & Investments Commission (Asic) had in December launched investigations into Avestra Asset Management, located at 2 Miami Key, Icon Corporate Park, which has become the centre of a full-scale probe.

Avestra, along with another company known as Bridge Global Securities, was linked to a Cayman Islands entity called Bridge Global Absolute Return SPC Fund (BGARF), which according to the report was used to cover up a US$2.23 billion hole in debt-ridden 1MDB. Read the rest of this entry »

No Comments

Najib had turned Parliament into a circus with a 90-minute 2016 budget without a single reference to the two mega-scandals in the country’s history – the RM50 billion 1MDB and RM2.6 billion “donation” in Najib’s personal banking accounts

Communications and Multimedia Minister Senator Salleh Said Keruak hit the nail on the head when he said yesterday that Parliament should not be turned into a circus.

However, Salleh would not have the guts and gumption to tell it to the Prime Minister, Datuk Seri Najib Razak who is most guilty of turning Parliament into a circus when he delivered a 90-minute 2016 budget without a single reference to the two mega-scandals in the country’s history – the RM50 billion 1MDB and RM2.6 billion “donation” in Najib personal banking accounts in March 2013.

Salleh would not have the guts and gumption to tell Najib not to turn Parliament into a circus or he would have lost his passport of backdoor entry into Parliament!

The placard “Mana RM2.6 billion” (Where is the RM2.6 billion) which opposition MPs displayed in Dewan Rakyat after Najib’s budget speech resonates in the hearts and minds of 30 million Malaysians, even the three million UMNO members, and a few UMNO/BN Members of Parliament as this the topmost question they want answer from Najib’s 2016 Budget speech.

This was the huge elephant in the Dewan Rakyat Chamber which the Prime Minister, the Deputy Prime Minister, his Cabinet and most of the UMNO/Barisan Nasional MPs refused to see or acknowledge, although the Opposition MPs, the 30 million Malaysians (including the three million UMNO members), and a few UMNO/BN MPs could see clearly before their eyes. Read the rest of this entry »

No Comments

Malaysia’s 1MDB Scandal: Political Intrigue, Billions Missing and International Scrutiny

By TOM WRIGHT And KEN BROWN
Wall Street Journal
Oct. 23, 2015

Investment fund is under investigation in five countries

HONG KONG — A scandal involving a government investment fund in Malaysia is drawing world-wide attention and has led to calls at home for the ouster of the country’s prime minister. It is also affecting U.S. diplomacy in a strategically important part of Asia. The fund, 1Malaysia Development Bhd., or 1MDB, is under investigation in five countries.

It is a story of political intrigue, backroom politics and billions of dollars in missing money. At the center of it all is Prime Minister Najib Razak, who founded 1MDB. A Malaysian government probe found that nearly $700 million moved through banks, agencies and companies linked to 1MDB before being deposited into Mr. Najib’s alleged private bank accounts ahead of a close election. The source of the money is unclear, though in August, Malaysia’s anticorruption body said the funds were a donation from the Middle East. The donor wasn’t specified.

Here’s a primer on Malaysia, 1MDB and the scandal that has drawn the interest of investigators from around the world. Read the rest of this entry »

No Comments

Mahathir probably the next victim of the 1MDB Monster stalking the land devouring critics

I said in Parliament yesterday that I was the latest victim of the 1MDB “Monster” stalking the land devouring critics.

Parliamentary conventions, practice and procedures have been shoved aside to achieve the objective to suspend me from Parliament for six months, although the proper parliamentary procedure and practice would be to refer me to the Committee of Privileges to ascertain whether what I said in Parliament when seeking clarification from the AMANAH MP for Sepang, Mohamed Hanipa bin Maidin was a “contempt” of the Speaker and Parliament, or whether the Speaker was misguided when he alleged that I had accused him of “deliberately” abusing his powers and sabotaging the Public Accounts Committee investigations into the 1MDB scandal.

On Wednesday, I had submitted to Parliament the following motion under Standing Order 43 to review the Speaker’s decision in August to stop the PAC from continuing its 1MDB investigations:

“Under Standing Orders 43 and 99, this House resolves that the ruling of the Speaker in August 2015 prohibiting the Public Accounts Committee under its Deputy Chairman, MP for Kepong, from continuing its proceedings to investigate the 1MDB scandal until the Chairman of the PAC has been appointed is wrong, an abuse of power and incompatible with the objective in having a Public Accounts Committee which enjoys credibility and respect of Malaysians for its commitment and conscientiousness to ensure that all government and public finances uphold the highest standards of integrity.”

Although my notice of this motion has become academic with my suspension from Parliament yesterday, had I also committed contempt of Speaker and Parliament in submitting such a motion to the Speaker on Wednesday, in total contravention of parliamentary convention, and practice and procedure? Read the rest of this entry »

2 Comments

Latest victim of 1MDB “monster” (3)

10 Comments

Latest victim of 1MDB “monster” (2)

No Comments

Latest victim of 1MDB “monster”

No Comments

Has Hasan Arifin been appointed PAC Chairman with a pre-fixed agenda to exclude Tony Pua from PAC’s 1MDB investigations?

I want to congratulate the new BN MP for Rompin Datuk Hasan Ariffin on his election as Chairman of the Public Accounts Committee (PAC) for he has an unenviable task – as he does not have months, but only weeks, to establish himself as an independent and intrepid PAC Chairman whose remit is the integrity of government finances and who will uphold it against transgressors, whether the Finance Minister or Prime Minister.

When accepting the appointment as PAC Chairman particularly at these trying national times, Hassan must be armed with the maxim “Let justice be done though the heavens fall” in discharging his duties as PAC Chairman, because it will be a test whether he is prepared to lead the PAC to serve the higher national interests if this conflict with his loyalty to the party, the UMNO/BN government coalition and the Prime Minister himself.

Ariffin should be aware that an inquiry into the 1MDB transactions is in fact an inquiry into Najib’s role in 1MDB, Najib’s most controversial brainchild.

He should not accept his appointment as PAC Chairman if he is not prepared to rise above party interests if they conflict with national interests, such as to take a stand against the transgressions if any of the Finance Minister-cum-Prime Minister, especially as he seems to be pivotally involved in all 1MDB’s key and strategic decisions.

Having been blocked for some three months from conducting 1MDB investigations by the simple expedient of the Prime Minister promoting the PAC Chairman and three members as Minister or Deputy Minister in the sudden Cabinet reshuffle on July 28, Malaysians who want the PAC to immediately get on with its 1MDB investigations without any further delay, must have cringed at Ariffin’s comments after his appointment envisaging the possibility that the PAC under him might not even be able to meet at all this year. Read the rest of this entry »

2 Comments

Malaysia’s 1MDB Gets Bids for Power Assets

By P. R. VENKAT
Wall Street Journal
Oct. 17, 2015

Malaysia’s government investment fund has received three bids from domestic and international companies to buy its power assets, as the embattled state-run firm tries to dig itself out from its US$11 billion debt load.

In a statement late Friday, 1Malaysia Development Bhd., or 1MDB, said that it had received “binding and fully funded offers from three strategic investors.” 1MDB didn’t mention the names of the bidders for the assets, which are owned by a unit called Edra Global Energy Bhd.

Only one of the bidders publicly said it made an offer for the power assets. That bidder, another state-run power company called Tenaga Nasional Bhd., which is 30% owned by Malaysia’s sovereign-wealth fund Khazanah Nasional Bhd., said Friday that it had submitted a conditional offer.

Tenaga didn’t say what it bid for the assets, but added that its bid was subject to conditions that included support from its outside shareholders for any potential transaction and more information from 1MDB on the power plants’ operations. It wasn’t clear why Tenaga’s description of its offer as conditional appeared to contradict 1MDB’s characterization of all three offers as binding.

1MDB’s travails have put Malaysian Prime Minister Najib Razak in the spotlight, while hammering investor confidence in the commodities-exporting Southeast Asian nation at a time when it is suffering from fund outflows and falling oil prices.

Though the proposed sale of 1MDB’s power plants initially attracted several local and international players, the interest petered out. Read the rest of this entry »

3 Comments

Malaysia’s Najib Razak Played Key Role at Troubled 1MDB Investment Fund

By Tom Wright And Bradley Hope
Wall Street Journal
Oct. 15, 2015

Prime minister ordered removal of auditors, authorized controversial investment, Malaysian investigation shows

In early 2013 at the glitzy World Economic Forum in Davos, Switzerland, Malaysia’s prime minister approached the country’s longtime financial adviser Goldman Sachs with an urgent assignment.

A government investment fund the prime minister oversaw wanted Goldman to help it raise $3 billion quickly and quietly, according to people close to the bank.

The fund, 1Malaysia Development Bhd., or 1MDB, was Prime Minister Najib Razak’s signature initiative, envisioned as helping transform Malaysia into a modern Muslim democracy fueled by new industries. It burnished his credentials as a new type of liberal, Western-friendly leader, embraced by the U.S. as a counterbalance to China.

Its projects also stood to polish Mr. Najib’s standing with Malaysians who would soon be voting in an election. Goldman was told the fund wanted the money quickly so it could hold a public unveiling of a major investment in a planned high-profile financial center in Kuala Lumpur.

That development stalled, though the money was raised. Today, 1MDB has come to represent a different side of Malaysia—and of Mr. Najib. Even as he was courting Goldman officials in the Alps, opposition politicians were raising questions about 1MDB and how the billions it was raising were being used. Read the rest of this entry »

No Comments