Archive for category Financial Scandals
Revelation of Najib’s involvement in 1MDB scandal “doesn’t rain, it pours” – false claim that it is “no longer under investigation” when it is most investigated company, both at home and internationally
Posted by Kit in Financial Scandals, International, Najib Razak on Friday, 16 October 2015
Despite denials by the Prime Minister, Datuk Seri Najib Razak and his cohort of Ministers and publicity minions, revelations about Najib’s involvement in the RM50 billion 1MDB scandal continues unabated.
In fact, it would be appropriate to say that as far as revelation about Najib’s involvement in the 1MDB scandal – it doesn’t rain, it pours.
Reuters have reported that it has been informed by a FBI spokesperson that the U.S. Government is reviewing Goldman Sachs’ business relationship with Malaysia’s sovereign wealth fund as part of a broader, wide-ranging investigation into 1Malaysia Development Berhad (1MDB), an FBI spokesperson told Reuters yesterday.
Reuters reported that US law enforcement sources are “aware of Goldman’s possible involvement” in investments with 1MDB, but the bureau has “yet to determine if the matter will become the focus of any investigation into the 1MDB scandal.”
Reuters said the review into Goldman’s ties with 1MDB marks the latest development in a wide-ranging global investigation across three continents into possible corruption and money-laundering.
Read the rest of this entry »
In just a week, the Malay Rulers’ concern about 1MDB has proved to be valid, legitimate and prescient, with all Najib Ministers competing in political “tai chi” and 1MDB CEO even claiming it is “no longer under investigation”
Posted by Kit in Financial Scandals, Najib Razak on Thursday, 15 October 2015
In just a week, the Malay Rulers’ concern about the RM50 billion 1MDB scandal has proved to be valid, legitimate and prescient, with the Prime Minister Datuk Seri Najib Razak’s Ministers competing in political “tai chi” and the 1MDB CEO Arul Kanda even claiming that 1MDB is “no longer under investigation”.
On Oct. 6, the Malay Rulers called on the government to complete the 1MDB investigations as soon as possible and to take “the appropriate stern action” against all found to be implicated.
The 1MDB CEO has shown utter disrespect and even contempt for the Malay Rulers when 1MDB came out with a statement yesterday saying that the Attorney-General’s explanation of why the firm was not charged emphasised the fact that it is no longer being investigated.
1MDB added that Attorney-General Tan Sri Mohamed Apandi Ali’s press conference absolving 1MDB of breaching exchange laws compounds that of another enforcement agency that said it was not scrutinising the state-owned investment firm.
“This confirmation by the AGC reinforces the statement by the Malaysian Anti-Corruption Commission (MACC) on 22 September 2015 that 1MDB is not under investigation,” it said. Read the rest of this entry »
Proper agenda for the first week of 2016 Budget Parliament beginning on Monday
Posted by Kit in Corruption, Education, Financial Scandals, Najib Razak, Parliament on Wednesday, 14 October 2015
Never before in Malaysia’s parliamentary democracy has so many issues compete and contend for attention in the first week of the forthcoming 2016 Budget Parliament beginning on Monday, 19th October 2015, whether the Malay Rulers’ Statement of Oct. 6; the political, economic, good governance and nation building scandals shaping up to be a “perfect storm” to batter Malaysia; the Trans-Pacific Partnership Agreement (TPPA) or the approval of toll rate hikes for 15 highways across the country.
Members of Parliament have not received the Parliamentary Order Paper for the first week or the first day of the 25-day Parliamentary meeting which is to be held from Oct. 19 to Dec. 3, but the following should be the proper agenda for the first week of Parliament from Monday.
For the first week of Parliament from Monday to Thursday, I have given notice to pose oral Parliamentary questions on the hot topics of the day, viz:
1) To ask the Prime Minister to state when and why the multi-agency Task Force on 1MDB was formed and dissolved, what it had achieved; and the reasons and scope of the new Task Force formed by new Attorney-General.
2) To ask the Prime Minister to state who had donated the RM2.6 billion deposited into his personal accounts in AmBank in March 2013; which Ministers and MPs had benefited from it; what is the balance and where are the monies. Read the rest of this entry »
Cabinet must grapple with many issues tomorrow but the most important issue of all is for Najib to table a motion of confidence in Parliament on Monday to re-establish moral and political authority and legitimacy for him to continue as Prime Minister
Posted by Kit in Corruption, Financial Scandals, Najib Razak, nation building, Pakatan Harapan, Parliament on Tuesday, 13 October 2015
The Cabinet must grapple with many issues tomorrow including:
*The Malay Rulers’ Statement of Oct. 6 expressing the Rulers’ concern about the state of the nation, with a multitude of national crises, whether politics, economics, good governance or nation-building as the Cabinet had failed to address Malay Rulers’ Oct. 6 Statement at its meeting last Wednesday;
*The twin mega scandals of the RM50 billion 1MDB and the RM2.6 billion “donation” in Prime Minister, Datuk Seri Najib Razak’s personal banking accounts with the almost daily developments and revelations of these two mega scandals conspiring to put Malaysia continuously in the national and international spotlight as the classic example of a nation with great promise to be the showcase to the world of a multi-racial, multi-religious, multi-lingual and multi-cultural nation which is also a great economic and political success but is now stumbling and on the verge of becoming a rogue and failed state.
*How to avert Malaysia from falling victim to a “Perfect Storm” with a conjunction of political, economic, good governance and nation-building crises, as evidenced on the economic front by the quadruple sharp fall in the value of the ringgit , the stock market, the international reserves and the exit of foreign capital; on the political front, the spectacle of the government and UMNO in serious fracture, fragmentation and disarray; on the good governance front with the Prime Minister backing out of officiating the 16th International Anti-Corruption Conference (IACC) hosted by the government in Putrajaya for fear of “hard questions” by the 1,000 delegates from 130 countries on Najib’s anti-corruption record; and on the nation-building front, the rearing of the ugly heads of the extremist and provocative politics of race and religion like the racist Sept. 16 Red Shirts rally in Kuala Lumpur. Read the rest of this entry »
Cabinet should decide whether to print at least one million copies of the Malay Rulers’ Oct. 6 Statement on 1MDB for mass dissemination to the public to end the confusion caused by conflicting statements by Ministers themselves and Malaysian leaders
Posted by Kit in Financial Scandals, Najib Razak on Monday, 12 October 2015
Is the Oct. 6 Statement of the Malay Rulers so complex and complicated that it has spawned a thousand and one interpretations as to what it meant?
It has not escaped public notice that it has taken the UMNO/Barisan Nasional government more than 48 hours to craft its first official response, which was in the name of the Deputy Prime Minister, Datuk Seri Zahid Hamidi, which tried to dilute the meaning and impact of the Oct. 6 Statement by both welcoming it but at the same time dismissing it as redundant on the ground that the government had already taken pro-active measures to address the problems highlighted by the Oct. 6 Statement.
There was a flurry of varied and even conflicting Ministerial statements, with the Defence Minister and UMNO Vice President, Datuk Seri Hishammuddin Hussein decrying the interpretation that the Oct. 6 Malay Rulers’ Statement was tantamount to the Rulers’ no confidence in the Prime Minister, Datuk Seri Najib Razak, when the focus was on 1MDB and not on Najib; the Communications and Multimedia Minister, Datuk Seri Salleh Said Keruak suggesting that the Malay Rulers should not be placed in the “political crossfire” as if the Oct. 6 Malay Rulers Statement was a single-issue statement on the 1MDB when it also dealt with other issues like national unity, proposing an end to race politics; and the Urban Wellbeing, Housing and Local Government Minister, Datuk Abdul Rahman Dahlan who said that the Oct. 6 Malay Rulers’ Statement reflected the governent viewpoint all along!
Read the rest of this entry »
Call on Information Department to print a million copies of the Rulers’ Statement on Oct. 6 on their concerns about 1MDB, rule of law and national unity for mass distribution to the public throughout the country
Posted by Kit in Corruption, Financial Scandals, General, Law & Order, Najib Razak, nation building on Saturday, 10 October 2015
This is the fourth day of the Malay Rulers’ Statement of Tuesday, Oct. 4 expressing their concerns about three national issues causing the crisis of confidence battering Malaysia for the past several months – the 1MDB scandal, the rule of law and national unity in the country.
The UMNO/BN Government’s response to the Malay Rulers’ Statement has gone through various combinations and permutations in the past four days, viz:
*from the initial one of shock and attempt to minimise the adverse impact of the Malay Rulers’ Statement by virtually blacking out the statement in the UMNO-controlled media, printed and electronic;
*the daze-and-haze of the Cabinet at its Wednesday meeting where the Malay Rulers’ Statement was not discussed and no reciprocal action plan produced;
*the belated realisation that the Malay Rulers’ Statement was too potent to be ignored giving way to a campaign to defang its most biting and adverse effects;
*the first official response of the government by way of a statement by the Deputy Prime Minister, Datuk Seri Zahid Hamidi more than 48 hours after the issue of the Malay Rulers’ Statement, stating on the one hand that the government viewed “positively” the Malay Rulers’ Statement while on the other dismissing the Rulers’ Statement by declaring that the government had already taken pro-active steps to address the issues raised by the Rulers;
*UMNO/BN cybertroopers using the social media to plant various versions to “defang” the adverse effects of the Malay Rulers’ Statement such as the message that Malay Rulelrs’ Statement was not directed solely at the Government but concerned all political parties and NGOs, to a revised strategy to suggest that the Statement was aimed at the Opposition and finally, postings to question the mala fide of the Malay Rulers by alleging that the Statement was solely the work of the Keeper of the Rulers’ Seal without consultation with the Malay Rulers and was the handiwork of people associated with former Prime Minister Tun Mahathir.
The Ministers who have commented on the Malay Rulers’ Statement have also done themselves no favour. Read the rest of this entry »
Malaysia Central Bank Sought Criminal Proceeding Against 1MDB
Posted by Kit in Financial Scandals, Najib Razak on Saturday, 10 October 2015
by Tom Wright
Wall Stret Journal
Oct. 9, 2015
Malaysia’s central bank said it recommended the attorney general begin criminal proceedings against a troubled state investment fund for allegedly breaking foreign-exchange rules, but that the attorney general had declined to act on the matter.
Bank Negara Malaysia, in a statement Friday, said the fund, 1Malaysia Development Bhd., had breached central bank rules that govern the movement of cash overseas for investment.
The 1MDB fund had given “inaccurate” information in seeking permission to invest a total of $1.83 billion abroad in three separate transactions, the statement said.
Bank Negara said it had granted permission based on the allegedly inaccurate information, but later had issued a direction to 1MDB to repatriate that amount. The bank said it had asked the attorney general in August to initiate criminal proceedings. Read the rest of this entry »
Malaysia’s prime minister fights for his political life
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Saturday, 10 October 2015
Michael Peel, Bangkok regional correspondent
Financial Times
October 9, 2015
Najib Razak, Malaysia’s embattled prime minister, is fighting for his political life after open warfare broke out within the country’s state institutions over a corruption scandal that has engulfed him.
The central bank on Friday said it had urged the country’s attorney-general to begin criminal proceedings against the debt laden 1Malaysia Development Berhad investment fund, intensifying pressure on Mr Najib who chairs its advisory board.
The central bank’s intervention comes hard on the heels of an attack by a group of the country’s traditional rulers on the handling of the 1MDB case. The twin assaults will torpedo government efforts to crack down on the prime minister’s accusers, in a scandal that had already spawned investigations from the US to Hong Kong.
Mr Najib has been under intense pressure since it emerged in July that almost $700m allegedly linked to 1MDB was paid from overseas into a bank account in his name.
Both Mr Najib and 1MDB deny wrongdoing in an affair that is damaging confidence in an economy already weighed down by high consumer debt and the falling oil price. Mr Najib says the money paid to him came from an unnamed Middle Eastern donor. Read the rest of this entry »
Zeti should be brutally honest on what ails Malaysia, says global financial mag
Posted by Kit in Finance, Financial Scandals, Najib Razak on Friday, 9 October 2015
The Malaysian Insider
9 October 2015
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz should be brutally honest about the issues plaguing the country, said Euromoney in its October edition, as the ringgit continues its freefall and the economy begins to stutter.
The business and finance magazine said all this while, Zeti had been using words like “domestic factors” to describe the problems besetting the country, instead of saying that the predicament lies with debt-laden state owned firm 1Malaysia Development Fund (1MDB) and the RM2.6 billion donation in Prime Minister Datuk Seri Najib Razak’s personal accounts.
“Zeti has demonstrated through 15 matchless years of service that she is not one to pull her punches under political pressure.
“Now is not the time for her to start doing so. It would effectively mean that the BNM she tirelessly champions has not advanced at all.
“Zeti could go harder on what really ails the country. As Malaysia’s most trusted public official, she possesses something that the political class are in dire supply of – respect and moral authority,” the magazine said. Read the rest of this entry »
Malaysia Arrests Another Critic of Prime Minister
Posted by Kit in Financial Scandals, Najib Razak on Friday, 9 October 2015
By JAMES HOOKWAY And CELINE FERNANDEZ
Wall Street Journal
Oct. 8, 2015
KUALA LUMPUR—A prominent lawyer was arrested Thursday on charges of sabotage, his attorney said, after earlier planning to travel to the U.S. to help urge authorities there to investigate money transfers into Prime Minister Najib Razak’s alleged personal accounts.
The lawyer, Matthias Chang, was arrested after visiting a police lockup facility to see Khairuddin Abu Hassan, who was arrested and detained last month on the same charge. The two men had planned to fly together to the U.S., where Mr. Chang previously said Mr. Khairuddin aimed to try to persuade U.S. authorities to investigate transfers into Mr. Najib’s alleged accounts. Mr. Chang was acting as Mr. Khairuddin’s personal lawyer to make sure he complied with legal processes and laws oversees, Mr. Chang’s attorney Zainur Zakaria said.
Both men are being held under Malaysia’s sweeping Security Offenses (Special Measures) Act, which allows for them to be detained for 28 days, another lawyer acting for Mr. Chang said. Read the rest of this entry »
Liong Sik has my grudging respect for standing his ground calling on Najib to resign and his readiness to face Najib in court
Posted by Kit in Corruption, Financial Scandals, MCA, Najib Razak on Thursday, 8 October 2015
Former MCA President Tun Dr. Ling Liong Sik has my grudging respect for standing his ground calling on Datuk Seri Najib Razak to resign as Prime Minister and his readiness to face Najib in court.
It is a pity however that he has been abandoned by the MCA leadership.
As the MCA annual general meeting is being held this weekend, the MCA delegates have an opportunity to decide whether to hew to the line laid down by the MCA leaders or to strike out with their heads high to give their former President their fullest support.
The important reason why MCA’s eminent position in the Barisan Nasional coalition government suffered when it was slashed from 31 MPs and 76 State Assembly representatives in 2004 GE to 7 MPs and 11 State Assembly representatives in the 2013 GE was because of the party’s failure to take a courageous and principled stand on the “Major Rights and Major Wrongs” in the country.
MCA would be repeating such a fatal mistake if it is not prepared to give full backing to its former President to stand up on the current “Major Rights and Major Wrongs” in the country – in particular over the twin mega scandals of the RM50 billion 1MDB and the RM2.6 billion “donation” in Najib’s personal banking accounts just before the 13th General Election. Read the rest of this entry »
Three new and important factors for UMNO/BN MPs to consider what stand they should take in any no-confidence motion against Najib as PM
Posted by Kit in Financial Scandals, Law & Order, Najib Razak, nation building on Thursday, 8 October 2015
The Ruler’s historic and unprecedented statement on 1MDB, the thunderous silence of the Prime Minister and the Cabinet to the Rulers’ Statement and
the clarification of the UMNO Vice President and Defence Minister, Datuk Seri Hishammuddin Hussein are three new and important factors for UMNO/BN Members of Parliament to consider as to what stand they should take in any no-confidence motion against Datuk Seri Najib Razak as Prime Minister.
The Rulers’ statement before the 239th Conference of Rulers on Tuesday, 6th October 2015 is historic because it represented a valiant attempt to save Malaysia from “sleepwalking” towards a rogue state with a breakdown of the rule of law and a failed state because of rampant corruption, abuses of power and collapse of good governance.
What the Rulers said were nothing new, but it had the effect of a thunderclap on the populace because simple truths had been forced underground, patriotic attempts to uphold democracy, justice, accountability, integrity and good governance had been distorted as treasonous efforts to undermine parliamentary democracy and sabotage the nation in cahoots with international conspirators; or simply, white has become black and black turned into white.
The Rulers’ statement is like a pail of cold water splashed on a populace which had been drugged either by power or the threat of the abuse of power and represents a final warning of the urgent need for the country to wake up and return to sanity to deal with three urgent problems plaguing Malaysia today – the 1MBD scandal, the parlous state of the rule of law and the frayed and fragile state of national unity in the country.
The Rulers’ statement is unprecedented both in import and content, which makes the silence of the Prime Minister and Cabinet which met for its weekly Wednesday session yesterday, all the more phenomenal, thunderous and unforgivable. Read the rest of this entry »
Malaysia’s Najib Rebuffs Elite Pleas to Step Down
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 8 October 2015
By John Berthelsen
Asia Sentinel
October 7, 2015
A long list of Malaysia’s most prominent and influential figures have reportedly gone to Prime Minister Najib Razak in recent weeks to appeal to him to step aside as his scandal-plagued administration brings serious harm to the economy and image of the country.
These include all three of Najib’s brothers, especially Nazir Razak, the chairman of the CIMB banking group. Others who have both publicly and privately appealed for him to at least step aside until investigations into the unexplained US$681 million in his AmBank personal account and the long-running 1MDB scandal are completed include Musa Hitam, the onetime deputy premier under Mahathir Mohamad; political veteran Tengku Razaleigh Hamzah; and Mahathir himself, who has almost daily called Najib a thief and criminal.
Insiders say Najib has agreed to hear their appeals, which have included offers of immunity from prosecution, but that his influential wife, Rosmah Mansor, has insisted he remain in office. Those trying to fix the problem are hampered by their own rivalries and past jealousies, betrayals and maneuverings. Read the rest of this entry »
Malaysia’s royals make unprecedented call for action on corruption
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 8 October 2015
Guardian
Wednesday 7 October 2015
Malaysia’s royal rulers have called for a quick, transparent investigation into troubled state-fund 1Malaysia Development Berhad (1MDB), in rare comments from the monarchy that presents a new challenge to the prime minister, Najib Razak, as he fends off corruption allegations.
The fund, whose advisory board is chaired by the prime minister, has amassed debt of more than $11bn and is at the centre of a political storm after allegations of graft and mismanagement.
1MDB has denied wrongdoing. Investigations being conducted by Malaysia’s anti-graft agency and other organisations have dragged on with no conclusion in sight. Read the rest of this entry »
State Rulers in Malaysia Press for Inquiry Into Premier, Najib Razak
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 8 October 2015
by Thomas Fuller
New York Times
OCT. 7, 2015
KUALA LUMPUR, Malaysia — In a rare and explicit intervention in politics, the sultans of nine of Malaysia’s states have called for a swift and transparent investigation into a political scandal involving Prime Minister Najib Razak, saying his failure to resolve allegations of corruption had created a “crisis of confidence” in the country.
Malaysia’s central bank and anticorruption officials are investigating whether millions of dollars transferred into Mr. Najib’s accounts came from companies linked to a government fund that Mr. Najib oversees.
The statement by the sultans, who have a largely ceremonial role, was their most direct intervention in politics in recent history. Analysts said it was likely to provide support for the embattled officials who are investigating the scandal and buttress the position of the growing ranks of Mr. Najib’s political opponents. Read the rest of this entry »
Parliament should set aside the first two days on Oct. 19 and 20 to debate the historic statement by the Conference of Rulers on 1MDB, rule of law and national unity
Posted by Kit in Corruption, Financial Scandals, Law & Order, Najib Razak, nation building on Wednesday, 7 October 2015
Parliament should set aside the first two days of its Budget session on Oct. 19 and 20 to debate the historic statement of the pre-council meeting of the 239th Conference of Rulers as it encapsulated the three major concerns of all thinking and patriotic Malaysians – the RM50 billion 1Malaysia Development Bhd (1MDB) scandal, the parlous state of the rule of law and the frayed and fragile state of national unity in the country.
The Cabinet at its meeting today should agree to set aside the first two days when Parliament reconvenes on Oct. 19 for such a national debate on a motion which could be moved by the Prime Minister himself, another Minister or by the Parliamentary Opposition Leader, Datuk Seri Dr. Wan Azizah Wan Ismail.
The whole nation applauds the Conference of Malay Rulers’ statement asking the government to complete the 1MDB investigations as soon as possible and to take “the appropriate stern action” against all found to be implicated. Read the rest of this entry »
Scandal-hit Malaysia investment fund files accounts late
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Friday, 2 October 2015
Michael Peel in Bangkok
Financial Times
October 1, 2015
The Malaysian state investment fund at the centre of an international corruption scandal has failed to file its accounts on time.
1 Malaysia Development Berhad blamed the delay on a lack of access to documents held by investigators.
The fund said it was given permission by the companies regulator to miss the September 30 deadline, adding that two of its subsidiaries also wanted to submit their accounts late.
Critics said the delay was the latest example of a lack of transparency in the face of a large debt burden and allegations of misappropriation of funds that have also engulfed Najib Razak, Malaysia’s prime minister. Both 1MDB and Mr Najib have denied wrongdoing.
“Such complete disregard for timely regulatory compliance demonstrates 1MDB’s contempt for good corporate governance and financial accountability,” said Tony Pua, an opposition MP who was barred from travelling outside Malaysia after he raised questions about the fund. Read the rest of this entry »
Malaysia’s 1MDB pushes for quick asset sale to quell concerns
Posted by Kit in Financial Scandals, Najib Razak on Tuesday, 29 September 2015
Michael Peel in Bangkok and Simeon Kerr in Dubai
Financial Times
Sept 28, 2015
Malaysia’s scandal-hit 1MDB investment fund is pressing for a quick — and possibly contentious — sale of more than $2bn of energy assets as part of an effort to cut its large debts and revive its battered image.
1Malaysia Development Berhad has set four companies — all but one of them foreign — a deadline of November to lodge bids for power plants in Egypt, Bangladesh and Malaysia, in the hope of securing a provisional deal by year end.
The process will be closely watched as 1MDB seeks to quell concerns over its multibillion-dollar debt pile and allegations of misappropriation of money that are swirling around the fund and Najib Razak, prime minister of the Southeast Asian country.
The power-holdings auction also has the potential to deepen the political battles rocking Malaysia if it is won by an overseas buyer, or yields a price below what 1MDB paid.
According to people familiar with the matter, the four unnamed companies announced as shortlisted by 1MDB earlier this month were Saudi Arabia’s Acwa Power, Nebras Power of Qatar, Hong Kong’s CGN Meiya Power Holdings and Malaysian state-owned Tenaga Nasional. Read the rest of this entry »
Is it out of selfish political interests that Liow Tiong Lai and the MCA’s 7/11 team of elected representatives are so protective of Najib’s twin RM50 billion 1MDB and RM2.6 billion “donation” scandals?
Posted by Kit in Financial Scandals, MCA, Najib Razak on Monday, 28 September 2015
MCA President, Datuk Seri Liow Tiong Lai should explain why the MCA’s 7/11 team of elected representatives (seven MPs and 11 State Assemblymen) successful in the 13th General Election are so protective of Prime Minister Datuk Seri Najib Razak’s twin RM50 billion 1MDB and RM2.6 billion “donation” scandals.
Is the MCA’s over-protectiveness of Najib’s financial scandals a shield actually to protect the selfish political interests of the MCA leaders and to fob off any demands to cut down the number Ministerial and deputy ministerial posts given to MCA?
As it is, MCA already has three Ministers and four deputy Ministers (although three of the deputy ministers are senators).
As MCA President, Liow should explain why the MCA team in government had been completely silent and passive as far as the issues and principles of accountability, transparency and good governance are concerned.
Good examples are Najib’s RM50 billion 1MDB and RM2.6 billion “donation” scandals. Read the rest of this entry »
Timeline: The twists and turns in the tale of 1MDB
Posted by Kit in Financial Scandals, Najib Razak on Monday, 28 September 2015
Saheli Roy Choudhury | Special to CNBC
Monday, 21 Sep 2015 | 11:03 PM ET
For Malaysia’s Prime Minister Najib Razak, the hits keep coming.
Just as the capital Kuala Lumpur settles down following a fraught rally last week, at which riot police turned water cannons on supporters of the PM, top U.S. media outlets, the Wall Street Journal (WSJ) and the New York Times (NYT), have reported yet more scandalous allegations about the country’s sovereign wealth fund.
The 1Malaysia Development Berhad (1MDB) has been in the limelight for months, amid allegations of false auditing, huge debt and, more recently, financial fraud, with alleged links to Najib himself. (The PM has repeatedly denied any wrongdoing. His office has yet to respond to a request for comment on the latest developments.)
For outsiders, the twists and turns surrounding 1MDB can be dizzying. So, as the action heats up, here is a handy timeline of the events you should know about:
2008 – 1MDB is launched in the Malaysian state of Terengganu, with the aim of promoting long-term, sustainable economic development.
2009 – Najib expands the fund’s operation nationally, with himself as chairman of the fund’s advisory board.
2010 – Tony Pua, an MP with Malaysia’s biggest opposition party, questions Najib on the fund’s 425 million ringgit ($99.7 million*) profit, the Malaysian Insider reports. Pua asked the Najib to explain whether the paper profits were a result of transferring other government assets to 1MDB.
Read the rest of this entry »
-
You are currently browsing the archives for the Financial Scandals category.
