1MDB Story–Seeking the Truth


July 14, 2015

COMMENT: The highly regarded The New York Times, the reputed Wall Street Journal, the Sarawak Report and dinat UClocal web-papers have been at this revelation game for a long time. Investigations by the bi-partisan Public Accounts Committee of the Malaysian Parliament headed by UMNO’s MP Nur Jazlan, the Auditor-General who has just released his yet to be made public preliminary report and the ongoing work of the 4-man Task Force have yet to come up with the facts (or truths if you like) concerning 1MDB.

The effect of the WSJ smoking gun evidence that the Prime Minister used 1MDB funds (of some Rm2 billion +)  to fund the 2013 GE campaign is rapidly wearing thin. As each day passes, facts and fiction have combined to confuse the Malaysian public.

It is clear to me that the Prime Minister will escape censure. In fact, he will be declared as clean and pure as Caesar’s wife. A few scapegoats may be found and charged to appease us. We know that all these so-called investigations are being directed and monitored by the Prime Minister’s Office. After spending time and loads of taxpayers ‘money, nothing substantive will come out of all these efforts. 

All at home and abroad should now know that Malaysia is a fine exponent of shadow play (wayang kulit) politics. Our man in power must be protected at all cost because if he falls, those associated with him will crumble like a stack of cards. Off course, I could be wrong in coming to this conclusion.–Din Merican

1MDB Story–Seeking the Truth

by Thomas Fuller

http://www.nytimes.com/2015/07/14/world/asia/malaysia-investigates-leaks-claiming-to-show-transfers-to-najib-razak.html?ref=world

BANGKOK — The Malaysian Police said on Monday that they were opening an investigation into whether government officials, including central bank personnel, were the source of leaked documents purporting to show the transfer of hundreds of millions of dollars into the bank accounts of Prime Minister Najib Razak and his wife.

Mr. Najib, who was already unpopular for imposing a nationwide sales tax in April to pay for large budget shortfalls, has been embroiled in a scandal over billions of dollars that his critics say are missing from a sovereign wealth fund, 1Malaysia Development Berhad, also known as 1MDB.

The leaked documents were part of an investigation into the fund and were published by The Wall Street Journal and a website, Sarawak Report, this month. They purport to show transfers of around $700 million into what are described as Mr. Najib’s personal bank accounts. Sarawak Report also reported cash deposits of two million ringgit, or around $525,000, into the account of Rosmah Mansor, Mr. Najib’s wife, this year.

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Mr. Najib’s office did not respond to a request for comment on Monday, but he said in a statement this month that he had “never taken funds for personal gain.” He has also denied that money is missing from the sovereign wealth fund.

The Police said on Monday that they would investigate whether leaking the documents constituted “economic sabotage against Malaysia.”

“These criminal acts are very serious and raise national security implications,” Khalid Abu Bakar, the country’s Inspector-General of Police, said in a statement, referring to the leaks. “The Royal Malaysia Police have not eliminated the possibility of a conspiracy to subvert Malaysia’s democratic process and topple the Prime Minister.”

The central bank, Bank Negara Malaysia, on Sunday rejected suggestions that its officials might have given the documents to the news outlets. “Such allegations are without basis,” the bank said in a statement. The bank transfers have raised questions about how much Bank Negara knew about the transfers and whether they violated money laundering laws.The bank said it was committed to “uncovering the truth in a fair and just manner.”

Mr. Najib’s party, the United Malays National Organization (UMNO), has governed Malaysia since it gained independence from Britain 58 years ago, and numerous financial scandals have failed to dislodge it from power. But the investigation into the sovereign wealth fund has the backing of powerful politicians within the party, including former Prime Minister Mahathir Mohamad.

The investigation has split the governing elites and even appears to have divided Mr. Najib’s family. The Prime Minister’s brother, Nazir Razak, a banker, praised the central bank on Monday for its commitment to uncover the truth. “Great statement — timely, firm and unambiguous,” he wrote on his Instagram account.

Ibrahim Suffian, Director of the Merdeka Center, an independent polling company, said the scandal over the tangled finances of the sovereign wealth fund had been difficult for the public to follow. But Mr. Mahathir’s recent attacks on the prime minister, and the allegations of the transfers directly into Mr. Najib’s accounts, have brought more clarity and urgency to the issue and made it more dangerous for Mr. Najib than past scandals have been, he said.

Rosmah Mansor“I strongly suspect that this time around it’s going to be different,” Mr. Ibrahim said. “People feel personally linked to the issue.” The imposition of the sales tax in April made Malaysians feel that they are “invested in the problem,” he said.

A law firm representing Ms. Rosmah, Mr. Najib’s wife, said in a statement that she had “not committed any criminal offense or any misappropriation of funds.” The law firm said the funds in her account had no links to the sovereign wealth fund, but it did not specify the origin of the cash.

14 thoughts on “1MDB Story–Seeking the Truth

  1. Interesting times indeed. Whoever said before that Najib was weak have to think again. He still holds on despite everything & everybody. He does not seem to be losing his grips. A weak leader?

  2. As expose after expose gets published by SR and other parties,
    one can conclude that 1MDB essentially morphed into:

    1. A gigantic slush fund to finance and win GE13
    2. A slush fund to throw around $$$ and buy personal political support
    (from party members as well as poorly-educated and
    ill-informed members of the general public)
    3. A source of funds (?) for “demanding close relative”

    The Doctor upset only by (2) and (3) ??

  3. I won’t put too much faith in BNM just yet. Anyone can make “great statements” Even my pet parrot can. It’s what you DO and seen to be doing that really counts.

    So far BNM has not said anything, (whether timely, firm or unambiguous), about whether all those mind-boggling 1MDM billions and billions and the US700m that effortlessly flowed in and out of Malaysia have been monitored and if so, whether all regulatory requirements were satisfied. I want a statement from Zeti to that effect. Why no such timely, firm, unambiguous statement on these core issues?

    The Attorney-General, the IGP and MACC are not statutorily tasked with such monitoring and regulatory oversight, only BNM is.

    Curious, is it not?

  4. The Final Word or Nail or Projectile won’t be BNM, it will be MAS.
    Not the Befuddled National Airline.
    They will squeeze Jibros, until they sweat ‘lemak’.
    Poor Octo. Even all his tentacles will be hard-pressed to pry open this ‘behold-ance’. See, the dastardly Chinapek in Lil Dot still gets the upper hand..

    TS Zeti is also trapped between a rock and hard place, just like Mukhriz. So how?

  5. Well the ag just cleared 1mdb . Ag also remarked that there has been too many unfounded allegations all untrue. So congrats pm clean bill of health it seems

  6. /// aliefalfa July 14, 2015 at 10:25 am
    Interesting times indeed. Whoever said before that Najib was weak have to think again. He still holds on despite everything & everybody. He does not seem to be losing his grips. A weak leader? ///

    Yes, definitely a weak leader.

    I think you are confusing being a strong leader with a lousy leader who has all the levers of power at his disposal and money politics. Because of money politics, and the voting system installed by Mahathir, it is almost impossible to dislodge an incumbent. Imagine putting in a monkey as the PM (but said monkey having lots of money and able to dispense cash and ministerships to members), it would be next to impossible for him to lose his grips. You think the monkey is a strong leader?

  7. When power is centered into one person, this is the result that we get. No matter how many task forces are set up to investigate this financial scandal, these thieving husband and wife team will escape, thanks to the inherent corrupt system.

  8. I think we should let Najib lead UMNO / BN in GE 14 and see how “strong” he is.

    And we also have a bonus because when that happens Mahathir will truly be in a “dilemma”, i.e. to support Najib or not.

  9. Read the recently posted news ” The Scandal that ATE MALAYSIA .”
    I am really disgusted,these institutions are investigating at the wrong targets chasing after commenters ,whistle blowers and wasting their time to get to the bottom of the truth and arrests the perpetrators .
    A Nation is like a human body that has no breath is useless and must be buried fast or else it will begins to get rotten and smelly . Similarly, Life without Truth is useless and becomes stinkiing abode of strife and grief. A Leader who is dysfunctional , tainted with scandals , murders and corruptions and all institutions are infected with it ,the system of government is rotten to the core ……….Please Save Malaysia.

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