More Bad News for Malaysia’s Beleaguered Prime Minister


April 1, 2016

More Bad News for Malaysia’s Beleaguered Prime Minister

Luxembourg Pours Shivering Cold Water Onto Sarawak’s Election Campaign Launch

http://www.sarawakreport.org/2016/04/luxembourg-pours-shivering-cold-water-onto-sarawaks-election-campaign-launch/

Luxembourg Pours Shivering Cold Water Onto Sarawak's Election Campaign Launch

After months of dithering and of playing hot and cold over his Federal Barisan Nasional masters, Chief Minister Adenan Satem has finally announced that the Sarawak state election will be held at the end of the month – almost the last legally available date.

Adenan did so after a strong show of support for Najib, thereby dismissing the widespread concerns about corruption nationally as well as locally.  Nothing has been done to end the Taib Family’s control of the economy during Adenan’s period in office, nor the grip of the crony timber and plantation companies.

So, the Chief Minister has definitively nailed PBB’s colours to BN’s mast, just as the ship looks ready to sink – it signals a choppy campaign.

Luxembourg prosecutor’s statement deciphered

Within hours of that development, yet more confirmation of the 1MDB corruption scandal started pouring out from international law enforcers.

Amidst a welter of new detail on Najib’s SRC funded credit card spending, Sarawak Report disclosed that the United States has landed an extradition request against the ex-Aabar CEO, Mohamed Al Husseiny, in Abu Dhabi.  It marks the first international arrest over 1MDB.

Then Reuters published a devastating new statement by the Luxembourg State Prosecutor, confirming that the state has joined the US, UK, Switzerland, Hong Kong and Singapore in launching a judicial inquiry into money it says was misappropriated from 1MDB and processed through their jurisdiction.

Sarawak Report can decode the messages in that statement, which there is little doubt refers to money laundering already reported in this blog, namely the half billion dollars which passed through an account owned by the former Aabar Chairman, Khadem Al Qubaisi at the Luxembourg branch of Edmond de Rothschild, Banque Privee (BPERE):

Statement from Luxembourg carried by Reuters and reported in UK Daily Mail

The detail in the statement above makes it clear that the Luxembourg authorities are referring to five payments, which Sarawak Report has earlier reported were made into Al Qubaisi’s Vasco Trust account at Edmond de Rothschild Banque Privee (BPERE) in 2012/3, by two BVI companies Blackstone Asia Real Estate Partners Limited and Good Star Limited.

Payments recorded in a statement on Khadem Al Qubaisi's Vasco Trust account at BPERE Luxembourg - 4 in 2012 from Blackstone and 1 in 2013 from Good Star totalling half a billion dollars

Sarawak Report has revealed that both these companies (now closed) were owned by Jho Low, whose Deputy Seet Li Lin was been registered as the signatory for both.

We have also revealed that it was Good Star Limited, which received much of the money from 1MDB (US$1,03 billion), siphoned out of the early PetroSaudi deals.

And further reported that Blackstone Asia Real Eastate Partners Limited separately paid US$170 million into Najib’s own personal accounts between 2011-12, an allegation corroborated by ABC Australia’s Four Corners programme earlier this week.

Power purchase bond deals

Mystery billionaire - KAQ's wealth developed in months

Mystery billionaire – KAQ’s wealth developed in months

The Luxembourg prosecutor’s statement also makes clear where the authorities suspect this money arriving in Khadem’s accounts at BPERE originated from, in that it refers to its suspicion that “sums paid upon the issuance of two bonds in May and October 2012″ were misappropriated from off-shore accounts held by the Malaysian government .

The only likely reference is to the two power purchase deals conducted by 1MDB in 2012, which raised US$1.75 billion for the purchase Tanjung Energy in May 2012, followed by another US$1.75 billion for Energy Langat in October 2012.

Both these deals, which were drawn up by Goldman Sachs, are now known to have leaked huge sums of money, thanks to a complicated arrangement involving a ‘co-guarantee’ from the Abu Dhabi Aabar fund, of which Al Qubaisi was Chairman.

1MDB agreed to pay a total of US$2.4  billion for the guarantees on the two bonds, plus for the termination of various options allowed on the deal to Aabar.However, those payments never arrived at the actual IPIC subsidiary.

Instead, investigations by the Wall Street Journal have established that much of the money went to a similarly named, but privately owned BVI company called Aabar PJS Limited, which Sarawak Report has learnt was incorporated by Khadem Al Qubaisi and his side-kick, Mohamed Al Husseiny – the man now detained in Abu Dhabi.

The money trail begins to emerge

Incorporated in November 2010 Blackstone laundered hundreds of millions before its closure shortly after the  malysian election

Given its statement, Luxembourg has clearly concluded that some of this money was later transferred into Khadem’s BPERE accounts from Blackstone Asia Real Estate Partners.

So, it appears international regulators now believe that the money trail went from Goldman Sachs to Aabar PJS Limited, then to Blackstone Asia Real Estate Partners Limited and finally on to Khadem Al Qubaisi’s personal VASCO Trust account at BPERE.

This is what the Luxembourg statement implies and the dates certainly match.

After all, the Tanjung Energy bond was raised 11th May 2012 and the first whopping US$158 million dollar payment (see above) pitched up in the BPERE account from Blackstone on 29th May 2012.  There was another payment in August again from Blackstone.

The 1MDB Energy Langat bond was later raised in October and the next payments were subsequent to that – one from Blackstone to Khadem on 31st October, one in December.

A final US$20 million came in early in 2013 from Good Star, another Jho Low concern.

The danger to Najib

The daily further revelations about these 1MDB money trails mean that the difficulty of the questions facing Najib is escalating by the hour.

This is not least because the companies caught paying money into Khadem’s BPERE accounts, which the regulators are now publicly linking to 1MDB, have also been paying money into Najib’s accounts.  Namely Blackstone Asia Real Estate Partners, which has been cited in a letter from a mysterious Saudi Prince and also an account in the name of Prince Faisal bin Turki bin Bandar Alsaud:

'Prince Banda bin turkey al Saud', who was revealed as a sender account to Najib also sent money to Khadem in Luxembourg

Yesterday Putrajaya issued a self-crucifying statement, in which it welcomed the publication by ABC Four Corners of a supposed letter from the unidentified ‘prince’, claiming it was a vindication of Najib’s claims that he had received money from a royal Saudi donor.

In that letter the ‘prince’ said that some of his future ‘donations’ would come from what he called his company, Blackstone Asia Real Estate Partners Limited.  Transfer documents seen by Four Corners further confirm the payments.

This means that the Prime Minister’s Office have now officially acknowledged, on behalf of Najib, that he did receive payments from Blackstone – a company which is now the subject of money-laundering investigations by the Luxembourg authorities, specifically on the suspicion that it was handling money misappropriated from 1MDB.

Allah Selamatkan Malaysia dari malapetaka

 

20 thoughts on “More Bad News for Malaysia’s Beleaguered Prime Minister

  1. Dato’,
    All I look forward to is the day when the guilty is punished and sent behind bars. There have been endless reports etc on1 MDB over the past one year but its been a case of same news being repeated but by different organisations. The day when the guilty culprit is cornered and charged, it’ll be a day of celebration for all who longed for such a closure.
    _____________
    Hilmi,

    At the present time, it may just be wishful thinking.–Din

  2. How and when will all this end? My own view is that Najib will escape being indicted because so far there is no irrefutable evidence that he is personally involved in the movements of funds in 1MDB, some of which ended up in his personal bank accounts. Jho Low is the closest link to the Malaysian Prime Minister and the brains behind all the deals entered into by 1MDB financing schemes. Any views, guys? –Din Merican

  3. The scandal is spreading and being investigated by more and more
    countries.

    Whilst the laws of 1Malaysia can be broken with impunity, this is not the case with the laws of other countries. They will freeze or seize all the ill-gotten assets parked in their countries. Their nationals who foolishly
    took part in this scheme will also be prosecuted and jailed.

    As a consequence, as the 1Malaysia regime faces problems with “cash flow” and liquidity, expect more and more taxes (including hidden or disguised ones) to extract more $$$ from the ordinary people.

  4. It is time for the Taiwan financial authorities to investigate the
    “supersized yacht” owner too.

  5. Let’s hope that with the successful extradition of Mohamed Al Husseiny, a “Domino Effect” is created. Jho Low has much more blood on his chubby hands than Husseiny. Let’s wait for the really good news of mastermind Jho Low being extradited since he is also carrying a US passport? With the anti-mainland China president coming into power soon in Taiwan, Jho Low’s Taiwanese safe haven is about to get “un-safe” as the new anti-graft president may want to get some positive international publicity for herself.

    If Najib had not sacked Mukhriz, there is still an off chance for him to negotiate a “safe passage” with Mahathir.

    But now that Mahathir has even resigned from all his pet posts, especially the prestigious Petronas advisory post, (which gives him a staffed rent free office in the Twin Towers), the safe passage door is now definitely tightly shut.

    Even Zahid, who has wet dreams of stepping into the PM post by default, is now not that safe either because Mahathir don’t see him as a potential “Mukhriz promoter”

    Who’s left as a care-taker PM? Hishammudin? or reinstatement and promotion of Muyhiddin? Whatever happens, UMNO Baru will still rule, at least till GE14.

  6. Dato, if Jho Low is arrested by the US authority, I can be very sure he will strike a deal to protect himself from the full force of the US law on money laundering.I believe the pirate cannot escape so easily.

    We are now seeing the begining of the grand finale of the theft of century the world has ever seen.

  7. I’m a cynical optimist, if there’s such a thing.

    Right now, the ‘accused’ is exhibiting passive-aggressive behaviour. Next phase is what we call a Borderline Personality. Then Manic Depressive. Like the phases of the Moon.

    Safe passage, as elucidated by Wayne is no longer an option. Mauritius or BVI-Caymans remain destinations of ‘choice’. Otherwise, follow this:

  8. Najib and his accomplices will commit any means to maintain power to hold justice against him at bay. May 13 episode two akan datang.

  9. Malaysia has become an April fool’s joke when it tells the world that it is a liberal democracy.

  10. The mortal will never escape the law of karma. He reaps what he sows. The gang is too loose and one among them will finally expose the real story at an opportune time. Its not due to God’s power but rather human weakness. Lets hope the day will arrive quick.

  11. Dato

    Lets not forget the power of Divine Intervention.
    ______________
    Hilmi,

    At the risk of sounding blasphemous, I think God Acts too slowly for the good of Malaysia.This is because He is infinitely patient. Furthermore, remember God only HELPs those who help themselves.So, Malaysians must collectively act to bring about change.–Din Merican

  12. In late January 1 bought extra RM300 fireworks before the CNY and have kept it for the day when I celebrate when the biggest crook and his cronies get arrested… it has no expiry date because they are “Made in China” fireworks… please wake me up when the celebration starts… I am now more optimistic with the US Justice Department extradition of few suspects…. soon they will all point fingers to negotiate lesser charges with the US Marshalls… then I fire my Mao’s Ball of Fire KABOOM!!! and light up the sky…

    *Mao’s Ball of Fire is the brand of a 4-inch diameter firework to be launched by an adult >20 years of age, says the manufacturer Nanjing Fireworks Co. Limited but last I heard the entire factory burned down last year??? Duh………

  13. I think a few of the little ducks like Jho Low and Mohamed Al Husseiny (who thanks be to God holds a US passport) will be indicted and will begin to sing in order to avoid long prison sentences. And believe it– the US hands out LONG prison sentences. They will be so afraid, and will spill their guts in a plea bargain. Then the real fun will begin. Be patient. These things take a long time.

  14. With the List of Bolehland’s International infringements, Money laundering, Human Trafficking, Human Rights, Terrorist meeting playground, etc, etc, I am waitiing for Preetinder Singh “Preet” Bharara (born 1968), an American attorney and the U.S. Attorney for the Southern District of New York.[1] Earning a reputation of a “Crusader” prosecutor to track down all the 1MDB pepetrators & Main player…! – His office has prosecuted diplomats[4][5] and people in other countries.[6] He prosecuted nearly 100 Wall Street executives,[7] reached historic settlements and fines with the four largest banks in the US,[8][9][10] and closed multi billion dollar hedge funds.[11][12] He brought down many City and State politicians, including the Speaker of the New York State Assembly, Sheldon Silver and the Majority Leader of State Senate, Dean Skelos, and at one time he threatened to prosecute the governor’s office.[13] – Possible sanctions using the Patriot act…? – https://en.wikipedia.org/wiki/Preet_Bharara

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