Well done, Dato’Seri Nazir Razak


July 9, 2015

CIMB starts internal inquiry into Banker’s wrong WSJ analysis

by Elizabeth Zachariah

http://www.themalaysinsider.com

Malaysia’s CIMB Bank is to investigate its Islamic Bank Chief Executive Officer Badlisyah Abdul Ghani, who had made a wrong analysis in disputing the Wall Street Journal’s (WSJ) documents over the alleged trail of funds which landed in Datuk Seri Najib Razak’s bank accounts.

Nazir RazakDato’ Seri Nazir Razak

In an Instagram post last night, CIMB Group Chairman Dato’ Seri Nazir Razak apologised over the matter, saying that Badlisyah should not have made comments on the documents as it was a “technical matter”.

Nazir’s post was accompanied with a picture of CIMB Group Chief  Executive officer Tengku Datuk Zafrul Tengku Abdul Aziz and CIMB Islamic Bank Chairman Datuk Dr Syed Muhamad Syed Abdul Kadir showing Badlisyah’s comments made on Facebook to a “surprised” Tan Sri Md Nor Yusof, who is a former CIMB chairman.

“Zafrul and Syed showing a surprised Md Nor the Facebook post by Badli (CEO CIMB Islamic) on WSJ article,” said Nazir, who is also brother to Prime Minister Najib.

“Posts have been removed as it is a technical matter on which he should not be commenting. Our apologies, we will conduct an internal inquiry.”

In his original comment on his Facebook page, Badlisyah accused the global business daily of using false documents in its report alleging that US$700 million (RM2.67 billion) worth of 1MDB-linked funds were pumped into the Prime Minister’s personal accounts.

Badlisyah said there was a discrepancy in the “Swift” code mentioned in the documents uploaded online on Tuesday. He said the documents released by WSJ stated that the Swift code for Wells Fargo Bank was “PNBUS3NANYC”, but it should actually be”PNBPUS3NNYC”.

“The Swift Code PNBPUS3NANYC belongs to Alfa-Bank Moscow. This is not just a tell-tale sign the document is an absolute hoax but a very firm confirmation that the document is a hoax or a fraud.

“How could WSJ miss this factual error?” he said in the Facebook post circulated on pro-Umno blogs.But the Malaysiakini news portal later disputed the banker’s assertion, saying that it examined Badlisyah’s claim and found that the Swift code for Alfa-Bank Moscow was ALFARUMM.

“Badlisyah correctly pointed out that the particular Wells Fargo bank branch should have a Swift code of ‘PNBPUS3NNYC’ instead of ‘PNBUS3NANYC’ as listed on the documents released by WSJ,” reported Malaysiakini.

“A check showed that the ‘PNBUS3NANYC’ Swift code belonged to its predecessor, Wachovia Bank, which was subsequently taken over by Wells Fargo Bank in 2008.

“It is unclear why the transaction used a Swift code belonging to the predecessor of Wells Fargo Bank or how long the transition to a new Swift code would take.”

Badlisyah also said the document erroneously listed the bank’s address as “375 Park Avenue, NY 4080, New York, NY”.

The “real address” of the particular Wells Fargo bank branch is “375 Park Avenue, 10th floor, New York, NY 10152″, he said.

However, Malaysiakini said here was no discrepancy in the address, as both “4080” and “10152” are part of the Bank’s address, which is: “375 Park Avenue NY 4080. New York, NY 10152″.

Following that, Badlisyah admitted he made an error in his analysis and said that he has since corrected it.

“I would like to make clear that all the views published on my Facebook account are strictly my PERSONAL views and not the views of any other individual or organisation. They were meant for private consumption among a group of friends.

“I would also like to acknowledge that I had made an error in my post with regards to my analysis of the various SWIFT codes.

“The mistakes were correctly pointed out by a report in Malaysiakini on the matter, and I have also made the correction on my Facebook page,” said Badlisyah in a statement issued last night.

1MDB– it is mismanagement or fraud, get it Lodin


June 10, 2015

1MDB– it is mismanagement or fraud, get it Lodin

by  P. Gunasegaram

http://www.malaysiakini.com

QUESTION TIME Really, 1MDB chairperson Lodin Wok Kamaruddin, as a long-time corporate chieftain, should know better than to ascribe the company’s cash flow problems to the postponement of the listing of its energy assets.

He said other things besides but this stands out in what he said to the Business Times, the business section of the New Straits Times. And despite what he maintains, 1MDB is not a case of the public perceiving it wrongly – the fact is that 1MDB has done many things wrongly as we shall show.

This is not the first time Lodin is spewing out misinformation. We took issue with another instance here.

Let’s look in detail at what he said this time.  He  said that if 1MDB had been successful in listing its energy assets in 2014, things would have turned out differently for the strategic development fund – “had the initial public offering gone ahead, it would have strengthened 1MDB’s cash flow.”

Lodin said that listing Edra Energy Global Bhd on Bursa Malaysia remains on the agenda for 1MDB, in order to raise cash for expansion and reduce its borrowings. He said it aims to raise about RM11 billion from the IPO.

Let’s remember that 1MDB had RM42 billion in borrowings as at end March 2014. According to its own statement just last week, it paid RM12 billion for the power assets which had their own debt of RM6 billion. Knocking RM12 billion off the debt, 1MDB still has RM30 billion to play around with.

Surely if it has invested the remainder money properly it would have had plenty of cash flow left because property involves long-gestation projects that require little money to be invested now. So the cash flow problem can only be due to mismanagement, or worse, fraud, by 1MDB.

By almost all accounts 1MDB overpaid for these energy assets, some of which were expiring pretty soon. The amount overpaid could be as high as RM3 billion on RM12 billion worth of assets. In the accounts for the year ended March 31, 2014, an amount for impairment loss of RM1.2 billion had already been made on these assets.

Under such circumstances it is extremely doubtful that the listing of the power assets would have gained 1MDB the RM11 billion anticipated from the IPO. Even if it sold all of 1MDB it probably will not be able to obtain RM11 billion at this point of time when the whole world knows that 1MDB is in dire need of cash despite borrowing RM42 billion and showing only RM12 billion in hard assets besides property. In any case the property was acquired cheaply from the government.

Project now in limbo

Lodin goes on to say that the listing was postponed because the group “wanted to obtain Track 3B (a 2,000 MW coal-fired power plant project) and all the necessary approvals for the listing. The timing was also not right to launch the IPO because of weak market sentiment and the volatile stock market.”

But 1MDB could not proceed with Track 3B for various reasons, including the inability to raise money, with the project now in limbo and Tenaga Nasional contemplating its takeover.

Lodin (photo) said the fund’s plans had always been to venture into property development and energy generation from the start. He said, “1MDB is basically involved in long-term investments. With the little money we had as paid-up capital totalling RM1 million when we started in 2009, we had to borrow from banks to build the business in Malaysia and overseas.”

Well, with the little money that it had, 1MDB borrowed lots of money without even considering how it is going to repay interest let alone the principal. The rate at which borrowings rose was obscenely high especially since 1MDB had no clear explanation at all for what was being done with the money and the expected returns.

The only hard assets besides property was in energy and for this it paid RM12 billion. Property assets don’t need much cash right now, so what was the necessity to borrow a further RM30 billion on top of the RM42 billion? In what assets has 1MDB invested this money to give a decent return over the cost of its borrowings?

Lodin said he regretted there was a wrong perception of 1MDB and that people are not seeing the true value of 1MDB.

He said, “I am sorry that there is a wrong perception of 1MDB. People do not see the true value of 1MDB and how we have invested. 1MDB, through Edra, has 15 independent power producers (IPPs) in Malaysia, Pakistan, Egypt and Bangladesh with a collective 5,500MW capacity. Compared with Malakoff Corp which only has 5,300MW capacity, we are bigger.”

Sure, but Malakoff has a market value of only RM9.3 billion for just 200MW less in generating capacity. Even if we put the potential market value of 1MDB at RM10 billion, if 1MDB cuts its stake down to 50 percent as a result of the IPO, it would have just raised RM5 billion.

But given the substantial mistrust of anything to do with 1MDB and its poor, well-deserved reputation, its IPO is not likely to be well received at all. And remember too that Malakoff’s power generation is all in Malaysia under lucrative, iron-clad contracts. That may not be so for 1MDB’s energy assets.

An albatross already hanging around your neck

Najib and 1MDB

If the entire IPO is valued at RM8 billion instead, the write-down in assets under the new valuation will be a massive RM4 billion from the RM12 billion acquisition price. Perhaps that’s the main reason why 1MDB postponed its IPO. How do you float a successful IPO when you have an albatross already hanging around your neck, weighing you down.

Further, Lodin will do well to explain what was so strategic (1MDB is a self-styled strategic development company which aims to bring strategic investments into the country) about buying over Malaysian-owned energy assets and then putting them back into the market via an IPO.

Sorry, Lodin, you have got it all wrong. It is not a matter of perception – 1MDB has borrowed too much money and it can’t even explain where a huge proportion of them are. At least RM15.4 billion are not even properly accounted for and the financing costs of RM5.4 billion to date are beginning to hurt real bad.

And all of this happened during your watch, Lodin. Instead of spewing out half-truths about 1MDB and dismissing one of Malaysia’s largest scandals as one of wrong perception, you should be spending your time putting 1MDB in order.

You can start by answering just two simple questions. Why did 1MDB need to borrow RM42 billion when eventual hard assets acquired amounted to just RM12 billion? Where exactly, and we mean exactly, and in what form exactly are all the assets of 1MDB?

If you can’t answer these questions you should step down from 1MDB and let someone else take over who can give us some real answers. But remember that does not absolve you or any other member of the 1MDB board from responsibility for the utterly shameful and possibly fraudulent dealings at 1MDB.

It’s time to change, the public has long ago wised up to 1MDB’s antics.

Datuk Seri Ahmad Husni never let Arul Kanda play games with you on 1MDB


June 7, 2015

Datuk Seri Husni never let Arul Kanda play games with you on 1MDB

by Alexander Winifred

http://themalaysianreserve.com/new/story/1mdb%E2%80%99s-bid-explain-rm42b-debt-backfires

najibhusni3Dato’ Seri Husni and PM Najib

The Finance Ministry-owned 1Malaysia Development Bhd’s (1MDB) attempt to explain its RM42 billion debt to silence detractors may have backfired.

Instead of putting to rest all the allegations about the “missing” money, the summary of 1MDB’s expenditure and debt released on Wednesday only raised more questions about the government development fund’s dealings.

“Companies don’t usually borrow funds for operating expenditure. It appears 1MDB may not have followed good business practices,” said Tan Sri Ramon Navaratnam, a former World Bank alternate ExectuiD and Deputy Treasury Secretary-General, referring to 1MDB’s RM5.8 billion borrowings for financial expenditure.

“The revelation by (1MDB president and CEO) Arul Kanda Kandasamy essentially revealed nothing that we don’t already know. The questions which we asked, however, remained completely unanswered,” said Public Accounts Committee (PAC) member and MP Tony Pua, who has emerged as an outspoken 1MDB critic over the last few years.

Most of the questions were aimed at 1MDB’s placement of a large percentage of its investment funds into overseas tax havens, said to be an unusual move.

1MDB had placed as much as RM15.4 billion of its borrowings into the largely engimatic investment funds in the Cayman Islands (Brazen Sky, RM6.1 billion) and British Virgin Islands (1MDB Global Investments Ltd (1MDB GIL), RM5.1 billion), as well as RM4.2 billion into Abu Dhabi-based Aabar Investment PJS.

Aabar, a subsidiary of the International Petroleum Investment Co with links to the Abu Dhabi royal family, last reported total assets of US$10.15 billion (RM37.54 billion) after it had been delisted from the Abu Dhabi Securities Exchange and taken private in 2010.

According to its website, Aabar holds a 21.6% stake in RHB Capital Bhd, the owner of RHB Bank Bhd and RHB Investment Bank Bhd. Brazen Sky’s funds are reportedly managed by Hong Kong-based Bridge Partners.

Bridge Partners’ website does not contain information about its management team or track record, but it does list about 70 business deals (mostly with Chinese firms) it has conducted as a financial advisor.

“We don’t have much (of an) idea about these overseas fund managers,” said Phua Lee Kerk, chief strategist at fund manager Phillip Mutual Bhd.

Phua said it “was a little abnormal” that 1MDB would choose to put such significant portions of its investment funds into foreign funds in tax havens, based on his understanding of the company.

“Generally, funds in tax havens are perceived to have higher returns but also carry higher risks. What we see in these funds is usually low transparency in nature,” said Phua.

He said companies with similar structures to 1MDB, which he likens to a sovereign fund, would normally only invest 10%-20% of their excess profits into high risk funds, usually associated with overseas hedge accounts.

The bulk of funds under a sovereign fund manager would usually be invested directly into businesses, instead of into little-known funds such as Brazen Sky and 1MDB GIL.

“In my opinion, it would have been better to give such large amounts to local fund managers to nurture the industry,” said Phua.

“I would very much prefer to have taken a conservative approach and after all, it’s the rakyat’s hard-earned money,” he said. “What exactly was the RM6.1 billion of investment in Brazen Sky which was parked in Cayman Islands?

Najib and !MDB ExecutivesThey must hang together

“Why is it that despite Arul Kanda announcing that all of Brazen Sky’s investments have been “redeemed”, there’s still no cash at all in the BSI Bank Singapore?” asked Phua, a former head of a firm listed in Singapore’s second bourse.

Despite earlier saying it would wait for the Auditor-General’s report on 1MDB, the PAC commenced an investigation in late May.

“The Prime Minister’s statements and public responses made it necessary for the PAC to carry out (its own) inquiry as soon as possible,” Dr Tan Seng Giaw, Deputy Chairman of the committee, told The Malaysian Reserve yesterday.

Tan said the PAC’s investigation would concentrate on 1MDB’s financial governance, including “how, why, when and where 1MDB had acquired its funds, the ways these have been spent, the total amount of debts incurred and the interests”.

Meanwhile, the announcement of a formal inquiry by Malaysia’s central bank on Wednesday was welcomed but seen as overdue.

Bank Negara Malaysia (BNM) could have completed its enquiries easier if the authority had begun its investigation earlier, said the head of leading anti-corruption watchdog Transparency International’s Malaysian (TI-Malaysia) affiliate.

TI-Malaysia President Datuk Akhbar Satar said action in the “earlier stages” of concern would have facilitated smoother evidence gathering by the authorities.

BNM now needs to perform the investigation without fear or favour, said Akhbar, who formerly led the Malaysian Anti-Corruption Agency’s Training Division as its Director.

“Come out with the truth. This is an opportunity for 1MDB’s credibility in the eyes of the public to be restored,” he said. Malaysians are concerned that a 1MDB default would be disastrous to the economy, which is trying to break into the league of high-income nations by 2020.

In an interview on national television on Wednesday, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said Putrajaya would fail to meet its budget deficits if it was forced to shoulder the debt of the troubled company.

“What will happen? Our ratings will drop. When our ratings drop, our companies borrow from abroad, our currency value will drop like in 1998 when our ringgit at one point was over RM4, then how to pay debts?”

Ratings agency Moody’s said last week if governmental support for 1MDB moves away from fiscal consolidation measures, it could provoke a reassessment of its outlook for the country’s sovereign rating

Leadership by moral legitimacy


June 7, 2015

Leadership by moral legitimacy

by Graham Harris*

*After completing a degree in Botany and PhD in Plant Ecology atgraham_harris Imperial College, London in the late 1960s, Professor Graham Harris worked at McMaster University in Canada for 15 years where he became a Professor of Biology and carried out research on the ecology and management of the Laurentian Great Lakes.

He came to Australia in 1984 and worked for CSIRO for over 20 years where he held many research management and senior executive appointments. Graham has worked in a range of disciplines including plant ecology, freshwater and marine ecology, space science and remote sensing. He was the foundation Chief of Division for CSIRO Land and Water, and until 2003 he was Chairman of the CSIRO Flagship Programs. After completing this task he stepped down as Flagships Chair and was made a CSIRO Fellow. He left CSIRO in early 2005.

Graham is the Director of ESE Systems Pty. Ltd., a consulting company specialising in research into, and the management of, complex environmental, social and economic systems. He is an advisor to a range of universities, research agencies, private companies and government jurisdictions both in Australia and overseas.

Graham is an Affiliate Professor at the Centre for Environment, University of Tasmania and an Honorary Research Professor in the Sustainable Water Management Centre at Lancaster University, UK. He was awarded the CSIRO Chairman’s Gold Medal in 1996 and was elected a Fellow of the Australian Academy of Technological Sciences and Engineering in 1997. In 2002 he was elected a life member of the International Water Academy, Oslo. He was awarded the Australian Centenary Medal in April 2003 for services to environmental science and technology. Graham has published more than 140 papers, and three books. His latest book Seeking sustainability in an age of complexity was published by Cambridge University Press in June 2007.

https://www.linkedin.com/pulse/leadership-moral-legitimacy-graham-harris

The_Thinker_in_NTHU_TaiwanThe Thinker @NTHU, Taiwan

We still seem to be fighting Cold War battles over whether neoliberalism and individualism – the “bottom up” strategy – is the best model for modern democracies, or whether more state intervention – the “top down” control model – is preferable. The debate in the West is quite brutal with polarized politics and biased media coverage frequently providing only a partial view.

[The Web does however provide an antidote to the prevailing ethos by providing access to other points of view; blogs by George Monbiot and Harry Shutt for example.]

When confronted by complexity most of the decisions we must make are not just uncertain they are logically un-decidable (see Pascal Perez’s comments on my last post). The fundamental problem is that “facts” and models in such situations are under determined; they are inevitably supported by beliefs about what counts as evidence and what constitutes a proof, and values creep in. Without an appropriate moral stance to aid decision-making these limitations are becoming ever more obvious.-G. Harris

As we find we have to deal more and more with systems of systems – which requires both systems thinking and an appreciation of complexity – we are finding that simple slogans and remedies do not suffice (even though the air waves and the Web are flooded with them). To quote H.L. Mencken “For every complex problem there is an answer that is clear, simple, and wrong.” The predominant debate is too simplistic and does not provide sufficient nuances or sophistication.

I am reminded of David Berlinski’s concluding words in “On systems analysis: an essay concerning the limitations of some mathematical methods in the social, political and biological sciences” (1976): viz. “Grand efforts brought low by insufficient means”.

When confronted by complexity most of the decisions we must make are not just uncertain they are logically un-decidable (see Pascal Perez’s comments on my last post). The fundamental problem is that “facts” and models in such situations are underdetermined; they are inevitably supported by beliefs about what counts as evidence and what constitutes a proof, and values creep in. Without an appropriate moral stance to aid decision-making these limitations are becoming ever more obvious.

Faced with such a situation we have both a knowledge problem and a collective action problem – and they are inextricably intertwined. The conjunction of constraints, complexity and community provides us with a perfect epistemological, political and moral storm. There is a moral space for communities to fill, but it is presently vacant. We require a new approach.

David Colander and Roland Kupers in “Complexity and the art of public policy: solving society’s problems from the bottom up” (2014) – hereafter C&K – have provided an alternative – middle ground – view on how to organise institutions and economics in a complex world. They favour what they call laissez-faire activism – combining both top down and bottom up innovation and facilitation. In a complex system of systems knowledge will always be partial, and neither the market nor state regulation will be able to provide complete solutions. History shows us the truth of this.

We can do without the brutal debates between the political right and left (they are more and more indistinguishable anyway), between the positivists and the relativists or between, say, the followers of Hayek or of Keynes. Indeed C&K show how the debate has been engineered to deliberately polarise the political and economic landscapes. The original positions of many intellectual luminaries were much more nuanced and sophisticated than is now made out. It is the old story: the messiah got it right – just beware the disciples.

Through the air waves and the Web we are flooded with emotivism. The polarised Western debate is no more than this. Statements of the form “this is good” can be taken to mean “I approve of this: do so as well”. Our moral debate consists mostly of shrill, impersonal assertions; our language of morality is in a state of disorder.–G. Harris

As Kwame Anthony Appiah has argued in “Cosmopolitanism: ethics in a world of strangers” (2006) the prevalent liberalism and positivism favours the belief in value free (scientific) “facts” because we can hold and assert our own individual beliefs. Values, on the other hand, are more about things we share and how we deal with each other in communities. So values require us to discuss and debate their context and efficacy, but because the mantra is “there is no such thing as society” we rarely do this.

C&K take an optimistic view of people as “smart and adaptive” and argue that the role of government is to set norms for behaviour and to provide leadership by moral legitimacy. They agree with Kwame Anthony Appiah who argued in “The honour code: how moral revolutions happen” (2011) that it is morality and values – our shared norms – that best regulate how we deal with each other and our environment.

Alasdair MacIntyre in “After virtue” (2007, 3rd Ed.) has argued that one of the main failures of modernity has been the demise of morality and the instrumental behaviour of bureaucrats and corporate managers in commercial and institutional settings. There is much confusion of means and ends and people and the environment frequently get used and abused. This is also true of politicians and politics and it explains why there is an evident and rapid decline in trust.

Through the air waves and the Web we are flooded with emotivism. The polarised Western debate is no more than this. Statements of the form “this is good” can be taken to mean “I approve of this: do so as well”. Our moral debate consists mostly of shrill, impersonal assertions; our language of morality is in a state of disorder.

At the moment there seem to be few sanctions for unethical or even criminal behaviour in many spheres of public life. Despite clear indications of criminal activities associated with the financial crash of 2008 and of irregularities in global markets since – collusion and market rigging – very few sanctions or criminal prosecutions have been pursued. Worse there is no evidence that anyone feels shame or remorse. The guardians have been inactivated.

Environmental degradation is, likewise, a moral issue. No amount of attempts to monetise environmental values or design market-based instruments will alter this. Easily quantifiable substances like water and carbon dioxide may be traded, but for complex 2nd order cybernetic entities like ecosystems everywhere is different. Concepts like markets for ecosystem services and biodiversity offsets are therefore a fraud. We cannot swap like for like and ill-defined incommensurate values cannot be monetised. Offset payments to a conservation fund are a sop for the conscience.

To arrest the decline in trust and moral behaviour Appiah and MacIntyre argue that we need a return to concepts of virtue, honour, shame and esteem. To grease the wheels of society we need a debate about codes of honour that are compatible with morality and professional ethics. We can have positive regard for people who meet certain standards of behaviour and we can sanction those who do not. Those standards need to be debated, clearly stated and enforced.

C&K see a key role for government in providing the leadership and in setting those norms. Geoffrey Brennan and Philip Pettit have noted in “The economy of esteem: an essay on civil and political society” (2005) that because we all (should) have a stake in making society work the cost of policing an honour world is very low and we do not have to worry about who is guarding the guardians. We all have a role to play.

Now I am sure some will argue that liberalism and modernism have defeated such outdated concepts, but the failings of Western politics since the 1970s are now clear: instrumental reason, rising inequality, environmental degradation, lack of political will and moral corruption. Governance and leadership by moral authority and legitimacy? Now wouldn’t that be something to behold!

MAS in, MAS out, new MAS in


June 2, 2015

MAS in, MAS out, new MAS  in–In between Politics

by Mariam Mokhtar@www.malaysiakini.com

MAS is not a commercial enterprise, but an offshoot of a government department, and run along government lines. It takes its orders from politicians, it bows to various political demands, it can never be restructured successfully unless the torrid cocktail of political patronage, internal corruption, and personal empire building is eliminated.

After years of Ketuanan Melayu and Biro Tata Negara (BTN) spewing division, with claims that the Malays are God’s chosen people, it is ironic that the saviour of MAS is a German, Christoph Mueller.

What a slap in the face of the rakyat, the planes in the fleet are being sold off, to save some money, and yet Najib Abdul Razak and Rosmah Mansor, the self-styled First Lady of Malaysia (FLOM) waste millions of ringgit on a new aircraft for ministerial junkets.

Our politicians bled MAS dry and now Mueller (photo) wants to perform a cull and punish the employees, instead of the politicians and fat cats, who sit on the management board. It is outrageous that the people in positions of authority refuse to take any responsibility for their failures, and will probably be retained with a more lucrative package.

Khazanah is a bloated entity of smarts, who somehow could not translate their well-earned Oxford and Cambridge degrees into commercial and managerial success. Most Malaysians feel that the Khazanah boys simply protected the interests of their political masters and the cronies.

Herr Mueller should realise that Malaysia has enough capable people to run the show. The political will to effect changes is lacking, because the UMNO Baru slogan is based on the 3 Rs – Race, Religion and Royalty (modern day feudalism).

When Malaysia-Singapore Airlines (MSA the precursor of MAS) was flying, and in the years after MSA split into SIA and MAS, there were capable Malaysians at the helm of both MAS and SIA.

Today, we know that some Malaysians successfully lead organisations abroad, others have risen to become High Commissioners and Ministers of their adopted countries, and heads of foreign companies. These men and women were rejected by the Malaysian government because they belonged to the wrong race.

Mueller was given the job of revamping MAS. He listed various parameters which he said contributed to the losses in MAS. The rakyat and many decent MAS employees could have told the government the same thing, and saved the taxpayer a small fortune, but their complaints and concerns fell on deaf ears.

Tackling the three Rs

How will the new MAS – MAS Bhd, tackle the three Rs – race, religion and royalty? Will MAS Bhd reject members of the extended royal entourages, whom the rakyat complain hog their seats (despite confirmed bookings), jump queues and allegedly are allowed to pay a much reduced or perhaps, no excess baggage fees for their van loads of shopping?

Will MAS Bhd employ Malaysians from a cross-section of society, and not predominantly Malays? Will MAS Bhd be prepared to refuse demands of Muslim conservatives, who wish to stop the serving and sale of liquor on board, and also instigate a uniform change?

Last week, Mueller confirmed that for many years, MAS paid-out for hundreds of types of allowances, overtime claims, salaries and over-priced contracts.

Despite an internal whistleblower facility, to encourage staff members to disclose unsafe or illegal practices within the airline, many employees feared they would be blacklisted.

Yesterday, Nur Jazlan Mohamed (photo), of the Parliament’s Public Accounts Committee (PAC), told The Malaysia Insider that it has no authority to investigate the accounts of Khazanah, MAS or any other government-linked company (GLC).

Nur Jazlan said, “This is what happened when PAC started to probe KLIA2 which comes under Malaysia Airports Holdings Bhd, a GLC under Khazanah, where until today the government has yet to direct the Auditor-General to conduct an audit on its construction”.

Nur Jazlan agreed with the Union of Flight Attendants Malaysia (Nufam), that MAS management should be punished for the waste and said “…the MAS Board of Directors has to be held accountable, if there had been any wastage. The government representative in the board is the one who should be looking after the interest of the people in this case, and the interest of the employees.” Sack the MAS Advisor and former Prime Minister Tun Abdullah Ahmad Badawi as well.

Mueller must ensure that there is no political interference in the re-vamped MAS. Pigs may yet fly, before the PAC is able to scrutinise MAS and punish those who are responsible for its failures.

Maybe Mueller has been employed to restore the coffers of MAS, so that UMNO Baru can milk it, again, in a few years’ time.

Prime Minister Najib’s Economic and Financial Powerhouse–Impressive Captains


May 28, 2015

Phnom Penh

Prime Minister Najib’s Economic and Financial Powerhouse–Impressive Captains

http://www.financetwitter.com/2015/05/pm-najibs-exit-here-are-his-cronies-stocks-you-should-avoid.html

Horse-trading, money changing hands, contracts finalising, projects reviewing and the list goes on. That’s what is happening now, as the mother of all scandal – 1MDB – about to enter another new month this year. Bets are on the table that by hook or by crook, Pprime minister Najib Razak and his wife Rosmah Mansor may have a smooth sailing after all.

 In fact, Najib and Auntie Rosy are ready to pull Mahathir and his family down together, if that’s what it will take to win this war. Clearly, only one team will emerge victorious, and the loser will not be able to get a “face-saving” exit this time. With the present social networking age, the loser will be remembered in a disgraceful manner.

1MDB RM42 Billion - Thank You For Your SupportWhat’s rather amazing is the fact that Bank Negara (Central Bank) governor Zeti Akhtar Aziz was the only individual who had not spoken about 1MDB scandal, until today, despite the institution being dragged into the drama by Najib numerous times. First, Najib cried 1MDB money couldn’t be repatriated back home because the central bank would make a big issue out of it.

 Subsequently, Najib bitched that BRIM, a project where Santa Claus gives away free cash to people, was actually an idea from the central bank, not from his administration. Still, Zeti didn’t raise a finger but kept an elegance silence, as if she was sleeping on the job. Today, she finally opens her mouth.

Apparently, Zeti had received a report from MAS (Monetary Authority of Singapore) about an account linked to the debt-ridden strategic investment firm at the Swiss-based BSI Bank. As expected, she wouldn’t reveal anything, using “confidentiality” as the excuse. Governor Zeti should know better than anyone else about “helping” Najib Razak, so let’s hope she doesn’t do something stupid.

 Besides forming alliances and recruiting betrayals, this war of the century – Mahathir vs Najib – will see losers being wiped out not only from the political landscape, but also about business cronies losing everything. Hence, the stake is not merely RM42 billion of 1MDB debt alone, but billions of new business contracts.

Besides forming alliances and recruiting betrayals, this war of the century – Mahathir vs Najib – will see losers being wiped out not only from the political landscape, but also about business cronies losing everything. Hence, the stake is not merely RM42 billion of 1MDB debt alone, but billions of new business contracts.

Najib vs Mahathir - WarLike it or not, this “Clash of the Titans” does not only affect politicians and businessmen, but also small investors such as stock market traders, speculators, gamblers, punters or whatever name you wish to call yourself. If Najib wins, the status quo remains. But if he losses, which is very likely, you may want to avoid certain stocks or companies related to his cronies.

 Could that be one of the reasons why his own brother, Nazir Razak, appears to be on the enemy’s camp? Actually, it makes perfect sense to distance himself from big brother Najib. The stake is simply too high. It’s a foolish move to defend his own brother, and in the process losses everything in CIMB, the same way Rashid Hussein lost RHB because he aligned himself with Anwar Ibrahim.

Malakoff IPO - Billionaire Syed Mokhtar EmpireGet ready for a super lengthy write-up on Najib Razak’s cronies below. This is not a complete list though. But some cronies such as Vincent Tan (Berjaya Group), Quek Leng Chan (Hong Leong Group), Teh Hong Piow (Public Bank Berhad), Syed Mokhtar Al-Bukhary, Ananda Krishnan are considered as UMNO-cronies, not Najb-cronies.

 { 1 }  Nazir Razak, 49

  • CIMB Group Holdings Berhad (KLSE:CIMB, stock-code 1023): Chairman
  • Khazanah Nasional Berhad (KNB): Director
  • Employees Provident Fund (EPF): Chairman of the Investment Panel Risk Committee
  • Malaysia International Islamic Financial Centre: Executive Committee member

Najib Razak Cronies - Nazir RazakNazir Razak, the youngest brother, is the most well known. He obtained a Master of Philosophy at Cambridge University. He is a career banker, joining CIMB Investment Bank almost 20 years ago and rising through its executive ranks to become its CEO in 1999. Perhaps the most business-savvy within the Razak family members, Nazir is infamous for his controversial acquisition of Southern Bank from owner Tan Teong Hean.

Following the merger of CIMB and Bumiputra-Commerce Bank, to become Bumiputra-Commerce Holdings Bhd (BCHB), Nazir became CEO of the merged group and later Chairman of CIMB Group. Informed observers widely believe Nazir advises Najib on finance and economic policy issues. However, the relationships between all the Razak brothers with PM Najib are in a bad shape due to wife Rosmah Mansor.

 { 2 }  Ahmad Johari Razak, 59

  • Ancom Berhad(KLSE: ANCOM, stock-code 4758): Non-Executive Chairman
  • Hong Leong Industries Berhad(KLSE:HLIND, stock-code 3301): Non-Executive Director
  • Daiman Development Berhad(KLSE: DAIMAN, stock-code 5355): Non-Executive Chairman
  • Sumatec Resources Berhad (KLSE: SUMATEC, stock-code 1201): Non-Executive Director
  • Malaysian Resources Corporation Berhad (KLSE: MRCB: stock-code 1651): Independent Director
  • Deutsche Bank (Malaysia) Berhad: Director
  • Daiman Golf Berhad: Non-Executive Director
  • Courts Mammoth (M) Berhad (delisted-privatised): Non-Executive Chairman

Najib Razak Cronies - Ahmad Johari RazakJohari Razak, the second eldest brother and a close friend of Perak Sultan Nazrin Shah. He is a lawyer and senior partner at Shearn Delamore & Co, a large law firm  located at Wisma Hamzah-Kwong Hing, Kuala Lumpur. His areas of practice include corporate and commercial joint ventures, mergers and acquisitions; corporate restructuring; and the listing of public companies.

He was believed to play a vital role during the 2009 Perak constitutional crisis, which saw the collapse of Pakatan Rakyat state government. This enabled brother Najib Razak scored important brownie points, as a great political tactician, at least in the eyes of UMNO members.

Coincidentally, 1MDB, currently in hot soup over RM42 billion debt scandal, had lendings from a consortium of six foreign banks led by Deutsche Bank. With the prospect of 1MDB declares a default over the syndicated loan amounting to US$975 million, Deutsche Bank Singapore and other banks such as BSI Singapore, RBS Coutts could seek early repayment.

 { 3 }  Mohamed Nizam Razak, 56

  • Mamee Double-Decker (M) Berhad (delisted-privatised): Non-Executive Director
  • Yeo Hiap Seng (M) Berhad (delisted-privatised): Non-Executive Director
  • Other directorship: Synergy Track Sdn. Bhd., Deutsche Bank (Malaysia) Bhd., Noah Foundation, Hong Leong Foundation, National Children Welfare Foundation, Yayasan Rahah, and Yayasan Wah Seong.

Najib Razak Cronies - Mohamed Nizam RazakNizam Razak studied politics, philosophy, and economics at Oxford University. He was a stockbroker and CEO of PB Securities Sdn Bhd in the 1990s. He is currently a non-executive director in several once-publicly listed companies including Mamee Double-Decker (M) Bhd and Yeo Hiap Seng (M) Bhd, which have since been taken private.

 He used to serve as non-executive director at Hiap Teck Venture Bhd and Delloyd Ventures Bhd, and like brother Johari, Nizam is also a director of Deutsche Bank. Together with UMNO money carrier Syed Mokhtar they were once eyeing for the 19.4% stake in DRB-Hicom held by the family trust of late Yahaya Ahmad. Today, Syed Mokhtar owns DRB.

 { 4 } Mohamed Nazim Razak, 53

  • Hong Leong Bank Berhad(KLSE: HLBANK, stock-code 5819): Non-Executive Director
  • Hong Leong Capital Berhad (KLSE:HLCAP, stock-code 5274): Non-Executive Director
  • XiDeLang Holdings Limited (KLSE: XDL, stock-code 5156): Deputy Chairman
  • 7-Eleven Malaysia Holdings Berhad (KLSE: SEM, stock-code 5250): Non-Executive Director
  • Hong Leong Islamic Bank Berhad: Non-Executive Director
  • Other directorship: The Legends Golf & Country Resort Bhd., Batu Caves Centrepoint Sdn. Bhd., BTS Land Capital Sdn. Bhd., Century Tower Industries Sdn. Bhd., Digiport (M) Sdn. Bhd., etc

Najib Razak Cronies - Mohamed Nazim RazakNazim Razak, the fourth brother  who married former host of TV3’s Nona show, Norjuma Habib Mohamed, studied architecture in the UK. He is Chairman of Meru Utama Sdn Bhd, an outdoor advertising company that received a seven-year advertising concession in 2007 to advertise the Kuala Lumpur International Airport and Low-cost Carrier Terminal (LCCT).

 Nazim is also a director of Eng Wah Organization Limited, a Singapore-based business involved in cinema operations, film distribution and rental of retail and office space. He is a Chairman of the Governing Council of Masterskill, a private University/College (the Pro Chancellor is Raja Azureen Raja Azlan Shah, the daughter of the late Sultan of Perak) and Director of OYL Industries (a subsidiary of Hong Leong Group of Companies).

 { 5 }  Tan Kay Hock, 67

  • Johan Holdings Berhad(KLSE: JOHAN, stock-code 3441): Chairman and CEO
  • George Kent (M) Berhad(KLSE:GKENT, stock-code 3204): Chairman
  • Jacks International Limited: Chairman
  • Iskandar Regional Development Authority: Member
  • Malaysian Humanitarian Foundation: Director

Najib Razak Cronies - Tan Kay HockWhen Tan Kay Hock, a golfing buddy of Prime Minister Najib Razak, was awarded the systems work for the RM1.1 billion Ampang light rail transit (LRT) line extension project in July 2012, it raised eyebrows because the company was better known as manufacturers and suppliers of water meters. Mr Tan denied his company, George Kent, won due to political links.

Now that his golfing buddy Najib is in hot soup over 1MDB’s RM42 billion debt scandal, will the Prime Minister expedite the Kuala Lumpur-Singapore High Speed Rail project before getting the boot? Most importantly, will Tan Kay Hock’s 25-years of “friendship” with Najib helps George Kent secure the jewel of rail projects?

{ 6 }  Shahril Shamsuddin, 54

  • SapuraKencana Petroleum Berhad(KLSE: SAPCRES, stock-code 8575): Executive Director and President and Group CEO
  • Sapura Industrial Berhad(KLSE: SAPIND, stock-code 7811): Deputy Chairman
  • Sapura Resources Berhad(KLSE: SAPRES, stock-code 4596): Non-Executive Director
  • Sapura Secured Technologies Sdn. Bhd. (private division of Sapura Group): President and CEO

Najib Razak Cronies - Shahril ShamsuddinShahril Shamsuddin of Sapura Group and his family is well known to have a very good relationship with Najib’s family. His father, Shamsuddin Abdul Kadir, the founder of Sapura Group, was however aligned to former premier Mahathir Mohamad. Later, the merger between Mahathir’s son (Mokhzani Mahathir) Kencana Petroleum and SapuraCrest Petroleum forming today’s SapuraKencana in 2012.

However, both Mokhzani and Shahril couldn’t see eye to eye, due to differences of opinion between both co-founders in the running of SapuraKencana, not to mention about who really has better capability helming the country’s largest oil and gas services firm. Subsequently, Mokhzani resigned as vice chairman this year (March 2015).

{ 7 }  Mohamed Azman Yahya, 51

  • SymphonyHouse Berhad (KLSE: SYMPHNY, stock-code 0016): Group CEO, Founder
  • Symphony Life Berhad(KLSE: SYMLIFE, stock-code 1538): Executive Chairman
  • Scomi Group Berhad(KLSE: SCOMI, stock-code 7158): Non-Executive Director
  • PLUS Expressway Berhad(delisted in 2012): Non-Executive Director
  • Ekuiti Nasional Berhad: Director
  • AIA Group Limited: Non-Executive Director
  • Khazanah Nasional Berhad (KNB): Director

Najib Razak Cronies - Mohamed Azman YahyaMohamed Azman Yahya, director of Khazanah, and founder and group chief executive officer of Symphony House Bhd, an outsourcing firm. He is also the ex-CEO of Pengurusan Danaharta Bhd and sits on several advisory panels for the development of the capital market, venture capital, and public service delivery system.

 Despite his supposedly wide experience in charge of national asset management, he couldn’t do anything to help the once rotting Malaysian Airline Systems. However, Azman Yahya, one of Najib’s six trusted individuals, was allegedly conspired with Nor Mohamed Yakcop and cheated Halim Saad in a UEM-Renong takeover deal back in 2001.

 { 8 }  Rohana Mahmood, 61

  • Paramount Corporation Berhad(KLSE: PARAMON, stock-code 1724): Non-Executive Director
  • AMMB Holdings Berhad(KLSE: AMBANK, stock-code 1015): Non-Executive Director
  • Sime Darby Berhad(KLSE: SIME, stock-code 4197): Non-Executive Director
  • RM Capital Partners Sdn Bhd (spin off from Ethos Capital): Chairman and Founder.
  • AmInvestment Bank Berhad: Non-Executive Director

Najib Razak Cronies - Rohana MahmoodRohana was the chairman and co-founder of Ethos Capital, a RM200 million private equity firm, which through its Ethos Consulting was involved in the National Automotive Policy that resulted in the abuse of APs to selected individuals associated to Khairy Jamaluddin, son-in-law of former prime minister Abdullah Badawi. Among all cronies, Rohana Mahmood stands out as deeply embedded in the Najib family’s commercial interests.

Together with Omar Mustapha Ong, a former special assistant to Najib Razak, they once had their eyes on EPF’s RM300 billion fund to manage. She and another close aide of Najib, Abdul Razak Baginda (linked to gruesome murder of Mongolian Altantuya), are co-founders of an independent think-tank, Malaysian Strategic Research Centre. Najib was chairman of the think-tank, now disbanded.

 { 9 }  Azman Mokhtar, 54

  • Axiata Group Berhad (KLSE: AXIATA, stock-code 6888): Chairman and Non-Executive Director
  • Khazanah Nasional Berhad (KNB): Managing Director and CEO
  • Iskandar Investment Berhad: Chairman

Najib Razak Cronies - Azman MokhtarAzman was Managing Director and co-founder of the infamous consulting firm BinaFikir, which proposed WAU (Wide Unbundling Asset) in 2002 to save ailing Malaysian Airline System (MAS). Amusingly, under his poor leadership, MAS made bigger losses. Azman then proposed Penerbangan Malaysia Berhad (PMB), which also lost money.

Azman Mokhtar, who is running Khazanah, Malaysia’s sovereign wealth fund which in effect controls CIMB along with the country’s national pension scheme, is one of six trusted individuals personally picked by Najib for ideas on issues ranging from economy, capital markets and general business soon after Najib was appointed Finance Minister.

Comically, the supposedly genius Azman Mokhtar couldn’t turn around MAS for the second time, in a MAS-AirAsia share swap exercise. He probably has the longest list of “failed” restructuring and business ventures – tuna fishing venture losses of RM120 million, Parkway Holdings’ RM935 million losses, and whatnot.

 { 10 }  Mohd Nadzmi Mohd Salleh, 61

  • Konsortium Transnasional Berhad(KLSE: KTB, stock-code 4847): Chairman and Managing Director
  • Transocean Holdings Berhad(KLSE: TOCEAN, stock-code 7218): Chairman and Managing Director
  • V.S. Industry Berhad(KLSE: VS, stock-code 6963): Non-Executive Director
  • JT International Berhad: Chairman
  • Express Rail Link Sdn Bhd (ERL): Chairman
  • Nadicorp Holdings Sdn Bhd: Chairman
  • Trisilco Folec Sdn Bhd: Chairman

Najib Razak Cronies - Mohd Nadzmi Mohd SallehMohd Nadzmi, the chairman and MD of express bus operator, Konsortium Transnational Bhd. The former Proton boss was called upon by the Government in 1996 to revive the ailing public transport company. He is one of the six trusted individuals personally picked by Najib for ideas on issues ranging from economy, capital markets and general business soon after Najib was appointed Finance Minister.

He was former PM Mahathir’s prodigy and has expertise in transportation. Nadzmi had tried bidding for Proton numerous times, when the national car maker’s profits came under pressure. German’s Volkswagen and American’s General Motors had held talks with Proton management but the sensitive issue of “over-protection” ownership hindered any further strategic alliance.

 { 11 }  Mohd Salleh Bakke, 61

  • Sime Darby Berhad(KLSE: SIME, stock-code 4197): President, Group CEO
  • Eastern & Oriental Berhad(KLSE: E&O, stock-code 3417): Non-Executive Director
  • Sime Darby Property Berhad: Non-Executive Director
  • Yayasan Sime Darby: Non-Executive Director
  • Northern Corridor Economic Region (NCER): Director
  • Other directorship: Sime Darby Energy & Utilities Sdn. Bhd., Sime Darby Healthcare Sdn. Bhd., Sime Darby Plantation Sdn. Bhd., Sime Darby Industrial Holdings Sdn. Bhd., Sime Darby Bhd., Eastern & Oriental Bhd., Sime Darby Energy Sdn. Bhd., Sime Darby Motors Sdn. Bhd.

Bakke was formerly the Group President & Chief Executive Officer of Felda Global Ventures Holdings Berhad. His previous directorship and chairmanship involvement included Permodalan Nasiona Berhad (PNB), Pengurusan Danaharta Nasional, Bank Islam Malaysia, Lembaga Tabung Haji and whatnot.

But none of the above beats his latest “involvement”, or at least his “knowledge” about the explosive 1MDB’s RM42 billion debt. Bakke was the chairman of 1MDB from 11-Aug-2009 till his resignation on 19-Oct-2009. So, was he involved in the approval of US$700 million, allegedly siphoned to Good Star Ltd, a company owned by Jho Low?

 { 12 }  Lodin Wok Kamaruddin, 61

  • Affin Holdings Berhad(KLSE: AFFIN, stock-code 5185): Deputy Chairman
  • Boustead Heavy Industries Corporation Berhad (KLSE:BHIC, stock-code 8133): Chairman
  • Boustead Holdings Berhad (KLSE:BSTEAD, stock-code 2771): Deputy Chairman and Group Managing Director
  • Boustead Plantations Berhad (KLSE:BPLANT, stock-code 5254): Vice Chairman
  • Pharmaniaga Berhad (KLSE:PHARMA, stock-code 7081): Chairman
  • 1Malaysia Development Berhad (1MDB): Chairman
  • Lembaga Tabung Angkatan Tentera (LTAT): Chief Executive
  • Other directorship: UAC Berhad, MHS Aviation Berhad, FIDE Forum, Badan Pengawas Pemegang Saham Minority Berhad, Affin Bank Berhad, Affin Islamic Bank Berhad, Affin Hwang Investment Bank Berhad and AXA Affin Life Insurance Berhad.

Najib Razak Cronies - Lodin Wok KamaruddinThe mention of LTAT and Boustead will easily give away the type of business Lodin specialises in. He’s essentially the “Chief of the Armed Forces Fund Board”, making him very powerful and super rich. His Boustead Heavy Industries was notorious for getting all the contracts building military ships for the government, but can never delivered them (*grin*). But that was just the tip of an iceberg.

 What many didn’t realise was the fact that Lodin Wok was one of the directors of Perimekar Sdn Bhd until 2010, when the explosive procurement of two French-made submarines was revealed. The Scorpene scandal, which involved RM534.8 million in commission, and later the gruesome murder of Mongolian Altantuya speaks volumes about Lodin’s relationship with Najib. He also sits on the boards of Affin Bank Bhd, one of Perimekar’s bankers.

 { 13 }  Ismee Ismail, 51

  • Syarikat Takaful Malaysia Berhad(KLSE: TAKAFUL, stock-code 6139): Chairman
  • TH Plantations Berhad(KLSE: THPLANT, stock-code 5112): Non-Executive Director
  • BIMB Holdings Berhad(KLSE: BIMB, stock-code 5258): Non-Executive Director
  • Bank Islam Malaysia Berhad: Non-Executive Director
  • Edra Global Energy Berhad (formerly known as 1MDB Energy Group Berhad): Director
  • Lembaga Tabung Haji: Group Managing Director and CEO
  • 1Malaysia Development Berhad (1MDB): Director

Najib Razak Cronies - Ismee IsmailIsmee Ismail began his career at Arab Malaysian Development Berhad in 1987. He later joined the Shell Group of Companies in Malaysia and held various positions including the Head of Forex and Banking of Shell Malaysia Ltd and Group Accountant of Shell Malaysia Trading Sdn. Bhd.

 He is currently the Group Managing Director and Chief Executive Officer of Lembaga Tabung Haji. Prior to that, he was the Chief Executive Officer of ECM Libra Securities Sdn Bhd and a Director of ECM Libra Capital Sdn Bhd. What’s in the limelight now is the prospect of Tenaga Nasional Berhad bailing Edra Global Energy Berhad, to the tune of RM16 billion. Did he also has his hand in Tabung Haji’s recent acquisition of 1MDB’s lands?

 { 14 }  Robert Kuok Hock Nien, 92

  • PPB Oil Palms Bhd (KLSE: PPB, stock-code 4065)
  • Malaysian Bulk Carriers Berhad (KLSE:MAYBULK, stock-code 5077)

Najib Razak Cronies - Robert KuokWith net worth of US$12.4 billion (Forbes, May 2015), the world’s #110 richest but Malaysia’s richest man, Robert Kuok is a legend. His empire – Kuok Group – controls a fleet of listed companies in Hong Kong, Singapore and Malaysia. PM Najib Razak used to visit “Uncle Kuok”, who was a childhood friend with second Prime Minister Tun Razak.

Together with third PM Hussein Onn, the trio’s friendship went back to their school days at Raffles School Singapore. Interestingly, Singapore’s first Prime Minister – Lee Kuan Yew – was one of their classmates. Although Robert Kuok has brilliantly diversified most of his fortune out of Malaysia, there’re still some “leftovers”.

 { 15 }  Other Public-Listed Companies / Financial Institutions

  • 1MDB - Bail Out Progress Report - EPF, KWAP, Finance Ministry, Tabung Haji, TakafulTenaga Nasional Berhad (KLSE: TENAGA, stock-code 5347):- possibility of bailing out 1MDB’s Edra Global Energy Berhad to the tune of RM16 billion
  • Employees Provident Fund’s (EPF):- RM200 million bond investment in 1MDB; RM1.5 billion investment in Panglima Power Sdn Bhd (PPSB)and Jimah Energy Ventures Sdn Bhd (JEV).
  • Retirement Fund Inc. (KWAP):- Invested RM1.4 billion in 1MDB’s various subsidiaries: Bandar Malaysia Sdn Bhd, 1MDB Energy Limited, 1MDB Global Investment Limited, and Jimah Energy Ventures Sdn Bhd (JEV). There was also the controversial sale and leaseback of a commercial office tower with 1MDB Real Estate Bhd (1MDB RE)
  • Lembaga Tabung Haji:- has invested RM920 million bond in 1MDB’s real estate development Bandar Malaysia and last month, bought 0.63ha from the Tun Razak Exchange (TRX) financial district.