Sarawak Report: 1MDB Settlement CONFIRMS DOJ’s Case


April 26, 2017

1MDB Settlement CONFIRMS DOJ’s Case

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The Relentless  and Fearless Crusader–Sarawak Report Founder Clare Rewcastle Brown

The settlement between 1MDB and the Abu Dhabi’s International Petroleum Investment Corporation (IPIC) has derailed the US Department of Justice (DOJ) civil suit to seize more than US$1 billion in assets allegedly purchased using funds siphoned from 1MDB, said an Umno leader.“This arbitration settlement has weakened the US DOJ civil suit and claims that 1MDB’s funds were stolen,” said UMNO Supreme Council Member Mohd Puad Zakarshi in a statement today.

Mohd Puad is also the Director-General of the Information Ministry’s Special Affairs Division (Jasa).

The settlement announced yesterday will see 1MDB pay IPIC US$1.2 billion, as repayment after IPIC covered interest payments on 1MDB bonds in June 2015. The bonds, valued at US$3.5 billion, were issued in 2012 to finance 1MDB’s energy unit – 1MDB Energy (Langat) Limited and 1MDB Energy Limited. Both bonds are due by 2022.

MDB was supposed to pay IPIC US$3.5 billion for guaranteeing the bonds but IPIC said it never received payment. 1MDB said it had paid Aabar BVI, a British Virgin Island registered entity with an almost identical name as IPIC’s subsidiary. IPIC said it is not linked to Aabar BVI

Won’t touch taxpayer’s funds

This portion of the dispute will be further negotiated in “good faith” between the parties, IPIC said in its filing to the London Stock Exchange yesterday. “The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities,” it said.

Meanwhile, Puad said the settlement shows that 1MDB will be able to pay its debts without touching taxpayers’ funds.This is through monetising the “investment units” redemeed from the Cayman Islands and held in a Singapore bank via 1MDB’s subsidiary Brazen Sky Limited, which is reported to be worth US$940 billion.

“These obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units. 1MDB is pleased to confirm that a first tranche monetisation of approximately US$50 million has been received, in cash,” 1MDB said yesterday.

The Prime Minister’s Office said 1MDB will cash out all of its “investment fund units”. Fuad said this shows that the “investment units” have value, and are not worthless as earlier claimed by the opposition.

Sarawak Report comments:

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 Mohd Puad Zakarshi

Whatever qualifications were achieved by Mohd Puad Zakarshi, they plainly did not demand logic. Because, the settlement by 1MDB doesn’t undermine the DOJ case, to the contrary it confirms it. Period.

If 1MDB had really paid $3.5 billion in ‘guarantee deposits’ to IPIC, as Najib continues to laughably claim, then Malaysia would never have lost the arbitration case and been forced to pay back the $1.2 billion that IPIC later bailed them out with.

Instead, the court would have pointed out that the bail out was just a third of the up-front deposit and IPIC would actually still have over $2 billion of 1MDB’s money left.

This is not what has happened.  The settlement involves an agreement by 1MDB to pay back the bail out money and to take over the responsibility for the remainder of its debts.

It is therefore a concrete admission by Malaysia that it could not prove its claims that it had deposited a single cent let alone billions with IPIC.And that means that the money trails supplied by the DOJ investigations, showing instead that all the money was siphoned off into a bogus BVI account to pay for Jho Low, Rosmah and Khadem Al Qubaisi’s fun and frolics, has been confirmed by the settlement and not weakened.

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Najib Razak and Bull Buddies

It is plain as daylight, yet this Minister of Disinformation is attempting to say the opposite. How stupid does he think people are in Malaysia? He is also asking people to believe that the payment is going to come from the ‘monetisation’ of non-existant ‘units’ that 1MDB also doesnt have, because all the PetroSaudi money was funnelled into another off-shore company (Good Star Limited) and stolen as well.

Puad says we should believe his story because the PM’s office said it (just like they said IPIC received money which it didn’t). So, who is going to believe this illogical and mendacious fellow when he goes on to say that Najib won’t be touching taxpayer’s funds to repay the debt? Is there a single voter who believes that?

Malaysia’s 1MDB, Abu Dhabi State Investment Fund Reach Repayment Agreement


April 25, 2017

Malaysia’s 1MDB, Abu Dhabi State Investment Fund Reach Repayment AgreementPassing the Buck to Malaysian Taxpayers with more to come

Malaysian state investment fund to pay $1.2 billion to settle part of its dispute with Abu Dhabi sovereign fund

by Bradley Hope and Tom Wright

http://www.wsj.com

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State investment funds in Abu Dhabi and Malaysia struck an agreement to avoid potentially embarrassing arbitration proceedings related to billions of dollars that were allegedly misappropriated by a conspiracy of former executives and advisers to both funds, according to people with direct knowledge of the deal.

The agreement could ease tension between 1Malaysia Development Bhd., or 1MDB, and Abu Dhabi’s International Petroleum Investment Co., or IPIC, according to an agreement signed by the parties on Saturday, the people said.

The Malaysian fund agreed to pay $1.2 billion to IPIC, and both sides agreed to keep discussing a further $3.5 billion of disputed payments. A formal announcement on the London Stock Exchange, where IPIC bonds are listed, could come as early as Monday, the people added. News of the deal was earlier reported by the Straits Times in Singapore.

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Former IPIC Chairman Khadem Al Qubaisi, is now  is now in jailAbu Dhabi, but this Malaysian Chinese Arab is scot free because of his connections to Prime Minister Najib Razak

Malaysia and Abu Dhabi have been in a dispute since last year over who should foot the bill for billions of dollars that U.S. investigators allege was stolen from 1MDB. The money was allegedly funneled out with the help of former 1MDB executives and people close to the fund, as well as assistance from former senior executives of IPIC, U.S. prosecutors said in their filings.

The former chairman of IPIC, Khadem Al Qubaisi, is now in jail in Abu Dhabi, although he hasn’t been formally charged, while many of the alleged Malaysian conspirators are living overseas. They include Jho Low, a 35-year-old Malaysian who the U.S. Justice Department believes directed the fraud, and who has been living in Thailand and China.

Attempts to reach Messrs. Low and Al Qubaisi weren’t successful. Both have previously denied wrongdoing.

The Justice Department filed civil lawsuits last summer seeking to seize assets worth more than $1 billion—including mansions in Los Angeles and New York, as well as some of the rights to profits from the movie “The Wolf of Wall Street”—which it claims were financed with money from 1MDB. The department is building a criminal case against Mr. Low for alleged money laundering among other potential charges, according to people aware of the matter.

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This Man is  feeling the heat from Malaysian civil society–Tranquilizers could be keeping him from losing sleep or is it because he has a thick face?

Before the scandal was publicized in 2015, IPIC was a key business partner of 1MDB, helping guarantee $3.5 billion in bonds that Goldman Sachs Group Inc. sold for the Malaysian fund. Under the cover of these dealings, IPIC executives, including Mr. Al Qubaisi, helped Mr. Low and officials from 1MDB siphon billions of dollars from the fund, the Justice Department alleged. When a consortium led by Deutsche Bank AG pulled a loan to 1MDB over concerns about the collateral, IPIC stepped in with an emergency loan of $1 billion.

But as the scandal erupted, relations deteriorated between Malaysia and Abu Dhabi, and both sides began trading public accusations over who was to blame.

The agreement would repay the emergency loan that IPIC made to 1MDB, plus interest the Abu Dhabi fund paid when 1MDB was unable to service its bonds. Malaysia will pay IPIC about $600 million by the end of July and another $600 million by the end of December, the people said.

The agreement doesn’t resolve the $3.5 billion in funds 1MDB says it transferred to a shell company in the British Virgin Islands set up by Mr. Al Qubaisi and an associate. That shell company had a similar name to an IPIC subsidiary. Abu Dhabi says IPIC or the subsidiary never received the money; Malaysia claims the shell company was a de facto part of IPIC.

Hundreds of millions of dollars of 1MDB money also allegedly found their way into the accounts of Malaysian Prime Minister Najib Razak via a chain of intermediaries, including the disputed shell company, according to court documents. Much of that money was returned to the web of offshore companies from where it came, records show. Mr. Najib has said the money was a donation from Saudi Arabia and that most of it was returned. The Malaysian attorney general has cleared him of any wrongdoing.

A company controlled by Mr. Najib’s stepson, Riza Aziz, also received hundreds of millions of dollars originating from 1MDB and transferred to him by intermediaries, the Justice Department said. He has denied wrongdoing.

Negotiations between IPIC, 1MDB and the Malaysian government broke down on several previous occasions, including in January. Abu Dhabi merged IPIC with another state fund called Mubadala Development Co. earlier this year. The new fund is called Mubadala Investment Co.

Write to Bradley Hope at bradley.hope@wsj.com and Tom Wright at tom.wright@wsj.com

 

Zakir Naik should be extradited to India to face trial


April 17, 2017

Zakir Naik should be extradited to India to face trial

UMNO Malays are a confused lot

COMMENT by Stephen Ng@www.malaysiakini.com

The 1Malaysia Development Bhd (1MDB) scandal has already turned Malaysia into a nation of kleptocrats and somewhat of a rogue nation in the eyes of the world.

In the United States, this is by and large the biggest case of money-laundering that the country has ever seen, considering that the US has existed since 1786. The latest that we have learnt is that they are now filing criminal charges against Jho Low.

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Prime Minister Najib Razak’s Arab Philanthropist, not the King of Saudi Arabia. US Department of Justice will bring Jho Low to trial for moneylaundering

According to The Wall Street Journal, Low, a Malaysian who is a close associate of Prime Minister Najib Abdul Razak, is now a major suspect in a money-laundering case involving 1MDB. He is also a person of interest in Singapore.

The money-laundering scandal is being investigated in a number of countries, including Singapore and Switzerland, and although the major scandal happened with a Malaysian investment arm under the Finance Ministry, to date, no one has been prosecuted.

This has put us in a very tight situation. While we are talking about North Korea as a rogue nation because they have yet to return the four suspects in the murder of Kim Jong-nam, we are no better.

Interpol red alert

Although an Interpol red alert has been sought against Zakir Naik under a non-bailable warrant issued by Mumbai’s Prevention of Money Laundering Act court, no action has been taken to repatriate him back to India.

This has placed Zakir as a prime suspect in some major money-laundering. And, instead of going back to India to contend his case in court, the defiant preacher accused the Indian authorities of having “double motives”.

Malaysians should not be duped by Zakir’s argument that he had offered India’s National Investigation Agency (NIA) an interview through video-conferencing or phone. No authorities would agree to that.

By remaining here in Malaysia (or elsewhere), Zakir is putting more strain on the country’s reputation. Certainly, he does not care as long as he has a place to escape, but it does not go well on his own reputation.

If he has done nothing wrong, he should surrender himself to the Indian authorities and request for the interview to be recorded or observed through glass windows by his lawyers. His defiance puts Zakir in a bad light.

Unless he has something to hide, he should not be afraid to face the NIA. The NIA would not have applied for the Interpol red alert unless they have obtained solid evidence against Zakir.

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Deputy Prime Minister Zahid Hamidi hopes Zakir Naik can save him from Najib Razak’s political axe.  Hindraf’s P Waythamoorthy takes a strong stand for the neglected Indian Community. Shame on the MIC Leadership. No ‘Nambikei’.

Look at the US Department of Justice. It took time for them to finally arrive at a decision to file criminal charges against Low. The time will come when the long arm of the law will catch up with Zakir. Zakir will have to eventually face the law, whether now or later.

Fugitives have no credibility

Zakir can continue living as a fugitive, but whatever he preaches will no longer hold water. We are talking common sense, and there is no attempt to belittle any religion. This is a case involving someone who is being pursued by the Indian authorities.

On the back of everyone’s mind is: “Why is this man running away from the authorities? Is he involved in money-laundering? Why is he allowed to settle down in Malaysia? Was he also involved either directly or indirectly with the attack on the Artisan Bakery in Gulshan Thana in Dhaka, where 29 people were killed?”

There are only two options for Zakir. Either he continues to live in Malaysia and remain a fugitive, or he to returns to India to face the law enforcers if he believes that he is not guilty of the charges against him – which I think is more honourable for him. There is a Malay saying, “Berani kerana benar” (Be brave because you are right).

I am sure that the Indian authorities would be professional about it and they would record the interview on video; in fact, they would be equally concerned that Zakir turned around and complained of ill-treatment during the interrogation.

As long as Zakir remains in Malaysia, he will drag Malaysia further down. At the back of the minds of the Indian community in this country, it appears that a fugitive is given better protection than the local Indians.

Image result for Corrupt and Lying Najib RazakReally, Prime Minister Najib Razak? You sold Malaysia and hoodwinked Malaysians. And you are about to do it again in GE-14

I wish to quote from Hindraf’s chair, P Waythamoorthy, who had once trusted Najib during the lead up to the last general election.

Waythamoorthy wrote: “This new plan to launch a new Malaysian Indian Blueprint on April 23 is nothing but to hoodwink the Indians. Najib, enough is enough! Your public apology to the Indians for their four decades of neglect under BN on April 18, 2013, is still fresh in the minds of Indians.

“You and your UMNO and MIC Ministers have cheated the Indians with your ‘Nambikei’ slogan. Hindraf worked hard to deliver the Indian votes in the earnest belief of finding a permanent and comprehensive solution to the problems faced by the downtrodden.”

Waythamoorthy’s statement is very clear. And by Hindraf’s court case against Zakir, it means that BN will lose more Indian votes this time by protecting Zakir, a foreigner and a wanted person in his own country.


STEPHEN NG is an ordinary citizen with an avid interest in following political developments in the country since 2008.

Malaysia: A Rogue Nation renown for Money Laundering


April 9, 2017

Malaysia: A Rogue Nation renown for Money Laundering

by FMT Reporters

http://www.freemalaysiatoday.com

Image result for Malaysia a Rogue NationBy keeping this man in power, Malaysians are criminals by association.He belongs in person. That Apandi fells should be sent to jail as well.–Din Merican

DAP Parliamentary leader Lim Kit Siang has characterised the inclusion of the alleged 1MDB scandal in a list of investigations by the Swiss Attorney-General’s office in its annual report for 2016 as a “national shame” for Malaysia.

“What a national shame that Malaysia should be berated by another foreign country and included in the ranks of international corruption scandals,” he said in a statement today.

“When major national institutions go ‘rogue’ and refuse to perform their key fundamental functions, Malaysians regardless of race, religion or region must stand up to unite as patriotic Malaysians to Save Malaysia from becoming a ‘rogue state’,” he added.

The Gelang Patah MP was reacting to a statement by Swiss Attorney-General Michael Lauber that a money laundering investigation into sovereign wealth fund 1MDB was making progress despite Malaysian authorities’ refusal to cooperate.

Reuters reported Lauber as saying that his office’s initiative in combing through money laundering reports and bank documents with help from Singapore, Luxembourg and the United States was bearing fruit.

“It’s not hopeless, in fact it’s the opposite,” Lauber was quoted as saying when presenting the report in Bern.

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“We’re still confident we can successfully conclude the process… in particular the open cases against the two banks,” Lauber had said, referring to Swiss private banks BSI and Falcon.He however, stressed that it would have been “very desirable from our perspective” if Malaysia had cooperated.

Lauber also outlined other investigations that his office was undertaking, including the ones on Brazil’s oil firm Petrobras, on personnel attached to world football body FIFA and on tracking of terrorist financing.

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Swiss Attorney-General Michael Lauber–The Tenacious and Relentless Pursuer of  Justice

Lim asked if Malaysian Attorney-General Mohamed Apandi Ali would resign if the Swiss investigations “bear fruit”, despite his “rebuffing” of Switzerland’s request for legal assistance.

He said this was not an isolated case of key national institutions and principal officials in Malaysia abdicating from their key fundamental responsibilities.

Lim cited this as a reason behind former Prime Minister Dr Mahathir Mohamad, who is now chairman of Parti Pribumi Bersatu Malaysia (PPBM), telling a forum last night that the country would see better progress without Apandi as Attorney-General.

Lim said the upcoming 60th National Day celebrations on August 31 should be an occasion for patriotic Malaysians to unite to “re-set nation-building directions and policies” to ensure that the promises and dreams of Merdeka in 1957 and the formation of Malaysia in 1963 are brought back in national policies and programmes.

1MDB–What’s Najib Razak’s next move


March 25, 2017

1MDB–What’s Najib Razak’s next move ?

Journalists from Switzerland’s Le Temps newspaper have unearthed a startling connection between the snooping private investigator, Nicolas Giannakopoulos, who conducted a bizarre seminar on 1MDB at Geneva University and Malaysia’s governing Barisan National party

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The newspaper has in the process identified concerns that individuals closely connected to Barisan National are preparing to employ the latest highly controversial (and expensive) ‘Big Data’ tactics to swing voters at the next election.

Nicolas Giannakopoulos, who was recently suspended from his position at the University following an expose by Sarawak Report, is the Swiss agent for SLC (otherwise known as Cambridge Analytica).

SLC specialises in collecting a mass of data, particularly about individuals in key marginal consituencies, in order to seek to deliberately influence their voting patterns. The company is credited with having swung BERXIT in the UK and the Donald Trump win in the US.

Le Temps points out that SLC has now opened an office in KL headed by one of BN’s established public relations figures, Azrin Zizal, who has made no secret in public that his messaging to voters is to stick with the “safe” and “tried and tested” BN, rather risk than an ‘uncertain future’ with the opposition.

READ: SARAWAK REPORT:

http://www.sarawakreport.org/2017/03/latest-on-genevas-1mdb-snooper-raises-fears-that-najib-is-employing-big-data-tactics-to-try-swing-ge14/

US Justice Department Probe of 1MDB in Danger?


March 15, 2017

US Justice Department Probe of 1MDB in Danger?

by John Berthelsen @www.asiasentinel.com

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U.S Attorney Preet Bharara

There is concern in Kuala Lumpur that the United States Justice Department’s investigation into the state-owned 1Malaysia Development Bhd., which is ensnared in one of the world’s biggest financial scandals, could be stymied in the wake of the March 10 firing by President Donald Trump of the country’s 46 US attorneys.

The Trump administration announced it had ordered all Obama administration prosecutors to tender their resignations immediately, including Preet Bharara, the most aggressive of the US prosecutors, who said he had met with Trump in November, telling reporters that both Trump and Jeff Sessions, now the Attorney General, had asked him about staying on, which Bharara said he would do, according to the New York Times.

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Trump is not interested in Malaya. To him Najib Razak is not a small potato

“We fear (Prime Minister Najib Razak) has Trumped us,” said a member of the political opposition in Kuala Lumpur. “Bharara’s firing has discouraged all the reformers in KL. They think the 1MDB investigation will die.”

That may be too pessimistic. Nonetheless, the concerns over the departure of federal attorneys handling the 1MDB case were compounded by the fact that the case also involves an investigation into the activities of the investment bank Goldman Sachs and its role in underwriting and steering US$6.5 billion in bond sales for 1MDB. Gary Cohn, the current president and chief operating officer of Goldman, has been appointed the head of Trump’s Council of Economic Advisors.  Treasury Secretary Steve Mnuchin, Securities and Exchange Commission head Jay Clayton and Steve Bannon, Trump’s chief adviser, have all been connected to Goldman as well.

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In addition, Trump himself called Prime Minister Najib in the middle of the night in mid-November for an amicable conversation at the behest of businessman Syed Azman of Weststar Group, a sprawling Malaysia-based conglomerate with interests in cars, aviation, construction, defense and engineering. Azman’s 40 helicopters shuttle people and goods to offshore oil platforms.

 Azman, according to sources in Kuala Lumpur, knows Trump relatively well and plays golf with the President, a real estate tycoon before his election. Some years ago Azman bought two of Trump’s ornate branded jets for use by his own businesses. During the presidential campaign, he re-loaned one of the jets back for use by Trump’s aides. It was repainted in the Trump livery and used during the campaign, a source in Kuala Lumpur told Asia Sentinel.

According to details of the conversation by Najib’s wife Rosmah Mansor, Trump, also asked Najib when the latter planned to visit the US, to which the Prime Minister replied, “Wait until you settle in and I will come. I would like to discuss a few things with you.”

The US Justice Department last July announced a sweeping investigation into the activities of 1MDB, with US Attorney General Loretta E. Lynch alleging “an international conspiracy to launder funds misappropriated from a Malaysian sovereign wealth fund.”

Although he is identified only as “Malaysian Public Official No. 1,” it was clear that Najib was the target of what Lynch called “the largest single action ever brought” under the US’s Kleptocracy Asset Recovery Initiative.

The US Justice Department investigation is a damning indictment of the entire structure surrounding 1MDB.  It found that from 2009 through 2015, more than US$3.5 billion in funds belonging to 1MDB were misappropriated from an entity ostensibly created by the Malaysian government to promote economic development in Malaysia through global partnerships and foreign direct investment, and intended to be used for improving the well-being of the Malaysian people.

Despite the allegations, Najib appears to be secure in his job as premier, which he assumed in 2009. In fact, he believed to be solid enough to call a snap election prior to the deadline required for national elections in April of 2018.

Goldman Sachs came into the picture in July last year with the allegations that billions of dollars were diverted from 1MDB for personal use by Public Official No. 1, his stepson and others.  It was Goldman that helped 1MDB raise US$6.5 billion in three bond sales   to invest in energy projects and real estate. Goldman earned nearly US$600 million to underwrite the sale of the bonds. The lawsuits alleged investors weren’t properly informed about the use and nature of the bonds and that the offering circulars for two of the bonds issued in 2012 allegedly contained “material misrepresentations and omissions” over what the proceeds of the bonds would be used for and the nature of the relationship between 1MDB and International Petroleum Investment Company (IPIC), an entity owned by the Abu Dhabi government.

Goldman has denied all wrongdoing, saying it had no visibility into whether some of the funds were subsequently diverted into things like the purchase of expensive art work and the funding of the blockbuster movie Wolf of Wall Street, produced by Najib’s stepson and others.

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High Flying Investment Banker Leissner

Nonetheless, Tim Leissner, once Goldman’s star banker in Southeast Asia, stepped down from his position last March, either voluntarily or because he was suspended, as investigations widened in Singapore, Switzerland, Hong Kong, Abu Dhabi, France and other countries in addition to the US.

There is no indication that the investigations into 1MDB and Goldman have been stopped.  Justice Department officials in New York and Los Angeles are said to be continuing to search for additional assets connected to 1MDB and the Najib family to sequester under the kleptocracy statute.

In addition, all presidents have had the authority to dismiss regional US attorneys, who are political appointees and serve at the pleasure of the President. However, unlike Ambassadors, for instance, the prosecutors are almost always professionals widely respected in their field.

Bharara, who rules over Manhattan, was appointed in 2009 by President Obama. He has earned a reputation as an aggressive prosecutor who has taken on a wide range of white-collar crimes and won a flock of convictions.