Archive for the 'Corruption' Category

16
Aug
17

US$1.367 billion was allegedly diverted from US$3.5 billion 1MDB Energy bonds

…more
11 Aug 2017 – KiniGuide

15
Aug
17

RM4 billion (US$1.03 billion) allegedly diverted from 1MDB RM5 billion Islamic bond

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11 Aug 2017 – KiniGuide

13
Aug
17

Did the money 1MDB used to pay IPIC come from MOF?

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August 12, 2017 – theedgemarkets.com

11
Aug
17

Stolen 1MDB Funds Are Focus of U.S. Criminal Investigation – Bloomberg

Stolen 1MDB Funds Are Focus of U.S. Criminal Investigation

  • Justice Department asks judge to put forfeiture cases on hold
  • Billions of dollars were allegedly looted from Malaysian fund

The U.S. is moving forward with a criminal investigation into money stolen from a Malaysian state investment fund that allegedly was used to acquire about $1.7 billion in real estate, art, jewelry and other assets.

Court filings by the Justice Department Thursday show the U.S. is escalating its probe in a worldwide effort to track how much of the money that was raised by 1Malaysia Development Bhd. was used to pay for luxury real estate in New York, London and Beverly Hills, AS film productions, private jets, yachts and more.

Justice Department officials asked a judge in Los Angeles to put on hold civil forfeiture lawsuits against assets acquired by Malaysian financier Low Taek Jho, also known as Jho Low, and others involved with 1MDB because pursuing these cases may hamper the criminal investigation.

An FBI agent warned in a court filing that information disclosed in the civil cases may reveal “potential targets and subjects of the investigation and the investigative techniques that have been and will be used in the investigation.”

“Such disclosures could result in the destruction of evidence, flight of potential subjects and targets, or the identification and intimidation of potential witnesses,” according to the agent’s declaration.

Thom Mrozek, a spokesman for the U.S. attorney in Los Angeles, had no immediate comment on the Justice Department’s filings.

In its civil cases, the U.S. has alleged that from 2009 through 2015, more than $4.5 billion belonging to 1MDB was diverted by high-level officials of the fund and their associates.

The Low assets the U.S. is trying to seize include a stake in New York’s Park Lane Hotel, a $107 million interest in EMI Music Publishing, a $35 million Bombardier Jet and a $30 million penthouse at Time Warner Center in New York.

In a second round of 1MDB-related forfeiture lawsuits filed in June, the Justice Department alleged that a $1.29 million heart-shaped diamond and a $3.8 million diamond pendant Low gave in 2014 to his then-girlfriend, actress Miranda Kerr, were bought with stolen money.

…more
Stolen 1MDB Funds Are Focus of U.S. Criminal Investigation
By Edvard Pettersson
August 10, 2017 – Bloomberg

10
Aug
17

Don’t try to fool Malaysians, public funds used to settle 1MDB debts

Johari should not bluff that government has not given 1MDB public funds to settle debts, says DAP’s Pua

Media Statement by Tony Pua, DAP National Publicity Secretary and Member of Parliament for Petaling Jaya Utara in Kuala Lumpur on Wednesday, 9 August 2017:

Second Finance Minister, Dato’ Seri Johari Abdul Ghani should not bluff Malaysians by stating that the Government “has never given public funds to 1MDB to settle its debts”

According to Bernama yesterday, Second Finance Minister, Dato’ Seri Johari Abdul Ghani said that “the Finance Ministry (MoF) has never given any public funds to 1Malaysia Development Bhd (1MDB) to help settle its debt”.

The Minister must think that Malaysians are complete and utter idiots to be served what is one of biggest piece of cow dung amongst all the attempts to cover up the 1MDB scandal.

The Ministry of Finance has on so many occasions come to the rescue of 1MDB over the past 2 years involving billions of ringgit of tax-payers’ monies, and yet Dato’ Seri Johari has the cheek to tell us that the MoF “has never given any public funds to 1MDB”.

Among the most clear-cut examples are the RM800 million loan from SOCSO and another RM2.4 billion Bandar Malaysia sukuk bond which the MoF have assumed as a result of taking over TRX City Sdn Bhd and Bandar Malaysia Sdn Bhd.

The Auditor-General has reported that nearly all of the above proceeds of the 1MDB borrowings were never used for the development of the 2 property projects above. Hence when MoF agreed to take over the property projects and assumed the liabilities, MoF has effectively “settled” 1MDB’s RM3.2 billion debt problem.

What’s more, when 1MDB had originally sold a 60% stake in Bandar Malaysia to an Iskandar Waterfront Holdings (IWH) Sdn Bhd-led consortium, they had collected, and presumably spent the RM741 million deposit which has been paid upon the signing of the sale and purchase agreement in December 2015.

However, when MoF terminated the sale due to IWH payment defaults, it was MoF who coughed up the RM741 million to refund the deposit paid by the consortium. If the deposit, should have been refunded at all, it should have been by 1MDB, and not by the Malaysian tax-payers.

The above doesn’t yet include MoF subsidiary or subsidiaries which actually acquired properties from 1MDB in TRX at inflated prices. The irony is, it was MoF who sold the land to 1MDB in the first place at dirt cheap prices.

We understand the conundrum Dato’ Seri Johari Abdul Ghani is facing as the 2nd Finance Minister who has fallen out of favour and having to defend the indefensible regain the Prime Minister’s favour. It is now clear that he has been dropped by Dato’ Seri Najib Razak from handling the 1MDB imbroglio, particularly in the company’s multi-billion dollar dispute with Abu Dhabi’s IPIC.

However, the Second Finance Minister should not go to the extent to telling outright lies to pull the wool over the people’s eyes. Dato’ Seri Johari should not forget his role and responsibility to the people of Malaysia by sacrificing his own integrity and honour.

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Johari should not bluff that government has not given 1MDB public funds to settle debts, says DAP’s Pua
August 09, 2017 – theedgemarkets.com

08
Aug
17

Jho Low in active discussions with the DOJ!

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8 August 2017 – SR

06
Aug
17

Dr M: I will never return to Umno

Who made it worse for Malays, me or Najib, asks Dr Mahathir

Who made it worse for Malays, me or Najib, asks Dr Mahathir
Former prime minister Dr Mahathir Mohamad says he helped the Malays. – The Malaysian Insight pic by Nazir Sufari, August 4, 2017.

ATTACKS on former Umno president turned opposition leader Dr Mahathir Mohamad have come from many directions, including Putrajaya, which recently formed a Royal Commission of Inquiry to look into the Bank Negara Malaysia forex scandal that broke out during his tenure as prime minister.

He has also been reviled for muzzling the judiciary and media. Last week Deputy Prime Minister Ahmad Zahid Hamidi took the fight to another level with derisory comments about his Indian ancestry.

The emerging theme in recent months is the Pakatan Harapan chairman’s contribution, or lack thereof, to the welfare and development of the Malay race.

However that may be debated among his critics and his supporters, Dr Mahathir himself is quick to respond to that question with the assertion that the Malays are “worse off” than ever under the leadership of Prime Minister Najib Razak.

“Did I make the Malays worse off? I helped the Malays,” he said in an interview with The Malaysian Insight.

“The one who has made the Malays worse off is Najib. The Malays, who were known to come from a developing Malaysia, are now known all over the world as a country led by a controversial leader.

“Who has made (it) worse (for) the Malays, myself or him?”

“It is worse than ever before because now we have a Bugis leader who pretends to be Malay.

“This person admits he uses money – ‘cash is king’.

“What makes the Malays worse off today is because of the existence of such a leader.”

Dr Mahathir resigned as prime minister on October 31, 2003.

Although he admitted that he failed to change the “Malay mindset”, Dr Mahathir said he saw to the increase in the number of Malay professionals. The number of doctors, engineers, managers and business leaders rose during his administration, he claimed.

It was 15 years ago when a sobbing Dr Mahathir Mohamad stunned an Umno general assembly by dropping two bombshells: That he was resigning as prime minister and that the Malays remained backward despite all the advantages accorded to them.

“The Malays are still weak, the poorest people and are backward,” Dr Mahathir, then 76, said in his opening speech at a three-day party conference in Kuala Lumpur on June 20, 2002.

It was ironic that Dr Mahathir, who played a principle role in establishing Malay privileges in commerce and education, would so publicly acknowledge the failure of race-based protections.

The irony continues today, for it is Dr Mahathir who now helms the Opposition coalition, the leaders of whom he once denigrated and were jailed under his administration.

Below are excerpts of the interview:

Q: Are there no leaders who can change the Malay mindset? Does such a leader exist?

Dr Mahathir: Far from it. Not only that, the possibility of (finding such a leader) is far less than what I hoped for. The ones that we have, both leaders, have no idea how to change the culture and values of the Malays. For me, success or failure of a race depends on the values they hold. If they value hard work, they can succeed. If they don’t, if they take things easy and push things to tomorrow, then they will fail.

Q: Will you ever return to Umno?

Dr Mahathir: I will never return. Umno is beyond repair. The behaviour of its members has changed. They now value the pursuit of material wealth. They are involved in bribery. It has become a party without principles, where its members are just looking for money. I cannot join such a party. It is finished. Whatever that is clean, has already left.

Q: Are you fighting to remove Najib or Umno?

Dr Mahathir: At first I thought, if I rejected Najib, Umno could be healed. But it didn’t. They’re all involved in bribery. The leaders, members are just looking for money. Want that money, want this money… when Najib gives, they accept. This is no longer the party that fights for religion, race and country. It fights for its own interest. I cannot be a member of such a party. The name is Umno, but the principles and struggles of Umno are no longer the same. When I was prime minister, many came to me and asked ‘I’ve been in Umno 15 years (but) I haven’t gotten anything’. I told them you did get benefits. Your children got scholarships, they have an education, they went to university. The village roads are tarred. The villages all have water, electricity, schools and clinics. But what he meant was he didn’t get anything for himself. He wanted money. That is the leadership of Umno today.

…more
Who made it worse for Malays, me or Najib, asks Dr Mahathir
4 Aug 2017 – TMI




Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

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