Archive for the 'Financial' Category


After WSJ exposé, Putrajaya to scrutinise China deals for 1MDB kickbacks

After WSJ exposé, Putrajaya to scrutinise China deals for 1MDB kickbacks

PUTRAJAYA, Jan 8 — The government will examine China-linked projects more closely for elements of corruption, Finance Minister Lim Guan Eng said today following a report alleging that these involved inflated sums meant to help settle 1MDB debt.

Responding to questions about a Wall Street Journal (WSJ) report alleging that the Najib administration worked with Beijing on Belt-Road Initiative projects such as the East Coast Rail Link to divert funds to 1MDB, Lim said he had not been aware of these before today.

“We knew that the price is inflated, but whether there was such a deal, I have to check. I would be interested to have a copy of those minutes by WSJ,” said Lim.

The finance minister also reiterated that two Sabah pipeline projects previously awarded to Chinese firms had been almost fully paid out even though no physical work had been done. These have already been terminated.

In the WSJ report, it was alleged that former prime minister Datuk Seri Najib Razak’s administration had colluded with China on such projects to inflate their values in order to divert some of the funds towards 1MDB that was struggling to pay its debt at the time.

The report cited minutes of meetings between members of the Najib administration and China’s leaders as well as from secret talks purportedly between the two countries at the time.

“I have to refer back to any details explicitly said. If it was said in black and white, then it is something we will pursue,” Lim told a press conference at the Finance Ministry here, today.

The WSJ report asserted that Najib had turned to China at the height of his political crisis here due to the 1MDB scandal and that Beijing saw this as an opportunity to further its own interests in the region.

The Najib administration undertook massive infrastructure projects such as the East Coast Rail Link that were almost entirely funded, managed and constructed by Chinese firms.

After WSJ exposé, Putrajaya to scrutinise China deals for 1MDB kickbacks
8 January 2019 – MMO


Malaysian Fugitive Jho Low, Four Others Hit With Fresh 1MDB Charges – NY Times

Malaysian Fugitive Jho Low, Four Others Hit With Fresh 1MDB Charges

KUALA LUMPUR — Malaysian police filed fresh criminal charges and issued arrest warrants for fugitive financier Low Taek Jho and four others wanted in connection with a multi-billion-dollar scandal at state fund 1MDB, officials said on Wednesday.

Low, popularly known as Jho Low, has been identified by Malaysian and U.S. investigators as a central figure in the alleged theft of about $4.5 billion from 1Malaysia Development Berhad (1MDB). Low, whose whereabouts is not known, has denied any wrongdoing through a spokesman.

Last month, U.S. prosecutors charged Low and two former Goldman Sachs bankers with conspiracy to launder 1MDB money and conspiracy to violate the Foreign Corrupt Practices Act.

On Tuesday, Low and four others were charged with 13 money laundering and criminal breach of trust offences involving losses of 1MDB funds totaling $1.17 billion or 4.2 billion ringgit, based on foreign exchange rates at the time of the offense, Malaysian police chief Mohamad Fuzi Harun said in a statement.

“If they are found to be in any other country, police and the Attorney General’s Chambers will take action to request their extradition so that they can be brought back to Malaysia to face charges in court,” he said.

1MDB was founded by former Malaysian premier Najib Razak in 2009 and is the subject of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.

Najib was ousted in a general election in May by Prime Minister Mahathir Mohamad, who reopened investigations into 1MDB and Najib’s involvement at the fund.

Najib is now facing nearly 40 money laundering and corruption charges related to losses at 1MDB and other government entities. He has consistently denied wrongdoing.

Malaysian Fugitive Jho Low, Four Others Hit With Fresh 1MDB Charges
By Reuters
Dec. 5, 2018 – NY Times


Police begins probe on 1MDB audit ‘tampering’ claim

CCID begins probe on 1MDB audit ‘tampering’ claim

The Commercial Crime Investigation Department has initiated investigations on allegations that the auditor-general’s report on 1MDB was “tampered”.

In a statement today, CCID head Amar Singh said the police are looking into allegations of “framing incorrect records”, forgery with intent to cheat and forgery involving public servants.

On Sunday, auditor-general Madinah Mohamad released a statement claiming that former prime minister Najib Abdul Razak and several key civil servants were involved in the tampering of the document.

Madinah had detailed how her predecessor Ambrin Buang, then-chief secretary to the government Ali Hamsa, then-1MDB president Arul Kanda and Najib’s former private secretary Shukry Mohd Salleh were involved in the alleged plot.

Attempts to reach these four individuals for comments have been unsuccessful.

Najib did not address the “tampering” claims but instead addressed Madinah’s allegation that paragraphs relating to Jho Low were removed from the audit report.

Shafee & Co, the law firm acting for Najib, accused the cabinet of compelling Madinah to release the statement for political reasons.

It said Madinah’s statement also gave the impression that there was a cover-up attempt involving 1MDB and will influence Najib’s upcoming graft trials.

“This can only be interpreted as an attempt to influence public opinion and to prejudice our client before the trial which could amount to contempt of court as there are elements of attempt to prejudice our clients intended defences,” it added.

Apart from the police, the MACC had also commenced investigations on the same allegations.

CCID begins probe on 1MDB audit ‘tampering’ claim
26 Nov 2018 – Malaysiakini


Auditor-general: Najib ordered tampering of 1MDB audit

Auditor-general: Najib ordered tampering of 1MDB audit

Auditor-general Madinah Mohamad has confirmed that former prime minister Najib Abdul Razak and others had tampered with the National Audit Department’s 1MDB report.

This included an order from Najib’s private secretary to delete a paragraph mentioning the presence of controversial financier Low Taek Jho, who is currently on the run from authorities.

Citing a chronology prepped by the Audit Department’s 1MDB team, Madinah alleged that her predecessor, Ambrin Buang, and then-chief secretary to the government Ali Hamsa had been summoned to a meeting with Najib on Feb 22, 2016.

“The former prime minister had ordered the deletions of paragraphs that contained two versions of the 2014 1MDB financial statements, and called for a probe by the authorities,” she said in her statement.

The next day, the 1MDB audit team was informed that the government had categorised the audit report as a “crisis.”

Subsequently, on Feb 24, 2016 another meeting was held attended by Ali, Ambrin, and then-1MDB president Arul Kanda Kandasamy, along with representatives from the Finance Ministry and the Attorney-General’s Chambers, to discuss the 1MDB audit report.

“As a result of these discussions, several more paragraphs in the report were ordered to be expunged and revised,” she said.

Further deletions and revisions were also ordered on Feb 25 after the audit team was ordered by Ali to meet with Arul Kanda.

‘Mentions of Low expunged’

A day later, on Feb 26, Najib’s former private secretary Shukry Mohd Salleh then ordered a former audit director to expunge mentions of Low attending a 1MDB board of directors meeting, “on the excuse that it is sensitive, and to avoid facts from being twisted by the opposition.”

The audit report was then sent to Ali on Feb 29, after which he ordered the audit team to come to his office on March 1.

On that day, the audit team met with Arul Kanda, who reviewed their audit report and asked for further deletions and revisions.

Auditor-general: Najib ordered tampering of 1MDB audit
25 Nov 2018 – Malaysiakini


Scorpene submarine deal resurfaces

Submarine deal resurfaces: Najib quizzed, Razak Baginda may be next

EXCLUSIVE | MACC has re-opened its investigations into the purchase of two Scorpene-class submarines when former premier Najib Abdul Razak was the defence minister.

Sources told Malaysiakini this was the reason Najib was summoned to the MACC headquarters in Putrajaya this morning.

“The case has been reopened,” said a high-ranking MACC officer, who declined to be named.

Sources said investigators working on the case, in which kickbacks were allegedly paid for the 2002 purchase of the submarines from France, might also call in others to facilitate the probe.

This, according to one of the sources, includes Najib’s former close associate Abdul Razak Baginda.

The submarines, which were purchased to beef up the navy’s fleet, had been named KD Tunku Abdul Rahman and KD Tun Razak.

The former arrived in Malaysia in September 2009, followed by the latter in July 2010.

Media reports stated that Najib arrived at the MACC headquarters about 9.30am to facilitate investigation over an unspecified case.

Mongolian national Altantuya Shaaribuu, who was murdered by two former elite police personnel, was also implicated in the deal.

However, documents which surfaced in 2013, including a contract signed on June 5, 2002, between the Malaysian government and French supplier DCN International, Spanish supplier Izar Construcciones Navales, and Malaysian service provider Perimekar Sdn Bhd had debunked this.

Razak Baginda, who confessed to having an affair with her, was acquitted of abetting the crime.

Najib has repeatedly denied having any links with the case.

In May 2018, former Federal Court judge Gopal Sri Ram urged the authorities to reopen the probe into the Scorpene deal.

He said it is necessary to relook into the purported kickbacks in the case owing to the other related allegations.

“This includes the handing over of suitcases of cash, coupled with a spending spree in Paris, as well as the dastardly murder of Altantuya.

“One may well ask why former attorney-general Abdul Gani Patail did not secure the arrest and detention of two police officers pending the public prosecutor’s appeal to the Federal Court,” he added.

Consultancy services

Former police special operations personnel chief inspector Azilah Hadri and corporal Sirul Azhar Umar were found guilty of murdering Altantuya in January 2015 and sentenced to death.

However, Sirul (photo) had fled to Australia when the pair was acquitted prior to the Federal Court overturning the decision.

In January 2016, it was reported that a former boss of an international subsidiary of Thales, the French company alleged to have paid the commissions to Najib and the Malaysian official, was indicted in a French court over the deal.

According to AFP, Bernard Baiocco, 72, former president of Thales International Asia (Thint Asia), was indicted on Dec 15, 2015 for “active bribery of foreign public officials linked to Najib Razak.”

The report named Razak Baginda, who is a former political analyst, as the person who allegedly received the kickbacks.

Submarine deal resurfaces: Najib quizzed, Razak Baginda may be next
Hariz Mohd
19 Nov 2018 – Malaysiakini


Tengku Adnan charged with corruptly receiving RM3 million from developers

Ku Nan’s RM3m corruption charges: Ties to KL land, property developers

KUALA LUMPUR, Nov 15 — Datuk Seri Tengku Adnan Tengku Mansor was today charged with corruptly receiving a total of RM3 million from property developers during his time in power, with his case also linked to a project in Kuala Lumpur.

Tengku Adnan was federal territories minister from May 2013 to May 2018 under the then-Barisan Nasional (BN) administration, a position which saw him overseeing the federal territories of Kuala Lumpur, Putrajaya and Labuan.

Tengku Adnan, 68, today pleaded not guilty to allegedly corruptly receiving cheques for a total of RM3 million in funds in December 2013 and June 2016 from property developers.

Tengku Adnan’s charges

Under the first charge, Tengku Adnan was charged with receiving a bribe of RM1 million from property developer Datuk Tan Eng Boon in the form of a Public Bank cheque owned by Pekan Nenas Industries Sdn Bhd that was deposited into Tengku Adnan’s bank account in CIMB.

According to the charge, the alleged bribe was intended as a “reward” for Tengku Adnan’s approval of the application of Nucleus Properties Sdn Bhd (now known as Paragon City Development Sdn Bhd) for the increase of the plot ratio for a development on Jalan Semarak in Kuala Lumpur.

The plot ratio for a property project determines its density or how much floor area a developer can build on a plot of land, which is typically key to maximising the use or profit obtainable from a land.

According to the charge, Tengku Adnan was accused of committing the offence on December 27, 2013 at the CIMB Bank branch at the Putra World Trade Centre (PWTC) in Kuala Lumpur.

The first charge is under Section 16(a)(A) of the Malaysian Anti-Corruption Commission Act 2009, which is punishable by a maximum jail term of 20 years and a fine of RM10,000 or not less than five times the bribe’s value, whichever is higher.

Tengku Adnan was also charged with an alternative charge to the first charge, over the same transaction involving the same RM1 million cheque, but with the offence specifically due to his position as a civil servant then.

Under the alternative charge to the first charge, Tengku Adnan was accused of accepting for himself — as a public servant in his capacity as federal territories minister — the same RM1 million cheque from Tan.

According to the alternative charge, Tengku Adnan was alleged to have accepted the RM1 million cheque while knowing that Tan as a director in Nucleus Properties had a connection to his official function.

This alternative charge, said to have occurred at the same place and time, was brought under Section 165 of the Penal Code, which is punishable by jail of up to two years or fine or both.

Under the second charge, Tengku Adnan was alleged to have on June 14, 2016 accepted for himself — as a public servant in his role as federal territories minister — a Hong Leong Islamic Bank cheque of RM2 million owned by property developer Aset Kayamas Sdn Bhd from Chai Kin Kong, with the cheque deposited through Tadmansori Holding Sdn Bhd’s CIMB account.

According to the second charge, Tengku Adnan was accused of accepting the cheque while knowing that Aset Kayamas had a connection with his official function.

This charge against Tengku Adnan over the alleged corrupt receipt of RM2 million as a public servant was also brought under Section 165 of the Penal Code, which is punishable by jail of up to two years or fine or both.

Tengku Adnan, who is currently Putrajaya MP and Umno treasurer, today was granted bail of RM1 million after he claimed trial to these charges.

Ku Nan’s RM3m corruption charges: Ties to KL land, property developers
16 November 2018 – MMO


Rosmah and Rizal charged for a RM1.25 billion solar hybrid project for rural schools

Rosmah and Rizal’s charges: Allegedly seeking RM212m in bribes for a RM1.25b project

KUALA LUMPUR, Nov 15 — Datin Seri Rosmah Mansor and her former aide Datuk Rizal Mansor were today charged with asking for bribes from a company to the tune of about one-sixth of a government contract’s value, just for helping the company win the RM1.25 billion project.

The wife of former prime minister Datuk Seri Najib Razak and her aide were charged separately in two different Sessions Court courtrooms today here, in relation to their alleged role in helping to make sure Jepak Holdings Sdn Bhd received the project directly from the Education Ministry without going through open tender.

All in all, the six charges alleged that Jepak Holdings was asked to fork out a total of RM212.5 million just to secure the project, which comes up to 17 per cent or about one-sixth of the project’s RM1.25 billion value.

The project was for the supply of solar panel hybrid power systems and the maintenance and operation of electricity generators to 369 rural schools in Sarawak.

Based on the six charges, Jepak Holdings’ managing director Saidi Abang Samsudin allegedly eventually paid a total of RM7 million to Rosmah and Rizal for their roles in getting the RM1.25 billion project.

All in all, the bulk, or RM6.5 million of the bribes, was said to have been given with Rosmah as the intended recipient, while Rizal allegedly took RM500,000 for himself.

Rosmah’s two charges

Rosmah, 67, was charged with asking Jepak Holdings’ managing director Saidi Abang Samsudin to give her RM187.5 million, or 15 per cent of the contract’s value, as an inducement for her assistance to the company in getting the project through direct negotiations from the Education Ministry.

This allegedly took place between March and April 2016 in an eatery at Sunway Putra Mall in Kuala Lumpur.

Rosmah was also charged with receiving RM1.5 million in bribes from Saidi at her residence on Jalan Langgak Duta on September 7, 2017, as a reward for her aid in helping the latter’s firm get the project.

Rosmah, who is the wife of former prime minister Datuk Seri Najib Razak, stays with Najib at the latter’s private residence on Jalan Langgak Duta, Taman Duta.

Rosmah and Rizal’s charges: Allegedly seeking RM212m in bribes for a RM1.25b project
15 November 2018 – MMO

THE Al Jazeera interview

Merdeka! Merdeka! Merdeka!

The dawn of A Better Malaysia!
Rafidah Aziz, Hannah Yeoh, Ambiga at TTDI ceramah


Mahathir in Putrajaya ceramah


What happened to 1MDB’s money? – CNBC Video
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?