Posts Tagged ‘1MDB Scandal

14
Dec
17

1MDB suit: London consent award has element of fraud, says lawyer

1MDB suit: London consent award has element of fraud, says lawyer

Mohamed Haniff Khatri Abdullah says High Court should hear the merit of the suit as the court can declare the award reached between 1MDB and IPIC invalid under local arbitration law.

KUALA LUMPUR: A lawyer says the High Court should hear the merit of a suit brought by 10 opposition members against Prime Minister Najib Razak, the government and 1MDB for paying US$1.2 billion to Abu Dhabi-based International Petroleum Investment Company (IPIC) as there is an element of fraud.

Lawyer Mohamed Haniff Khatri Abdullah added in his submission before Justice Hue Siew Kheng that Second Finance Minister Johari Abdul had said the government had made part payment to IPIC and its “subsidiary”, Aabar Investment PJS Ltd.

He said Johari, in July last year, had said the government would fight tooth and nail in an arbitration proceeding with IPIC, following a dispute over the payments, in London.

“However, in April, it was revealed that the finance ministry decided not to contest, and entered a consent award to pay US$3.5 billion to the original Aabar,” he told Hue.

Parties made submissions in Hue’s chambers, but Haniff later told reporters the salient points of his submission as to why his clients were objecting to an application by Najib, the government and 1MDB to strike out their suit.

Haniff said the court should hear the substantive matter of the suit as it could declare the consent award invalid under local arbitration law.

Meanwhile, Najib’s lawyer Mohd Hafarizam Harun said the Pakatan Harapan youth leaders who filed the class action had no legal standing and did not suffer any damage.

“They are not parties in the arbitration and they are not adversely affected,” he said.

He also said the High Court had no jurisdiction to hear the suit as the arbitration proceedings had taken place in London.

Hafarizam said the plaintiffs were wrong to include Najib as party to the suit as he was not involved in the deal concerning IPIC and Aabar Investments PJS.

Lawyer Tan Hock Chuan represented 1MDB while senior federal counsel Alice Loke appeared for the government.

In July, the group, identified as Gerakan Anakmuda Tolak Najib (Ganti), sought a court order that the settlement agreement on May 11 between IPIC and 1MDB, which is wholly-owned by the government, at the London International Court of Arbitration be declared invalid.

The opposition youth members also sought to compel Najib, the government and 1MDB to provide detailed accounts of all money paid to IPIC and its subsidiary, Aabar Investment PJS.

The group claimed the consent award agreed on between IPIC and Aabar Investment PJS in London was wrong and fraudulent.

The group said it was forced to resort to suing Najib and two others as no action had been taken on those who made the “fraud payments” to the British Virgin Island-registered Aabar Investment PJS Limited or Aabar BVI, which IPIC claimed was not its subsidiary.

…more
1MDB suit: London consent award has element of fraud, says lawyer
November 16, 2017 – FMT

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13
Dec
17

Six months on, is something amiss in Bandar M’sia’s search for a master developer?

Six months on, is something amiss in Bandar M’sia’s search for a master developer?

MP SPEAKS | Like the RM7.41 billion failed sale of Bandar Malaysia to the Iskandar Waterfront Holdings-China Railway Engineering Corporation (IWH CREC) consortium and the subsequent imaginary sale to China’s Dalian Wanda Group, it looks like the current Request For Proposal (RFP) for Bandar Malaysia will suffer the same fate.

In my parliamentary question on Nov 8, I had asked the Finance Ministry for a simple update on the progress of Bandar Malaysia’s search for a new master developer.

The new tender process for Bandar Malaysia’s developer comes following the spectacular collapse of the RM7.41 billion deal with the IWH CREC consortium to acquire a 60 percent stake in Bandar Malaysia in May.

Following that was another dramatic public relations disaster when the Prime Minister Najib Abdul Razak failed to seal an improved multi-billion dollar Bandar Malaysia deal with China’s Dalian Wanda Group.

In an attempt to save face and salvage the project, Bandar Malaysia’s owner, the Finance Ministry, launched a new request for RFP to collect bids for a new master developer for the project.

The new RFP also included more stringent criteria including that the developer needed to be an affiliate of a Fortune 500 company and must have cumulatively generated RM50 billion in revenue in the last 3 consecutive years.

In the Finance Minister’s answer to my question, he only restated information which was already made known to the press for months.

He said that the RFP process had been completed and listed out the same criteria that had been said before.

He added that eight companies had met these criteria and that a final decision will be announced soon.

The reply shows that all is clearly not going to plans with the re-bidding process of Bandar Malaysia.

When the RFP was first announced in May, the new Bandar Malaysia chairman and Treasury secretary-general Irwan Serigar Abdullah said that the RFP deadline would close on June 30 and the final decision would be made by July 14.

The RFP was finally launched on July 5, with a deadline on July 20.

The Singapore Straits Times had reported on July 25 that seven Chinese state-controlled entities and two Japanese firms were in competition for the project.

They included China State Construction Engineering Co Ltd, China Communications Construction Company (CCCC) from China and Daiwa House Industry Group and Mitsui Fudosan Co Ltd from Japan.

Then on Aug 23, Tan Sri Irwan Serigar updated Malaysians with his announcement that “six companies have shown interest and visited the Bandar Malaysia project site”.

“We took them for a site visit and they need to submit their proposal by the end of this month,” he said.

However, Irwan said the government does not know how many companies, out of the six, will actually submit their proposals based on the RFP for the project.

Now, it is now four months after the RFP was announced and we have had no further updates as to who might become the master developer for the Bandar Malaysia.

…more
Six months on, is something amiss in Bandar M’sia’s search for a master developer?
14 Nov 2017 – malaysiakini

11
Dec
17

Husam claims RM90 million sent to PAS via local bank

Husam claims RM90 million sent to PAS via local bank

The Amanah vice-president says PAS members have the locus standi to seek court action to determine the truth of the matter through the Banking and Financial Institutions Act.

PETALING JAYA: Former PAS vice-president Husam Musa has alleged that transactions totalling more than RM90 million were made to several PAS leaders through a local bank recently.

The Salor state assemblyman, who joined Amanah in August last year, claimed he had seen the source of the information and confirmed its accuracy and truth.

“A certain amount of money was channelled through the bank to several parties linked to the PAS leadership,” he said, adding that there were other transactions made through the same channel.

He called on PAS to investigate and legally pursue the matter by using the Banking and Financial Institutions Act 1989, saying the courts could order the bank to reveal the accounts and transactions involved.

The party could also set up a team to investigate the veracity of the allegation.

“The transactions that took place cannot be erased,” Husam, who was sacked by PAS in May last year, said in an online interview called ‘Terus Terang” (clear-cut).

He said PAS members and leaders had the locus standi to take PKR vice-president Rafizi Ramli to court over his allegation in April that former PAS deputy president Nasharudin Mat Isa had received funds related to 1Malaysia Development Bhd (1MDB).

“Rafizi has made a statutory declaration that till today has not been challenged by Nasharudin Mat Isa or by other PAS leaders,” said Husam, who was appointed Amanah vice-president in April this year.

He said the PAS members had, however, not shown any interest to take action against Rafizi and demand that he proved his allegation in court.

He claimed there was a proposal in the party to sue him after he was quoted by an online portal as saying that money had been transacted via the bank, but the proposal had gone silent.

Husam added that PAS president Abdul Hadi Awang needed to also demonstrate firmness on the matter and issue a comment.

He also said PAS had made a major and significant political shift of late in appearing to align itself with Umno.

“Previously, PAS was loud and resolute in its position that Umno was an enemy that should not be befriended and should be replaced.

“Now, suddenly, PAS has adopted a different approach,” he said, in reference to the apparent close ties Hadi and other leaders reportedly enjoyed with Umno under prime minister and party president Najib Razak over the last two years.

He said it should raise questions about whether the change happened because of “brainwashing” by the national civics bureau (BTN) over the threat posed by the DAP, the Chinese and other races, forcing PAS to set aside concerns on issues like 1MDB, Felda settlers and so on.

…more
Husam claims RM90 million sent to PAS via local bank
November 10, 2017 – FMT

09
Dec
17

Pua chides deputy minister over 1MDB investigation ‘joke’

Pua chides deputy minister over 1MDB investigation ‘joke’

PJ Utara MP Tony Pua says deputy minister using Chinese words urging patience is not funny, when anything linked to opposition is dealt with ‘lightning speed’.

PETALING JAYA: The statement by Deputy Minister in the Prime Minister’s Department Razali Ibrahim on investigations into 1MDB makes a mockery of the enforcement agencies in the country, says Tony Pua.

The Petaling Jaya Utara MP criticised Razali for trying to be coy in the Dewan Rakyat and urging people to be patient with regard to the ongoing investigation into 1MDB.

On Tuesday, Razali told the Dewan Rakyat that “God-willing, the truth will be revealed” before using some Chinese words to make his point.

“In Chinese, we say man man lah, man man (slowly lah, slowly). We will wait for the (outcome of the) matter, which is under investigation by the relevant authorities,” he said.

Pua compared such attitude with the “lightning speed” at which relevant enforcement agencies act if there was any issue even remotely linked to the opposition or parties critical of the government.

“The government treating 1MDB as a joke just shows how ridiculously selective investigations in Malaysia are, as the first police reports filed against 1MDB were done in 2014.

“By comparison, the investigation into Penang Chief Minister Lim Guan Eng, started with a report to MACC on March 18, last year.

“Investigation papers were submitted to the AG in May and an arrest by MACC was made in June, all in a matter of four months,” Pua said.

He called the government’s attitude “obnoxious” as Malaysians had waited long enough for a decision on a case involving multi-billion dollars that’s already been ongoing for years.

“Worse, other countries have already investigated, charged and even jailed perpetrators involved in crimes linked to 1MDB, while Malaysian authorities continue to drag their feet on the matter.

“How much slower does the deputy minister expect investigations to slow down to?” he asked, on the investigation papers that had been given to the Attorney-General’s Chambers in June 2015, according to the home minister.

“That was over two years ago, and the Attorney-General and the police are still passing the investigation papers between each other.”

…more
Pua chides deputy minister over 1MDB investigation ‘joke’
November 16, 2017 – FMT

08
Dec
17

Ridiculous to urge for more patience over 1MDB case, says Pua

Ridiculous to urge for more patience over 1MDB case, says Pua

TONY Pua has hit out at Deputy Minister in the Prime Minister’s Department Razali Ibrahim for calling for more patience over the 1Malaysia Development Berhad investigations, saying it is selective prosecution and double standards.

The Petaling Jaya Utara MP said Putrajaya was treating the 1MDB scandal as a joke, adding that it was ridiculous to expect Malaysians to wait longer for an answer to a years-long case.

“Why is Malaysia the most ‘man man’ (‘slow’ in Mandarin) in the world when the rest of the world has been very ‘kuai kuai’ (fast) in prosecuting those who have been complicit in stealing billions of dollars from Malaysian taxpayers? ” Pua said in a statement today.

Razali, on Tuesday in Parliament, had used Mandarin in urging for more patience over the 1MDB investigations.

“In Chinese, we say ‘man man lah, man man’ (slowly lah, slowly). We will wait for the (outcome of the) matter, which is under investigation by the relevant authorities. God willing, the truth will be revealed,” Razali had told the Dewan Rakyat.

Pua said the authorities would investigate at “lightning speed” if there were issues linked to the opposition or parties critical of the government.

“By comparison, the investigation into Penang Chief Minister Lim Guan Eng, which started with a report to the Malaysian Anti-Corruption Commission on March 18 last year.

“Investigation papers were submitted to the attorney-general in May, and an arrest by MACC was made in June.

“It took MACC just two months to investigate and the A-G just one month to decide on prosecution, despite Lim having presented evidence to counter the charges against him.”

Pua said the relevant agencies should be just as independent and efficient when dealing with high-profile scandals as they had been in the case of Lim.

“Why don’t we see this level of efficiency when it comes to scandals involving tens of billions of ringgit, which implicate even the prime minister and his family?

“Dismissive comments, such as those in the deputy minister’s speech, prove just how little the government cares about upholding justice and protecting the interests of ordinary Malaysians.

“With billions in Malaysian public funds gone and allegedly used to fund the lavish lifestyles of others, we need to ask who the government is really defending.” – November 16, 2017.

…more
Ridiculous to urge for more patience over 1MDB case, says Pua
16 Nov 2017 – TMI

06
Dec
17

US attorney general calls 1MDB scandal ‘kleptocracy at its worst’

US attorney general calls 1MDB scandal ‘kleptocracy at its worst’

WHILE the Malaysian government maintains that no money was lost in the 1Malaysia Development Bhd (1MDB) scandal, the US attorney general says it has “restrained” some US$3.5 billion (RM14.1 billion) worth of assets from the national investment fund started by Prime Minister Najib Razak.

“For example, nearly half of the US$3.5 billion in corruption proceeds we have restrained is related to just one enforcement action.

“That action was related to a Malaysian sovereign wealth fund known as 1MDB. 1MDB was created by the Malaysian government to promote long-term economic development for the benefit of the Malaysian people,” said US attorney general Jeff Sessions at the Global Forum on Asset Recovery today.

Sessions dubbed the 1MDB scandal as “kleptocracy at its worst” and said more than US$4.5 billion in funds had been laundered via a complex web of transactions from shell companies ranging from Switzerland and Singapore to Luxembourg and the United States.

“But allegedly corrupt officials and their associates reportedly used the funds for a lavish spending spree: US$200 million for real estate in Southern California and New York; US$130 million in artworks; and US$100 million in an American music label, not to mention a US$265 million yacht.

“Today, the US Department of Justice is working to provide justice to the victims of this alleged scheme,” he said.

Sessions said that without the cooperation of foreign law enforcement partners, the US couldn’t have returned millions in corruption proceeds to compensate victims.

“That includes approximately US$119 million to the people of Italy, US$115 million to the people of Kazakhstan, more than US$20 million to the people of Peru, and millions more to the people of Nicaragua, South Korea and Taiwan,” he said.

So far, the Malaysian government has refused to cooperate with foreign law enforcement partners, as can be seen by the rejection of Switzerland’s request for mutual legal assistance (MLA) twice.

Centre to Combat Corruption and Cronyism (C4) executive director Cynthia Gabriel said Sessions’ comments showed that the 1MDB case was “very much alive” and that Attorney General Apandi Ali was “duty-bound” to reopen the case.

“We are vindicated in that the American attorney general, in not so many words, said the case was very much alive and that this is the largest case they are pursuing. This is something that the Malaysian government pretends doesn’t exist,” she said.

Gabriel said that Malaysia’s reluctance to cooperate with foreign law enforcement had caused problems in the foreign nations returning seized 1MDB funds and assets.

“The Global Forum on Asset Recovery is a global effort organised by the World Bank as an initiative and is supported by the US and UK.

…more
US attorney general calls 1MDB scandal ‘kleptocracy at its worst’
5 Dec 2017 – TMI

05
Dec
17

ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts

ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts

THREE senior ANZ Bank officials were told about the large money transfers into Prime Minister Najib Razak’s personal account in AmBank, according to a news report by Australia’s Special Broadcasting Service (SBS) yesterday.

SBS News said the three senior ANZ officials were part of the AmBank board of directors and they were briefed about the large transactions on multiple occasions between September 2014 and November 2014.

The report said that AmBank’s then chief executive officer Ashok Ramamurthy, a former ANZ official seconded to AmBank, was instructed to report the big money transfers to Bank Negara Malaysia (BNM).

The public-funded broadcaster said it has contacted BNM about when they were notified about the transfers.

The Wall Street Journal (WSJ) revealed in 2015 that some US$700 million (then about RM2.6 billion) of deposits were wired into Najib’s personal account in AmBank between January 2011 and April 2013.

WSJ further alleged that the money came from state investment fund 1Malaysia Development Bhd via an elaborate system of money movement involving offshore accounts in the Cayman Islands, United States, Switzerland and Singapore.

Najib has denied any wrongdoing and said that the funds came from the royal family in Saudi Arabia to promote moderate Islam and combat terrorism.

According to SBS, the Australian banking giant had three officials on the AmBank’s board as it was the single largest shareholder with a 24% stake, purchased in 2006.

“ANZ’s 24% stake in AmBank, purchased in 2006, gives it the right to appoint key management positions at AmBank and the right to hold up to four seats on the 12-member AmBank board.

According to SBS, ANZ chief executive Shayne Elliott told an Australian parliamentary inquiry in October 2016 that no ANZ employee was involved in what has happened in AmBank.

“AmBank has conducted those investigations. The allegations around AmBank revolve around a company called 1MDB. ANZ has had no relationship with that company. No employees of ANZ have had any involvement in that company or what has alleged to have happened at AmBank,” Elliott said.

According to the SBS report, Elliot said that when staff were seconded from ANZ to AmBank they were no longer ANZ employees, did not report back to ANZ and were only responsible to the AmBank board.

“Once those employees are seconded there, they essentially sever their ties with ANZ almost 100%,” Elliott said. – November 14, 2017.

…more
ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts
14 Nov 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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