Posts Tagged ‘1MDB Scandal

29
Apr
19

Complex web of money transfers involving Najib’s personal accounts

…source
Najib’s RM42m trial: Spider web of money transfers involving his personal accounts
29 April 2019 – Malay Mail

SRC Money Web

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17
Apr
19

Najib SRC Trial Continues

SRC Trial

(Source: Malaysiakini/Bernama Infographics)

07
Apr
19

The People v Najib Razak EP01: And so, it begins (Narrated by Patrick Teoh)


…source
[PODCAST] The People v Najib Razak EP 01: And so, it begins
The Malaysian Insight
Published on Apr 3, 2019

06
Apr
19

Summary of Najib’s SRC charges

(Graphic source: Malaysiakini)

04
Apr
19

AG’s opening statement at Najib’s SRC trial

AG’s opening statement at Najib’s SRC trial

The following is Attorney General Tommy Thomas’ opening statement at Najib’s SRC trial, reproduced in full:

May it please Your Lordship,

1. It is my duty and privilege to open the first trial in our courts against a former Prime Minister, who for nearly a decade, occupied the most powerful office in the land and wielded near absolute power, which carries with it enormous responsibility, which my office intends to discharge in order to establish that the Accused is guilty of the seven (7) charges that he is facing before Your Lordship.

2. The Accused during his entire period in office as Prime Minister, at which time these offences were committed, simultaneously held the office of Minister of Finance, thereby combining maximum political power and control of the nation’s purse. In holding the office of the Prime Minister, and thus the nation’s highest elected public officer and Head of Government, the highest trust was reposed by our people in the Accused. In such circumstances, the law demands the highest standards of care in the discharge by the Accused of his duties and obligations as trustee of public offices.

3. Not being satisfied with the holding of the twin positions of Prime Minister and Minister of Finance, the Accused was also appointed the Chairman of the Board of Advisors of 1Malaysia Development Berhad (“1MDB”) and Advisor Emeritus in its fully owned subsidiary, SRC International Sdn. Bhd. (“SRC International”). A common feature of both companies was that the true power in directing and managing their affairs did not lie with the Board of Directors, as is required by law and is the universal practice wherever companies carry on business, but in the person of the Accused by virtue of his holding these two positions.

4. The operation of Article 8(1) of the Federal Constitution that “all persons are equal before the law” is amply demonstrated by this trial. A former Prime Minister is charged under due process in the ordinary court of the land, like any other Accused. The Accused is not above the law and his prosecution and this trial should serve as precedents for all future holders of this august office.

My Lord,

5. This trial is the first of many kleptocracy-1MDB-linked prosecutions. As required under Section 179 of the Criminal Procedure Code, I will state briefly the nature of the offences charged and the evidence by which the Prosecution proposes to prove the guilt of the Accused.

6. In the instant prosecution, the Accused is charged for the following offences —

a. One (1) charge under Section 23 of the MACC Act 2009 for abuse of position;
b. Three (3) charges under Section 409 of the Penal Code for criminal breach of trust;
c. Three (3) charges under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for money laundering; and

7. To prove the prosecution case beyond a reasonable doubt, the Prosecution will be relying on direct and circumstantial evidence, both oral and documentary, to prove that the Accused, on the dates, times and manner as contained in the charges, is guilty of each of the charges against him.

One (1) charge under Section 23 of the MACC Act 2009 for abuse of position

8. For the charge under Section 23 of the MACC Act 2009, evidence will establish that the Accused at all material times, as an officer of a public body, to wit, as Prime Minister and Minister of Finance, used his office and/or position to obtain for himself a gratification of RM42 million. Evidence will abundantly establish that the Accused was directly involved in the decision on behalf of the government of Malaysia to give government guarantees for the loans amounting to RM4 billion received by SRC International Sdn Bhd from Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”).

9. In proving the ingredients of Section 23 of the MACC Act 2009, evidence — oral, documentary and/or circumstantial, will be led by the prosecution to establish the following —

a. Proposed establishment of SRC International Sdn Bhd;

b. Proposed setting-up grant of RM3 billion;

c. SRC International’s request for a government loan for RM3.95 billion;

d. The appointment of SRC International’s Board of Directors, and the appointment of one Nik Faisal Ariff Kamil as CEO of SRC International;

e. Matters that led to the approval of the Government of Malaysia through the Ministry of Finance for the issuance of a RM2 billion government guarantee in favour of SRC International;

f. Matters that led to the approval of the Government of Malaysia through the Ministry of Finance for the issuance of a further RM2 billion government guarantee in favour of SRC International;

g. Monies totalling RM42 million, sourced from SRC International, were channelled through the company accounts of Gandingan Mentari Sdn Bhd (a wholly-owned subsidiary of SRC International Sdn Bhd) and Ihsan Perdana Sdn Bhd (purportedly appointed as SRC International’s corporate social responsibility partner);

h. The Accused, between 17 August 2011 and 8 February 2012, as a result of the aforesaid, had received as gratification the said monies totalling RM42 million into his AmPrivate Banking-1MY no. 211-202-201188-0 and AmPrivate Banking-MY no. 211-202-201190-6 bank accounts.

Three (3) charges under Section 409 of the Penal Code for criminal breach of trust

10. For the charges under Section 409 of the Penal Code, evidence will establish that the Accused at all material times, as agent, to wit, as Prime Minister and Minister of Finance, and Advisor Emeritus of SRC International, whilst entrusted with monies belonging to SRC International, committed criminal breach of trust in respect of the RM27 million, RM5 million and RM10 million belonging to SRC International.

11. In proving the ingredients of Section 409 of the Penal Code for criminal breach of trust, evidence — oral, documentary and/or circumstantial, will be led by the prosecution to establish the following —

a. A Special Resolution was passed to amend SRC International’s Articles of Association to appoint the Accused as Advisor Emeritus. As Advisor Emeritus the Accused shall advise the Company’s Board on material matters and matters of strategic interest to Malaysia, and that the Board shall give due consideration to and implement any advice of the Advisor Emeritus in the best interest of the Company;

b. That the Accused had dishonestly caused himself to wrongfully gain RM42 million and/or caused SRC International to wrongfully lose RM42 million;

c. That between 24 and 29 December 2014, a sum of RM27 million belonging to SRC International was remitted to the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account through the company accounts of Gandingan Mentari Sdn Bhd and Ihsan Perdana Sdn Bhd;

d. That between 24 and 29 December 2014, a sum of RM5 million belonging to SRC International was remitted to the Accused’s AmPrivate Banking-MY no. 211-202-201190-6 account through the company accounts of Gandingan Mentari Sdn Bhd and Ihsan Perdana Sdn Bhd; and

e. That between 10 February and 2 March 2015, a sum of RM10 million belonging to SRC International was remitted to the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account through the company accounts of Gandingan Mentari Sdn Bhd and Ihsan Perdana Sdn Bhd.

Three (3) charges under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for money laundering

12. For the charges under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for money laundering, evidence — oral, documentary and/or circumstantial, will be led by the prosecution to establish the following —

a. That the Accused on or about 26 December 2014 engaged in money laundering to wit by receiving RM27 million, being the proceeds of an unlawful activity, in the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account;

b. That the Accused on or about 29 December 2014 via a Real Time Electronic Transfer of Funds and Securities (“RENTAS”) instruction, remitted RM27 million, being the proceeds of an unlawful activity, from the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account to the company account of Permai Binraya Sdn Bhd;

c. That the Accused on or about 26 December 2014 engaged in money laundering to wit by receiving RM5 million, being the proceeds of an unlawful activity, in the Accused’s AmPrivate Banking-MY no. 211-202-201190-6 account;

d. That the Accused on or about 29 December 2014 via a Real Time Electronic Transfer of Funds and Securities (“RENTAS”) instruction, remitted RM5 million, being the proceeds of an unlawful activity, from the Accused’s AmPrivate Banking-MY no. 211-202-201190-6 account to the company account of Putra Perdana Construction Sdn Bhd;

e. That the Accused on or about 10 February 2015 engaged in money laundering to wit by receiving RM10 million, being the proceeds of an unlawful activity, in the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account;

f. That the Accused on or about 10 February 2015 remitted RM10 million, being the proceeds of an unlawful activity, from the Accused’s AmPrivate Banking-1MY no. 211-202-201188-0 account to the Accused’s AmPrivate Banking-MY no. 211-202-201190-6 account;

g. That the Accused had issued a total of 15 personal cheques from his AmPrivate Banking-MY no. 211-202-201190-6 account totalling an approximate sum of RM10,776,514.00;

h. Evidence will also establish that in December 2014, the Accused’s credit card was charged US$130,625 for expenses made at Chanel, an exclusive fashion store in Honolulu; and

i. Evidence will establish that the personal cheques were issued for, among others, payment for renovation works carried out at the Accused’s residence at No.11 Jalan Langgak Duta, Kuala Lumpur, the Accused’s residence in Pekan, Pahang and cheques issued to various Barisan Nasional component political parties.

My Lord,

13. The burden is now on the Prosecution to prove, beyond a reasonable doubt, that the Accused, Mohd. Najib bin Hj Abd Razak is guilty of the criminal charges preferred against him at this trial.

…source
AG’s opening statement at Najib’s SRC trial
April 03, 2019 – theedgemarkets.com

04
Apr
19

Malaysia ex-PM Najib goes on trial

Malaysia ex-PM Najib goes on trial

Malaysia’s former prime minister Najib Razak (C) leaves a court in Kuala Lumpur on 3 April, 2019 after his trial over alleged involvement in the looting of sovereign wealth fund 1MDB, a state investment vehicle established to develop the economy of the Southeast Asian nation. (Mohd Rasfan / AFP Photo)

Malaysia’s disgraced ex-leader Najib Razak pleaded not guilty to all charges against him as he went on trial Wednesday over a multi-billion-dollar fraud, almost a year after his shock election loss.

The 65-year-old faced the first of several trials over his alleged involvement in the looting of sovereign wealth fund 1MDB, a state investment vehicle established to develop the economy of the Southeast Asian nation.

The former premier and his cronies are accused of plundering billions of dollars from the fund and spending it on everything from high-end real estate to artwork and a luxury yacht.

He had been tipped to win another term in office easily last year and extend his coalition’s six-decade stranglehold on power, only to be soundly defeated by his former boss, Mahathir Mohamad, who rode a wave of public anger over 1MDB to the premiership.

In the months that followed, once-dormant investigations into the controversy were relaunched and Najib was hit with dozens of corruption charges linked to the plundering of the fund.

A small crowd of supporters was waiting for Najib as he arrived at the Kuala Lumpur court ahead of his trial, and he prayed with them for a few minutes before entering the building to shouts of “Long Live Najib”.

‘Near absolute power’

Looking relaxed in the dock, he denied seven corruption and money-laundering charges related to the alleged theft of 42 million ringgit (US$10.3 million) from SRC International, a former 1MDB unit. It is just a fraction of the hundreds of millions of dollars that he allegedly stole.

Opening the prosecution, Attorney-General Tommy Thomas told the High Court it was the “first trial in our courts against a former prime minister, who for nearly a decade occupied the most powerful office in the land and wielded near absolute power.

“Such privilege carries with it enormous responsibility.

“The accused is not above the law,” he added.

After the first witness, an official from the Companies Commission of Malaysia, gave largely technical evidence related to corporate records, the trial was adjourned.

The judge set the next hearing for 15 April, and trial dates until 10 May. Najib left without commenting, to cheers from his supporters waiting outside court.

…more
Malaysia ex-PM Najib goes on trial
4 April 2019 – Asean Post

16
Feb
19

Malaysia’s former PM and his downfall over alleged corruption – BBC

Najib Razak: Malaysia’s former PM and his downfall over alleged corruption

Najib Razak was long regarded as Malaysian political aristocracy.

But in 2018, the then prime minister lost a general election to his former mentor, 92-year-old Mahathir Mohamad. The Barisan Nasional coalition, which had governed the country since its independence in 1957, was voted out of power.

Following the defeat, Mr Najib’s properties were raided and both he and his wife were charged with a string of offences.

He is now facing allegations of corruption linked to the multibillion dollar state investment fund, 1MDB.

Mr Najib has always denied the allegations and while still in office had been cleared by the country’s authorities.

But his time in office will likely be remembered as an era plagued with scandal and a strengthening of central power.

Political blue blood

Najib Razak is the eldest son of Abdul Razak, Malaysia’s second prime minister and the nephew of Hussein Onn, its third prime minister.

After earning an industrial economics degree from the University of Nottingham in the UK, Mr Najib returned to Malaysia in 1974 and worked for the state oil firm Petronas.

When he moved into politics, Mr Najib held numerous cabinet posts – as minister for energy, telecommunications, education, finance and defence – before becoming deputy prime minister to Abdullah Badawi in 2004.

When Mr Abdullah stepped down in 2009, he handed power to Mr Najib.

Liberal start

Mr Najib initially promised a more liberal political approach, but did not really follow through.

While he reformed tough laws on public gatherings and repealed the controversial Internal Security Act in 2011, he later reinstated detention without trial.

The following year, he also went back on a pledge to repeal a controversial sedition law and instead strengthened it.

Critics say the laws were a way for Mr Najib to silence his political opponents and to pander to the ethnic Malay-Muslim majority who formed his political party’s largest support base.

Opposition leader and former deputy premier Anwar Ibrahim was convicted of sodomy for a second time in 2015, charges Mr Anwar maintained were politically motivated.

The opposition politician has since been pardoned by the new prime minister and is seen as a likely successor to Mr Mahathir.

In 2016, a security act aimed at combating terrorism was used to detain electoral reform activists.

Ahead of the 2018 election, Mr Najib’s government set up a law against spreading “fake news”.
Challenges and controversies

The real blight of Mr Najib’s political career has been accusations of corruption and mismanagement over the state investment fund, 1Malaysia Development Berhad.

Mr Najib, members of his family and several allies are accused of embezzling huge sums allegedly used to buy everything from artwork to high-end real estate around the globe.

In July 2015 he replaced his deputy, who had criticised his handling of the affair, and the attorney-general investigating the case was dismissed for health reasons.

In January 2016 the new attorney-general cleared Mr Najib of wrongdoing but the criticism remained.

Ahead of the 2018 election, mass demonstrations in Kuala Lumpur called on him to resign.

After his defeat, authorities reopened their investigation and charged the former PM with money laundering, breach of trust and abusing his position.

He is expected to go on trial in February 2019.

…more
Najib Razak: Malaysia’s former PM and his downfall over alleged corruption
12 Feb 2019 – BBC




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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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