Posts Tagged ‘1MDB

09
Jul
17

PH leaders hail Dr Mahathir-Anwar pact as key to overthrowing BN

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PH leaders hail Dr Mahathir-Anwar pact as key to overthrowing BN
7 Jul 2017 – Malaysian Insight

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26
Apr
16

PetroSaudi’s US$1 billion ruse

PetroSaudi’s US$1 billion ruse

Barely a month after the Finance Ministry took over Terengganu Investment Authority (TIA), a royal suitor came a-knocking.

On Aug 8, 2009, Prince Turki of Saudi Arabia sent a letter to Prime Minister Najib Abdul Razak to introduce PetroSaudi International chief executive Tarek Obaid.

Tarek proposed a joint venture with the fund, now rebranded 1MDB. The deal – US$1 billion from 1MDB and some questionable “oil wells” in Argentina and Turkmenistan said to belong to PetroSaudi International.

But this was Tarek’s first introduction to the fund.

According to the Hansard of the Public Accounts Committee (PAC) hearings on 1MDB, then chief executive officer Shahrol Azral Ibrahim Halmi said Tarek was first introduced to TIA through TIA’s special advisor, businessman Jho Low.

Low’s involvement continued and at one point he showed up at a 1MDB board meeting to speak on behalf of Prince Turki and Tarek to convince the skittish board to sign off on the joint venture.

Ten days after the board first heard of the deal, it was signed on Sept 28, 2009 – leaving the board “angry” and prompting board member Bakke Mohd Saleh to resign.

“The Auditor-General’s Department’s analysis concludes that the decision to invest in the joint venture 1MDB PetroSaudi Limited was done without strategic planning due to the short period of eight days (lead time), was conducted without detailed evaluation and before issues raised by the board was resolved.

“The joint venture agreement also included clauses which did not protect 1MDB’s interest,” the Public Accounts Committee’s report table at the Dewan Rakyat on Thursday says.

Forty-eight hours after the joint venture was inked, an unrelated company – allegedly Low-linked Good Star Limited – is US$700 million richer.

How did this dubious deal take place under everyone’s noses? Follow the chronology of events below.

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PetroSaudi’s US$1 billion ruse
Malaysiakini

20
Feb
16

Damning charts revealed by Apandi

ag2

Pua wants answers on charts exposed by AG

The MP doesn’t understand why Petrosaudi International Limited’s (Seychelles) acquisition of Taib Mahmud’s UBG was partially funded by a USD500 million loan by 1MDB.

KUALA LUMPUR: The expose by Attorney-General Mohd Apandi Ali last week on Tuesday, inadvertent or otherwise, uncovered a whole web of intrigue involving a myriad of companies related in one way or another to 1MDB and Penangite Jho Low, stressed Petaling Jaya Utara MP Tony Pua in a statement. “It has raised new questions over the entire episode.”

“These questions need to be answered.”

Pua, who is also DAP National Publicity Secretary, has five questions for starters . Why did SRC International advance RM140 million to Putra Perdana?; Who authorized the advances?; Why did Tabung Haji (TH) acquire 30 per cent in Putrajaya Perdana?; How much did it pay for the stake?; and Who are the ultimate owners of Putrajaya Perdana?

Most crucially, asked Pua, did TH bail out Putrajaya Perdana to enable the latter to repay the RM140 million advance from SRC International. “TH, SRC International, Prime Minister Najib Abdul Razak as the Finance Minister and Apandi Ali cannot continue to feign ignorance over the entire ugly scandal.”

TH invested an undisclosed sum in Putrajaya Perdana despite the fact that the latter failed to submit its annual audited accounts to the Companies Commission since December 2013, added Pua. “Soon after the 30 per cent acquisition by TH, Putra Perdana Development refunded the RM140 million to Putra Perdana Construction, which in turn refunded the money to SRC International on 12 December 2014.”

Putrajaya Perdana Berhad was previously acquired by Jho Low’s vehicle Abu Dhabi Kuwait Malaysia Investment Corporation (ADKMIC) before being sold to Taib Mahmud’s UBG Bhd, all of which took place in 2007, continued Pua. “The latter in turn sold a majority stake in UBG to ADKMIC in January 2008.”

What Pua doesn’t understand is why Petrosaudi International Limited (Seychelles) not only acquired UBG for RM1.4 billion, but its purchase was partially funded by a USD500 million loan by 1Malaysia Development Bhd (1MDB) in September 2010.

Jho Low’s right hand man, Nik Faisal Ariff Kamil, was not only the Executive Director of Investments for UBG, discovered Pua, he was also at the same time Chief Investment Officer of 1MDB. “Nik Faisal later became the Managing Director of SRC International after it was set up in 2012.”

Putrajaya Perdana was reportedly subsequently sold to Cendana Destini Sdn Bhd in September 2012, belabours Pua. “However, the true ownership of Putrajaya Perdana was unclear as the company’s record in the Companies Commission had its shareholding under a nominee account in AmSec Nominees (Tempatan) Sdn Bhd.”

The Attorney-General exposed a damning transfer amounting to RM27 million by SRC International to the Prime Minister during his press conference last week. This took place when Apandi Ali held up several documents to emphasize the fact that his office had carried out thorough investigations.

One of the charts clearly showed that SRC International transferred RM35 million on 8 July 2014 to Putra Perdana Construction Sdn Bhd, which then transferred RM34.99 million to Permai Binaraya Sdn Bhd, which then paid RM27 million to Najib’s private bank account ending “880”.

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Pua wants answers on charts exposed by AG
February 2, 2016 – FMT

16
Aug
15

Freedom or totalitarianism?

COMMENT It is all too apparent that Prime Minister Najib Abdul Razak’s lightning move to remove the attorney-general and reshuffle his cabinet on July 28 was done for the singular purpose of neutering criminal investigations and impending prosecution arising from the 1MDB scandal and the RM2.6 billion in Najib’s personal bank accounts.

By removing AG Gani Patail and offering cabinet positions to members of the parliamentary accounts committee (PAC), Najib hopes to avert impending prosecution and postpone imminent PAC hearings on key players in 1MDB, which in all certainty, will expose the alleged multi-billion heist that will grievously hurt Najib.

Sacking of AG highly dubious

The so-called sacking of Gani is heavily tainted with unconstitutionality, illegality, deceit and malicious intent.

The circumstances of the announcement immediately aroused suspicion. It was announced on July 28 by national news agency Bernama through a one-sentence tweet stating that Gani’s services as AG were terminated on July 27 due to health reasons, quoting the chief secretary of the government.

When asked on July 28, Gani said he had no idea that he had been sacked.

Questions galore: Why wasn’t Gani (photo) informed? Why wasn’t there a letter of termination from the Head of State Agong, who is the only authority to appoint or to remove the AG? If Gani had to stop work due to health reasons, why were we told that Gani would still continue to serve as a legal staff till his statutory retirement date in coming October? And why had Gani never complained of ill health? And why didn’t PM Najib announce that he had ‘sacked’ Gani?

As the AG is designated by the constitution as the sole decision-maker as to whether a person should prosecuted, the independence of his position is guaranteed by mandating his termination through a tribunal appointed by the Agong. Hence, the currently unceremonious ‘dumping’ of Gani is obviously an unconstitutional move.

Sabotaging investigations and prosecutions

Conspiracy theories abound as to why Najib had to act like a desperado. Is it to avert an immediate prosecution which only the AG had the power to execute – keeping in mind that there have been a series of arrests arising from the investigations of the special task force probing the twin scandals of Najib’s RM2.6 billion and the 1MDB fiasco? The task force is made up of the chiefs of police, Malaysian Anti-Corruption Commission (MACC) and Bank Negara, co-ordinated by the AG.

Another body hot on the heels of these scandals is the PAC, which is due to grill the current and former CEOs of 1MDB starting from Aug 4, and also to hear two former directors of 1MDB who resigned in indignation over the theft of US$700 million immediately after signing an allegedly bogus joint venture agreement with PetroSaudi in September 2009.

Immediately after the cabinet reshuffle on July 28, where PAC chairperson Nur Jazlan Mohamed (photo) and three other members were offered positions in the cabinet, Nur Jazlan announced a suspension of PAC hearings pending appointment of new members in the next parliamentary session commencing in October.

Thus in one lightning swoop, Najib had apparently incapacitated the pursuers of the scandals and immunise himself from harm, and perhaps hopefully, to bury these scandals.

If Najib succeeds, Malaysians will have to bury their heads in shame, and the credibility of this country will suffer a grievous and irreparable blow.

Who would still trust a country where the prime minister can escape unscathed with RM2.6 billion allegedly unaccounted for in his bank accounts and tens of billions of ringgit of public funds evaporated into thin air through a so-called sovereign wealth fund, of which he is allegedly personally responsible?

Can our institutions – the police force, the anti-corruption commission MACC, Central Bank and the Attorney-General’s Chambers – stand the shame of being cowed and neutered by a tyrannical hand in contempt of our constitution and law?

We must defend against authorianism

No, we must not allow this to happen, because we have too much too lose and too much to defend.

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Jul 29, 2015 – malaysiakini
By Kim Quek
Freedom or totalitarianism?

11
Aug
15

MACC defends its probe on PM’s bank accounts

The Malaysian Anti-Corruption Commission investigation into SRC International Sdn Bhd funds allegedly found in Prime Minister Najib Abdul Razak’s personal bank accounts is based on the provisions of the law.

“There is no mala fide (bad intention) in our investigations,” said a source close to the MACC investigations.

“Based on Section 72 of the Malaysian Anti-Corruption Commission Act, our officers are given immunity from any legal action when conducting an investigation into an offence under this Act if the investigation is done in good faith.”

Section 72 of the MACC Act is a lengthy clause that states, among others, “no action suit, or prosecution or proceedings whatsoever shall lie or be brought before any authority on the government of Malaysia, MACC officers, any member of the MACC advisory board or special committee or any person acting on behalf of the commission provided that such acts are done in good faith.”

This provision was believed to be used in defence of the MACC from legal action in the lawsuit filed by Teoh Beng Hock’s family. Teoh, a former opposition political aide, was found dead in 2009 outside the MACC office after he was interrogated by MACC officers.

However, the civil case was settled amicably before it went to a full trial when the government agreed to pay RM660,000 in damages.

Seven MACC officers have so far been questioned by the police under Section 124B for activities “detrimental to parliamentary democracy”.

The first to be picked up was a MACC deputy public prosecutor, Ahmad Shazalee Abdul Khairi, and this was followed with three senior officers – special operations division director Bahri Mohd Zin (photo), forensics director IG Chandran, and Bahri’s number three man, Roslan Che Amat.

Confusion over arrests

Two investigating officers attached with the Special Operations division were also quizzed on Tuesday, and this was followed by the police interrogating Bahri’s deputy director, Tan Kan Sai, who is the seventh person on the list.

There was uncertainty whether two of the MACC officers – Roslan and an investigating officer to the case – were arrested yesterday with the IGP Khalid Abu Bakar denying this while MACC deputy chief commissioner (prevention) Mustafar Ali was adamant about it.

Police also raided the MACC’s special operations division office last Saturday and again last night. It is understood that police also went to search the houses of the officers questioned, including Bahri’s.

This had prompted an irate Bahri telling Malaysiakini that he would “not rest until kingdom comes” to find those who ordered the police to harass the MACC and thus disrupting their investigations into Najib’s bank accounts.

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Aug 6, 2015 – Malaysiakini
MACC defends its probe on PM’s bank accounts

10
Aug
15

The look and feel of a mafia nation

Ladies and gentlemen,

I thank The Economist, an international publication from London, for the honour and pleasure of being able to address senior representatives of the corporate world here today, and to speak about my favourite subject: Power struggle in Malaysia.

Malaysia is a wonderful country – at least, it used to be. Over the past 25 years, average GDP growth has been about 6 percent, making this one of the wealthier countries in Asia. For many years, Malaysia was known as a place where good people live happily; and where you can make money. But wealth and greed has changed the characteristics of both our leaders and our government.

Malaysia today is a land of ‘cover-ups’. The government is actively engaging in doing everything in their power to cover up mismanagement, corruption, and abuse of power. The people, especially the opposition leaders and those active in social media today, live in fear of the prime minister and his hatchet men.

Our public institutions are in disarray and their independence is under assault. Gani Patail, then attorney-general, was just removed last week when he was about to close in on the prime minister during his investigation into the 1MDB scandal. I am worried for our Central Bank governor Zeti (Akhtar Aziz), that she will be humiliated like Gani Patail, unless she play ball.

As we speak, the police are conducting raids on other enforcement agencies, apparently looking for so-called “leaks” of investigation papers.

Maybe the police and the new attorney-general under Prime Minister Najib Abdul Razak have not heard of offences relating to obstructing public servants from doing their job. If anyone, including the prime minister and/or the attorney-general, are involved in “obstruction of a public servant in the discharge of his functions”, then section 186 of the Penal Code is relevant.

I would like to advise the new AG that while supporting the prime minister is a wonderful thing, we have laws that everyone has to follow.

Cash for obedience

Today, Malaysia has the look and feel of a mafia organisation. Lots of cash and rewards by way of “official” positions are used regularly to ensure obedience. Dissidents are removed or obliterated. The mafia brook no dissent against the numero uno; the supreme leader, and it’s the same here. This past Saturday, students and young activists were hauled up by the police just for expressing their disgust towards the prime minister.

We have the earth-shattering news, confirmed by none other than (the Malaysian Anti-Corruption Commission) MACC, that our prime minister had RM 2.6 billion in his personal account. And a couple of million in his wife’s account. That’s not to mention other accounts they might have overseas.

Not a single officer from the police dare to probe and haul him up for questioning. Maybe the MACC would, but for now, none was reported. He is still free to tell funny tales parroted by his “loyal” servants in the cabinet that the money was a political donation. These cabinet members are clowns who are happy to support a leader with the stupidest excuses they can think of.

They are an embarrassment to the country. Former deputy prime minister Muhyiddin Yassin was asked to leave because he was asking too many questions about 1MDB. I am glad for Muhyiddin and his family that he was sacked; at last he can breathe fresh air in Bukit Damansara and not have to tolerate the stench in Putrajaya.

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Aug 7, 2015 – malaysiakini
By Zaid Ibrahim
The look and feel of a mafia nation

08
Aug
15

Shocking abuse of power in transfer of MACC directors

Activists fear for country’s future after transfer of MACC directors

Activists have decried the transfer of the two Malaysian Anti-Corruption Commission (MACC) senior personnel to the Prime Minister’s Department, saying that it was shocking and bound to shake the people’s confidence in the country’s system of governance.

Former diplomat Datuk Noor Farida Ariffin of the group of prominent Malays, or G25, said that with the recent spate of happenings including the sacking of the Attorney General and the arrest of members of the task force, it did not look like the Malaysian public will ever get to the bottom of the 1Malaysia Development Bhd (1MDB) scandal.

“I heard that both of them have been transferred to the admin division of the PM’s Department.

“You don’t need to be a rocket scientist to conclude that the motive behind the transfer is to neutralise them and prevent them from completing their work of investigating 1MDB,” she told The Malaysian Insider via a WhatsApp message.

MACC director (special operations) Datuk Bahri Mohamad Zin and director of strategic communications Datuk Rohaizad Yaakob were transferred yesterday to the Prime Minister’s Department with immediate effect.

Both are expected to report to the department on Monday.

Bahri has been very vocal in his comments against the police over their actions in their investigation against MACC on the alleged leakage of classified government documents in the agency’s 1MDB probe.

Lawyers for Liberty executive director Eric Paulsen (pic, below) echoed Noor Farida’s sentiments, saying that he feared that Malaysia was “free falling” into a failed state.

He added, however, while shocked by the latest turn of events, he was not totally surprised as MACC has been under siege for some time now with their investigators arrested and offices raided.

“Clearly this abuse of power, stifling and interfering with MACC’s investigations are not acceptable in any modern and democratic state that values rule of law, good governance and accountability,” Paulsen added.

Paulsen said that instead of being governed by laws implemented by independent state institutions, Malaysia was witnessing brute power “where anything goes and anything can happen”.

Social activist Datin Paduka Marina Mahathir said she was saddened to hear the news, especially after she had just been to the MACC headquarters in Putrajaya with other activists to rally support for the anti-graft agency.

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Activists fear for country’s future after transfer of MACC directors
8 August 2015 – 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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