Posts Tagged ‘SRC

15
Jun
17

Call for probe into claims that Anwar’s prosecutor got money from Najib

Call for an independent prosecutor to be appointed to probe into claims that Anwar’s prosecutor got money from Najib

I fully support PKR de facto leader Datuk Seri Anwar Ibrahim’s call for Tan Sri Muhammad Shafee Abdullah, the lawyer who successfully led the prosecution that secured his sodomy conviction, to be investigated.

Anwar made the call after allegations emerged that Shafee received RM9.5 million from the Prime Minister Datuk Seri Najib Abdul Razak in two tranches – on Sept 11, 2013, and on Feb 17, 2014.

Anwar said: “The claim by Sarawak Report that RM9.5 million of SRC International Sdn Bhd funds were transferred from Najib’s personal bank account to Shafee’s personal bank account is very serious.

“This matter urgently needs to be investigated by the authorities. What is the purpose of Najib transferring such large amount of funds to the personal bank account of a private lawyer who the Najib administration appointed to handle my prosecution?”

The Prime Minister or the Attorney-General should firstly disclose how much Shafie had cost the government and the taxpayers for engaging Shafie to lead the prosecution team against Anwar, firstly, at the Court of Appeal and secondly, at the Federal Court, when this was the task of the Attorney-General. What were the special or extraordinary circumstances justifying the appointment of Shafee as prosecutor for Anwar’s case.

The Court of Appeal on March 7, 2014, overturned the decision of the High Court in Kuala Lumpur, which acquitted Anwar, and sentenced him to five years’ imprisonment. The Federal Court on Feb 10, 2015, upheld the Court of Appeal’s conviction of Anwar.

Malaysians are entitled to know whether Najib’s RM9.5 million payment to Shafie had anything to do with the two Anwar appeal cases at the Court of Appeal and the Federal Court.

Furthermore, the Attorney-General, Tan Sri Mohamad Apani should appoint an independent prosecutor to probe into claims that Anwar’s prosecutor got money from Najib, and the integrity of Anwar’s charge, trial and imprisonment.

…more
Call for an independent prosecutor to be appointed to probe into claims that Anwar’s prosecutor got money from Najib
3 June 2017 – blog.limkitsiang.com

02
Apr
17

Deloitte wants to resign as auditor for SRC International

Deloitte wants to resign as auditor for SRC International

Deloitte Malaysia has stated their intention to resign as the auditor for former 1MDB subsidiary SRC International Sdn Bhd.

This was according to the Finance Minister Najib Abdul Razak’s parliamentary written reply to Petaling Jaya Utara MP Tony Pua.

“Based on information obtained from SRC International’s management, Deloitte had stated their intentions to resign.

“As for now, SRC International is still looking for a new auditor and until a new auditor is appointed, Deloitte is still their auditor.

“SRC International is committed to finding a new auditor to replace Deloitte,” read the written reply.

Pua had asked the finance minister to state if Deloitte was still SRC International’s auditor and when the company’s financial statements for 2015 and 2016 would be ready.

The second portion of his question was unanswered.

SRC International was established by 1MDB in 2011 to explore strategic investment opportunities in the energy sector.

The company secured a RM4 billion government guaranteed loan from Retirement Fund Incorporated (KWAP) in 2012 which was reportedly used for investments in Indonesia and Mongolia, among others.

A key figure in SRC International was Nik Faisal Ariff Kamil, a managing director of the company as well as a one-time chief investment officer at 1MDB.

The Singaporean court had heard that Nik Faisal approved the transfer of US$11.95 million from SRC International’s coffers to one Eric Tan Kim Loong, who is now said to be an alias for Malaysian businessman Jho Low.

According to The Wall Street Journal, Tan was the beneficiary of British Virgin Islands-based Tanore Finance, which had sent US$681 million to Prime Minister Najib Abdul Razak’s personal bank accounts.

SRC International had also been accused of transferring RM74 million to Najib’s bank accounts in 2014, based on documents shown to the media by attorney-general Mohamed Apandi Ali last year.

Finance Ministry Incorporated took over the reigns of SRC Interantional from 1MDB in the late 2012.

…more
Deloitte wants to resign as auditor for SRC International
20 Mar 2017 – Malaysiakini

02
Feb
17

Does AG have power to indemnify, asks Mat Zain?

Does AG have power to indemnify, asks Mat Zain?

Former Kuala Lumpur Criminal Investigations Department chief Mat Zain Ibrahim has continued to question whether attorney-general Mohamed Apandi Ali has the power to indemnify anyone.

This follows a 2011 statement when then de-facto Law Minister Nazri Aziz when answering questions in Parliament had said the AG had no power to indemnify any person against criminal action based on political considerations.

Hence, Mat Zain questioned how Apandi could clear prime minister Najib Abdul Razak of any wrongdoing with regard to the 1MDB and SRC International Sdn Bhd cases in January last year.

“The issue here is if in 2011 Nazri who spoke as a minister in Najib’s cabinet confirmed that the AG had no powers to indemnify anyone on political grounds then, where did Apandi obtain his authority or powers to indemnify Najib of any wrongdoing regarding the RM2.6 billion “donations” and SRC International.

Nazri was then responding to a question from Lim Kit Siang over an open letter by Mat Zain who posed a question with regard to RM40 million found in several bank accounts of then Malacca chief minister Rahim Tamby Chik allegedly through abuse of power and corrupt practices that was investigated by the Anti-Corruption Agency.

Mat Zain said now we have a similar situation where RM42 million from SRC International was found in Najib’s personal account.

Apandi, he added had declared Najib committed no crime.

When Nazri issued the statement in Parliament in 2011, neither did the then AG Abdul Gani Patail or members of Najib’s cabinet challenge his (Nazri’s) statement as incorrect.

This, the former top cop said was despite the fact that based on Sections 409, 409A and 409B of the Penal Code, clearly showed Najib could be charged for criminal breach of trust by public servant or agent.

“Section 409A itself stated that it is no defence even if the property or cash was duly recorded and entered in the books and accounts of any company or association or body of person whether incorporated or not,” he said.

Mat Zain said he had previously warned that Apandi would be in a position of conflict of interest situation if he were to make any decision on allegations against Najib, let alone clear the PM from any wrongdoing

“This is through the evidence that is already available in public domain,” he said.

…more
Does AG have power to indemnify, asks Mat Zain?
7 Jan 2017 – malaysiakini

26
Jan
17

1MDB, SRC alleged scams will never be properly dealt with if Umno still in power

1MDB, SRC and the bitter truth

The first exposé of the – hmm! – ‘alleged’ 1MDB colossal scam exploded 23 months ago.

The first time Malaysia’s prime minister himself, Najib Abdul Razak, was specifically named as a recipient of allegedly vast sums of money from 1MDB and SRC occurred 19 months ago.

The first time an actual method of covering up the allegedly dubious activities at SRC was revealed four months ago.

The largest kleptocracy case ever handled by the US Department of Justice has to do with the alleged thefts from 1MDB.

No fewer than six jurisdictions have investigated into the alleged theft of money from 1MDB and SRC and the laundering of the loot.

Three of the jurisdictions have taken legal action against some of the alleged culprits – humans and non-humans.

Some five dozen notable media channels around the world have published and telecast tens of thousands of words and images detailing the alleged theft of money from 1MDB.

In the Land of Endless Possibilities, the investigations into the alleged scams have been frustrated and then ordered to be terminated, only claimed to be in progress, and completed but no action has been taken to remedy the injury due to supposedly insufficient evidence.

In the Land of Endless Possibilities, requests for Mutual Legal Assistance into the matter have been allegedly ignored or rejected.

In the Land of Endless Possibilities, the alleged suspects seem to enjoy protection. In fact, it seems that two of those that have fled are, wonder of wonders, still being paid their salaries.

In the Land of Endless Possibilities, the authorities have offered only bare denials and badly woven fairy tales, whereas the foreign jurisdictions and whistleblowers have provided facts and figures to prove their contention.

In the Land of Endless Possibilities, the auditor-general’s report on his investigation into the 1MDB alleged scam has been locked out of the public’s curious eyes.

In the Land of Endless Possibilities, no questions on the alleged scam are allowed in Parliament.

In the Land of Endless Possibilities, a body of text containing some 5,200 words has been published by one party attempting to defend Najib. (There seems another installment coming.)

The claims contained in that body of text are so fantastical that although the truth can sometimes be stranger than fiction, the sheer ludicrousness exhibited has rendered the whole nothing more than the product of an addled brain.

In the Land of Endless Possibilities, it is plainer than daylight that three of the authorities that have the power to effect justice will not fulfill their obligations. These are the Malaysian Anti-Corruption Commission, the police and the Attorney-General’s Chambers.

Exercise in total futility

Therefore, it is an exercise in total futility to ask any of the authorities in the Land of Endless Possibilities to explain this and that and that other one about the two alleged scams.

Therefore, it is sheer madness to ask the prime minister to explain this and that and that other one about the two alleged scams.

They will simply show you their middle fingers. Which they have been doing, actually. In case you haven’t noticed it. That, of course, is said with my tongue in my cheek.

The bitter reality is that the alleged scams will never be properly dealt with for as long as Umno is still in power. Never. That is spelled N–E–V–E–R.

…more
1MDB, SRC and the bitter truth
Odin Tajué
4 Jan 2017 – malaysiakini

25
Jan
17

‘AG, MACC chief must explain why SRC case not prosecuted’

‘AG, MACC chief must explain why SRC case not prosecuted’

Attorney-general Mohamed Apandi Ali and Malaysian Anti-Corruption Commission chief Dzulkifli Ahmad must explain why the SRC International case was never brought to court, lawyer Haniff Khatri said.

This was after Special Operations Division director Bahri Mohd Zin, 58, opted for early retirement last Friday reportedly dejected over failure to bring the case to light.

“Apandi and Dzulkifli must give an immediate, true and transparent explanation to all Malaysians on Bahri’s statement.

“Otherwise, both must resign immediately for their part in the conspiracy to cover up a crime related to SRC,” Haniff, who is former premier Dr Mahathir Mohamad’s lawyer said.

Bahri told Malaysiakini he opted to retire because he could not serve “spider web laws” where small fries get caught but bigger players escape.

The special division Bahri headed was formed in 2010 to investigate high-profile cases, especially those involving corruption of more than RM1 million.

SRC, which was previously a subsidiary of 1MDB and now under the Finance Ministry, came under the spotlight after RM42 million of its money was found in Prime Minister Najib Abdul Razak’s personal bank account. Najib also helms the Finance Ministry.

While MACC’s 1MDB investigations were complex and involved many overseas jurisdictions – with the attorney-general refusing to issue a mutual legal assistance to the commission to work with foreign investigators – the SRC case was clear-cut as it involved mostly local entities.

The SRC money was deposited into Najib’s accounts in two transactions – on Dec 26, 2014 and Feb 10, 2015 – after being routed through two companies, Gandingan Mentari Sdn Bhd and Ihsan Perdana Sdn Bhd.

Najib has reportedly claimed to be unaware about the money from SRC.

Apandi cleared the prime minister on both the RM2.6 billion found in Najib’s account, which was described as a donation, and the SRC cases.

Malaysiakini reported last week that the Special Operations Division had been allegedly downsized and that six of its officers who were involved in the SRC probe were transferred out of the division.

Among those transferred was Bahri’s deputy, Tan Kang Sai, thus leaving the special investigation unit without two of its top officials.

…more
‘AG, MACC chief must explain why SRC case not prosecuted’
3 Jan 2016 – malaysiakini

13
Jan
17

Six MACC officers involved in SRC probe transferred

Six MACC officers involved in SRC probe transferred

Six senior officers in the Malaysian Anti-Corruption Commission’s Special Operations Division (Bahagian Operasi Khas) who were directly involved in the SRC International investigations had been transferred out.

It is understood that the six in the crack investigation team included the division’s deputy, Tan Kang Sai.

The special division was formed in 2010 to handle high-profile cases as well as cases involving corruption of more than RM1 million.

Two from the team were transferred out in October, while the rest, including Tan, were removed this month. Some of the posts vacated by those transferred out of the special unit have not been filled.

It is understood four of them had been transferred to MACC’s investigation division, while others were transferred to state MACC offices and other government agencies.

Their transfers came in the wake of an earlier transfer at about the same time last year of BOK’s deputy public prosecutor (DPP) Ahmad Shazalee Abdul Khairi.

Ahmad Shazalee, who was the DPP involved in remanding a number of key witnesses in the SRC International probe, was initially transferred to another department in MACC, but earlier this year he was moved to the Attorney-General Chamber’s Trial and Appeals division.

Report of the DPP’s transfer, who was seconded to MACC to help in its investigation, also resulted in the AG’s Chambers lodging a report against Malaysiakini for reporting the matter.

This led to a police investigation and a raid of the Malaysiakini office where one computer was seized.

‘A blow to SRC probe’

Sources said the transfer the six MACC officers could be yet another move to further derail the commission’s investigations into SRC.

The energy company, which was previously a subsidiary of the troubled sovereign wealth fund 1MDB and now under the Finance Ministry, was probed for depositing RM42 million into Prime Minister Najib Abdul Razak’s personal bank account.

Najib was questioned by MACC on Dec 5 last year for two and a half hours. Among others, Najib has reportedly claimed to be unaware that the RM42 million in his bank account came from SRC, a company belonging to a ministry under his charge.

…more
Six MACC officers involved in SRC probe transferred
31 Dec 2016 – malaysiakini

20
Nov
16

SRC faces huge loan interest payments to Malaysian civil service pension fund

State-owned firm’s debts another headache for Najib

SRC faces huge loan interest payments to Malaysian civil service pension fund

An opaque Malaysian state-owned firm is struggling to pay off its huge debts, causing a potential fresh headache for Prime Minister Najib Razak, even as aftershocks from the financial fiasco at 1Malaysia Development Berhad (1MDB) continue to reverberate internationally.

SRC International, set up by Datuk Seri Najib’s government in early 2011 to pursue strategic overseas investments in energy resources, is under pressure to meet interest payments on its borrowings of RM4.3 billion (S$1.42 billion), say government officials and financial executives close to the situation.

While SRC’s debt load amounts to a fraction of the total borrowings at state fund 1MDB, the company’s financial troubles carry a sting for Mr Najib. SRC’s primary funding of RM4 billion came from pension fund Kumpulan Wang Amanah Pencen (KWAP) that represents Malaysia’s mostly-Malay 1.6 million civil servants. A scandal involving KWAP could undermine support from the pro-government civil service.

The big crunch for SRC will come in the first quarter of next year when it will have to start making large interest payments to KWAP for the 10-year loan facility, officials say. A senior KWAP official, who admitted that SRC was struggling with its annual interest payments, noted that next year would “represent a big challenge for the SRC facility”.

A government bailout of SRC or a restructuring of the interest payments owed by SRC to the pension fund could trigger a fresh political headache for the Najib administration, which is still struggling to deal with the 1MDB scandal. 1MDB, at one point, had debts totalling RM51 billion.

Company set up to pursue energy deals

• SRC was set up by the Malaysian government in 2011 to pursue energy investments.

• Formerly under 1MDB, SRC is now a Ministry of Finance company.

• It borrowed RM4 billion (S$1.3 billion) from civil service pension fund KWAP.

• RM42 million from SRC flowed into Prime Minister Najib Razak’s account in 2013, according to probes. He said he was not aware of this.

• SRC pays annual interest of RM164 million to KWAP. This will jump to RM660 million next year and RM964 million in 2018, to pay down the principal loan.

“This needs to be resolved and one option being considered is the sale of the company’s assets and liabilities to a new party,” said one financial executive, who has been involved in the corporate restructuring at 1MDB.

Developments at SRC mirror the problems facing 1MDB, where funds raised to pursue strategic investments wound up in the accounts of personalities closely linked to Mr Najib, who is also the Finance Minister, according to widely publicised official probes into 1MDB, including findings by the United States Department of Justice. SRC was formerly a subsidiary of 1MDB but was later hived off to become a company under the Finance Ministry.

In the SRC case, some RM42 million of its funds made its way into Mr Najib’s personal account, according to probes by the Malaysian authorities and US investigators.

Mr Najib said he was not aware of any SRC funds in his account.

In January, Malaysia’s Attorney-General Mohamed Apandi Ali cleared the Premier of wrongdoing in both the 1MDB and SRC cases, saying there “was no evidence to show that the PM had abused his position”.

A review of SRC’s most recent financial accounts does not show any tangible investments into companies involved in natural resources or commodities. Its investments overseas and in Malaysia consist of “quoted shares, bonds, money market and time deposits” which are all lumped together as “available-for-sale investments”.

At end-March 2014, its investment portfolio in Malaysia stood at RM305.6 million, while its overseas investments amounted to RM3.8 billion. But these investments are not generating returns.

The latest accounts available at the Companies Commission of Malaysia show that SRC posted a loss of RM164.5 million for the year ended March 2014 due to high operating expenses and finance charges on its borrowings. The accounts for 2015 and 2016 have yet to be reported.

SRC’s interest payments, which currently amount to just over RM164 million annually, will jump significantly from next year as they will include principal payments, officials say.

The amount owing to KWAP next year is estimated at close to RM660 million and will jump to RM964 million in 2018.

To be sure, KWAP is fully covered. Documents lodged at the Companies Commission of Malaysia reviewed by The Sunday Times show that all of the borrowings and obligations of SRC are guaranteed in full by the Malaysian government.

…more
State-owned firm’s debts another headache for Najib
30 Oct 2016 – Straits Times




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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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