Thread: IS NAJIB FIT TO BE PM?

   
   
       
  1. #351
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    Seven Years On, It Looks Like Najib Does Not Care


    By Kee Thuan Chye


    Today, Najib Razak celebrates his 7th anniversary as prime minister of Malaysia, a position he assumed in 2009. I’m compelled to think that only for that year, April 3 was the real April Fool’s Day. Malaysians were the fools.


    In my article for the book Tipping Points (edited by Oon Yeoh, published in 2009) in which I assessed Najib’s first 100 days as PM, I raised serious doubt about his ability to run the country. I also questioned his slogan ‘1Malaysia’ which was supposedly aimed at uniting the people. I said it waould end up being an empty slogan.


    I repeated my criticism of it shortly afterwards in an article for Malaysiakini. It was in relation to a speech he had made at the 2009 Umno General Assembly.


    "Najib Razak contradicted himself … (when) he spoke of the all-embracing 1Malaysia concept on one hand and he spoke of the need to retain the New Economic Policy (NEP) on the other. The Native Americans in old cowboy movies might have said of his speech that it came from a forked tongue.


    "How can you have the NEP and at the same time say that we are all 1Malaysia? The NEP is exclusive to a particular group of people; such exclusivity sets them apart. There is no 1Malaysia then; there are 2Malaysias.


    "Does Najib not see that or is his 1Malaysia idea merely salesman talk or PR spin or marketing label?"


    Sure enough, Najib’s actions increasingly contradicted his rhetoric. In subsequent years, he even resorted to racially divisive tactics to protect his own position. So, eventually, he abandoned the ‘1Malaysia’ slogan.


    Nearly two months ago, he celebrated his 40th year in politics. Amazing! After so many years, you would have thought his public service record would have improved. Instead, he has brought not only his name but that of the whole country into disrepute.


    He is at the centre of a scandal that has hurt the country and made him the butt of many jokes. He is even called a clown. And thanks to brave activist Fahmi Reza, the cartoon of Najib as a clown has lately been surfacing not only at home but also internationally.


    It’s clear that Najib bears the mark of a man who is intent on being a politician instead of a statesman. There’s a big difference between the two.


    Questions remain unanswered over the RM2.6 billion scandal he’s embroiled in. It’s now been alleged by Wall Street Journal (WSJ) that the amount is more.


    1MDB, which he set up and chairs, is under investigation in a few countries – the United States, Singapore, Hong Kong, Switzerland. Luxembourg joined the fray only a few days ago.


    France is also investigating allegations of bribes having been paid to French officials in Malaysia’s purchase of the Scorpene submarines in 2002, when Najib was defence minister.


    As for the RM2.6 billion scandal, the new Attorney-General (A-G), Mohd Apandi Ali, hand-picked by Najib to replace Gani Patail, has, however, cleared the latter of any wrongdoing more than two months ago.


    It is heartening to note, though, that Apandi said there was “insufficient evidence” to incriminate Najib. Does this imply that there is evidence, only that the A-G thinks it is “insufficient”? If so, the A-G needs to ask for further investigations. Instead, he called for the case to be immediately closed.


    He revealed that the Saudi royal family gave Najib US$681 million in 2013, but Najib later returned US$620 million because the entire sum was “not utilised”. Oh? How come we never heard of this earlier? If Najib had indeed returned the money – which makes it sound like he’s a real honest man, an exemplary leader – why didn’t he himself announce it?


    Last week, on its TV documentary ‘State of Fear: Murder and Money in Malaysia’, the Australian Broadcasting Corporation revealed – for the first time ever – a letter allegedly from Prince Saud Abdulaziz Majid Al-Saud saying that he was granting Najib “an additional sum of up to US$375,000,000” in recognition of Najib’s “significant contribution to the Islamic world”.


    Some quarters are claiming that the letter is fake, and that it was planted to corroborate what Apandi had said about the money to Najib having come from the Saudi royal family.


    The letter does look contrived. It also appears to be worded in a way as to affirm the numerous claims Najib’s lackeys have been making over the past several months to protest his innocence.


    Phrases that seem crafted for this dubious purpose include “You shall have absolute discretion to determine how the Gift shall be utilised” … “I do not expect to receive any personal benefit … as a result of the Gift” … “The Gift should not in any event be construed as an act of corruption” (it seems odd that the prince would have such prescience to include that) … “corruption is against the principles of Islam” (it seems a redundant platitude for the prince to utter).


    But let’s suppose that the letter is real. If it were so, the next suspicious question to ask would be: Why then didn’t Najib produce this letter as evidence from the start to show the whole world that it was indeed true that the money came from an Arab prince, as claimed? It would have shut up his critics.


    Oh, by the way, Najib allegedly received US$681 million from the Saudi prince and later returned US$620 million. So what happened to the remaining US$61 million? Why does the A-G not question what Najib did with that money?


    So, did the money really come from a donor from Saudi Arabia or did it come from 1MDB?


    According to WSJ Finance Editor Ken Brown in February, “Our reporting has shown for months now that the money did not come from the Saudis but it came via a bunch of companies and bank accounts related to 1MDB. … we have lots of evidence to back that up.”


    The newspaper followed that up with a report that the US$681 million was just a part of the deposits that went into Najib’s accounts. From 2011 to 2013, more than US$1 billion had already gone in. This was even more shocking.


    The Attorney-General of Switzerland says investigations of 1MDB have revealed that about US$4 billion appears to have been misappropriated from Malaysian state companies.


    MP Tony Pua says we are very close to discovering “who are actually behind the entire 1MDB scam and who is the supposed donor”.


    He says all it takes is for Apandi to find out who the owners of shell companies involved in the money trail are – companies like Aabar Investments PJS Ltd which was set up in the British Virgin Islands, Blackstone Asia Real Estate Partners Limited, Tanore Finance Corporation (BVI) – and the truth will be revealed.


    It has been openly said that Low Taek Jho a.k.a. Jho Low is one of the people behind the companies. Will the A-G take that simple step to investigate this – for the sake of truth? I suppose if he did that, the shape of footballs might become hexahedronical.


    I have written many articles on Najib and his policies over the last seven years. I have condemned the many times he’s flip-flopped on his decisions and promises, especially his promise to repeal the Sedition Act. I have pointed out the times he actually lied. But nothing can measure up to his masterful performance in regard to the RM2.6 billion scandal.


    He has managed to turn all attempts to expose or criticise the 1MBD and RM2.6 billion scandals into the politicalese of his own coining, which is that they are aimed at overthrowing a democratically elected government. When did asking for the truth in a democracy amount to overthrowing the government?


    In April 2010, I wrote an article in MalaysianDigest.com



    entitled ‘Does Najib Really Care for the Country?’

    In it, I recounted a debate I had with a few friends who insisted that he didn’t care. They said he was interested only in preserving his selfish interests.


    I argued that “he must have some primordial connection to this land he was born in, some love for tanah tumpah darahnya. He must surely subscribe to the notion of this being tanah Melayu, the land of his forefathers and his people, the only such land in the world. What’s more, he has pedigree. He is the son of a former prime minister. Would any son of a country’s former leader want to do worse than his father and be compared unfavourably? … Would he not instead be concerned about his future legacy as prime minister, how he will be judged in history?”


    In answer to that, my friends pointed to the Perak coup of 2009 engineered by Najib. “How can you care for your country when you don’t care for the rule of law and the country’s institutions?” they said. “How can you rob the people of the choice they made as to whom they wanted for their state government?”


    They proceeded to talk about the manipulation of institutions that included the police, the mass media and the MACC. They talked about the corruption that continues to prevail and the lack of will to eradicate it.


    They even talked about the Altantuya case and questioned if justice was being truly served. Why had the two police personnel sentenced to be hanged for the murder said nothing about who gave them the orders to kill the Mongolian? Why hadn’t their motive for the murder – if they had any, to begin with – been established in court?


    Of course, my friends were right. And now in the light of what’s been happening lately, I have to say that legacy is something to take pride in if you are a statesman. But if you’re just a mere politician, other things can often take priority. What’s worse, the country can go to blazes, for all you care.

    * Kee Thuan Chye is the author of the bestsellers Unbelievably Stupid! and Unbelievably Stupid Too!





    Seven years on, it looks like Najib does not care

    A mere politician is not concerned about his legacy as prime minister, or how he will be judged in history.
    MALAYSIAKINI.COM








    py

  2. #352
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    This guy is just too much in the news. We can't keep up.

    Saturday, November 5, 2016

    Excellent analysis of Najib's $144 billion deal with China (cloned from http://donplaypuks.blogspot.my)



    NAJIB'S $144 BILLION PIE IN CHINA SKY CON JOB MOU!



    by Sum Ting Wong, Donplaypuks® intrepid correspondent for China affairs




    Crime Minister Najib can no more change his lying and thieving ways than a leopard can change its spots. So too with his just announced $144 billion of con job MoU signed with China in a sudden and dramatic shift of global alliances away from USA and the West.


    This is the demagogue who was accused of drawing out a keris and threatening to spill Chinese blood at the TPCA stadium in 1987, and who in 2013, in blatant racist overtones, accused the Chinese of causing a Tsunami in voting for the Opposition and losing him the popular vote at the General Election.








    Now he is busy pawning Malaysia's prized land banks, infra projects and defence procurement contracts like its going out of fashion, not caring a toss about the damage that will do to to our finances, growth or world standing. But, Najib lost his moral compass way back in 2006 with his involvement in the C4 murder of Altantuya. CLICK HERE for 'Murdered In Malaysia: The Altantuya Story.'

    Make no mistake. It was either that or hara kiri for Najib. There is a huge $30 billion hole in 1MDB's balance sheet resulting from the looting of 1MDB by Najib and his thief-in-arms, Low Taek Jho aka Jho Paris Hilton. Together with interest on massive borrowings, 1MDB's debts, much of it falsely classified as investments, stand at $53 billion. The "investments" are represented by worthless "units" or IOU, fake papers created by Jho Paris Hilton through dummy corporations and fake investment holding companies incorporated in off-shore tax shelters fronted by his handsomely paid (with money looted from 1MDB) Mafia.


    Genius audit partners at Deloitte & Co were duped into signing clean audit reports for 2103 and 2014, blinded by the fact that Najib's son works there as a partner. Deloitte resigned recently, hoping to avoid global negligence law suits by putting out a disclaimer that their 2013 & 2014 audit reports should no longer be relied upon. But, it's too late. Deloitte can be sued by any investor or bond holder as no audit report can be legally withdrawn after it's been approved via a resolution at a company's AGM and financial statements filed with the Registrar of Companies.


    There is another $4 billion of borrowings from KWAP, the government's pension fund for civil servants, that has gone missing from 1MDB. Possibly, a hundred million or so ringgit is accounted for by investments in Mongolian and Indonesian coal-mining ventures. The rest was looted by Najib and Jho Paris Hilton. When threatened with loss of testicles by Malays, Najib, as also Finance Minister, illegally transferred the $4 billion loss to the Ministry of Finance (MoF) where rests the debt to KWAP, guaranteed by the Taxpayer with details classified under the Official Secrets Act (OSA)!


    Now we come to the $144 billion of MoU with China. CLICK HERE. Firstly, MoU are a dime a dozen. A few years ago when Najib went to Kazakhstan for his daughter's wedding, he took along with him a planeload of relatives, friends and civil servants, all expenses passed on to the Taxpayer by the biggest cheapskate freeholder (and his wife) in Malaysian history. To make it look real, some 40 or 50 MoU were signed between Malaysia and Kazakhstan. Till today, not one has materialized as a contract or project of any worth!


    Secondly, all these projects will result in outflow of money from Malaysia to China. Ultimately, the Malaysian Taxpayer will have to foot the cost. It's not a case of the Chinese actually bringing in FDI's to invest in sustainable long-term businesses in Malaysia. They will be mere contractors. Remember, MALAYSIA has to pay for littoral ships, frigates and their maintenance contracts. That being the case, why are there no open tenders for purchase of ships, arms, weapons etc.?


    Of the $144 billion of MoUs, we have the price-tag for only 1 project - the 55 billion East Coast Railway Line (ECRL). There are no figures for the rest.


    In July, Sarawak Report leaked out that Najib was planning to fraudulently tag on $30 billion to the ECRL 600km project to plug the $30 billion he stole from 1MDB, thereby increasing the project cost to a staggering unheard of $60 billion or $192 million per kilometer! CLICK HERE.


    By comparison, work is scheduled to begin on the 197 km Gemas-JB double-tracking railway project awarded to China Railway and costing $7.13 billion or $36 million per km!! CLICK HERE. Given the way things are done in Malaysia, you can be sure that even the $7.13 billion price tag has been inflated by a minimum 15%. There may be a few extra tunnels, still, how could ECRL cost 5.5 times more per km than Gemas-JB?


    A clueless Works Minister Fadillah Yusof screamed 'foul', saying it had not been discussed at Cabinet level at all. But, the biggest and worst conscienceless crook in Malaysian history, Najib, has now bypassed every government department and Minister, and signed the MoU with China state-owned company, China Communications Construction Company (CCCC), fr $55 billion, without calling for an open tenders.

    The reason is obvious. CCCC has been blacklisted by the World Bank for serial corruption and shoddy works in several countries. CLICK HERE. A leopard can never change its spots. In 2002 Najib as Defence Minister, signed the $8 billion Scorpene Submarines contract with DCNS of France knowing they were involved in corruption AND MURDER in Taiwan and Pakistan! The ECRL project handled personally by Najib stinks of corruption even before a single line has been sketched on the drawing board. More than that:


    1. How could ECRL cost $27 billion and the financing, more than 100% at $28 billion?
    2. Where are the revenue projections to show how the capital sum of $55 billion and subsequent commissioning, operational and maintenance costs will be paid?
    3. What is the break-even cost and years of this project? In the past, the EPU (Economic Plundering Unit) under previous crime ministers, came up with fancy pie-in-the-sky passenger traffic numbers to award sweetheart automatic toll increase and compensation contracts to croney Toll Highway Concessionaires. Similarly, in justifying $30 billion for the double-tracking railway projects, they came up with unheard of increases in passenger and freight load volume projections. Yet, KTMB has turned in nothing but huge losses.
    4. Once the ECRL is completed, if ever, then the current Gemas-Kelantan line will lose big money. Has Najib factored this into his business model?


    I will give it to you in black and white right now - the ill-conceived and fraudulent $55 billion ECRL, like Perwaja, Proton, MAS, will turn out to one of the biggest money losers in Malaysia's financial history.

    Najib has also issued a full commercial bank licence to China Construction Bank, reckoned to be the second largest bank in the world. This surely means that Maybank, CIMB, RHB and Affin, all tier 1 banks, will take a massive whacking in profits and share prices. Has Najib thought that far ahead to what it will do to his racist Bumiputra agenda? How will the Malays react?


    As for Melaka development etc., why exactly does Najib need the China parties? If you are going to hand out multi-bilion ringgit real estate projects on plum long-term deferred payment terms, why not do it by open tender to local and/or international developers? Unless of course, fraud and corruption are major considerations!


    Believe me, bird's nest export and research are not going to propel Malaysia into high income nation status anytime soon. And why would China set up a steel plant in Sarawak? Where would the steel be exported to? Malaysia where Perwaja has failed big time? To China where they can produce it cheaper and there is a slow down? Are these MOU for real?


    Remember, all the other MoU too will result in OUTFLOW of money from Malaysia. Where will Najib find the money when our debts have exceeded $800 billion, and has more than doubled under him since 2009?









    Jack Ma appointed digital consultant? Don't make me laugh. We had Bill Gates before and where did that get us? It's not Jack Ma who's the problem, it's the Najib mind-set. Crooks and thieves around whom three murders have revolved have no interest in the PEOPLE or their welfare.


    They are doomed to fail spectacularly, not least because Communism and Islam sit uncomfortably side by side!





    py

  3. #353
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  4. #354
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    1MDB, the bomb waiting to explode.


    1MDB


    Malaysians underestimate the damage caused by the 1MDB scandal


    But the opposition has to do more to win over rural Malays


    Nov 26th 2016





    FORTY thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the event. She was placed in solitary confinement, and can be held there for 28 days. Even by Malaysia’s dismal recent standards this marked a fresh low. Ordinary Malaysians should not stand by while their leaders undermine the rule of law so casually.


    Ms Chin Abdullah’s detention was justified by an anti-terrorism law which the government had promised would never be used against political opponents. The true motivation was to stifle outrage over 1MDB, a state-owned investment firm from which billions have gone missing. In July American government investigators said they thought that $3.5bn had been taken from the firm and that hundreds of millions of dollars went to the prime minister, Najib Razak (who says he has never taken public funds for personal gain). The investigators’ findings corroborated exposés written by local and foreign journalists, who have been unravelling the saga for several years.


    Elsewhere the scandal would have sparked a swift change in government. But the United Malays National Organisation (UMNO) has held power for six decades and enjoys broad support from Malaysia’s ethnic-Malay majority, some of whom resent their ethnic-Chinese and Indian compatriots. The party has devised many ways to protect its leaders from internal revolts, so Mr Najib found it easy to purge critics, delay a parliamentary investigation and replace an attorney-general said to have been preparing charges against him.


    No one in Malaysia has been charged over 1MDB’s missing money. But a court has handed a prison sentence to an opposition politician who frustrated efforts to hush up the affair. The editor and publisher of one of Malaysia’s last independent news organisations face jail under a rule which forbids certain content published with “intent to annoy”. A competitor closed in March after authorities ordered its website blocked.


    Mr Najib’s party is carelessly widening Malaysia’s ethnic and religious splits. Seeking to bolster support among conservative Malay Muslims, it is toying with a proposal to intensify the whippings which may be meted out by sharia courts. It has failed properly to condemn pro-government gangs that last year menacingly gathered in a Chinese part of the capital. Their leaders paint ethnic Malays as victims of sinister conspiracies—dangerous rumour-mongering in a country where politics is still defined by the racial violence of the 1960s.

    Easily broken, hard to fix


    Until now foreign investors have been fairly sanguine about the economy. But they are growing rattled. The ringgit has depreciated faster than other emerging-market currencies (see article). Last week the authorities asked foreign banks to stop some ringgit trading abroad, raising fears of harsher controls.


    Rural ethnic Malays, a crucial constituency, feel that the scandal is a remote affair. Even some educated urbanites still favour Mr Najib’s government over the opposition, underestimating the damage being done by the scandal. If change is to come, the disparate opposition needs to do a better job of winning such people over; its fractious parties must overcome their divisions and present a plausible candidate to replace Mr Najib in a general election that could be held as soon as next year. Malaysia has always been an imperfect democracy, but the rot eating at its institutions is harming its international standing and its economic prospects alike.



    This article appeared in the Leaders section of the print edition under the headline Falling down
    py

  5. #355
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    History of denials on 1MBD.

    It never seems to end.

    It started with 4 Jul 2015: I deny receiving any money in my account.

    Partial admission: 25th Jan 2016: RM26 million entered my account but I did not know how it got there.

    In between, there are a series of excuses put up by his acolytes.
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

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    py

  6. #356
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    If true, this is a masterpiece by Najib. Better start to learn Mandarin.

    http://ec2-52-77-145-248.ap-southeas...-rail-project/


    Sarawak Report
    31 December 2016




    Jho Low's Price For Selling Malaysia Out To China Via The East Coast Rail Project



    Sarawak Report exposed Najib’s secret bail out plan for 1MDB, using the East Coast Rail Project, last July.

    Internal documents acquired by this site provided a breakdown of the entire cost of the project negotiated with the Chinese state company CCCC, which has already been banned by the World Bank because of its record of corrupt practice (see base of article).

    The information showed that the construction company, together with the Malaysian Finance Ministry (Najib) had deceitfully agreed to inflate the cost of the entire project by over 100%, in order to hide the repayment of US$5.63 billion of 1MDB debt.


    The additional costs (MYR29.85bn) largely comprising 1MDB’s debt repayments, totalled more than actual cost of the railway (MYR27bn) in this draft costing

    The deal included a $315 million purchase price for two companies controlled by Jho Low – his apparent price for negotiating the crooked deal with Beijing.

    Despite denials the project went ahead

    At the time Najib and his ministers angrily denounced and denied our story, calling it all a bag of lies.

    According to the leaked schedule, which formed part of these documents, the Cabinet was due to review the project on 25th July and (of course) agree to it on 27th July. However, the Minister of Public Works, Fadillah Yusof, denied on the 26th July that the matter had ever been discussed.

    Yet, only a few weeks later in October, the project with CCCC was announced just as we had reported with only a few cosmetic changes to the overall figures we had pubished (lopping RM5 bn off the projected costs). There had been no public tendering exercise for mega-construction, which experts unsurprisingly have pointed out is indeed double the cost of equivalent structures.

    What’s more, just as the document we released in July had stated, it was confirmed that the entire project will be financed by a ‘soft loan’ from China at 2% interest with an intial 7 year ‘holiday’ from repayments, thereby getting Najib off the hook over 1MDB’s missing billions entirely and leaving all the problems of repayment to his sucessors.



    Backed by a soft 2% 20 year loan from China – Ministers said SR was lying and then announced an almost identical agreement (minus the secret figures behind the deal)

    The deal has apparently been guaranteed by unspecified ‘land assets’ promised to the Chinese and cemented by pledges of a new strategic balance towards the nearby super-power, which is already starting to assert its naval presence in the ultra-sensitive Malacca straits and also in Malaysian waters in the South China Sea, where China has been eying fishing and oil reserves and doubtless also the lands and wealth of North East Borneo (East Malaysia).

    In short, Najib has sold out his country to China in his attempt to cover up the massive thefts from 1MDB, billions of which ended up in his own accounts or were frittered away in the gargantuan spendthrift extravagances and investments by Jho Low.

    Power-grab by China

    The benefits to China are spelt out clearly in the draft document (see entire copy of the document below):

    “Direct award on extremely favourable terms by GOM on an accelerated basis”
    “Malaysia’s adoption of Chinese rail technology into Malaysia’s mega infrastructure projects”
    “Malaysia’s acceptance and expansion of China’s One Belt, One Road strategy”


    In other words, there would be no tiresome tendering or ‘bureaucratic hold-ups’ caused by such matters as due diligence, since this was to be a classic Najib/Jho Low lightening deal, no questions asked. Also, crucially, the project will now tie Malaysia into China’s sphere of influence in terms of key transportation and trade routes.

    Furthermore, Najib has been happy to hand total control over the manning of the strategic project to the Chinese state contractor, meaning that China will be in charge of all procurement and jobs will go to Chinese rather than Malaysian construction workers, even though it will be the Malaysian taxpayer who will be footing the bill:

    “10 year tax break fro GST and Income Tax”
    “GOM will assist by taking responsibility for land acquisition and borne (sic) the cost”
    “Allowing CCCC to select partners, suppliers and subcontractors”
    “Assist in seeking approval for CCCC to utilize bank guarantee rather than cash retention sum”


    Big fat kickback to Jho Low?


    It is widely known that Jho Low was spending much of his time in China in the run up to the conclusion of this awful deal for Malaysia. The now notorious deal maker is tied to the hip with the Prime Minister over 1MDB.

    So, little surprise that the corrupted secret schedule (“for internal use only”) details what is plainly another handsome pay-off for the Penang born billionaire, who has already purloined billions of dollars from the Malaysian taxpayer.

    Written into the deal are not only precise dates and figures for the upcoming payments due on the 1MDB power purchase bonds (controversially shouldered by Abu Dhabi’s IPIC in 2015, which the sovereign fund is now contesting), but also multi-million buy outs of connected shares in two companies inextricably linked both to Jho Low and to the scandal of the payments into Najib’s own bank acounts, Putrajaya Perdana Berhad and Loh & Loh for a total cost of $315 million.



    Written into the deal are hundreds of millions to pay out Jho Low’s companies…



    First payments of IMEL (1MDB Energy) and IMELL (1MDB Energy Langat) debts to be made in October, pre-dated by buy outs of Jho Low’s tainted companies, PPB (Putrajaya Perdana Berhad) and LLCB (Loh & Loh Corporation Berhad) in August

    The history of both these companies is closely linked to the unfolding scandal of 1MDB. They were originally purchased by Sarawak Chief Minister Taib Mahmud’s company UBG Group on the advice of Jho Low after Taib made a killing selling off RHB Bank to the government controlled Employee Provident Fund.



    Vern Tact was Jho Low’s Alternate at UBG and remains on the Boards of both Loh & Loh and PPB

    Jho Low then took a 50% stake in UBG in 2008.

    Later, in 2010, Jho Low used a bogus subsidiary of the 1MDB ‘joint venture partner’ PetroSaudi to buy out the entire group, using US$260 siphoned out of the development fund to leverage the deal.

    As Sarawak Report has demonstrated the bogus PetroSaudi subsidiary named Jarvace was in fact controlled by Jho Low, who then later transferred both Loh & Loh and PPB back to UBG Group.

    In 2012 both companies were sold on the same day to separate entitities: PPB to Cendana Destini Sdn Bhd and Loh & Loh to Selesa Produktif Sdn Bhd for a total of RM500 million.

    However, both evidently remain under the control of Jho Low, whose close associate and former Alternate Director on the Board of UBG Group, Vern Tact, still sits on the board of both companies.
    Vern Tact’s alternate on both companies is the same Monica Chin.



    On the Board of Loh & Loh – also a Director of PPB owner Cendana Destini

    Another Director in both companies is Mohd Faizul Bin Ibrahim, again demonstrating the continuing ties between the companies and the remaining link to Jho Low.

    Equally indicative has been the string of favourable government contracts which these companies have benefitted from:

    “For over a decade PPB has been involved in a multitude of landmark residential and infrastructure projects throughout Malaysia. These include the construction of the majority of government complexes, offices and high-end residential unties within the Federal Government’s administrative capital of Putrajaya”


    boasts one of the company’s Annual Reports:


    Favoured company?

    Another tell-tale sign of favour in high places was the decision by the Pilgramage fund Tabung Haji to invest in a hefty 30% share in PPB, thereby injecting a fat sum of public money once again into Jho Lows pockets.
    Payments to the PM

    The thread of collusion continues with the revelation that it was none other than the company PPB that the Malaysian Anti-Corruption Commission’s investigation identified as a vital intermediary in the siphoning of funds from 1MDB’s subsidiary SRC International into the Prime Minister’s accounts at AmBank in 2014/15. This was according to the very papers waved before press cameras by the Attorney General appointed by Najib to “clear” him last January.



    Apandi clears and dams Najib in one gesture!

    Close ups of those documents showed that one of the trails employed by the head of SRC International, Nik Faisal Arif Kamil (another associate of Jho Low) to transfer 70 million of ringgit into the Prime Minister’s accounts used payments funnelled through PPB.



    Jho Low controlled PPB was a key channel used by Jho Low associate Nik Kamil (CEO of SRC) to funnel money to Najib from 1MDB

    Much of the money was used to fund Najib’s credit card expenses and also construction works on his home, the purchase of millions of dollars worth of diamonds and luxury goods and also anti-aging treatment.


    Despite the multi-million ringgit Royal buy-out, Loh & Loh’s links to PBB, 1MDB and Jho Low appear to have remained close

    So, perhaps little surprise that Najib and Jho Low have colluded to off-load these two tainted companies as part of the deal to pay off 1MDB’s debts via the East Coast Rail Project.

    In the process Jho Low appears to have generated a handsome profit by selling the companies two times over using money borrowed by the taxpayer – three time over, if you count the Tabung Haji deal.

    Notably, only 70% of PBB is being off-loaded, implying that Tabung Haji is still lumbered with its 30%, whilst 10% of Loh & Loh also remains, presumably in the hands of its original shareholders, with 90% sold on.

    The Chairman of Loh & Loh, Y.A.M. Tengku Dato’ Rahimah Binti Almarhum Sultan Mahmud, also has ties with 1MDB: she is the younger sister of the Sultan of Terangganu and used to be on the Board of 1MDB’s predecessor the Teregganu Investment Authority, which was set up on the advice of a friend of the royal family, Jho Low.

    Low brought her onto the Loh & Loh Board when he bought into UBG in 2008 through the company Majestic Masterpiece and she says she then bought half the multi-million dollar company in 2012 together with Board Member Rashidi bin Che Omar, who sits on numerous government related companies (including Tadmax Resources, which was bailed out thanks to a land purchase by 1MDB, which few could understand the reason for):

    “I am pleased to announce that effective on 14 September 2012, Dato’ Che Abdullah @ Rashidi bin Che Omar and myself, being the principal shareholders of Selesa Produktif Sdn Bhd, had successfully completed the acquisition of all the 68,000,000 ordinary shares of Loh & Loh Corporation Berhad representing 100% of the issued and fully paid up shares of the Company. I have been the Chairman of Loh & Loh since 2008 and I am grateful to have the opportunity to bring my association with this great company another step closer as a shareholder” [Annual Rpt 2012]


    However, a fellow director and minority shareholder of her holding company Collective Bridge Sdn Bhd, Ishak bin Ahmad, was also appointed as a Board Member of PBB and a director of its shareholder Cendera Destini on the same day (13th Sept 2012), confirming the strong remaining connections between Loh & Loh and PBB, which is reflected in the joint buy out by CCCC.


    Close remaining links to PBB – Ishak joined PBB Board on the same day he joined Loh & Loh

    1MDB’s repayment schedule

    Apart from the sale of the two tainted Jho Low companies, the CCCC East Coast Rail Project secret schedule lays out in clear detail with full amounts and dates exactly how the Chinese company had contracted to pay off 1MDB’s debts with specified dates and amounts as repayments became due.

    The first of these repayments were planned for October of this year, after the contract was due to be signed and announced. Najib’s ministers declared that Sarawak Report was lying when it published this information in July. Nevertheless, in December Second Finance Minister Johari duly announced that at last, in the final quarter of the year, 1MDB had indeed managed to take over the settlement of its own debts from IPIC – without offering any other explaination as to how this had been done.



    Fat RM79 million ‘strategic consultancy fee’? The total payments for 1MDB and Jho Low’s companies and ‘consultancy extras’ are totalled to the additional RM29billion added to the East Coast Rail bill

    The repayments are clearly and correctly listed in the leaked document, right up till the final due date in 2022, totalling the agreed overspend of RM29.85 billion. Thrown in are the sale of the Jho Low companies, netting him over US$300 million and also a fat “consultancy fee” to be paid through a company of CCCC’s choice of RM79 million, to a yet unknown entitity.

    The entire project reeks of corruption and treachery against the people of Malaysia.

    And whilst BN ministers have attempted to accuse Sarawak Report of lying with the release of this material they have signally failed to provide their own figures or any transparent break-down of the grossly inflated costs of what has now been recognised as one of the most expensive rail projects ever commissioned anywhere in the world – all behind closed doors and managed by the Prime Minister/ Finance Minister of Malaysia, Najib Razak and his partner Jho Low.

    The full breakdown figures leaked to Sarawak Report in July

    Below are the full draft figures leaked to Sarawak Report in July, which were remarkably similar to the final project announced later in the year.


    py

  7. #357
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    Oct 2008
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    13,377
    IMDB in graphics.


    WSJ: How the 1MDB Scandal Spread Across the World

    http://www.kinitv.com/video/43535O8
    py

  8. #358
    Join Date
    Oct 2008
    Posts
    13,377
    Malaysia Controversy

    Global investigators believe more than $1 billion entered Malaysian Prime Minister Najib Razak's personal bank accounts, much of it from state investment fund 1MDB. The scandal has caused a political crisis in an important U.S. ally in Asia and threatens to upend years of one-party rule in the country. Mr. Najib denied wrongdoing or taking money for personal gain. The 1MDB fund denies wrongdoing and says it's cooperating with probes.





    Feb. 2, 2017Plan to Oust Malaysian Investor from Hotel Consortium Proposed

    The Justice Department and a New York property developer have asked a federal court to approve a plan to remove Malaysian financier Jho Low from the group that owns the Park Lane Hotel, according to court papers.










    • Jan. 20, 2017 Talks Between Malaysia, Abu Dhabi Over Missing Money Break Down

      Negotiations between government investment funds in Malaysia and Abu Dhabi over who is responsible for billions of dollars in missing money have broken down, according to people familiar with the matter, making it harder for the two funds to put the scandal behind them.









    Dec. 30, 2016 Malaysian Leader Promised Openness, Now Stifles Dissent

    The Malaysia government uses an assortment of laws to silence critics of its handling of the multibillion-dollar global scandal over state fund 1MDB, but says it remains tolerant and is enforcing the law.



    Dec. 26, 2016 Law Firms’ Accounts Pose Money-Laundering Risk

    Citing attorney-client privilege, U.S. law firms keep secret the owners of money that moves into and out of their pooled accounts, a money-laundering vulnerability that U.S. prosecutors say was exploited in a multibillion-dollar fraud at Malaysian state fund 1MDB.



    Dec. 22, 2016 Goldman Sachs Ties to Scandal-Plagued 1MDB Run Deep

    Goldman Sachs courted the Malaysian state fund now at the heart of global embezzlement probes, earning high fees for selling its bonds. Investigators want to know if the bank had reason to suspect misuse of the money.

    How a Malaysian Scandal Spread Across the World - WSJ.com

    Global investigators believe that billions of dollars were misappropriated from 1Malaysia Development Bhd., an economic-development fund set up by Malaysian Prime Minister Najib Razak in 2009.



    Dec. 2, 2016 Singapore to Ban Former Goldman Banker in Connection With 1MDB Scandal

    Singapore said it will sanction Goldman Sachs’s former top executive in Southeast Asia, who allegedly wrote an unauthorized reference letter for a Malaysian who U.S. authorities say is at the center of one of the world’s largest-ever financial scandals.



    Dec. 1, 2016 Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Sprawling Scandal


    Investigators probing the missing billions at Malaysia’s 1MDB state development fund believe two former officials of the Abu Dhabi sovereign-wealth fund IPIC played a central role in the alleged international fraud. The extent of the probe shows the financial scandal’s global reach.



    Oct. 19, 2016 DiCaprio Cooperating With 1MDB Probe

    Representatives of Hollywood actor Leonardo DiCaprio contacted the Justice Department in July immediately after the government alleged some money embezzled from a Malaysian government fund financed a film starring Mr. DiCaprio called “The Wolf of Wall Street.”



    Oct. 14, 2016 Malaysian Fund 1MDB Linked to White House Visit

    Investigators of Malaysia’s troubled 1MDB fund are looking into whether money embezzled from it paid for lobbying seeking closer U.S.-Malaysian relations. Frank White Jr., who had business ties to 1MDB and is also a Hillary Clinton fundraiser, brought relatives of Malaysia’s prime minister to the Oval Office.



    Sept. 12, 2016 1MDB Scandal Around Malaysia Prime Minister Puts New Spotlight on Wife

    Documents show $6 million in credit-card spending drawing renewed scrutiny of Rosmah Mansor, amid allegations that her husband and people close to him siphoned more than $3 billion from a state investment fund, 1MDB.



    Sept. 6, 2016 Behind the 1MDB Scandal: Banks That Missed Clues and Bowed to Pressure

    Suspected ringleaders of Malaysia’s 1MDB scandal allegedly cultivated bank executives, pressed compliance officers and obsessed about secrecy.



    Aug. 18, 2016 Key Figure in 1MDB Probe Is Arrested

    Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multibillion-dollar fraud related to a Malaysian sovereign-wealth fund, according to people familiar with the matter.



    Aug. 2, 2016 Malaysia’s Najib, Beset by Growing Scandal, Demands Respect

    Malaysian Prime Minister Najib Razak, facing a loss of international standing as he wrestles with global investigations into alleged corruption, urged countries not to meddle in the affairs of his country.



    July 21, 2016 Leonardo DiCaprio’s Cameo Role in 1MDB’s Growing Drama

    Prosecutors’ move to seize assets from the Malaysian backers of ‘The Wolf of Wall Street’ details gambling trips, other social ties with the actor.






    July 21, 2016 Prosecutors Seize Millions of Dollars in Art in 1MDB Probe

    Swiss officials are seizing some of Jho Low’s holdings, including a drawing by Vincent van Gogh and two paintings by Monet, alleged in a civil lawsuit that they were bought with money stolen from 1Malaysia Development Bhd., a government investment fund in Malaysia known as 1MDB.



    • May 26, 2016 Malaysia’s Probe Into 1MDB Fund Was Flawed

      Investigations ordered by Malaysia’s leader into graft allegations at a state-development fund have been undermined by political pressure and a lack of transparency, according to documents and interviews with people involved.



    May 18, 2016 Investigators Studying Former 1MDB Official’s Payment to Ex-Goldman Banker

    International investigators are examining funds sent to a former senior Goldman Sachs banker from a lawyer with ties to a scandal-embroiled Malaysian investment fund.



    May 12, 2016 Malaysian Leader Najib’s Stepson Allegedly Funded U.S. Property Deals With 1MDB Money


    At least $50 million allegedly diverted from a state investment fund in Malaysia was spent on luxury properties in New York and Los Angeles by the stepson of the Malaysian prime minister.


    Last edited by pywong; 5th February 2017 at 12:04 PM.
    py

  9. #359
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    Oct 2008
    Posts
    13,377
    April 20, 2016 Malaysia Prime Minister’s Confidant Had Central Role at 1MDB Fund

    Jho Low controlled hundreds of millions of dollars of money through a network of contacts, and amassed riches himself.



    April 18, 20161MDB and Abu Dhabi Feud Over Coming Bond Payment

    A dispute between Malaysia’s and Abu Dhabi’s sovereign-wealth funds over missing billions of dollars is coming to a head this week, with the potential to send ripples through currency and bond markets.



    April 12, 2016Switzerland Expands 1MDB Investigation

    Swiss authorities have expanded their investigation of 1MDB to focus on two former Abu Dhabi officials linked to financial dealings with the Malaysian state investment fund that have come under mounting global scrutiny.



    April 11, 2016Abu Dhabi Fund Says It Never Received 1MDB Payments

    The International Petroleum Investment Co. said publicly for the first time that it hadn’t received billions of dollars in payments that 1Malaysia Development claims it sent.



    April 8, 2016Malaysian Politician Charged With Violating Secrets Law on 1MDB Report

    A senior opposition figure was charged in court with breaking official secrecy laws and divulging details from a classified auditor-general’s report on troubled state investment fund 1Malaysia Development Bhd., or 1MDB.



    April 1, 2016The Secret Money Behind ‘The Wolf of Wall Street’

    Investigators believe much of the cash to make the Leonardo DiCaprio film about a stock swindler originated with an embattled Malaysian state development fund called 1MDB.








    March 24, 2016Malaysia Considers Caning People Who Reveal State Secrets

    Malaysia’s cabinet is split over whether to adopt Attorney General Mohamed Apandi Ali’s recommendation, which he said could be used to prosecute journalists who refuse to disclose their sources.





    March 11, 2016Goldman Confirms Southeast Asia Chairman Suspended Over Reference Letter

    A former Goldman Sachs banker’s file with the securities industry’s self-regulating group confirmed that the Wall Street firm suspended him for making “inaccurate and unauthorized statements” in a reference letter he wrote without its consent.



    • March 10, 2016Goldman Hire Came as Bank Pitched Malaysia’s 1MDB

      Goldman Sachs hired the daughter of a close ally to Malaysian Prime Minister Najib Razak around the time its bankers were looking for business from the country’s government investment fund, 1Malaysia Development Bhd.



    March 1, 2016Deposits in Malaysian Leader’s Accounts Said to Top $1 Billion

    Investigators believe money deposited in Malaysian Prime Minister Najib’s accounts topped $1 billion and much of it originated with the country’s 1MDB fund, moving via offshore entities.



    Feb. 28, 2016Malaysia’s Najib Lashes Out Against His Critics

    Najib’s ruling party suspended a deputy party president who called to step up investigations into alleged graft at 1MDB, as the government heightened efforts to contain media reports on the issue.



    • Feb. 25, 2016Goldman Banker Who Had Ties to 1MDB Departs

      A senior Goldman Sachs banker who helped the Wall Street firm win business with embattled Malaysian state investment fund 1MDB has formally left the bank.
    • Jan. 30, 2016Swiss Prosecutors Say Malaysia Funds Were Diverted

      Switzerland’s top prosecutor said $4 billion may have been misappropriated from state-owned companies in Malaysia, a significant escalation of an investigation into transactions around government fund 1MDB.



    Jan. 27, 2016Doubts Raised About Claim of Saudi ‘Donation’ to Malaysia Leader

    Malaysia’s attorney general, trying to end a monthslong scandal, said a nearly $700 million transfer to Prime Minister Najib Razak’s private bank account was a legal “personal donation” from Saudi Arabia’s royal family.






    Dec. 29, 2015The Money Network of Malaysian Politics

    The ruling United Malays National Organization party spent hundreds of millions of dollars, much of it from the 1MDB wealth fund, to ensure victory in 2013.



    Nov. 25, 2015After 1MDB Deal, China’s Clout Set to Grow in Malaysia

    China’s $2.3 billion deal to buy power assets from a debt-ridden Malaysian government-investment fund could give Beijing greater sway in the Southeast Asia nation.



    Nov. 20, 2015Obama Faces a Diplomatic Dilemma on Malaysia Trip

    When President Barack Obama arrives in Malaysia on Friday, he will face a diplomatic dilemma: How should he handle an important regional partner—Malaysia—whose leader, Najib Razak, is engulfed in scandal?



    Nov. 19, 2015Critics of Malaysian Government Cite Censorship Pressure

    Journalists and opposition figures say they are under pressure to rein in criticism of Prime Minister Najib Razak as a scandal involving the troubled 1MDB development fund dents his popularity.



    Nov. 12, 2015Malaysian Fund’s Latest Act: Two Obama Fundraisers, One Fugee and $69 Million

    The sprawling web of investments by a Malaysian government fund at the center of a corruption probe now includes two former fundraisers for President Barack Obama and a hip-hop superstar.



    Oct. 16, 2015Malaysia’s Prime Minister at Center of 1MDB Storm

    Embattled Malaysian Prime Minister Najib Razak played a key role at state development fund 1MDB, his signature initiative, which has sparked a raft of investigations. The fund has faced accusations that billions of dollars are missing and that money was misused for political purposes or siphoned off.






    Oct. 12, 2015Malaysian Leader Najib Razak Faces Political Test

    Pressure is building on Malaysian Prime Minister Najib Razak ahead of a no-confidence vote next week amid probes into the troubled state investment fund he heads.



    • Oct. 9, 2015Malaysian Officials Sought Criminal 1MDB Proceedings

      Malaysia’s central bank said it recommended criminal proceedings against state investment fund 1Malaysia Development for allegedly breaking foreign-exchange rules but that the attorney general had declined to act.



    Oct. 9, 2015Malaysia Arrests Another Critic of Prime Minister

    A prominent lawyer was arrested on charges of sabotage after planning to travel to the U.S. to help urge authorities there to investigate money transfers into Prime Minister Najib Razak’s alleged personal accounts.









    py

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