It stems from Prime Minister Najib Razak's strategic state fund
called 1Malaysia Development Bhd (1MDB) set up in 2009 when he came into
office. The fund is meant to turn Kuala Lumpur into a financial hub.
It
started to attract national attention in early 2015 when it missed
payments for the $11bn (£7.1bn; €9.9bn) it owed to banks and
bondholders.
Former Prime Minister Mahathir Mohamad has said the
fund has taken on too much debt and lacks transparency. He has also
criticised Mr Najib's family's "lavish" lifestyle, which has been
regularly discussed in the local press.
Then the Wall Street
Journal (WSJ) reported it had seen a paper trail that allegedly traces
close to $700m from the troubled fund to Mr Najib's personal bank
accounts.
Read more on BBC News
Tuesday, January 26, 2016
Thursday, January 21, 2016
NEW 1MDB BOMBSHELL - Second Jho Low Company Paid Hundreds of Millions To Both Najib Razak AND Khadem Al Qubaisi - EXCLUSIVE!
Sarawak Report can reveal that a second Jho Low company, Blackstone
Asia Real Estate Partners Limited, has paid hundreds of millions of
dollars into the personal accounts of both the Malaysian Prime Minister,
Najib Razak and also the ex-Chairman of Abu Dhabi’s Aabar fund, Khadem
al Qubaisi.
Aabar, a subsidiary of the IPIC sovereign wealth fund, has been enmeshed in a series of highly questionable and loss making deals with the scandal-torn Malaysian development fund 1MDB, which is directly controlled by Razak, using Jho Low as his proxy.
A Sarawak Report investigation has established that Blackstone, a BVI registered company which gives an address in Singapore, has been cited as the sender of a series of enormous dollar currency payments to both men between 2011 and 2012. Our information includes telegraphic transfer documents passed through the American banking system.
The off-shore company uses a tactic familiar to watchers of Jho Low, in that it apparently seeks to give the impression that it is associated with the US global investment giant, the Blackstone Group. However, there is no link whatsoever between the legitimate multi-national and this secretive shell company.
More on Sarawak Report
Related news :
Najib Razak 1MDB Corruption Scandal - US Investigating Goldman Sachs
1MDB: The case that's riveting Malaysia
Aabar, a subsidiary of the IPIC sovereign wealth fund, has been enmeshed in a series of highly questionable and loss making deals with the scandal-torn Malaysian development fund 1MDB, which is directly controlled by Razak, using Jho Low as his proxy.
A Sarawak Report investigation has established that Blackstone, a BVI registered company which gives an address in Singapore, has been cited as the sender of a series of enormous dollar currency payments to both men between 2011 and 2012. Our information includes telegraphic transfer documents passed through the American banking system.
The off-shore company uses a tactic familiar to watchers of Jho Low, in that it apparently seeks to give the impression that it is associated with the US global investment giant, the Blackstone Group. However, there is no link whatsoever between the legitimate multi-national and this secretive shell company.
More on Sarawak Report
Related news :
Najib Razak 1MDB Corruption Scandal - US Investigating Goldman Sachs
1MDB: The case that's riveting Malaysia
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