Monday, February 1, 2016

Malaysia 1MDB scandal: Singapore seizes bank accounts

The authorities in Singapore say they have seized a large number of bank accounts as part of an investigation into possible money-laundering linked to a fund owned by the Malaysian state.
The fund is called 1Malaysia Development Berhad (1MDB).

It was established in 2009 to pay for major new economic and social developments in Malaysia.
Singapore said it would not tolerate being used as a refuge for illicit funds.

In a joint statement by its central bank and the police's anti-fraud agency it said: "In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.

"Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States."

Last year, officials in Singapore froze two bank accounts as part of its investigation.

The announcement follows news that around $4bn (£2.8bn), earmarked for investment in economic and social development projects in Malaysia, may have been misappropriated from state-owned companies.

Read more on BBC

Related news :

1MDB: The case that's riveting Malaysia

NEW 1MDB BOMBSHELL - Second Jho Low Company Paid Hundreds of Millions To Both Najib Razak AND Khadem Al Qubaisi - EXCLUSIVE!

NAJIB HAS DELIBERATELY 'RACIALIZED' 1MDB SCANDAL - REPORT 

Tuesday, January 26, 2016

1MDB: The case that's riveting Malaysia

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

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


Monday, October 26, 2015

NAJIB HAS DELIBERATELY 'RACIALIZED' 1MDB SCANDAL - REPORT


Datuk Seri Najib Razak has sought to frame the 1Malaysia Development Berhad (1MDB) scandal in ethnic terms, and the move threatens to "widen ethnic divisions", said geopolitical intelligence firm Stratfor in its latest analysis on the embattled prime minister.

Noting the lack of explanations by Najib on the state investor’s debts and the RM2.6 billion "donation" in his bank accounts, Stratfor said Najib took his cue from Tun Dr Mahathir Mohamad whose own rise was fuelled by exploiting Malay and indigenous fears.

Najib and Umno had tacitly supported the Malay nationalist “red shirt” movement, whose rally in September was prevented by police from storming Petaling Street, a popular business district in Kuala Lumpur dominated by Chinese Malaysians, Startfor noted in its analysis.

Najib, who is also the Umno president, defended the rally and said it was a reaction by Malaysia who felt the Bersih 4 gathering had challenged the dignity of the Malays and the country’s leadership.
Stratfor said there appears a recognition that Malaysia's fundamental demographic make-up was changing, most notably among the Chinese.

“Since 1983, their share of Malaysia's total population has dropped more than 8%, and birth rates among ethnic Chinese are by far the lowest of Malaysia's main ethnic groups.
“For political purposes then, rather than wooing back minority voters, Umno will increasingly work to secure its base and keep the opposition divided along ethnic lines,” it said.

This would create a "widening of ethnic divisions" that would challenge the core integrity of the country, Stratfor said in its analysis titled "Malaysia's eventual fall from grace".


Full article on malaysia chronicle

However, Obama refused to comment on the investigations against Najib‎, saying that he did not touch on ongoing probes even on the US soil.
"I don't comment on investigations happening back in the US, I'm certainly not going to comment on any investigations or legal proceedings that are taking place in a foreign country when I'm a visitor.
- See more at: http://www.themalaysianinsider.com/malaysia/article/obama-says-discussed-fighting-corruption-with-najib#sthash.DkDVzq8j.dpuf
US President Barack Obama said he raised the importance of transparency, accountability and fighting corruption with Datuk Seri Najib Razak, even as the Malaysian prime minister is embroiled in the 1Malaysian Development Bhd (1MDB) and the controversy surrounding RM2.6 billion in his private accounts. - See more at: http://www.themalaysianinsider.com/malaysia/article/obama-says-discussed-fighting-corruption-with-najib#sthash.DkDVzq8j.dpuf
US President Barack Obama said he raised the importance of transparency, accountability and fighting corruption with Datuk Seri Najib Razak, even as the Malaysian prime minister is embroiled in the 1Malaysian Development Bhd (1MDB) and the controversy surrounding RM2.6 billion in his private accounts. - See more at: http://www.themalaysianinsider.com/malaysia/article/obama-says-discussed-fighting-corruption-with-najib#sthash.DkDVzq8j.dpuf

Wednesday, October 14, 2015

Najib Razak 1MDB Corruption Scandal - US Investigating Goldman Sachs

The Federal Bureau of Investigation and the U.S. Department of Justice are looking into Goldman Sachs for its actions as an adviser to the 1Malaysia Development Fund Berhad (1MDB), the country's state fund that has been embroiled in scandal since July, when hundreds of millions of dollars were traced from the fund to the personal bank accounts of Prime Minister Najib Razak. Goldman Sachs has served as an consultant to the group, and now U.S. authorities are gathering information "to determine if the matter will become a focus on any investigations into the 1MDB scandal," a spokeswoman for the FBI told the Wall Street Journal.

 At this point, the bank does not face any allegations of wrongdoing, and authorities were reviewing Goldman Sachs as part of a broader examination. The FBI began investigating 1MDB for money laundering in mid-September.

Goldman Sachs served as a consultant to 1MDB when the fund was launched by Najib in 2009 with the purpose of transforming Kuala Lumpur into a global financial nexus. It advised the fund on three acquisitions, including one in 2012 that ended up costing the fund about $740 million. In that purchase, Goldman Sachs helped with financing through its Principal Funding and Investment desk, which effectively used Goldman's own funds to pay for the deal. Goldman also earned $600 million simply in fees to help 1MDB sell $6.5 billion in bonds, the Wall Street Journal reported.

Read more on International Business Times