Friday, March 20, 2015

Treasury-General: 1MDB RM42 Billion Scandal Only A "Small Issue Involving One Firm"

Malaysians can only react in horror when the Treasury-General can claim that the RM42 billion 1MDB scandal is only a “small issue involving one firm”.
Bernama reported yesterday that 1Malaysia Development Bhd (1MDB) is a “small issue involving one company, which is current undergoing a restructuring process,” according Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.
Malaysians are stunned by the blasé reaction from Malaysia’s top finance civil servant.

Thursday, March 19, 2015

Dato' Seri Najib And Jho Low's Identical Responses To Questions: Mere Coincidence?

Why are Dato’ Seri Najib Razak and Jho Low giving the same standard reply which doesn’t answer the question of the latter’s role in 1Malaysia Development Bhd?

When Member of Parliament for Wangsa Maju, Dr Tan Kee Kwong asked the question on 12 March 2015 on whether there was any business transactions or dealings between 1Malaysia Development Bhd (1MDB) and Jho Low, Dato’ Seri Najib Razak provided a short and curt answer.He said “Mr Low Taek Jho never worked in 1MDB and all 1MDB decisions and transactions are made by the management and the Board of Director of 1MDB”.Why are the responses from the Finance Minister and Jho Low so strikingly similar in not directly answering the questions posed?

Tuesday, March 17, 2015

Where Is 1MDB Global Investment Limited's US$3 Billion?

Where is our Government-guaranteed 1MDB Global Investment Limited’s US$3 billion?

Deputy Finance Minister, Datuk Ahmad Maslan had repeatedly denied that the Government had issued a “letter of support” for 1Malaysia Development Bhd (1MDB) via its subsidiary 1MDB Global Investment Limited to raise a US$3 billion bond on the 6 November 2014. He was subsequently forced to apologise embarrassingly to the August House on 18 November 2014 by conceding that there was such a letter.

However, he had insisted in his apology and revision of his Hansard speech that the letter does not tantamount to a guarantee.

Monday, March 16, 2015

Second Finance Minister Must Be Joking That 1MDB's Cashflow Problems Can Be Solved This Year

Dato’ Seri Ahmad Husni Hanadzlah must be joking to claim that 1Malaysia Development Bhd (1MDB) is facing only cashflow problems which will be resolved by the end of this year.

During the last parliamentary sitting, Deputy Finance Minister Datuk Ahmad Maslan assured Malaysians that 1Malaysia Development Bhd’s losses were temporary and “it will return to profitability” for the financial year ending March 2015.

The Deputy Finance Minister spoke to reporters during a press conference on 21 November 2015 after 1MDB reported its first annual losses of RM665 million for its March 2014 accounts.

As we approached the end of March 2015 financial year, the Datuk Ahmad Maslan prophecy of 1MDB making profits looks as remote as any attempt to grow money on trees.  It showed clearly that we had a Deputy Finance Minister who had no grasp of the subject matter.

Saturday, March 14, 2015

Sarawak Report Chief Investigate Journalist To Join "1MDB: The Ultimate Low Down" Forum

Sarawak Report’s Clare Rewcastle will join the “1MDB: The Ultimate Low Down” Forum via video conference.

This press release is to announce that Sarawak Report’s chief investigative journalist, Clare Rewcastle will be joining the forum “1MDB: The Ultimate Low Down” via video conference.

Friday, March 13, 2015

Minister Of Finance II Completely Deluded To Think IPO Can Solve 1MDB's Cashflow Problems

Minister of Finance II must be completely deluded to believe that an Initial Public Offering (IPO) of 1MDB’s energy subsidiary will solve 1MDB’s cashflow problems.

The Second Minister of Finance, Dato’ Seri Ahmad Husni Hanadzlah told the Dewan Rakyat that the government is hoping that the initial public offering (IPO) from 1MDB's energy arm would be able to pay for the company's growing debts.

"1MDB's stumbling block is it's cash flow. But once the IPO is up, this would be settled," he said.

Dato’ Seri Husni must be completely deluding himself, or has been deluded by 1MDB to actually believe that the IPO of 1MDB’s energy arm will rescue the RM42 billion indebted Ministry of Finance subsidiary.

Thursday, March 12, 2015

SRC International Investment In Gobi Coal: Yet Another 1MDB-like Scandal?

Is SRC International’s 50:50 joint venture with Mongolian company, Gobi Coal & Energy Ltd another multi-billion ringgit PetroSaudi-like scam waiting to be exposed?

SRC International Sdn Bhd is an anonymous-sounding company owned by the Ministry of Finance.  However, a peek into the company’s short history and balance sheet raises plenty of suspicion-arousing question marks.

I have asked for my oral question yesterday on whether SRC International Sdn Bhd had invested in a Mongolian energy company and what are the details of the investment and its current status.  I received the shortest of written response from the Minsitry of Finance late yesterday afternoon.

Tuesday, March 10, 2015

Bank Negara Malaysia To Investigate Jho Low For Potential Money Laundering

Low Taek Jho and his associates must be investigated for possible money laundering in the acquisition of UBG Bhd via PetroSaudi International (Seycelles) Ltd using illicitly obtained funds from 1Malaysia Development Bhd (1MDB)

Over the past few days, both the Sarawak Report and The Edge Malaysia exposed how a 28 year old Low Taek Jho (Jho Low) had engineered the acquisition of Utama Banking Group Bhd (UBG) via PetroSaudi International (Seychelles) Limited (PSI Seychelles) in 2010.  UBG was a company owned by the former Chief Minister of Sarawak, Tun Taib Mahmud.

PSI Seycelles via its wholly owned subsidiary, Javace Sdn Bhd made a general offer to acquire all UBG shares for a total of RM1.4 billion on 29 September 2010.  AmInvestment Bank Bhd had provided RM700 million to finance this acquisition.

Monday, March 09, 2015

Messaging Conversation Between PSI CEO And Jho Low Exposed

As the Finance Minister, Dato’ Seri Najib Razak must confirm if he has given the go-ahead for 1Malaysia Development Bhd to extend additional US$500 million loans to PetroSaudi International Limited’s wholly-owned subsidiary?

For the very first time, emails exposed by the Sarawak Report on the monster 1Malaysia Development Bhd (1MDB) scandal have implicated the Prime Minister, Dato’ Seri Najib Razak and his possible involvement in the PetroSaudi International (PSI) collaboration fiasco.

In a messaging conversation where Patrick Mahony, CEO of PSI was expressing grave concern over the need for approval by Bank Negara Malaysia (BNM) for a fund transfer from 1MDB to the PSI subsidiary, Jho Low (JL) had insisted that only the Ministry of Finance approval for the loan is required, and the loan had already been signed by the Prime Minister, who is also the Finance Minister.

Saturday, March 07, 2015

Supporting Tan Sri Muhyiddin Yassin's Statement On 1MDB

Full support for Tan Sri Muhyiddin Yassin’s statement on 1MDB.

The statement issued by Deputy Prime Minister, Tan Sri Muhyiddin Yassin on Friday evening on the simmering 1Malaysia Development Bhd (1MDB) crisis was the most sensible and responsible ever issued by any Cabinet Minister on the controversial issue.

Dato' Seri Najib Razak's Defamation Suit

I will not be shackled by the defamation suit brought by the Dato’ Seri Najib Razak because I am supported by millions of Malaysians out there who demand good governance, transparency and accountability from the Prime Minister and his Government.

My lawyer, Gobind Singh who is also the Member of Parliament for Puchong, has received the writ served by Dato’ Seri Najib Razak’s lawyers at 4.30pm yesterday evening.

The suit by the Prime Minister accused me of having defamed him in my speech at a DAP Petaling Jaya Fund-Raising Dinner on 3 November 2014 where I spoke extensively on the “mother of the mother of the mother of all scandals”, 1Malaysia Development Bhd (1MDB).

Friday, March 06, 2015

Dato' Seri Ahmad Zahid Hamidi Should Stop Criticising Critics Of 1MDB

Dato’ Seri Ahmad Zahid Hamidi epitomises UMNO’s penchance for shooting the messenger, in this case those who exposed the wrongdoings of 1Malaysia Development Bhd

Datuk Seri Ahmad Zahid Hamidi claimed today the barrage of criticisms against 1 Malaysia Development Berhad (1MDB) is part of a systematic effort by groups out to destroy the nation’s image.

According to The Star Online, the home minister told reporters in Kota Baru that he has reasons to believe as such, following 1MDB and accounting firm Deloitte’s briefing yesterday to the federal Cabinet.

“All the attacks, speculations and unsubstantiated claims launched by certain quarters had far-reaching consequences on the country’s image in the eyes of foreign investors. Any attacks against 1MDB will indirectly affect the country and it is deemed to be a concerted attack on Malaysia. Those behind it must take responsibility for any false accusations,” he was quoted as saying in the English daily’s online report.

Thursday, March 05, 2015

Datuk Seri Najib Clears 1MDB After Calling For Full Investigation

Datuk Seri Najib Razak cannot have his cake and eat it too by calling for the Auditor-General to conduct a full investigation into 1Malaysia Development Bhd but clears the Company of any misconduct in the very next breath!

We are pleased that after literally years of pressure, the Datuk Seri Najib Razak Cabinet has finally succumbed to instructing the Auditor-General to conduct a full investigation into the financially stricken 1Malaysia Development Bhd (1MDB).  Unfortunately, it has taken an explosive expose by the Sarawak Report which published documents and emails pointing towards brazen shenanigans in the deals transacted all the way back in 2009 for the Cabinet to act.

However, we are at the same time flabbergasted that the Prime Minister, in the very same breath cleared 1MDB of any wrongdoing.

Tuesday, March 03, 2015

PM Najib's Extraordinary Family Wealth

Now that Dato’ Seri Najib Razak has denied that his wealth originates from "legacy family assets", it is even more pressing for the Prime Minister to explain the source of his family’s wealth worth hundreds of millions of ringgit.

The New York Times (NYT) exposé published on 8 February 2015 surfaced the incredible wealth of Dato’ Seri Najib’s immediate family and raised questions on how this extraordinary wealth has been accumulated.

The Prime Minister’s Office responded to the report claiming, “neither any money spent on travel, nor any jewelry purchases, nor the alleged contents of any safes are unusual for a person of the prime minister’s position, responsibilities and legacy family assets.”

Monday, March 02, 2015

Dato Seri Najib Razak Cannot Just Shake Off All Responsibilities On 1MDB

Datuk Seri Najib Razak cannot disassociate himself from the “heist of the century”. He must answer if not for his complicity in the RM42 billion scandal, then for his negligence and incompetence in managing and monitoring his cornerstone investment vehicle, 1Malaysia Development Bhd.

The Sarawak Report has once again exposed new documents, including countless email communications between all parties related to the 1MDB Petrosaudi US$1 billion (RM3.5 billion) investment transaction.  These documents point clearly towards an elaborate scam to siphon money from 1MDB into a Swiss bank account owned by Jho Low's private company.  The 1MDB money was raised from debt guaranteed by the Federal Government.

The story was also published in The Sunday Times in the UK which sought a response from the Prime Minister’s Office.  Instead of confirming or denying the veracity of the documents and emails published, and the information contained in them, it appears that Dato’ Seri Najib Razak is more concerned about distancing his ties to the now scandalous company.

The Great Big Lie Of 1MDB

1MDB has been lying through their teeth to the Malaysian public that PetroSaudi injected US$1.5 billion of “assets” for their 60% share of the “1MDB Petrosaudi Limited” joint venture.

On 29 September, the Prime Minister issued a statement that “Malaysia and Saudi Arabia today entered a new era of economic cooperation with the setting up of a US$2.5 billion joint-venture company, which will spearhead the flow of foreign direct investments from the Middle East as well as make strategic investments in high-impact projects here”.

The statement said, “the joint-venture company ("JVC") is the result of a partnership between 1Malaysia Development Berhad ("1MDB") and PetroSaudi International Limited ("PSI").”

"More or less, it will be a 50:50 venture, but for now, Malaysia will put in US$1 billion in the fund while PetroSaudi will contribute US$1.5 billion,” Dato’ Seri Najib Razak added, as reported by The New Straits Times on 1 October 2009.