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Posts Tagged ‘1MDB’

M’sian casino operator kanna do NS by Tun?

In Malaysia on 04/04/2019 at 5:35 am

M’sia’s government has sold a seized superyacht allegedly bought with money stolen from the 1MDB state fund for US$126m (£95.9m) the BBC reports. The buyer was Genting M’sia, the owner of the only legal casino M’sia.

Equanimity has been moored off the coast for the past five months, on show for potential buyers. The government said the pool of buyers was small, and while many offers were received, only a few topped US$100m. The price was short of the US$250m reportedly paid by Mr Low.

Wonder if Tun and his cabinet users will be regular users of the yacht as guests of Genting? Of course, all the rules will be followed. They don’t want to end up like Najib.

 

Why TOC’s Danisha Hakeem is a menace to the credibility of alt media

In Banks on 01/01/2019 at 9:56 am

He’s regularly propagating fake news, or fabricated news.

This was very apparent in a story about our financial sector, an important driver of the economy, thus supporting the govt’s argument on the need to regulate fake news:

Senior Minister of State for Law Edwin Tong has hinted at the tabling of a Bill aimed at curbing the spread of deliberate online falsehoods in the coming months after numerous consultations and debates among legislators and members of the public surrounding the potential anti-“fake news” laws.

TOC

The fake news is that the S’pore govt was and is not doing anything about S’pore-based banks role in laundering 1MDB funds. This could affect our financial sector, and hence our economy.

Danisha Hakeem ended a TOC piece headlined “Singapore figured very highly as a place from which money laundering occurred”: Veteran business journalist on 1MDB fiasco

Given the stringent approach often adopted by Singapore authorities –– particularly relevant to this case is the Monetary Authority of Singapore (MAS) –– in dealing with legal misconduct, it certainly raises some questions as to why potentially illegal financial movements on such a scale did not seem to have raised any red flags for the authorities at the time the activities were carried out.

In reaching this conclusion, Danisha Hakeem conveniently omitted in the piece the following facts which even my Vocational Institute educated dog knows:

— the banks found to be at fault didn’t report these transactions as suspicious as they were or are supposed to;

— there was an official investigation;

— offending banks (including UOB and StanChart) were fined;

— one bank was closed down;

— and bank executives prosecuted and jailed.

Some links to give the lie to the fake news that the S’pore govt did not do anything about the 1MDB scandal.

https://www.cnbc.com/2017/05/29/singapores-central-bank-fines-credit-suisse-and-uob-for-1mdb-related-transactions.html

http://fortune.com/2016/10/11/1mdb-singapore-dbs-ubs-falcon-bank/

https://www.reuters.com/article/us-malaysia-scandal-bsi/singapore-sentences-ex-bsi-banker-to-more-jail-time-in-1mdb-linked-case-idUSKBN19X0MC

https://www.channelnewsasia.com/news/singapore/1mdb-probe-former-bsi-bank-director-yvonne-seah-sentenced-to-2-w-7670980

He’s like the infamous Alex Tan in fabricating false news.

Also  by fabricating the news, Danisha Hakeem undermines TOC’s claim on why we need independent media: The need for alt media

For the record, I don’t think Terry deserves to be charged for criminal defamation because he took down the offending article when the authorities told him they were unhappy. But given the fake news propagated by Danisha Hakeem in his articles (too many to recount and rebut), one can understand the desire to rough up Terry.

Jokes’ aside, legally there is good reason to suspect that Danisha Hakeem’s trying very hard in this artcle

to bring into hatred or contempt or to excite disaffection against the Government

Sedition Act: https://sso.agc.gov.sg/Act/SA1948

And given TOC’s track record, ill intent on his part is easy to prove. Not that the prosecution has to prove intent in any of the following offences.

4.—(1)  Any person who —

(a) does or attempts to do, or makes any preparation to do, or conspires with any person to do, any act which has or which would, if done, have a seditious tendency;
(b) utters any seditious words;
(c) prints, publishes, sells, offers for sale, distributes or reproduces any seditious publication; or
[…]
shall be guilty of an offence and shall be liable on conviction for a first offence to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both, and, for a subsequent offence, to imprisonment for a term not exceeding 5 years; and any seditious publication found in the possession of that person or used in evidence at his trial shall be forfeited and may be destroyed or otherwise disposed of as the court directs.
Or maybe he’s trying to defame the central bank, hoping that the chairman or MD sues him for defamation that that the AG prosecutes him for criminal defamation.
But maybe he really wasn’t trying to propagate fake news or subvert the govt or defame the central bank, but was smoking ganja or ingesting other illegal substance when he wrote the piece?  Or is he a visitor from an alternative S’pore where the Men in White are the Men in Black?
(Related posts
Whatever with Danisha Hakeem churning out articles for TOC (I’ll denounce another one of his pieces soon), the PAP govt doesn’t need to worry. Using TOC as a platform, he discredits all those rational, fair-minded S’poreans (self included) who oppose PAP hegemony. But then maybe that’s his real agenda? He gets thirty pieces of silver?

M’sia: Must be kilang

In Malaysia on 25/05/2018 at 6:31 am

M’sia’s Chinese finance minister* on 1MDB’s CEO

It is completely unbelievable that a highly paid and ‘experienced’ investment banker can be so irresponsibly clueless as to not know whether 9.8 billion ringgit worth of investments are even real.

I have found Arul Kanda to be utterly dishonest and untrustworthy.

Can’t blame for being so derogatory because Kanda had said everything was now OK at 1MDB during the election campaign. Turns out that that even the board of directors thought 1MDB was effectively insolvent, and it was unable to service its billions of debt and interest payments on its own. Even Arul says that that is true. So he implies that he was lying that all was well.

But he still is thinking of suing for defamation. Lim says: “Make my day, punk”.

But not all Indians like that. We got world class Tamils. Post coming up.


He and his pa so respect our Harry that when he came became Penang’s chief minister, they came down to “brief” him. When I told an UMNO insider he said “He means kow tow” with a laugh.

1MDB: What did Goldman know and when?/ Plausible deniability

In Corporate governance, Investment banking, Malaysia on 26/12/2016 at 4:57 pm

Goldie is Trump’s go to bank for senior personnel for his administration. Maybe because it knows how to do shady deals using other people’s money while being able to claim plausible deniability: “We know nothing. Nothing.”

FROM NYT Dealbook

A 1MDB Cloud
Goldman Sachs may find its profile improving under the Trump administration, but the firm is also coming under heavy scrutiny related to an investigation into a sprawling international money laundering and embezzlement scheme.
Prosecutors have said that billions of dollars that Goldman raised for the government investment fund 1Malaysia Development Berhad, or 1MDB, were channeled into personal bank accounts and ultimately used to buy paintings, luxury real estate and investment stakes in movies like “The Wolf of Wall Street.”
The question investigators are asking now is, how much did Goldman know?
Goldman said it believed the money was being used to buy legitimate assets for the investment fund.
Jack Blum, a lawyer who led corruption investigations for several Senate committees, said that Goldman should have done a thorough investigation of what 1MDB was doing with the money.
“It is a very serious problem when a company is making a hell of a lot of money out of something and everybody in the place says, ‘I don’t know about it,’” Mr. Blum said.

Calvera (the bandit chief “farming” Mexican peasants in The Magnificent 7 :

If God didn’t want them sheared, he would not have made them sheep.

1MDB: Trigger-happy NYC marshall interested

In Malaysia on 06/08/2016 at 5:07 am

New York’s state banking regulator has turned up the heat on Goldman Sachs, asking the bank to respond to a string of questions about its work for the Malaysian government’s scandal-stricken investment fund, 1MDB.
On Thursday, the Department of Financial Services issued a letter to the Wall Street bank, asking to meet representatives before the end of the month to discuss a range of matters connected to the 1MDB affair, in which a group of conspirators is alleged to have siphoned off more than $3.5bn from the fund over a period of years.

(FT)

1MDB: Bring on the clowns

In Accounting, Corporate governance, Malaysia on 29/07/2016 at 1:18 pm

1MDB had previously said that nothing was missing and pointed out that  the accounts were audited by the international firm Deloitte. After the DoJ’s action in freezing assets, 1MDB announced that their accounts audited by Deloitte for 2013 and 2014 cannot be relied upon.

Then Deloitte resigned.

Guardian account of the 1MDB sagahttps://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

DoJ connects 1MDB bonds’ proceeds to Najib personally

In Malaysia on 24/07/2016 at 5:12 am

[B]etween 2012 and 2013 Goldman helped 1MDB raise $6.5 billion by issuing three bonds. The Justice Department suggests that around 40 percent of that money was siphoned off, and indicates that $681 million ultimately found its way into Najib’s personal bank account, though the prime minister is not directly named.

http://blogs.reuters.com/breakingviews/2016/07/22/malaysia-fiasco-undercuts-goldmans-standards-push/

OK OK, The DoJ alleges thattransferred into an account belonging to a Malaysian official whose description matches that of Najib.

Seriously it’s either black comedy or farce when Switzerland, S’pore and the DoJ allege that monies was stolen from 1 MDB but “There has been no evidence from any investigation conducted by any law enforcement agencies in various jurisdictions which shows that money has been misappropriated from 1MDB,” says M’sia’s AG.

“Dodge City marshall” investigating 1MDB monies

In Corporate governance, Malaysia on 21/07/2016 at 1:38 pm

The US Department of Justice has moved to seize more than U$1bnfrom Malaysia’s state fund 1MDB.

The DoJ alleges the funds were “misappropriated” and though it did not name Prime Minister Najib Razak directly, he is identifiable in the suit as someone whose account allegedly received huge sums. He has in the past denied wrongdoing.

The US Attorney General Loretta Lynch says that the “Malaysian people were defrauded on a monumental scale”.

among the things bought by the money were:

  • L’Ermitage hotel property and business
  • Park Lane Hotel assets in New York
  • Four California properties
  • Four New York properties
  • One London property
  • A private jet
  • EMI assets, including royalties
  • Van Gogh painting
  • Two Monet paintings

http://www.bbc.com/news/business-36852755

 

1MDB: Worth it Goldmans?

In Malaysia on 06/07/2016 at 6:15 am

Top US gun-slinging marshall is shaking down Goldie.

The asset forfeiture and money laundering division unit in the Justice Department is investigating the above deal according to the FT. Goldman could be fined US$1bn or worse, managers involved could get indicted.

The division’s main hallway is lined with framed testimonials to the corporate scalps it has collected over the years, including those of companies such as Enron and Bank Credit and Commerce International.

Btw, Goldmans become a pariah in KL: can’t get mandates. FT reports that a source said it was not invited to pitch on government bond issuances in April, or for recent debt and equity-raising deals for Khazanah

Malaysia’s Investigation of 1MDB Said to Be Flawed

In Malaysia on 30/05/2016 at 1:30 pm

Seems Najib was never interviewed and some leads not followed up.

From NYT Dealbook

Investigations ordered by Malaysia’s leader into graft allegations at the state-development fund 1MDB have been undermined by political pressure and a lack of transparency, The Wall Street Journal reports, citing documents and interviews with people involved.

1MDB: Feds dig deeper

In Malaysia on 20/05/2016 at 11:25 am

From NYT Dealbook

Goldman’s Leissner Said to Get Money From Ex-1MDB Employee U.S. prosecutors are examining an alleged transfer of hundreds of thousands of dollars from a former employee of a Malaysian investment fund to Tim Leissner, who was then a senior banker at Goldman Southeast Asia operations, according to people briefed on the matter.

M’sia: Najib’s stepson and 1MDB

In Corporate governance, Malaysia on 17/05/2016 at 10:09 am

Forst it was using 1MDB to make movies, Including “Wolf of Wall St”, it was alleged

Now, from NYT Dealbook

Malaysian Leader’s Stepson Is Said to Fund U.S. Property Deals With 1MDB Money At least $50 million said to have been 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, according to documents reviewed by The Wall Street Journal and people familiar with the matter.

1MDB: Saudi minister says Najib funds were donation

In Malaysia on 17/04/2016 at 4:51 am

Saudi Arabia’s foreign minister said in Istanbul that funds found in Malaysian PM Najib Razak’s personal account were a donation from the Saudi royal family, say Malaysian state media.

“We are aware of the donation and it is a genuine donation with nothing expected in return. We are also fully aware that the attorney general of Malaysia has thoroughly investigated the matter and found no wrongdoing,” he said.

“So, as far as we are concerned, the matter is closed,” Mr Jubeir said, after a meeting with Mr Najib on the sidelines of the summit.

http://www.bbc.com/news/world-asia-36051474

Meanwhile

The progress of foreign investigations—under way not just in Switzerland but also in America, Singapore, Hong Kong and the UAE—will be closely watched by banks which helped 1MDB raise money, handled the firm’s cash or took Mr Najib’s deposits. Their ranks include Goldman Sachs, BSI, a Swiss private bank, and AmBank, which is part-owned by Australia’s ANZ.

http://www.economist.com/news/asia/21696969-one-biggest-controversies-malaysian-political-history-gets-even-bigger-switzerland-widens

Najib hasn’t used Putin’s excuse

In Malaysia on 16/04/2016 at 4:16 am

Documents from Panamanian law firm Mossack Fonseca link an old friend of Mr Putin’s, cellist Sergei Roldugin, to a number of offshore companies with cash flows of around US$2bn.

The Daily Telegraph was also monitoring Mr Putin’s question-and-answer session, and says he described the leaks as “provocations” and accused the US of using them to destabilise Russia.

“In an effort to explain the massive cash flows, Mr Putin said that Mr Roldugin had been spending millions of dollars on antique instruments that he was going to donate to the state,” says the Telegraph. These included a £12m Stradivarius, the paper notes.

BBCreport

Why the Feds investigating 1MDB

In Corporate governance, Malaysia on 14/04/2016 at 1:40 pm

[A] pictute of banks working side-by-side with 1MDB as it accumulated worrying levels of debt and became the subject of growing controversy which, in the words of the Swiss financial regulator, looks like a case of “blatant and massive corruption”. U.S. authorities have asked the banks to provide details of their dealings with the fund. At the very least, the 1MDB money trail will leave parts of Wall Street red-faced.

http://blogs.reuters.com/breakingviews/2016/04/12/wall-street-fingerprints-are-all-over-1mdb-scandal/

Fed Warned Goldman on Malaysian Deals

In Malaysia on 09/04/2016 at 11:28 am

Federal Reserve regulators had raised concerns with Goldman Sachs that deals that it helped put together for a Malaysian government investment fund, 1Malaysia Development Berhad ( 1MDB), could have put the firm’s reputation at risk, The Wall Street Journal reports, citing people familiar with the matter.

1MDB, govt insists that US$4bn not unaccounted for

In Malaysia on 05/02/2016 at 4:28 am

This can only happen in M’sia. M’sia Boleh

Switzerland has been investigating Malaysia’s scandal-hit 1MDB fund since last year. Last week, its Attorney-General Michael Lauber said US$4bn may be missing from Malaysian state firms

1MDB denies its money has been stolen and says its internal investigations have found no evidence of crimes.

Now, A Malaysian minister said this [US$4bn missing] was not possible due to extensive audits, and called the [Swiss] statements “premature”.

In a strongly-worded statement on Tuesday, Malaysia’s communications minister Salleh Said Keruak said 1MDB had undergone extensive audits, some by international firms, and that billions of dollars “simply could not have been misappropriated under such conditions”.

The fund had also issued explanations and financial breakdowns about alleged losses, he said, and other state-linked firms had made public filings that showed they did not sustain losses caused by misappropriation of funds.

He said Mr Lauber’s comments were “very unusual and against normal protocol”, and criticised him for speaking to the media, rather than to Malaysian authorities who he said had been waiting to hear from Switzerland.

“These premature statements appear to have been made without a full and comprehensive appreciation of all the facts,” said Mr Salleh.

BBC report

M’sian soverign risk: 30 yrs on

In Financial competency, Malaysia on 05/01/2016 at 4:59 pm

In 1986 when I was taught the basics of investing in M’sia, there were M’sian govt US$ floating rate bonds that were really cheap because of a problem in the floatung rates bond mkt that was in addition to Dr M’s antics (e.g. he was alleged to tryto corner the tin market) and a recession which affected M’sia’s soverign rating.

Today The $3 billion debenture is a glaring reminder of the distrust around the fund. The instrument carries a letter of support from the Malaysian government but trades at just 86 cents on the dollar, indicating financial distress. That stands in stark contrast to two Abu Dhabi-backed 1MDB bonds, which have always traded above par.
Early redemption would also draw a line under the fund’s controversial relationship with Goldman Sachs.

1MDB hasn’t decided yet whether to buy back the bonds. Either way, if Kanda succeeds in his ambitious cleanup by completing the deals he has now agreed, 1MDB’s problems will not weigh as heavily directly on the finances of the government as many investors, analysts and politicians had feared.

http://blogs.reuters.com/breakingviews/2015/12/31/malaysia-scrubs-out-half-its-sovereign-fund-stain/

One thing remains the same, no money to buy those bonds then, and now. Would have made killing then and now.