Signatures That Don’t Lie – How Najib Razak Personally Ran 1MDB EXCLUSIVE! BY SARAWAK REPORT

Posted in Malaysia news on April 11, 2016 by ckchew

Signatures That Don't Lie - How Najib Razak Personally Ran 1MDB  EXCLUSIVE!

The facts published by Malaysia’s Public Accounts Committee have proved that the constant denials issued by Jho Low, Najib Razak, Shahrol Halmi and their friends at PetroSaudi over the past few months about 1MDB were repeated lies.

For example, Low has officially claimed that he had no involvement in 1MDB beyond May 2009, when he allegedly stepped down from his post as Najib’s official ‘Advisor’ to the fund.

In the same vein, Najib Razak has claimed he performed a distant ‘advisory role’.

So, setting aside all the evidence of the emails from the PetroSaudi database, published by Sarawak Report, which PetroSaudi have libellously accused us of “tampering”, we now have the official report of the supreme Parliamentary authority on the matter.

The PAC report has confirmed that Najib was the sole shareholder and signatory for the fund – and now for the first time Sarawak Report is able to publish the actual documents to show the proof.  These company records show that from start to finish, Najib was signing off on resolutions, which the Prime Minister plainly knew were riddled with lies.

Government to Government with ‘KSA’

Take, for example, the on-going fiction that the PetroSaudi deal was a ‘government to government’ joint venture with the Kingdom of Saudi Arabia.  Najib was still signing documents alluding to this bogus claim as late as 2011, when he sent off yet another whopping sum of US$125 million, borrowed by 1MDB, supposedly again to PetroSaudi.

Still blagging about a government to government venture as late as 2011!

The records show that the money was actually banked by Good Star Limited, a company owned by Najib’s proxy, Jho Low, as part of a US$330 million dollar transaction recorded by Bank Negara as having been misappropriated to an unrelated third party!

The fact that PetroSaudi had nothing to do with the Kingdom of Saudi Arabia and was merely a small private company, in which the King’s seventh son had a 50% share, was plainly known to Najib, since the beneficial owners had to be declared to the banks (we have already shown the documents).

We also have emails from shareholder Tarek Obaid’s brother warning that PetroSaudi must tone down Najib’s proposed press release at the launch of the joint venture, to make sure 1MDB did not mislead the international press with claims of a ‘government to government’ venture.

Warnings from the start about misleading claims that PetroSaudi was a Saudi government company

The email trails show exactly how this matter of presenting the company as somehow linked to the Kingdom of Saudi Arabia was discussed between the PetroSaudi directors, Jho Low (back-copied on all correspondence) and  Shahrol Halmi on behalf of the PM.

Najib wanted to give a false impression that the company was an official organ of the state and was involved in minute detail in the drafting of the public announcements, according to this evidence:

Screen Shot 2016-04-10 at 22.19.02

Close email

Excellent, superbo, WELL DONE!

CONGRATULATIONS!

—–Original Message—–
From: Tarek Obaid <Tarek.Obaid@Petrosaudi.com>
To: nawafobaid@aol.com <nawafobaid@aol.com>
Sent: Wed, 30 Sep 2009 4:51
Subject: FW: joint press release

—— Forwarded Message
From: Robert Ho <robert.ho@1mdb.com.my>
Date: Tue, 29 Sep 2009 23:00:15 +0200
To: Patrick Mahony <Patrick.Mahony@Petrosaudi.com>, Taek Jho Low <jho.low@gmail.com>, Shahrol Halmi <shahrol.halmi@1mdb.com.my>
Cc: Casey Tang <casey.tang@1mdb.com.my>, Tarek Obaid <Tarek.Obaid@Petrosaudi.com>
Subject: RE: joint press release

Hi Patrick,

Here’s the final draft, including use of the words “private company” in the PSI profile.

Thanks.
Best Regards,
Robert Ho

  _____

From: Patrick Mahony [Patrick.Mahony@Petrosaudi.com]
Sent: 30 September 2009 03:39
To: Taek Jho Low; Shahrol Halmi
Cc: Casey Tang; Robert Ho; Tarek Obaid
Subject: Re: joint press release

Gentlemen – one very important thing, we need to make clear psi is a private company (despite its royal affiliation). This is of the utmost importance. Can you please say the following:

“PSI, based in Al-Khobar, Saudi Arabia, is a private company mandated to carry out investments which can strengthen the relationships between the Kingdom of Saudi Arabia and key countries worldwide”

Please confirm that this change has been made before press release goes out.

Many thanks.

Patrick

  _____

From: “jho.low@gmail.com” <jho.low@gmail.com>
Date: Tue, 29 Sep 2009 18:31:10 +0200
To: Shahrol Halmi<shahrol.halmi@1mdb.com.my>; Patrick Mahony<Patrick.Mahony@Petrosaudi.com>
Cc: Casey Tang<casey.tang@1mdb.com.my>; Robert Ho<robert.ho@1mdb.com.my>
Subject: Re: joint press release

Tarek sheikh?

Sent via BlackBerry from T-Mobile
  _____

From: Shahrol Halmi
Date: Tue, 29 Sep 2009 12:27:50 -0400
To: Patrick Mahony<Patrick.Mahony@Petrosaudi.com>
Subject: RE: joint press release

OK – h ow about this. Can you help verify Tarek’s preferred form of address?

PRESS RELEASE

Joint Press Statement by PetroSaudi International and 1Malaysia Development Berhad

PetroSaudi International Limited and 1Malaysia Development Berhad in US$2.5 billion joint venture Partnership, opens new door to FDIs

KUALA LUMPUR, 30 September 2009: 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  flow of foreign direct investments from the Middle East as well as well as make strategic investments in high-impacts projects here.

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

This venture is the first undertaken by PSI in this region and underscores the confidence Saudi Arabia has in Malaysia and economic prospects here.

The 1MDB is wholly owned by the Government of Malaysia and was established recently to drive strategic initiatives for long-term sustainable economic development and promote in flow of FDI into the country.  PSI, based in Al-Khobar, Saudi Arabia, is mandated to carry out investments which can strengthen the relationships between the Kingdom of Saudi Arabia and key countries worldwide.
The JVC’s objective is to seek, explore, and participate in business and economic opportunities which results in the enhancement of and promotion of the future prosperity and long-term sustainable economic development of Malaysia. It is also expected to actively make investments in the renewable energy sector.

The JVC is also expected to be a vehicle for investments from the Middle East into the region, thereby giving Malaysia the edge in drawing investments from the cash and resource-rich region.

PSI’s CEO Sheikh Tarek Obaid said: “Malaysia has long been a model of stability and development fordeveloping countries. We believe that recent economic liberalisation
policies announced by the Prime Minister will only make Malaysia a more attractive place for investors. We envisage Malaysia becoming an important partner for the Kingdom of Saudi Arabia.”

Also lauding the setting up of the JVC was 1MDB’s CEO Shahrol Halmi.
He said: “The JV C is set to further increase foreign direct investment from the Middle East, in particular Saudi Arabia. We will leverage on PSI’s strong international presence, their networks and expertise to
promote Malaysia as the preferred investment destination.”

The JVC will initiate various projects in multiple sectors which are mutually beneficial as well as in line with 1MDB’s mission to drive long-term sustainable economic development in Malaysia.


From: Patrick Mahony [mailto:Patrick.Mahony@Petrosaudi.com]
Sent: Wednesday, 30 September, 2009 0:01
To: Shahrol Halmi
Cc: Casey Tang; Robert Ho
Subject: RE: joint press release

Thanks. The other thing which would be great is if we could just call it a multi-billion JV without getting into numbers. Being specific causes all sorts of problems back home. These guys prefer secrecy… Let me know. Many thanks


From: Shahrol Halmi [mailto:shahrol.halmi@1mdb.com.my]
Sent: Tuesday, 29 September, 2009 5:58 PM
To: Patrick Mahony
Cc: Casey Tang; Robert Ho
Subject: RE: joint press release

Hi Patrick – understand – we will get to work on our side on quotes from me and Tarek, in case we can’t get approval for HRH [Prince Turki].


From: Patrick Mahony [mailto:Patrick.Mahony@Petrosaudi.com]
Sent: Tuesday, 29 September, 2009 22:46
To: Shahrol @ Hotmail
Cc: Casey Tang; Robert Ho
Subject: RE: joint press release

Shahrol – please give me a little time to get back to you. I have no authority to allow a press release where HRH is quoted. I don’t t hink he will want to. Can we please have this be a quote from Tarek instead of him? You can refer to Sheikh Obaid etc. I would much prefer this and it will be easier to get by on my side. Please check on your side but if we make this Tarek, then we should be mostly ok. Thanks


From: Shahrol @ Hotmail [mailto:shahrol.a.halmi@hotmail.com]
Sent: Tuesday, 29 September, 2009 4:36 PM
To: Patrick Mahony
Cc: Casey Tang; Robert Ho
Subject: joint press release
Importance: High


Hi Patrick, can you help take a look and see if this is ok? The PM insisted on the quote from HRH Prince Turki and the equity figures. This statement is going to be released only to the local media, but there is no guarantee that the wire services won’t pick it up. Planning to send this out late morning tomorrow, Malaysia time.

PRESS RELEASE

Joint Press Statement by PetroSaudi Internatio nal and 1Malaysia Development Berhad

PetroSaudi International Limited and 1Malaysia Development Berhad in US$2.5 billion joint venture Partnership, opens new door to FDIs

KUALA LUMPUR, 30 September 2009: 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  flow of foreign direct investments from the Middle East as well as well as make strategic investments in high-impacts projects here.

The partnership between Malaysia Development Berhad (“1MDB”) and PetroSaudi International Limited (“PSI”) involves the creation of a joint venture company (“JVC”) with an initial capital of US$2.5 billion in which 1MDB and PSI will be contributing US$1.0 billion and US$1.5 billion in equity respectively.

This venture is the first undertaken by PSI in this region and underscores the confidence Saudi Arabia has in Malaysia and economic prospects here.

The 1MDB is wholly owned by the Government of Malaysia and was established recently to drive strategic initiatives for long-term sustainable economic development=2 0and promote in flow of FDI into the country.  PSI, based in Al-Khobar, Saudi Arabia, is mandated to carry out investments which can strengthen the relationships between the Kingdom of Saudi Arabia and key countries worldwide.
The JVC’s objective is to seek, explore, and participate in business and economic opportunities which results in the enhancement of and promotion of the future prosperity and long-term sustainable economic development of Malaysia. It is also expected to actively make investments in the renewable energy sector.

The JVC is also expected to be a vehicle for investments from the Middle East into the region, thereby giving Malaysia the edge in drawing investments from the cash and resource-rich region.

PSI’s Chairman HRH Prince Turki Bin Abdullah Bin Abdulaziz Al-Saud said: “Malaysia has long been a model of stability and development for developing countries. We believe that recent economic liberalisation
policies announced by the Prime Minister will only make Malaysia a more attractive place for investors. We envisage Malaysia becoming an important partner for the Kingdom of Saudi Arabia.”

Also lauding the setting up of the JVC was 1MDB8 0s Chairman Dato’ Mohd Bakke Salleh.
He said: “The JVC is set to further increase foreign direct investment from the Middle East, in particular Saudi Arabia. We will leverage on PSI’s strong international presence, their networks and expertise to
promote Malaysia as the preferred investment destination.”

The JVC will initiate various projects in multiple sectors which are mutually beneficial as well as in line with 1MDB’s mission to drive long-term sustainable economic development in Malaysia.

Ironically, PetroSaudi has been threatening to sue journalists for suggesting that Prince Turki was even a shareholder of the company (which he exited later in 2014).  Surely it ought to be suing Najib for claiming it was owned by the Kingdom of Saudi Arabia and indeed King Abdullah himself?

Jho Low phoned Najib during Board meeting to over-rule 1MDB Chair

Meanwhile, in September 2009, Jho Low, far from having quit, was attending board meetings of the fund and calling the shots, most particularly at the crucial meeting ofSeptember 26th, just two days before Najib and the executives from PetroSaudi signed their joint venture deal.

Sarawak Report has learnt that the former Chairman, Bakke Mohd Saleh, was particularly vocal and tough at this meeting, insisting that proper checks should be made before a billion dollars were hastily invested in a company, which the Board had not heard of until a week before.

In response, we have been reliably informed, Jho Low dialled up the PM on his handphone, which he then passed to board members, in order to be informed ‘from the top’ that the deal was authorised to proceed!  So, who do we conclude was running the show?

The result was a reluctant concession by the 1MDB board that the joint venture with PetroSaudi should be approved, but only subject to conditions, such as a proper and independent valuation of the company.

CEO Shahrol Halmi simply ignored those conditions and sent off the money anyway (mostly to a third party company, Good Star Limited, owned by Jho Low).  His excuse?  Section 117 of the articles of the company meant that the real boss was Najib, so it was Najib whom he chose to obey!

Converting PetroSaudi JV to a ‘Muharaba loan deal’

Other documents accessed by Sarawak Report show how Najib signed off on later major decisions. This included changing the relationship with PetroSaudi from a joint venture to a ‘Muharaba loan’ arrangement just six months later:

The details of the Joint venture (and payment to Good Star) were left out of the Audit through this accounting device

The point of this ‘sale share agreement’, say accountancy experts, was to hide the details of the joint venture (and the payment to Good Star) by superseding the arrangement – the manoeuvre was conducted just days before the end of the financial year.

Even so, auditors Ernst & Young were not happy with the information that they had been passed by 1MDB it has emerged.  The Hansard notes of the PAC meetings and PAC report make clear the frictions – the auditors having demanded to see the financial statements of the joint venture company from September 2009 and also documentary proof of the value of the assets of PetroSaudi, before agreeing to sign off on the 2009/10 accounts.

1MDB failed to produce these basic documents and, instead, the records show that Najib signed off on a resolution to sack these pesky and demanding accountants, who were wanting proof about the value of the PetroSaudi deal:

High-handed? Najib sacked the auditors who were making basic checks on his dodgy deal

Ernst & Young were replaced, according to the order signed by Najib, with KPMG.

However, by the end of 2013 KPMG were also terminated in much the same way by Shahrol Halmi’s successor, Mohd Hazem Abd Rahman, again owing to over-persistent questions about what proof 1MDB could provide as to the value of its much vaunted ‘US$2.23 billion’ Cayman Island investment with the shadowy company Bridge Partners.

Who had signed off on this ‘investment’?  Najib, of course:

Najib was the driver behind the investment in the Cayman Islands of all the supposed profit from the 'sale' of its 'PetroSaudi interests' to Bridge Partners themselves (in the form of 'notes' which were then invested as 'units' in their hidden fund.

This money, which had been originally raised to supposedly invest in the PetroSaudi joint venture, but was largely diverted into Good Star Limited (belonging to Jho Low) has never yet been accounted for by Najib.

As the driver of all the decisions at 1MDB, through a succession of CEOs and accountants, it is simply not acceptable for him to attempt to blame anybody else or expect anybody else to account for the money.

In late 2014 an attempt was made to imply that this so-called US$2.23 billion had been ‘redeemed’ and returned as ‘cash’ to BSI Bank in Singapore, into an account managed by Jho Low’s personal relationship manager Yak Yew Chee.  However, by March 2015 this ruse had been exposed as a lie, because the Singapore authorities had determined that there was no actual money in the account.

Yak was sacked and he has now been followed into ‘retirement’ by his boss at the bank Hanspeter Brunner.  The so-called Brazen Sky account in question has been frozen and is under investigation.

In fact, the whole world of global financial regulators is now avidly investigating 1MDB and tracing the money trail of the missing billions, while Najib persists in alleging that first nothing went wrong at 1MDB; second that no money has gone missing and third that if something did perhaps go wrong it was owing to 1MDB executives, or Board Members or perhaps those Finance Department officials whom he had banned from being involved in the company.

Power without accountability appears to be Najib’s favourite motto when it comes to 1MDB.

NOTE: THIS ARTICLE IS ENTIRELY REPRODUCED FROM SARAWAK REPORT’S WEBSITE FOR MALAYSIANS WHO ARE UNABLE TO ACCESS THE WEBSITE.

Luxembourg Pours Shivering Cold Water Onto Sarawak’s Election Campaign Launch BY SARAWAK REPORT

Posted in Malaysia news on April 2, 2016 by ckchew

1 April 2016

After months of dithering and of playing hot and cold over his Federal BN masters, the Chief Minister has finally announced that the Sarawak state election will be held at the end of the month – almost the last legally available date.

Adenan did so after a strong show of support for Najib, thereby dismissing the widespread concerns about corruption nationally as well as locally.  Nothing has been done to end the Taib family’s control of the economy during Adenan’s period in office, nor the grip of the crony timber and plantation companies.

So, the CM has definitively nailed PBB’s colours to BN’s mast, just as the ship looks ready to sink – it signals a choppy campaign.

Luxembourg prosecutor’s statement deciphered

Within hours of that development, yet more confirmation of the 1MDB corruption scandal started pouring out from international law enforcers.

Amidst a welter of new detail on Najib’s SRC funded credit card spending, Sarawak Report disclosed that the United States has landed an extradition request against the ex-Aabar CEO, Mohamed Al Husseiny, in Abu Dhabi.  It marks the first international arrest over 1MDB.

Then Reuters published a devastating new statement by the Luxembourg State Prosecutor, confirming that the state has joined the US, UK, Switzerland, Hong Kong and Singapore in launching a judicial inquiry into money it says was misappropriated from 1MDB and processed through their jurisdiction.

Sarawak Report can decode the messages in that statement, which there is little doubt refers to money laundering already reported in this blog, namely the half billion dollars which passed through an account owned by the former Aabar Chairman, Khadem Al Qubaisi at the Luxembourg branch of Edmond de Rothschild, Banque Privee (BPERE):

Statement from Luxembourg carried by Reuters and reported in UK Daily Mail

The detail in the statement above makes it clear that the Luxembourg authorities are referring to five payments, which Sarawak Report has earlier reported were made into Al Qubaisi’s Vasco Trust account at Edmond de Rothschild Banque Privee (BPERE) in 2012/3, by two BVI companies Blackstone Asia Real Estate Partners Limited and Good Star Limited.

Payments recorded in a statement on Khadem Al Qubaisi's Vasco Trust account at BPERE Luxembourg - 4 in 2012 from Blackstone and 1 in 2013 from Good Star totalling half a billion dollars

Sarawak Report has revealed that both these companies (now closed) were owned by Jho Low, whose deputy Seet Li Lin was been registered as the signatory for both.

We have also revealed that it was Good Star Limited, which received much of the money from 1MDB (US$1,03 billion), siphoned out of the early PetroSaudi deals.

And further reported that Blackstone Asia Real Eastate Partners Limited separately paid US$170 million into Najib’s own personal accounts between 2011-12, an allegation corroborated by ABC Australia’s Four Corners programme earlier this week.

Power purchase bond deals

Mystery billionaire - KAQ's wealth developed in months

The Luxembourg prosecutor’s statement also makes clear where the authorities suspect this money arriving in Khadem’s accounts at BPERE originated from, in that it refers to its suspicion that “sums paid upon the issuance of two bonds in May and October 2012″were misappropriated from off-shore accounts held by theMalaysian government .

The only likely reference is to the two power purchase deals conducted by 1MDB in 2012, which raised US$1.75 billion for the purchase Tanjung Energy in May 2012, followed by another US$1.75 billion for Energy Langat in October 2012.

Both these deals, which were drawn up by Goldman Sachs, are now known to have leaked huge sums of money, thanks to a complicated arrangement involving a ‘co-guarantee’ from the Abu Dhabi Aabar fund, of which Al Qubaisi was Chairman.

1MDB agreed to pay a total of US$2.4  billion for the guarantees on the two bonds, plus for the termination of various options allowed on the deal to Aabar.

However, those payments never arrived at the actual IPIC subsidiary.

Instead, investigations by the Wall Street Journal have established that much of the money went to a similarly named, but privately owned BVI company called Aabar PJS Limited, which Sarawak Report has learnt was incorporated by Khadem Al Qubaisi and his side-kick, Mohamed Al Husseiny – the man now detained in Abu Dhabi.

The money trail begins to emerge

Incorporated in November 2010 Blackstone laundered hundreds of millions before its closure shortly after the  malysian election

Given its statement, Luxembourg has clearly concluded that some of this money was later transferred into Khadem’s BPERE accounts from Blackstone Asia Real Estate Partners.

So, it appears international regulators now believe that the money trail went from Goldman Sachs to Aabar PJS Limited, then to Blackstone Asia Real Estate Partners Limited and finally on to Khadem Al Qubaisi’s personal VASCO Trust account at BPERE.

This is what the Luxembourg statement implies and the dates certainly match.

After all, the Tanjung Energy bond was raised 11th May 2012 and the first whopping US$158 million dollar payment (see above) pitched up in the BPERE account from Blackstone on 29th May 2012.  There was another payment in August again from Blackstone.

The 1MDB Energy Langat bond was later raised in October and the next payments were subsequent to that – one from Blackstone to Khadem on 31st October, one in December.

A final US$20 million came in early in 2013 from Good Star, another Jho Low concern,

The danger to Najib

The daily further revelations about these 1MDB money trails mean that the difficulty of the questions facing Najib is escalating by the hour.

This is not least because the companies caught paying money into Khadem’s BPERE accounts, which the regulators are now publicly linking to 1MDB, have also been paying money into Najib’s accounts.  Namely Blackstone Asia Real Estate Partners, which has been cited in a letter from a mysterious Saudi Prince and also an account in the name of Prince Faisal bin Turkey bin Bandar Alsaud:

'Prince Banda bin turkey al Saud', who was revealed as a sender account to Najib also sent money to Khadem in Luxembourg

Yesterday Putrajaya issued a self-crucifying statement, in which it welcomed the publication by ABC Four Corners of a supposed letter from the unidentified ‘prince’, claiming it was a vindication of Najib’s claims that he had received money from a royal Saudi donor.

In that letter the ‘prince’ said that some of his future ‘donations’ would come from what he called his company, Blackstone Asia Real Estate Partners Limited.  Transfer documents seen by Four Corners further confirm the payments.

This means that the Prime Minister’s Office have now officially acknowledged, on behalf of Najib, that he did receive payments from Blackstone – a company which is now the subject of money-laundering investigations by the Luxembourg authorities, specifically on the suspicion that it was handling money misappropriated from 1MDB.

Oh dear.

NOTE: THIS ARTICLE IS ENTIRELY REPRODUCED FROM SARAWAK REPORT’S WEBSITE FOR MALAYSIANS WHO ARE UNABLE TO ACCESS THE WEBSITE.

First 1MDB Arrest – Former Senior Fund Manager Faces US Extradition Request In Abu Dhabi EXCLUSIVE! BY SARAWAK REPORT

Posted in Malaysia news on April 2, 2016 by ckchew

30 March 2016

The first 1MDB related arrest has taken place at the request of the United States, in a move that will send shock waves and shivers through the Malaysian political establishment and also in related businesses in Hollywood and Las Vegas.

Sources close to Department of Justice officials in the United States have confirmed to Sarawak Report that the former CEO of Aabar, Mohamed Al Husseiny (top right), has been detained by the authorities in Abu Dhabi, who are now processing an extradition request by the US Department of Justice, relating to charges concerning 1MDB.

Al Husseiny, who originated from Kenya, holds US citizenship, despite having moved to Abu Dhabi.

This is the first outward move in an investigation that has been ongoing in the United States and other jurisdictions for several months, into the disappearance of billions of dollars from the Malaysian development fund.

Meanwhile, Prime Minister, Najib Razak, who is the sole shareholder and signatory of the fund, has solidly denied that any wrong-doing took place.

Key player at International Petroleum Investment Company (IPIC) subsidiary

Whilst CEO of Aabar (a subsidiary of IPIC) until July of last year, Al Husseiny was a key player in a number highly controversial deals involving 1MDB, from which billions of ringgit appear to have disappeared.

He also fronted a massive bail-out of 1MDB’s debts, in a surprise move last June.  It was one of his last actions in the post, from which he was summarily dismissed the following month.

Raft of flamboyant, but mainly disastrous investments - Aabar backed Virgin Galactica

There are numerous other questions concerning the management of Aabar, where Al Husseiny was regarded as a right hand man of the ex-Chairman, the high-rolling nightclub supremo, Khadem al Qubaisi, also CEO of IPIC.

Al Qubaisi was thrown out of all his official posts some weeks earlier in April of last year and following a period under house arrest he fled to the South of France, where he has considerable property.

Sarawak Report has identified that Al Qubaisi has also been removed from a number of his private business positions over the past fortnight – in the same period IPIC has mysteriously removed all reference to a number of key subsidiaries of Aabar (which were linked to Khadem) from its websites.

US dimension

The effects of the news has already caused an apparent major loss of confidence in related businesses in the United States.

Veteren Las Vegas commentator picks up...

The previously burgeoning Las Vegas-based Hakkasan nightclub empire, which is owned by Al Qubaisi and fronted by its British born CEO, the Head of Mergers & Aquistions, Neil Moffit, has shown signs of panic over the past few hours, according to contacts.

Screen-Shot-2016-02-19-at-17.23.29

Rumours circulating Las Vegas that three top executives, including Moffit, were about to jump ship have been quashed by Khadem’s New York law firm Greenberg Taurig.. for now.

Swift retraction -

However, there are equal concerns in Hollywood, where Mr Al Husseiny had revealed himself as the major investor in none other than the high-profile new movie production company Red Granite, which is owned by Najib’s step-son, Riza Aziz.

Aziz (left) with partner McFarland and Jho Low

At the time of the announcement in August 2014 Sarawak Report questioned the apparent conflict of interest over a major business partner of 1MDB investing hundreds of millions in films commissioned by the shareholder’s own son.

How the former Abu Dhabi fund manager – a public servant – acquired such huge sums was another question that has gone unanswered.

Perhaps Mr Al Husseiny will be able to address these issues if he is indeed brought to the United States, as now formally requested. If so, the position of Rosmah’s son and Najib’s step-son Riza Aziz, who has been subject to much speculation over his ostentatious living and property acquisitions, might start to look somewhat precarious.

It is widely known in Hollywood that before Sarawak Report queried Red Granite’s connections to Malaysia’s public funds, Riza and his partner, Joey McFarland, had told their colleagues and connections that their funding came from Jho Low (rather than Al Husseiny).

Their blockbuster Wolf of Wall Street even carried a credit thanking Low.

Jho Low connection

Riza’s funding comes under the spotlight, just as Red Granite prepares to launch the production of its next planned Scorcese blockbuster, The General, a bio-pic of America’s hero George Washington, starring (of course) the Oscar-winning Leonardo di Caprio, a close party pal in Jho Low’s circle.

Together with director Martin Scorcese

Al Husseiny’s dealings with the fugitive billionaire, his former boss Khadem Al Qubaisi, and their mutual business contact Jho Low are therefore likely to be top of the agenda during any questioning by law enforcers.

Aabar, once a wealthy investor with a US$70 billion equity base, appears to have lost the bulk of its money.  It has been struggling to raise sufficient lending in recent weeks on the London, largely to cover these commitments to 1MDB – the authorities in Abu Dhabi must be wondering why?

The authorities in the US are likely to be more interested in the extensive private investments made in property and businesses by these players, in particular record price breaking penthouses in New York and homes in Beverley Hills, plus the multi-million dollar investments in the Hakkasan chain managed by Moffit.

NOTE: THIS ARTICLE IS ENTIRELY REPRODUCED FROM SARAWAK REPORT’S WEBSITE FOR MALAYSIANS WHO ARE UNABLE TO ACCESS THE WEBSITE.

Najib’s Mystery Billionaire ‘Prince’ Also Paid Millions To Aabar Boss! – BY SARAWAK REPORT

Posted in Malaysia news on April 2, 2016 by ckchew

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29 March 2016

ABC Australia’s Four Corners programme has confirmed and documented information published by Sarawak Report about payments into Najib’s AmBank accounts by a mystery ‘Prince‘, previously condemned as ‘malicious falsehoods’ by the Prime Minister’s spokesmen.

ABC corroborated that these payments had been ‘authenticated’ by bizarre letters from a supposed donor, supposedly signed by a Prince Saud Abdulaziz al-Saud from the Private Office of Saud Abdulaziz Majid al-Saud.

Four Corners even published one of this series of letters, which concludes with a revealing denial:

“The Gift should not in any event be construed as an act of corruption since this is against the practice of Islam and I personally do not encourage such practices in any manner whatsoever…” intones the letter of November 1st 2011

So, ought we, like AmBank, just take the word of this ‘Prince’, who went so out of his way to stress that there was nothing corrupt about these gifts of hundreds of millions of dollars – allegedly donated because he supported Najib’s efforts in promoting ‘moderate Islam’? [letter in full below].

It would be easier to do so if there was any evidence that Prince Saud Abdulaziz al-Saud actually existed. However, it would seem that it is his identity rather than our reporting that has proved false.

Indeed, the name is merely generic and does not specify which son of whom this ‘prince’ might be, let alone one who is a multi-billionaire with philanthropic notions towards Malaysia.

Prince Faisal bin Turkey bin Bandar Alsaud

Furthermore, the ABC team has added a devastating detail to the information around the identity of this ‘donor’.  They have established that the bank transfer documents for these payments provide an altogether different name again for the mystery philanthropist!

The account from which the money actually came was in the name of one Prince Faisal bin Turkey bin Bandar Alsaud and not Prince Saud Abdulaziz al-Saud/ Saud Abdulaziz Majid al-Saud.

Once again, a search of the internet fails to deliver any reference to a gentleman of that specific name – the third related to the same payments – despite his apparent humungous wealth and generous disposition.

However, Sarawak Report can provide new evidence that the very same account also made a separate multi-million dollar payment to none other than the sacked Aabar Chairman, Khadem Al Qubaisi, during the same period in 2012!

On 26th April 2012 the mystery Prince Banda paid a whopping US$23,999,977 into Khadem’s private Vasco Trust account at Edmond de Rothschild Bank in Luxembourg.

What an interesting connection.

529d07f034f3a0a208bc41db443cd571ff15d9f8.jpg

Telling payments into Khadem Al Qubaisi’s secret Vasco Trust account at Edmond de Rothschild bank in Luxembourg from Blackstone, Good Star Limited and Prince Faisal Bin Turkey Bin Bandar Alsaud.

1MDB connections

The plainly fictitious Prince is not the only connection to be found between secret payments to Najib and secret payments to the ex-Aabar boss. Khadem also received money from the Jho Low companies Good Star Limited and Blackstone Asia Real Estate Parters Limited, which also funded Najib (above).

As Malaysian followers of the 1MDB scandal will know, Al Qubaisi was a key player working with Jho Low and Goldman Sachs to put together a series of multi-billion dollar loans raised by 1MDB.  These loans were mystifyingly ‘co-guaranteed’ by Aabar of which he was Chairman.

In return for this guarantee and to terminate supposed ‘options’ in the deals, over US$2.4 billion was allegedly paid to Aabar out of the money raised – except the money did not arrive, according to the accounts of its parent fund IPIC.

Research by the Wall Street Journal shows the money instead went to a BVI company of a similar name (Aabar PJS Limited), incorporated by Khadem and his side-kick CEO Mohammed Al Husseiny.

Khadem and Husseiny were both sacked by Aabar/IPIC last year and are under investigation, their accounts believed frozen.

However, over in Malaysia, Najib and the bosses of 1MDB continue to maintain there has been nothing untoward.

Blackstone BVI

There are more 1MDB connections thrown up by the latest information from Four Corners.  The programme also documents that a number of the payments to Najib, sponsored by the ‘Prince’, came from the phoney company Blackstone Asia Real Estate Partners Limited (BVI), which has already been exposed by Sarawak Report.

This is how the mysterious Prince of several names explained matters in his letter to the bank:

“I hereby grant you an additional sum of up to United States Dollars Three Hundred and Seventy Five Million (USD375,000,000) Only (“Gift”) which shall be remitted to you at such time and in such manner as I deem fit either directly from my personal bank account or through my instructed company bank accounts (such as Blackstone Asia Real Estate Partners Limited). You [Najib] shall have absolute discretion to determine how the Gift shall be utilised…”

This same Blackstone Asia Real Estate Partners Limited also sent half a billion dollars to Khadem Al Qubaisi’s Luxembourg account, according to our research.  Moreover, Sarawak Report has already identified Blackstone as another of Jho Low’s phoney companies, headed up by his number two, Seet Lin Lee.

Good Star Limited

The other company known to have paid money to Khadem during this self same period is none other than another of Jho Low’s companies, Good Star Limited, which was the recipient of the US$700 million dollars that was siphoned out of 1MDB’s original ‘joint venture’ with PetroSaudi in 2009 and later received a further US$330 million directly from 1MDB in 2011.

This is all money that Bank Negara is currently demanding back from 1MDB, on the grounds it was misappropriated.

Jho Low

There appears to be a common denominator to all these transactions, which we suggest is Jho Low.

Throughout 2011/12 Khadem Al Qubaisi received money into his Vasco account only from himself; Jho Low’s company Good Star Limited; Jho Low’s company Blackstone Asia Real Estate Partners Limited and the mysterious Prince Prince Faisal bin Turkey bin Bandar Alsaud.

Likewise, Najib received money from Blackstone and the ‘Prince’, while he utilised Jho Low for a wide variety of roles and transactions, including de-facto envoy to the Board of 1MDB and the purchase of diamonds for his wife Rosmah in Hong Kong.

Sarawak Report is going to venture an educated guess, therefore, which is that the real identity of the mysterious ‘Prince’ and author of the fawning letters praising Najib’s much vaunted ‘moderate Islam’ initiatives is also Jho Low.

NOTE: THIS ARTICLE IS ENTIRELY REPRODUCED FROM SARAWAK REPORT’S WEBSITE FOR MALAYSIANS WHO ARE UNABLE TO ACCESS THE WEBSITE.

Jibby: State Of Fear

Posted in Malaysia news on March 28, 2016 by ckchew

http://www.abc.net.au/4corners/stories/2016/03/28/4431284.htm

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