Sunday, July 5, 2015

The Unsung Billionaire via Donations

There are more billionaires in Malaysia than you think you can count. But this is a special one. Najib said these money in his account are donations from his political fan.

Corruption is now non-existent in Malaysia, as it is now officially embraced into the culture of Malaysia or at least culture of UMNO, and the right word to use is donation, not corruption. Anyone criticizing this culture or tradition, is liable to be jailed. This is what you get when a thief become the Emperor.

Investigations into debt-ridden 1Malaysia Development Berhad (1MDB) have uncovered billions of ringgit being channelled to the personal accounts of Prime Minister Datuk Seri Najib Razak, the Wall Street Journal (WSJ) and Sarawak Report reported.

Both are quoting from documents from the 1MDB probe that is being carried out by the Malaysian government, with Sarawak Report claiming that the Attorney-General was also aware of the information.

The documents show that US$700 million (RM2.67 billion) was moved among government agencies, banks and entities linked to 1MDB and finally ending up in the prime minister's personal accounts in five separate deposits, WSJ said.

It said that the largest transactions were deposits of US$620 million and another one for US$61 million in March 2013, two months before the general election was held. Look like he bought himself the Prime Minister's Office.

However, Putrajaya has denied the reports, saying Najib has not made use of any public funds.

"The prime minister has not taken any funds for personal use,” a Putrajaya spokesman said, without giving any evidence, or explaining how he got to know this.

“The prime minister’s political opponents, unwilling to accept his record or the facts, continue to try to undermine him with baseless smears and rumours for pure political gain.”

Of course, this was said before Najib came out to admit taking the money as donations. PM Najib's spokesman desperately holding on to any political credibility left.

Meanwhile, an 1MDB spokesman said, referring to the transfers into Najib’s account: “1MDB is not aware of any such transactions, nor has it seen any documents to this effect.” Given that PM Najib is also the Finance Minister, we have a pretty good idea where these documents have gone to by now.

The spokesman cautioned that doctored documents have been used in the past to discredit 1MDB and the government.

Sarawak Report said RM42 million had gone into Najib's accounts from SRC International Sdn Bhd, the Finance Ministry-owned company that had taken a RM4 billion loan from the
Retirement Fund Incorporated (KWAP).

"The money taken from SRC International is a particularly shocking revelation, because this was money lent by the public pension fund KWAP and never accounted for," the report said.

The Finance Ministry had said previously SRC invested the funds in Gobi Coal & Energy Ltd, a Mongolian-based company, but provided no other details than that.

A director of SRC, Nik Faisal Ariff Kamil, the report said, had power of attorney over Najib’s accounts, according to documents acquired from the investigation.

The latest transaction, the reports said, was in February this year. The documents show that SRC International had transferred RM10 million into an account under the name of “Dato’Sri Mohd Najib Bin Hj Abd Razak” at AmPrivate Bank in Kuala Lumpur.

WSJ also reported that SRC and the bank refused to comment on the matter.

1MDB is currently the subject of inquiries by a number of authorities, including the auditor-general, Bank Negara, police and the bipartisan Public Accounts Committee.

Najib, who is also finance minister and chairs 1MDB's advisory board, has come under severe criticism in recent months over a number of issues, including that of 1MDB which has amassed RM42 billion in debts after just six years of it being set up.

Yesterday, the prime minister admitted that he was depressed by the rumours linking him to 1MDB's controversial land deal with Tabung Haji, saying a responsible government would not use public funds to bail out a state-owned company. – July 3, 2015.

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