The World Anthem




by camel's back , donplaypuks® intrepid correspondent for straw affairs

Next to allegations made against Prime Minister Najib and his wife Rosmah in the Altantuya murder saga, they don't get more sensational than this. 

Today's Wall St. Journal (WSJ) and Sarawak Report (SR) leader articles about PM Najib, 1MDB and their business partners, Abu Dhabi Commercial Bank Group (ADCB) have opened a new front against the move to unseat PM Najib. 

Will this be the straw that broke the camel's back?

Both the reports allege that investigating agencies in Malaysia have traced some $2.3 billion of money flowing from 1MDB linked ADCB Group, to PM Najib's personal bank accounts in Malaysia. The reports did not reveal the names of the Malaysian investigative agencies, but traced 3 transactions which could be deemed money laundering, fraud and CBT:

1. US$620 million (RM2.1 billion) from Aabar, subsidiary of ADCB.
2. US$61 million (RM200 million) from Aabar/ADCB.
3. RM42 million from SRC International, now a wholly owned subsidiary of MoF.

CLICK HERE and HERE for the respective reports by WSJ and SR.

Currently, 1MDB's financial affairs are being investigated by:

1, The Auditor General.
2. The Attorney General.
3. Any other General?
4. The Public Accounts Committee
5.  Bank Negara.
6. Presumably, MACC and the police.

The Aabar funds totalling $2.3 billion were transferred shortly before General Election 2013, while the SRC transfers of $42 million took place in December 2014 and February earlier this year.

SRC International is headed by Nik Faisal Ariff Kamil, a close associate of Jho Low. In 2011, SRC borrowed $4 billion from government pension fund KWAP to purportedly invest in a Mongolian coal mining venture, Gobi Coal & Energy. This, informed analysts claim, has tanked and is currently worth only under $2 billion, i.e. a paper loss of more than 50%!! 

PM Najib and the MoF have been tight-lipped on the details of this "investment". They also fuelled more controversy, when faced with public furore over milking KWAP for funding, they transferred SRC from 1MDB to the MOF, with no loss to 1MDB!!

SRC purportedly transferred the $42 million to PM Najib, to be utilised for Corporate Social Responsibility (CSR) projects. This sound pretty cock-eyed, given that 1MDB had no money to service recent debt interest amounting to $3.5 billion and has recorded cash operating losses of $3.5 billion over the last few years.  

Surely, you fund CSR activities from after-tax corporate profits, and not from wholly government-owned companies carrying humongous operating losses and borrowed money? Surely, charity begins at home?

Shortly after the transfer of funds of $2.3 billion by ADCB/Aabar Group in March 2013, 1MDB issued US$3 billions ($9.3 billion) of bonds to finance the development of 1MDB's Tun Razak Exchange. This was approved by PM Najib, as was a government (sovereign) guarantee to back the bonds.

So, the $64,000 question:

Was 1MDB used as a convenient tool, a front, and its funds misused by PM Najib to finance party expenses for GE 2013? Is this why no clear information is forthcoming from 1MDB or PM Najib as to what exactly the US$3 billion raised, is "invested" in and what exactly the current market value of those "investments" are?

The Chairman, CEO and Board of Directors of 1MDB are not aware of what took place?

The WSJ and Sarawak Report seem to imply that the source of funds for persistent claims that money politics, billions of ringgit, played a huge role in BN pipping Pakatan at the post at GE 2013, is irretrievably linked to funds laundered from 1MDB. The stench of CBT, fraud and money-laundering is overpowering?

In the immortal words of that man who sports a bird's nest on his head, Giorgo A. Tsoukalos of the 'Ancient Aliens' TV Series:

1. Is it possible that PM Najib dipped into 1MDB's pockets for GE2013, and then paid it back through a secret deal with the arabs, with money raised via bonds backed by our government? 

2. Is it possible, given that urgency of the GE situation and Najib's future as PM, and that there were no other avenues to bring $2.3 billion into the country, BUMNO/SCUMNO used the PM's personal bank account, knowing that as he was also the Finance Minister, no one, particularly Bank Negara, would dare raise the red flag?

3. Is it possible that PM Najib and BUMNO/SCUMNO's complete disregard for the citizens and laws, and arrogance, had reached such heights, that they felt the matter would never become public knowledge?

How will PM Najib squirm his way out of this curve ball thrown by the WSJ and Sarawak Report? PM Najib may well claim, if the WSJ and Sarawak Report articles are true, that Nik Faisal may have misused a power of attorney given to him to operate PM Najib's relevant bank accounts.

Thus far, there has been no direct response today from PM Najib on these staggering accusations. 

DAP Lim Kit Siang's call for PM Najib to go on leave overseas is predictable, but nevertheless, welcome. What is very, very disappointing though, is Lim Kit Siang's suggestion that the three Tun's - Mahathir, Badawi and Musa Hitam - be given the mandate to oversee the interim government and terms and conditions of Najib's  return. It is an idiotic idea. We do not need another set of politicians who have terrible skeletons in their own cupboards, to set the country straight. LKS and Malaysia do not need to hang on to the coat-tails of any of these Tuns, who fabulous wealth would not bear the scrutiny of a RCI into transparency, accountability and honesty!

We only need a few good, honest and decent men and women to steer us right.

Whatever happens next, don't blink. You could miss the precise moment a government of thieves finally collapsed!

Donplaypuks® with personal bank accounts, man!

1 comment:

gapstander said...

Agree with that part about LKS hanging on to those garments. Let Na and Mah bring the whole ship down hook, line and sinker so Malaysia can rise again from the ashes of the totally burnt vessel. No sympathy for thievery. Nor tea.