1MDB: The case that’s riveting Malaysia

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http://www.bbc.com/news/world-asia-33447456

It stems from Prime Minister Najib Razak’s strategic state fund called 1Malaysia Development Bhd (1MDB) set up in 2009 when he came into office. The fund is meant to turn Kuala Lumpur into a financial hub. It started to attract national attention recently, when it missed payments for the $11bn (£7.1bn; €9.9bn) it owes to banks and bondholders.

Former Prime Minister Mahathir Mohamad says the fund has taken on too much debt and lacks transparency. He also criticised Mr Najib’s family’s “lavish” lifestyle, which has been regularly discussed in the local press.

Then the Wall Street Journal (WSJ) reported that it had seen a paper trail that allegedly traces close to $700m from the troubled fund to Mr Najib’s personal bank accounts.

Mr Najib is now facing calls to prove his assets are legal.

1MDB said in a statement that it has never given money to the prime minister and called the claims “unsubstantiated.” It repeatedly states that the company has assets worth more than its debts.

Prime Minister Najib also denied taking money from 1MDB or any public funds, and his lawyers have demanded an explanation from the WSJ on its report.

According to the New Straits Times, he told local reporters that it was “illogical” for him to embezzle money and then stash it in his personal account.

Then in a post on his Facebook page, he accused his fiercest critic, Mr Mahathir, of “political sabotage”.

Prime Minister Najib said he believed Mr Mahathir worked “hand in glove” with foreigners as part of a campaign “to topple a democratically elected prime minister.” He said these attacks began when he refused to implement Mr Mahathir’s “personal demands”.

———–

“Wall Street Journal (WSJ) reported that it had seen a paper trail that allegedly traces close to $700m from the troubled fund to Mr Najib’s personal bank accounts.”

bust him if its true..but why sit on the information for this long?..do we smell a coup in the offing?..not by force but by revelation?

“Najib said he believed Mr Mahathir worked “hand in glove” with foreigners as part of a campaign “to topple a democratically elected prime minister.”

401

~ by seeker401 on July 14, 2015.

21 Responses to “1MDB: The case that’s riveting Malaysia”

  1. 700 million is the loose change… what happened to the 10s or 100s of billion$.. all channeled to PetrolSaudi, UAE, Caymans and HK..

    Need to start another race riot or major fire to deflect attention… soon

    http://www.mrbrown.com/.a/6a00d83451b52369e2019aff9e7d9c970c-pi

  2. > bust him if its true..but why sit on the information for this long?

    How do you bust him?

    His cousin is the Minister of Defence
    His other cousin is the Head of the Central Bank ..
    His brother is the CEO of the 2nd largest bank in Msia
    His mate is the Chief Police Officer
    And his main opposition leader is in jail on sodomy charges.
    All his bases are covered. . . except Dr.M – maybe Dr. didn’t received his stipend & has an axe to grind..

    He hired the best PR machinery out of Britain.. APCO & Paul Stadlen -but got let down..

    http://www.sarawakreport.org/2015/02/too-much-partying-by-najibs-pr-guru-paul-stadlen/

  3. for growth to someone’ private pocket$. . .

  4. Malaysian PM replaces deputy, sacks AG amid scandal

    http://www.dawn.com/news/1196952/malaysian-pm-replaces-deputy-sacks-ag-amid-scandal

    Embattled Malaysian Prime Minister Najib Razak on Tuesday sacked his deputy premier and attorney general as part of a major cabinet reshuffle widely seen as an attempt to tighten his hold on office amid corruption allegations.

    Najib has come under mounting pressure in recent months over claims that huge sums of money had been siphoned off from state-owned development company 1Malaysia Development Berhad (1MDB), which he launched in 2009.

    • Cameron is gonna come & shore up support… and sell him some more brit military hardware & jets.

  5. […] https://seeker401.wordpress.com/2015/07/14/1mdb-the-case-thats-riveting-malaysia/ […]

  6. ..Mr. G0ldman is hoping jibby & the regime doesn’t go under – or else they may have to cough up some of the billions

    http://www.asiasentinel.com/econ-business/goldman-role-1mdb-controversy/

  7. the PR team has been summoned to give some glowing praise of his Leadership. . . how much does Big Arnie charge these days for an hour pep talk, $300,000? and how come they haven’t asked uncle Gore..


    Prime Minister Datuk Seri Najjb Razak is expected to take the stage at the inaugural Global Transformation Forum in Kuala Lumpur next month, after skipping an international gathering of anti-graft officials and activists last week.

    He is among a who’s who at the forum from October 21 to 23, aimed at sharing best practices and approaches on socio-economic transformation in a global environment.

    http://www.themalaysianinsider.com/malaysia/article/after-no-show-at-anti-graft-summit-najib-to-speak-at-star-studded-global-fo

  8. 1MDB = Casino Count Room

  9. From the producers of 1MDB comes (more) riveting blockbuster – the murder of mongolian model Altanthuya .. the timing of the video release is immaculate (wonder whose hand is behind)

  10. […] https://seeker401.wordpress.com/2015/07/14/1mdb-the-case-thats-riveting-malaysia/ […]

  11. Malaysia pledges to help Swiss probe into $4b missing fund

    http://nation.com.pk/international/31-Jan-2016/malaysia-pledges-to-help-swiss-probe-into-4b-missing-fund

    Malaysia’s attorney general promised Saturday to cooperate with a Swiss call for help in probing alleged massive corruption that has placed Prime Minister Najib Razak under severe pressure.

    Swiss prosecutors on Friday had issued a statement saying they believe around $4 billion was stolen from Malaysian state-owned companies, including a firm with close links to Najib, and called for Malaysian assistance in their investigation.

    The appeal came just days after Najib’s attorney general, Mohamed Apandi Ali, sparked outrage and allegations of a cover-up by declaring Najib committed no wrongdoing in accepting a mysterious $681 million payment to his personal bank accounts in 2013.

    “My office intends to take all possible steps to follow up and collaborate with our Swiss counterparts,” Apandi said in a statement quoted by Malaysian media.

    Malaysia has been rocked for more than a year by allegations that perhaps billions of dollars had gone missing from complex overseas transactions involving the Najib-linked company, 1Malaysia Development Berhad (1MDB).

  12. $1.4 billion reportedly deposited in Malaysia PM Najib Razak’s account

    http://www.smh.com.au/world/14-billion-reportedly-deposited-in-malaysia-pm-najib-razaks-account-20160301-gn7836.html

    • me thinks 1.4 is what they can put their fingers on.. SWIFT trails..
      this guy may have so many other proxies to hold his money – from Melbourne to Cayman to Seychelles. He’s a smart crook but he may have to exile to Khazahkstan..

  13. […] https://seeker401.wordpress.com/2015/07/14/1mdb-the-case-thats-riveting-malaysia/ […]

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