Saturday, June 30, 2018

SC decides who pays how much for what: SC was directly responsible for 1MDB bond pricing, FGV overpriced asset purchases;heads must fly

by Ganesh Sahathevan

MACC to probe corruption claims at Felda Global Ventures.If
probe is thorough, the SC's involvement will become painfully 
obvious,even as tha MACC and SC investigate 1MDB together.

The Securities Commission Malaysia plays an over-riding , over-arching role in all capital market transactions in Malaysia.

The SC has almost since its inception exerted its powers of approval to decide who pays how much and for what.

The SC ,disregarding the law, decided that applications for anything could only be made via its choice of merchant bankers.

The  SC has for very long time held court, together with its coven of bankers, becoming more and more a market player rather than a mere regulator.

For all of the above reasons and more, the SC and its entire team of senior managers,from executive chairman Ranjit Singh down,must be sacked and investigated for the their part  in the 1MDB bond fiasco,and the Felda-FGV acquisitions.


Goldman tested the limits of banking morality with huge fees from 1MDB(Comment:This could only happen with the SC's collusion)

Friday, June 29, 2018

RE 1 MDB: Malaysia's SC has a 20 year old mutual cooperation agreement with Australia's ASIC that SC refuses to activate (and keeps hidden from 1MDB taskforce,MACC)

by Ganesh Sahathevan

Don't ever trust incompetent and shifty looking people
Don’t ever trust incompetent and shifty looking people
Apandi Ali and Ranjit Singh received awards for not doing their proper jobs
Posted on June 4, 2016 by JEBATMUSTDIE
No less a person than the former Attorney General of Malaysia, Tan Sri Abu Talib Othman , who now oversees the 1MDB investigation has declared:

"They (investigators) are facing a lot of challenges as these are cross-border transactions (and) have to comply with proper protocol and laws applicable as requested by the Prime Minister.
"(He) said you have to comply with due process and rule of law, so they are complying with that as said so (by the PM Tun Dr Mahathir Mohamad)," 1MDB investigation committee head Tan Sri Abu Talib Othman told reporters today after being briefed by the investigators.
"It may look simple but it can be complicated as it involves so many parties. Our jurisdiction ensures that there are no overlaps in the investigation. We (have) identified the overlaps but we clarify it. The overlap is with the SC and police. However, we are getting clearer on the investigation," he added.
The 1Malaysia Development Bhd (1MDB) inquiry is led by the  Securities Commission Malaysia (SC), the Malaysia Anti-Corruption Commission (MACC) and the police.
It's provisions can easily be activated to obtain information from various Australian sources, which the MACC seems to be unaware. 
The SC is clearly compromised, if not compromised and incompetent. Like the MACC ,it needs to be flushed before it is allowed anywhere near the 1MDB investigation. 
See also 

Australian High Commissioner visits MACC,assured despite the evidence & PM Mahathir's complaint that 1MDB investigation will not involve Australia

Australia And New Zealand Slide From Their Responsibilities Over Mass Corruption In Malaysia

Australia And New Zealand Slide From Their Responsibilities Over Mass Corruption In Malaysia

What has turned the sleazy 1MDB corruption scandal, involving a wide-boy from Penang and a dirty Malaysian politician, into a global issue, has been the light it has thrown on the willingness of major financial instutions to turn a blind eye to massive money laundering.
This has in turn been permitted by deliberately under-staffed regulators, controlled by ‘First World’ politicians, who see no benefit in dealing with corruption in places like Malaysia. They have been willing instead to see their own institutions make money out of the proceeds and to hell with the human misery caused back where the thieves are thieving.
Confronted with the blatant nature of the grubby pillaging of 1MDB, however, and the huge sums flushed through property, businesses and the art market, countries like the United States, Switzerland and Singapore have taken action and are punishing financial facilitators in their regions.
Yet, down south, Australia and New Zealand are still doing their best to pretend none of this was to do with them.
ANZ Bank is the most atrocious example of this failure, since the Australian regulators have done absolutely nothing to investigate, let alone chastise or punish blatant failures by this bank to control vast money laundering activity in a subsidiary where it was the dominant shareholder, namely AmBank.
All the top responsible personnel in charge of compliance, executive decisions and customer care at AmBank were on secondment from ANZ and remained primarily employed by ANZ during their periods of deployment at the KL subsidiary.
Yet, when questioned about the failure of this substantial body of Australian staff members to honestly do their jobs, the response of the bank has been that they had no control over their seconded employees, who in turn were apparently not responsible for their own failures to carry out their legal obligations and report money laundering.
ANZ want to have their cake and eat it. They wanted to be able to brag that AmBank was, thanks to their own investment and major shareholding, a top class bank, run according to the highest global benchmark standards. Yet, when it turned out to be a corrupted can of worms, ANZ have turned round and said they cannot be held responsible.  No one in Australia’s regulatory establishment is holding them to account.
The cover-up is now well underway.  Lowly staff have been sacked, those more senior have quietly retired and ANZ is eagerly preparing to sell off its stake in AmBank, so it can slide away unscathed.
Stunningly, the proposed purchaser of that stake is none other than the Malaysian Government/Najib controlled public pension fund KWAP, which was itself already a victim of 1MDB, having lent some RM4billion to the fund, which Najib then proceeded to notoriously help himself to.  No accounts have been filed for KWAP since December 2015.
Yet now, once again, this public pension money is being funnelled in to get a 1MDB player off the hook and the Australian bankers responsible are showing not the slightest degree of contrition over their responsibility for the this disgraceful outcome.
It is shameful behaviour that will come back to haunt those who have failed their duties.

Trust Us No More! New Zealand’s Reforms Expose Past Lies

In New Zealand, meanwhile, 1MDB has had a different impact, which the authorities are equally attempting to ignore, according to financial commentators who have passed on their observations to SR.
A headline catching court case at the start of the year in Aukland, saw Jho Low win an important battle in his fight to hang on to a previously secret trust he and his family had used to park ownership of hundreds of millions of dollars worth of assets around the world (including in London, Singapore, Paris and the United States) all of which had been purchased with money stolen from 1MDB.
Justice TooGood agreed that in order to contest the asset seizures the Lows could regain control of the New Zealand trust, which they had pretended Rothschild bank had been managing on their behalf – thereby proving that such trusts (which then existed by the thousand in New Zealand) are effectively bogus fronts.
But, if Jho Low won that battle, the exposure of this rotten system seems to have lost the war for the New Zealand bogus trust industry. Following the Panama Papers outcry and cases such as this one the government was forced to officially investigate the scandal and then implement reforms, which included new regulations requiring that the beneficiaries of the thousands of rich man trusts set up in New Zealand now need to be declared.
No longer could such billionaires hide behind companies registered in the Caymans, Bahamas or Mauritius.
No problem, if such individuals are indeed the genuine article.  A review of the country’s trusts by one of its top financial big-wigs, John Shewin  had concluded it could find absolutely no instances where the lax system in New Zealand had been abused. Although, Mr Shewin conceeded that it would plainly be possible to do so, hence these telling reforms.

Shine A Light And The Roaches Run

Now the reform has been implemented as of June 30th of this year, it has predictably resulted in some devastating figures.  This from the country’s own Business News:
“.. new foreign trust disclosure rules came into effect in New Zealand on June 30, which meant foreign trusts have to register with Inland Revenue and provide particulars of all parties, including the settlor and beneficiaries, and assets. They will also have to file annual returns and pay registration and filing fees.

New Zealand had 11,645 trusts in April last year but fewer than 3000 have registered with Inland Revenue under the law changes. Some 3000 said they didn’t want to operate under the new rules while another 5000 didn’t respond, meaning they will be struck off.
However, as financial writer Graham Adams has told Sarawak Report “Extraordinarily, the government is spinning this as trusts finding the new conditions to be onerous rather than evidence of the trusts formerly being used to hide illicit money and packing up shop because their cover has been blown”.
And, so it seems. The government minister responsible appears to believe the whole episode provides a grand excuse for New Zealand’s regulators to pat themselves on the back rather than hang their heads in shame over years of harbouring thousands of crooked accounts:
“Revenue Minister Judith Collins said the drop in trust numbers was not surprising and it shouldn’t be assumed that was because many had been handling the proceeds of illegitimate activities.  “There is a much heavier compliance burden under the new regime with more disclosure required than ever before.”.. she said, adding New Zealand now had a “world class regime”.[Stuff NZ]
Who believes that – after all, how burndensome is it to write down your own name?
Nor is this system yet ‘world class’.  The New Zealand Government have notably refused  to extend to the full transparency that would actually be expected of a benchmark regime i.e. an open register where journalists and others could cross reference potentially illegal activity.
This means that, for example, Sarawak Report is unable to inform Malaysians whether Jho Low and his family are one of the few to have re-registered their trust in New Zealand.  They may have done so. After all, in the end they got what they wanted from the courts despite being fully exposed in the process.
Like Australia with its banks, New Zealand should be ashamed of the comparatively paltry $40 million a year that certain financial folk were making out of facilitating grand theft through such trusts from countries around the world, including the largest kleptocracy case ever from Malaysia.
We give the last word to their Labour Revenue Spokesman, Michael Wood, quoted as saying “Our view is the most likely reason [so many trusts have quit New Zealand] is because the people engaged in setting up foreign trusts are by definition wanting to hide their assets from their own jurisdictions and don’t want there to be any sunlight on their activities,
That conclusion is inescapable and Australian and New Zealand spokesmen have fooled nobody by denying the obvious.

Thursday, June 28, 2018

Australian High Commissioner visits MACC,assured despite the evidence & PM Mahathir's complaint that 1MDB investigation will not involve Australia

by Ganesh Sahathevan

Andrew Goledzinowski

Andrew GoledzinowskiVerified account


The Malay Mail reported:

Australian High Commissioner Andrew Goledzinowski paid a courtesy visit to the Malaysian Anti Corruption Commission (MACC) to share his country’s experience and expertise in institutional reforms.According to the commission, Shukri also informed Goledzinowski that they have not discovered any Australian connections in the investigation into 1Malaysia Development Berhad (1MDB).
The MACC added that Goledzinowski extended an offer for his country’s cooperation in the event that local investigators unearth any Australian leads to be pursued.

Goledzinowski's offer is as generous as Shukri's seeming ignorance of THIS: 

Australia avoiding investigating Malaysian corruption scandal, says former PM Mahathir


Malaysian former PM Mahathir calls on Turnbull's son to detail - SBS

Mar 9, 2018 - Australian Prime Minister Malcolm Turnbull's son Alex Turnbull has ... Mahathir calls onTurnbull's son to detail 'whistleblowing' on 1MDB affair.
You've visited this page 2 times. Last visit: 11/05/18

Mahathir Mohamad urges Malcolm Turnbull to take stand over son's ...
Mar 9, 2018 - Former Malaysian strongman turned opposition leader Mahathir ... urges MalcolmTurnbull to take stand over son's 1MDB whistleblowing.
You've visited this page 2 times. Last visit: 17/05/18

The Banking Spin Starts? Commentary | Sarawak Report

Mar 11, 2018 - Now Turnbull's act of apparent realpolitic (who cares if Najib is a thief if some ...Sahathevan last week once again raised the fact that at the time ...
You've visited this page 2 times. Last visit: 16/06/18


Mar 13, 2018 - All this leaves Mr Turnbull's father, Malcolm Turnbull, the Australian PM ... Malaysian finance journalist Ganesh Sahathevan has suggested one ...

Aussie PM's son says he is a victim of 1MDB, threatens to sue blogger ...

Mar 3, 2018 - The son of the Australian Prime Minister Malcolm TurnbullTurnbull has urged ...Turnbull rejected the claims in emails sent to Sahathevan.

The issue was,and remains ,ANZ client and "ally" Najib Razak, not ...

Oct 22, 2016 - The country's Prime Minister, Najib Razak , has reportedly said he was .... By GaneshSahathevan who takes credit for placing these photos in context. ...... In May this year the Turnbullgovernment announced that more than ...


Sunday, June 24, 2018

Cancellation of the ECRL project need not cost too much;if anything at all: Any third rate lawyer could have told Guan Eng so..

by Ganesh Sahathevan

Newly appointed Finance Minister Lim Guan Eng insists that the ECRL cannot be cancelled, because RM 20 Billion has already been paid, despite hardly any work being done.Elsewhere it has been reported that some RM 22 Billion is payable in penalties if the contract is cancelled, to the lender Exim Bank of China.
Malaysian Insight reported:
Even more onerous is the contract with Exim Bank of China. The loan with the financial institution has no termination clause and termination of the contract results in a default of the loan that needs to be repaid within 30 business days.

Any third rate lawyer could have advised Lim Guan Eng that there is enough there to not have to worry about penalties.

However,before we go there; let us not forget that the ECRL contracts are probably illegal.Recall the Sarawak Report story

OUTRAGE! - Najib's Secret Deal With China To Pay Off 1MDB (And Jho Low's) Debts! - SHOCK EXCLUSIVE OUTRAGE! - Najib's Secret Deal With China To Pay Off 1MDB (And Jho Low's) Debts! - SHOCK EXCLUSIVE

And then there are these issues:
1MDB borrowings may almost all be illegal, but will Najib accept blame or will he have Johari Ghani take the fall?


ECRL project gets a reprieve from government as RM20 billion has already been paid

The controversial China-backed ECRL project has been given a reprieve from the government as RM20 billion of the project cost has already been paid, subject to a re-negotiation of the price tag, Finance Minister Lim Guan Eng told online news portal The Malaysian Insight. Pic by NSTP/ROSLI ZAKARIA.

KUALA LUMPUR: The controversial China-backed East Coast Railway Line (ECRL) project has been given a reprieve from the government as RM20 billion of the project cost has already been paid, subject to a re-negotiation of the price tag, Finance Minister Lim Guan Eng told online news portal The Malaysian Insight.
Earlier the PH Government had announced plans to scrap the project because of its exorbitant cost of RM60-RM70 billion, which various estimates claimed could be completed for under RM40 billion.
Lim was also quoted as saying in the interview with the news portal that the government was “still undecided” on whether to proceed or defer the KL-Singapore High Speed Rail (HSR).
Prior to further discussion with Singapore, Lim said the Attorney-General had been tasked to investigate the legal aspects of the projects.
“In the ECRL, we have already paid RM20 billion. So it doesn’t really make sense to just scrap it because we’ve already paid RM20 billion,” Lim reportedly said.
Lim, however, could not reveal the terms of the ECRL contract and how much recduction in cost the government was trying to negotiate.
“Let us discuss this first. We cannot have these discussions in public. The negotiations have to be done behind closed doors.”
In an earlier media report Prime Minister Tun Dr Mahathir Mohamad described the ECRL project as a strange contract, as Malaysia has to fund the project with a loan from China, while also hiring contractors from China, as opposed to drawing down the loan in Malaysia and paying it to the foreign company’s local subsidiary.

Saturday, June 23, 2018

Love Is Love: PM Turnbull bound by intelligence sharing agreements with Malaysia to hand over son Alex, information on ANZ, and assist in 1MDB investigation.

by Ganesh Sahathevan

This performance was foolish at best, and in hindsight, seems to have been engineered to protect Turnbull family and friends:

Image result for turnbull najib

Najib and Turnbull’s budding bromance

If Najib had won the election , there would have been nothing to worry about.Unforttunately that did not happen (despite the ABC and DAFT's best prediction),and Malcolm Turnbull will have no choice but to hand over son Alex Turnbull's information on the 1MDB theft, as well as anything else about
other Australians involved in the scandal. Australia and Malaysia are joined by a number of intelligence sharing agreements, and Mahathir has made it abundantly


The issue was,and remains ,ANZ client and "ally" Najib Razak, not 1MDB:Another example of how ANZ and Shayne Elliot misled parliament

See also:
Turnbull family in damage control over Malaysia allegations

By James Massola, Sarah Danckert & Colin Kruger8 March 2018 — 10:53pm

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Jakarta: Prime Minister Malcolm Turnbull is no doubt hoping claims his son was sidelined by Goldman Sachs for blowing the whistle on controversial Malaysian sovereign wealth fund 1MDB will not distract from the upcoming summit of South East Asian leaders.

But Alex Turnbull says his role in exposing the 1MDB scandal is likely to appear in soon-to-be published book by two Wall Street Journal reporters.

Malcolm Turnbull's son Alex reportably had a role in blowing the whistle on controversial Malaysian sovereign wealth fund 1MDB.Photo: AAP

In an interview with Fairfax Media, Alex Turnbull would not comment on an article in The Australianwhich quoted him saying he was "b-tracked" by Goldman Sachs for raising concerns about 1MDB and claimed "whistleblowing is a shit business".

Alex Turnbull said he was misquoted by The Australian newspaper although his complaint is similar to comment he appears to have made on a Malaysian blog, realpolitikasia, earlier this month.

"I called out the insane pricing and bizarre structure at [Goldman Sachs] when the deal was done and got yelled at by compliance for casting doubt on the integrity of PFI, the group that did the deal," a user claiming to be Alex Turnbull wrote.

"As a result I was 'b-tracked' and resigned. This will all come out in a book in September by Tom Wright at the WSJ."

Mr Wright's book is called the Billion Dollar Whale and is co-authored with Wall Street Journaljournalist Bradley Hope. Alex Turnbull would not comment on the blog or whether he would take legal action against The Australian or the blog.

According to the blog and The Australian, Alex Turnbull raised concerns while working on a deal for Goldman Sachs that raised $US6 billion for 1MDB and made the Wall Street bank $US590 million in fees and commissions.

His comments ricocheted throughout the region on Thursday and were widely reported by other news organisations.


'Wolf of Wall Street' producer to pay $75m settlement over siphoningAdd to shortlist

Malaysia's Prime Minster Najib Razak helped set up the scandal-ridden 1MDB in 2009. A lawsuit filed by the US Department of Justice has accused him of receiving $US681 million in stolen funds from 1MDB.

Mr Najib has denied these charges and claimed the money in his personal accounts was a gift from an unnamed Saudi prince.

Prime Minister Turnbull shut down all questions about his son's comments on the 1MDB-Goldman deal when asked about it on Thursday.

"No. No. No. I'm not going to, I'm not going to comment on it," he said when questioned.

Alex Turnbull's comments about 1MDB come as his father prepares to welcome Mr Najib and other world leaders to Australia for the ASEAN-Australia summit in just over a week.

If the Malaysian prime minister were to pull out of the summit it would be a bitter blow to the Australian government.

Mr Najib has been a close ally of successive of Australian governments in the fight against extremism and in co-operating on counter-terrorism matters; he faces a tough re-election fight in a matter of months against opposition groups led by 92-year-old former prime minister Mahathir Mohamad.

Malaysian Prime Minister Najib Razak.

Philippines President Rodrigo Duterte has already pulled out of the summit, citing commitments at home that will see him attend a graduation ceremony at the Philippine Military Academy instead.

And there are fears that Cambodia's strongman leader Hun Sen may also pull out of the summit, with possible criticism of his human rights record looming in the background.

Goldman Sachs declined to comment on the allegations made by Alex Turnbull.

He ran Goldman Sachs' special situations group, which had nothing to do with the controversial Malaysian transactions in question.

The company did not refute claims that Mr Turnbull communicated with colleagues over his misgivings about the debt funding being raised for 1MDB.

Mr Najib's office did not respond to requests for comment from Fairfax Media on Thursday.

Friday, June 22, 2018

New Government in Malaysia guarantees French prosecutors full cooperation in Scorpene corruption investigation-Consequences for Australian Government, ANZ

by Ganesh Sahathevan

The Malaysian and French Governments will jointly investigate the award of Scorpene submarine contracts to DCNS (now Naval Group) by the recently deposed government of Najib Razak:

Finance Minister Lim Guan Eng today met French Ambassador Frédéric Laplanche who disclosed that the French judicial system is pursuing the €1 billion (RM4.66 billion) Scorpene submarine corruption scandal.
This, however, did not extend to the Altantuya Shaariibuu murder case, which does not involve the French authorities and jurisdiction, the minister said on the Ministry of Finance’s Facebook account.
Former prime minister Datuk Seri Najib Razak was the defence minister in 2002 when the deal for the submarines was sealed between France and Malaysia.
“(I had) interesting discussions with the French Ambassador Frédéric Laplanche on common areas of interest that can foster closer ties between our two people.

The above comes just after this report, quoting the new Minister For Defence, Mat Sabu:

Malaysia will form a special investigative task force to look into major issues raised by the people - including a French Scorpene submarine deal done during former prime minister Najib Razak's time as defence minister.
"We will create an investigative task force and the form of that task force will be discussed in Cabinet," newly installed defence minister Mohamad Sabu said on Monday (Jun 4), when asked if his ministry will look into the Scorpene case.

All this cannot be good for PM Turnbull, Defence Minister Marise Payne, and Christopher Pyne.Many involved in the Malaysian deal were also involved in putting together the Australian DCNS deal:

DCNS's Philippe Japiot charged with corruption, spent much time in Australia before the award of the Australian AUD 50 Billion contract 

And there may also be problems for ANZ,as previously reported on this blog:

Friday, August 4, 2017

Monsieur Gonski and the ANZ board have a DCNS money laundering problem,added to the 1MDB scandal

by Ganesh Sahathevan

The payments below from DCNS of France appear to have also been laundered via PM Najib's AMBank accounts, which like it or not,were and are being managed by ANZ.

Sunday, July 23, 2017

Najib's other 1MDB,or DCNS money? USD 300 million which he did not deny receiving, but which the DOJ has not located. How much in Hong Kong, and is this a missing Scorpene link?

by Ganesh Sahathevan

Monies were transferred from Najib's AMislamic Bank 
and Singapore   accounts to accounts at Credit Suisse's
 branch in Hong Kong:(see story below)

The latest US DOJ complaint not only demolished what was left of the "Saudi donor" story, it also showed how some of that USD 700 million from 1 MDB was used to  buy the USD 25 Million Rosmah Pink.

However,there is a further USD 300 million which even the DOJ seems to know nothing of.That additional sum was reported in the ABC 4 Corners story by LInton Besser ,aired last year:

LINTON BESSER: The Malaysian government says Najib Razak has returned more than US$600 million dollars he received in 2013 and closed two of his accounts.
But Four Corners has established that three new accounts were opened in the prime minister's name and the money just kept on pouring in.
In June 2014, for example, the bank was notified of another 50 million British pounds that was to be wired into the prime minister's name. There were also a series of cash deposits that raised money laundering alerts here inside the bank.
A high-level source has shown Four Corners the Malaysian prime minister's bank accounts. The banking documents reveal an extraordinary and steady flow of money between 2011 and 2014.
By June 26, 2012, the bank records show deposits worth US$75 million from a Saudi prince, US$80 million from the Saudi Arabian Ministry of Finance and another US$120 million from a shell company in the British Virgin Islands.
On the 21st of March, 2013, the prime minister received US$620 million from a different company registered there. Four days later, the same donor deposited another US$61 million.
By the 10th of April, 2013, the prime minister had received more than US$1 billion.

The Malaysian Government did not dispute the above facts, and instead bragged that the ABC story only proved that the money in Najib's account was from the Saudis.That assertion was based on the bank statements shown to the ABC's Besser,which were part of the story that went to air.
We now know that the documents were false with regards the source of funds. The sums on the other hand seem to be accurate. This blog has reported the existence of Najib's accounts in Hong Kong so it is only logical to ask if that HK accounts have been used to launder the funds.
Given the French Scorpene indictment, it must also be asked if those accounts have been used to launder funds said to have been received by Najib fron DCNS.


French list Malaysian PM Najib Razak in bribery case file

Malaysian Prime Minister Najib Razak is facing a new front in a multi-billion-dollar corruption scandal bedevilling his administration, with French investigators probing whether he received bribes as defence minister in a $1.2 billion submarine contract.
The investigation centres on Thales International Asia’s 2002 contract to deliver two submarines to the Malaysian government and whether the company’s former president, Bernard Baiocco, indirectly paid kickbacks to Mr Najib to secure the deal.
Mr Baiocco was indicted last December for allegedly paying commissions to Abdul Razak ­Baginda, a political analyst purportedly close friend of Mr Najib.
But Britain’s Financial Times cited sources close to the investigation — including Mr Baiocco’s lawyer Jean-Yves Le Borgne — confirming that judicial documents also named Mr Najib as a suspected recipient.
All three men have denied any wrongdoing, with Mr Baginda telling the Financial Times he received $US47 million in legitimate consulting fees for his role in securing the Scorpene submarine deal but paid no bribes.
A Malaysian government spokesman dismissed the ­allegations as “baseless smears for political gain”, saying Mr Najib had received no correspondence from French prosecutors.
The Paris probe come less than a fortnight after Malaysian Attorney-General Mohamad Apandi Ali cleared Mr Najib over a $US681m transfer into his bank account from accounts connected with the 1MDB state investment fund.
Mr Apandi found the money was a personal gift from the Saudi royal family to help fund Mr Najib’s 2013 election campaign and to counter the influence of ­Islamic extremism in Malaysia — an explanation Riyadh has refused to confirm or deny.
However, the Sarawak Report, an online journalism site which has led coverage of 1MDB scandal, offered an alternative narrative. It alleged the single Saudi source cited in some reports to have confirmed the gift was Nawaf Obaid, a spin doctor employed on occasions and at some cost by the Malaysian government to bolster its image.
The former spin doctor, who previously held a post in the Saudi regime, is also connected with PetroSaudi, a Middle East oil company implicated in the ­alleged misappropriation of as much as $US4 billion from 1MDB, through his brother Tarek Obaid who was its former director, the report claimed.
PetroSaudi is now under ­investigation by Swiss, Singaporean and US agencies on suspicion of having helped siphon hundreds of millions from 1MDB.
The Sarawak Report claims to have traced the money trail from PetroSaudi’s own emails, thanks to former PetroSaudi employee turned whistleblower Xavier Justo, who is in a Thai jail for blackmailing his former ­employer.
It also questions suggestions the donation to Mr Najib may have come in part from the late Saudi king Abdullah’s seventh son Prince Turki, a 50 per cent shareholder in PetroSaudi, citing JPMorgan confirmation statements showing $US77m actually flowed out of 1MDB into Prince Turki’s accounts.
While Mr Najib has urged ­Malaysians to accept his exoneration and move on from the issue, the Paris probe means the Prime Minister is facing another front in his battle to remain in power.
He has already removed officials who have questioned his ­involvement in the 1MDB affair, and this week forced the resignation of Mukhriz Mahathir, chief minister of Kedah State and son of former prime minister Mahathir Mohamad.
Both men have played key roles in a so-far unsuccessful campaign within the ruling UMNO party to unseat Mr Najib.
The Scorpene submarine deal now under French investigation is notorious in Malaysia because of its link to the murder of a young Mongolian woman, Altantuya Shaaribu. Shaaribu had been in a ­relationship with Mr Baginda and acted as a translator during the deal but later accused him of failing to pay her $500,000 fee.
Sirul Azhar Umar, one of two police officers from a government close protection unit convicted of her murder but freed on bail pending an appeal, fled to Australia where he is being held in Sydney’s Villawood detention centre.
Rumours that both Mr Baginda and the Prime Minister himself were linked to her murder have dogged Mr Najib, though both were cleared of involvement during a 2008 trial.



by Ganesh Sahathevan

Overlooked in this week's reporting is this revelation ,with regards a  report lodged with Hong Kong Police by UMNO whistle-blower Khairuddin Hassan:

Four other companies are also suspect, added Khairuddin, because Najib is a signatory here and the accounts of the companies show that a total of RM1.125 billion has been kept at the Hong Kong branch of Credit Suisse. “I have requested the Hong Kong police to conduct comprehensive and detailed investigations on the financial sources of the companies concerned and their transactions.”
“I requested the authorities concerned to investigate Alliance Assets International Ltd; Cityfield Enterprises Ltd; Bartingale International Ltd; Wonder Quest Investments Ltd. All these companies have Najib as the signatory.

Khairuddin, at the same time, also lodged another set of police reports on Jynwell Capital (HK); Jynwell Charitable Foundation; and Strategic Resources (Global Ltd), all owned by Jho Low and family.

It has been established that the report included this document,which suggests that monies were transferred from Najib's AMislamic Bank and Singapore   accounts to accounts at Credit Suisse's branch in Hong Kong:

 The report against Larry Low concerns the Low family's takeover of Coastal Energy , a company formerly listed on the Toronto Stock Exchange.It has been alleged that the takeover was funded in part with funds from 1 MDB.The report points the finger at Tan Sri Larry Low as the mastermind of his son Jho Low's adventures. The reports taken together suggest  a base of operations  in Hong Kong.