Sunday, May 19, 2019

Najib's SRC trial: Interesting use of Islamic banking facilities, inter-posed charitable trusts to break -up cash flows into discrete unconnected packages -evidence can prove problematic for ANZ's Shayne Elliot

by Ganesh Sahathevan

The diagrams  below published by the Malay Mail which illustrate the cash flows relied on by the prosecution to prove the charges against Najib Razak reveal an interesting use of Islamic banking facilities  (which by nature are profit sharing arrangements between bank and client)  and inter-posed charitable trusts (which are meant to be discretionary)  to break-up what can appear to be simple linear flows into discrete seemingly independent packages.

These arrangements create problems for many, but especially the ANZ Banking Group Ltd whose management oversaw these transactions.It is management's duty to ask questions about transactions of this type.Instead, ANZ CEO Shayne Elliot continues to distance himself from the problem. going so far as to claim that he was not a member of  the AMBank board oed.f  directors when these transactions were executed, when in fact he was.

(Source:SRC trial recap: Najib’s cheque recipients)



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

by Ganesh Sahathevan

Shayne Elliot
 Shayne Elliot, ANZ’s chief executive, 
is appearing before 
MPs to answer questions about 
the bank’s conduct. 
Photograph: Lukas Coch/AAP

The Guardian reported this response from ANZ CEO Shayne Elliot to the House of Representatives Economics Committee  when questioned about the 1MDB money laundering scandal:

"No link" to 1MDB scandal, Shayne Elliott says

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