Some targets are so obvious the inaction is painful to watch:See
Sarawak Reports' Deafening Silence Out Of Australia Over
1MDB's Connection To Top Bank ANZ
Singapore's Straits Times and others have reported, quoting PM Mahathir Mohamad:
"I heard about this and I think they (various countries) know it is our money, so they will give it back. Singapore will also give back our money. We are hoping to get back US$7 billion," he told media
No one can argue with the sentiment (except that perhaps the figure should be larger,closer to say USD 20 Billion).However, it does not look like Mahathir's government is interested in doing anything on its own to help the effort, which to date has been driven by the US Department Of Justice.
The USD DOJ has filed complaints to seize some USD 1.7 Billion in property which it says was with money from 1MDB but Malaysia seems to have done nothing, except seize one yacht.
Meanwhile,there are some obvious targets.
There is that USD 1 Billion taken from KWAP to which the Singapore Government has become quite attached:
Is KWAP's RM 4 Billion seized by Singapore hostage to Malaysia-Singapore Water Agreement negotiations?
Then there is the bit more complicated case of the principal and coupon payments from the UNRATED 1MDB bonds bought by Goldman Sachs which now collateralize Goldman's Signum Magnolia bonds.
Recovery of this money will require action against a number of parties, and it is complex, but the Ministry Of Finance and its advisers to whom the task has been entrusted seem to have done nothing. This is not unexpected;this writer has reminded readers that PwC does not really have the skills for the job.
Further, following from the above, is the bit more complex of hunting down assets which are believed to be located in Australia.Again, this will require detailed and complex work, but the targets for initial investigation are well known.
END
by Ganesh Sahathevan
(Source:http://www.tradingeconomics.com/malaysia/net-errors-and-omissions-adjusted-bop-us-dollar-wb-data.html)
The value for Net errors and Omissions in the Balance Of Payments (BoP, current US$) in Malaysia has fluctuated between $3,552,316,000 in 1993 and ($19,990,770,000) in 2010.
The "Errors and Omissions" figure is considered a proxy for "unofficial" or rather unaccountable flows of foreign exchange out of the country.
2010 was of course the year when much of the 1MDB theft took place, and it does appear as if that massive unaccounted flow of US Dollars has shown up in the Balance of Payments.
As previously reported on this blog,Sarawak Report has obtained and published photos which show that PM Najib and wife Rosmah may have conducted 1MDB business with PetroSaudi on their own, without 1MDB management, or board present. Given the extent of the sudden increase in leakages it is not improbable that the business conducted included off-balance sheet transactions executed in 1MDB's name.
(Source:http://www.tradingeconomics.com/malaysia/net-errors-and-omissions-adjusted-bop-us-dollar-wb-data.html)
The value for Net errors and Omissions in the Balance Of Payments (BoP, current US$) in Malaysia has fluctuated between $3,552,316,000 in 1993 and ($19,990,770,000) in 2010.
The "Errors and Omissions" figure is considered a proxy for "unofficial" or rather unaccountable flows of foreign exchange out of the country.
2010 was of course the year when much of the 1MDB theft took place, and it does appear as if that massive unaccounted flow of US Dollars has shown up in the Balance of Payments.
As previously reported on this blog,Sarawak Report has obtained and published photos which show that PM Najib and wife Rosmah may have conducted 1MDB business with PetroSaudi on their own, without 1MDB management, or board present. Given the extent of the sudden increase in leakages it is not improbable that the business conducted included off-balance sheet transactions executed in 1MDB's name.
The extent of 1MDB's losses could well be in excess of the currently estimated USD 10 billion, and in fact closer to USD 20 billion.That the higher amount has not shown up in any of the investigations conducted so far is easy to explain.These are not in any way reflected in the books and known only to the chairman, PM Najib. Nevertheless,these would still be liabilities borne by 1MDB ,and by extension the Malaysian Government.
END
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