Tuesday, April 26, 2016

Doing business with the corruption prone DCNS-Australian Defence Minister's boyfriend "tried" to meet with DCNS in France last week

by Ganesh Sahathevan

An excerpt from a transcript of the interview between Australian Defence Minister Marise Payne and journalist Emma Alberici: 

EMMA ALBERICI: OK. I just want to shift to something else because we learned today that your partner, Stuart Ayres, who is the NSW Minister for Trade, was last week in France and sought a meeting with DCNS, which apparently did not go ahead. I want to know: did you try in any way to intervene to seek that meeting between Stuart Ayres and members of DCNS last week?

MARISE PAYNE: No. I understand that that is part of a series of meetings that any Trade Minister from Australia from any state in the Commonwealth, frankly, would endeavour to have with participants in the CEP (Competitive Evaluation Process process. As you've indicated, the meeting didn't proceed, I understand from his statement due to times not merging with the appropriate program that he had. And finally, I in no way approached Defence or engaged with Defence on this matter.

EMMA ALBERICI: Or anybody else in France ...

MARISE PAYNE: No


Ayres is Minister for Trade, Tourism & Major Events, Minister for Sport,New South Wales.The state government has no role whatsoever in defence, which is a federal matter.The CEP was basically a fashion parade, so it is hard to see why there was any need for any meetings between politicians and CEP participants.

Ayres may not have "engaged with Defence" but he is clearly constantly engaging with the Minister For Defence.
Had these same facts presented in any other country in this region awarding any kind of defence contract, media and the opposition would by now demand a full investigation into the Minister's financial affairs, and for a review of the award of the contract. In  Australia on the other hand it is assumed that our politicians are above corruption.

END 
For Reference

Doing business with the corruption prone DCNS-Are Australian politicians ,civil servants, exceptionally honest,pure ,possessing moral fortitude lacking in others?

Monday, April 25, 2016

Doing business with the corruption prone DCNS-Are Australian politicians ,civil servants, exceptionally honest,pure ,possessing moral fortitude lacking in others?



by Ganesh Sahatevan

It is being reported that DCNS of France is to be awarded the AUD 50 billion contract to build Australia's next generation of submarines.

Meanwhile, there has been no commentary in Australia about DCNS's history of corruption.

In Malaysia:

Malaysia's government has denied allegations of corruption in its $1.25 billion purchase of two submarines as it responded for the first time to a French investigation into alleged bribery payments in the deal.

The allegations have emerged in a French investigative case examining whether French shipbuilding giant DCNS paid bribes to Malaysian officials.

Malaysian human rights group SUARAM and its French lawyers have alleged that DCNS bought classified Malaysian defence ministry documents to help its bid for the 1 billion euro ($1.25 billion) contract it won in 2002. They say investigation documents show that about 36 million euros ($44.90 million) were paid by Thales International, a subsidiary of DCNS, to a company called Terasasi, controlled by a former associate of Najib.



In Taiwan:


The Taiwanese government has filed a US$98.4 million lawsuit against the French state-owned DCNS over a long-running, massive corruption case that puts added pressure on the defense contractor at a time when it faces multiple investigations that could bring down top French politicians.

The allegations, announced by Taiwan’s Defense Minister Kao Hua-chun in Parliament last week, are also an indication that the French contractors apparently continued with illegal activities well after the original scandal was uncovered. Kao said additional kickbacks prohibited by a 1996 order agreement have been found relating to supplying parts for the problem-plagued stealth frigates, which cost US$2.8 billion in 1991. Taiwan is seeking the additional penalty for alleged violation of the 1996 agreement, bringing the total to well over US$1 billion.


The purchase of the six frigates has been marked by earlier allegations of massive corruption, multiple murders, and demands for fines against the French shipbuilder for US$950 million, most of it already owed by the defense contractor and the French state under international court rulings. The French government has already agreed to pay €457 million in damages to Taiwan, which is a big enough amount to require an emergency amendment to the national operating budget.


In Pakistan,The Karachi Affair
So convoluted, one report is reproduced in full:



Political scandal brews over 11 Frenchmen killed in Pakistan
By Michael Cosgrove Jun 19, 2009 in Politics
A major political scandal is gaining momentum in France after revelations that 11 Frenchmen killed in a 2002 Karachi bus bombing were victims of a Pakistani plot to punish France for non-payment of commission on a deal involving the sale of submarines.








Not only is it a scandal here in France, but it may well turn into an international affair.
The Karachi bombing victims were all engineers employed by the DCN, the French company which holds a quasi-monopoly on the construction of French warships and submarines. The attack also killed three Pakistanis and injured many others.
They were in Pakistan to work on three Agosta 90 B submarines which were sold to the Pakistan military in a deal signed in 1994. Payment was to be spread over ten years and, as is usual in business deals involving military hardware, commission was promised to the middlemen involved. These middlemen included Pakistani and Saudi Arabian nationals. Saudi Arabia has traditionally been a source of cash funding for Pakistan, and its role in the deal was that it paid up front for the submarines.
The attack shocked the French, who immediately sent investigators to Karachi. They almost instantly claimed that Al Qaida, which was very active at that time, was behind the bombing. The affair slowly drifted out of public view in the months that followed.
It has resurfaced with a bang with revelations that the attack was indeed carried out by Islamic militants, but with the help of the Pakistani military and secret services.
The claims have been made by family members of those killed, lawyers representing them, and even judges, in the context of the official enquiry into the bombing, which is still ongoing.
At the time the deal was signed, French politicians, notably Edouard Balladur and Jacques Chirac, were trying to outdo each other in their search for campaign funds for the upcoming Presidential elections in 1995. Balladur was the French Prime Minister at that time, and as such he was an essential player in any international arms deal.
Balladur's Budget Minister at the time was current French President Nicolas Sarkozy. Sarkozy supported Balladur's candidature for the Presidency, a gesture for which Chirac would never forgive him.
The deal represented a lot of money and a source of campaign funding too.
Balladur was beaten in the election however and Chirac became President. Soon afterward, he ordered the cancellation of the progressive commission payments being made to senior Pakistani military personnel and others.
“The Al Qaida track has been totally abandoned. The mobile for the attack now appears to be linked to the stopping of commission payments. This is turning into a state affair” said Olivier Morice, lawyer for seven of the bereaved families, after a recent meeting with anti-terrorist judges Marc TrĂ©vidic and Yves Jannier.
“The commission payments (to Pakistan) were stopped when Jaques Chirac became President in 1995 in order that retro-commissions (..destined for the financing of Balladur’s campaign..) were not paid” he continued.
One of the anti-terrorist judges “said that this scenario had a cruel logic to it” said Magali Drouet, the daughter of one of the victims.
In this scenario, the attack was carried out in reprisals for the non-payment of commission. The current Pakistani President, Asif Ali Zardari, was the Investment Minister at the time in his wife Benazir Bhutto’s government. Zardari has been accused of corruption and money laundering many times.
Drouet went on to say that “this is a state-level affair which implicates France, Pakistan and Saudi Arabia, a source of funding for Pakistan.”
This new track was uncovered last year by police but has only just been revealed. The police, acting under orders from judges, were investigating affairs of corruption and arms deals. They found documents on the premises of the DCN (now called DCNS) which revealed the names of companies who transited arms sales commissions.
One of the documents mentions the “instrumentalisation” of Islamic militants by Pakistani Secret Service and Army personnel. It says that “the Karachi attack was carried out thanks to connivance from within the Army and from elements of support for Islamic guerrillas” within the Pakistani Secret Services. It goes on to mention that the bombing was carried out “for financial reasons....designed to obtain the payment of unpaid commission.”
In another strange development, investigators are also looking into the judicial aspects of the bombing enquiry carried out at the time by French police in Pakistan. The judicial enquiry was suddenly halted in 2003.
Initially included in the evidence was a collection of photographs taken by Randall Bennett, the head of the American diplomatic security service in Pakistan at that time. Bennett also ran the investigation into the kidnapping of Daniel Pearl, the American journalist later executed by Al Qaida.
The photographs in question were those that Bennett took at the scene of the bombing. They were later destroyed under a French court orde

Read more: http://www.digitaljournal.com/article/274427#ixzz46tS0Ih00


END 

Monday, April 18, 2016

Ministry of Finance Inc has defaulted, Minister For Finance And Prime Minister Must Go; Only Tengku Razaleigh can restore confidence

by Ganesh Sahathevan



Tengku Razaleigh Hamzah



The repercussions of IPIC putting both 1 MDB and  the  Malaysian Minister Of Finance Inc (MOF) into default are already being felt, with the sell-off of 1 MDB bonds which started yesterday, Monday 18 April 2016.


1MDB’s dollar bond prices slumped on Monday (April 18) to the lowest since November, according to Bloomberg-compiled prices. The yield rose 252 basis points to 8.27 percent. It was trading around 5.7 percent last week from almost 10 percent in October as graft allegations intensified.

The MOF Inc's attempts to localize the matter to 1 MDB is irrelevant, given that international financial markets will now penalize Malaysia for the default, regardless of the MOF's assurances. The damage has been done.

Given the circumstances Malaysia has no choice but to have the Minister for Finance and Prime Minister, Najib Razak,  replaced immediately in order to restore confidence in the country's finances and its management. It may have been possible elsewhere to simply remove the Minister For Finance but given the reality of Malaysian politics where the Prime Minister is also the Finance Minister, the post of prime minister must also be vacated. 


A failure to do so will cost the country, for what has now occurred is a loss of confidence. Changing the leadership is the only way in which confidence can be restored. This comment is made without reference to the ongoing scandal that Najib finds himself in. Such is the enormity of the situation. 


The  MOF has attempted to limit damage to 1 MDB, but, given the now 2 year history of scandal, debt defaults, and the like at 1 MDB overseen by Najib only the most committed of his supporters are likely to believe Najib
Indeed, 1 MDB official seem to understand the gravity of the consequences , at least for themselves:

Officials at 1MDB have told the Malaysian Ministry of Finance that a default on the $3.5 billion in debt could push investors to sell off their currency and bonds, potentially tarnishing the country’s image in global financial markets, according to the memo viewed by the Journal. Cross-default clauses in other 1MDB agreements could also be triggered if the deal between IPIC and 1MDB collapses, putting the fund in default on several billion dollars more of debt, according to the memo viewed by the Journal.

There is an immdeiate need to have a new Prime Minister and Minister For Finance appointed and the only person within the Malaysia's constellation of leaders who fits the bill is the former Minister For Finance and potential prime minister, Tengku Razaleigh Hamzah. It is hard to see anyone else capable of commanding the respect and confidence of buyers and sellers in the  international financial markets who  are deciding the country's fate even as this commentary is written.

END 


Sunday, April 17, 2016

1 MDB bond default : The Al-Nahyans of Abu Dhabi can respond to Najib's belligerence with Xavier Jutso, Brian Lord,Khadem Al-Qubaisi etc etc etc......

by Ganesh Sahathevan



Khalifa bin Zayed bin Sultan Al Nahyan  
President of the United Arab Emirates,
the Emir of Abu Dhabi and the commander
of the Union Defence Force.





Leslie Lopez of ST Singapore has just reported:


Last week, IPIC informed 1MDB that the KL entity was in default of a complex bond agreement between the two, according to Malaysian government officials and financial executives close to the situation.

Malaysian government officials, who spoke to The Straits Times on condition of anonymity, said IPIC has informally told 1MDB that it has no intention of honouring the interest payment because of the alleged default of the bond agreement. For its part, the Najib government has taken the position that it will not step in to cover the payment because it has done nothing wrong.



This is a classic case of believing in one's own publicity, and of forgetting that in any legal dispute the facts of the matter are almost always paramount.In this matter the facts are simple, well known, count against Najib, 1 MDB and Malaysia.  The  facts in essence are these:

a) Sitting in a Thai prison courtesy of a compliant Thai judiciary is a PetroSaudi director named Xavier Justo who has an entire database of emails detailing Najib's "friend of the family"  Low Taek Jho's dealings with PetroSaudi and IPIC , which have attracted the attention of government investigators from the US, Switzerland, the UK, Singapore , Hong Kong and Luxembourg.

b) Sitting pretty in London and Dubai is one Brian Lord, the former QCHQ man who at various times let it be known that he has full and complete access to the Justo database and more.

c) Sitting one presumes with a very high degree anxiety in Dubai under house arrest is Khadem Al-Qubaisi, the former managing director of IPIC, who has clearly angered Sheikh Mansour bin Zayed Al Nahyan, who heads IPIC , and the brother of Sheikh Khalifa bin Zayed Al Nahyan, the Abu Dhabi ruler and United Arab Emirates president.


All three , if not at least Lord and Khadem, are well within the control of the Al-Nahyans. All too easy for the family to rebut Najib's "we have dome nothing wrong", in fora and media of their choosing.
All this over payments that IPIC has assumed subject to a guarantee it provided 1 MDB.
END















http://www.straitstimes.com/asia/se-asia/state-fund-dispute-puts-1mdb-at-risk-of-default

Saturday, April 16, 2016

I admit Saudi Arabia has used a fraudulent BVI company to channel hundreds of millions to Najib:Saudi FM's admission read together with "Prince Saud" letter throws up interesting matters

by Ganesh Sahathevan


Saudi Foreign Minister Adel Al-Jubeir is reported to have said with regards the USD 681 million found in PM Najib Razak's private accounts: 

"It is a genuine donation with nothing expected in return. And we are also fully aware that the attorney general of Malaysia has thoroughly investigated the matter and found no wrongdoing," Al-Jubeir said. "So, as far as we are concerned, the matter is closed."

Adel is however not the only person whose statements have been relied on to explain the donation,there is this letter from a certain "Prince Saud": 


In the letter "Prince Saud" makes reference to Blackstone Real Estate Partners Asia, and states that it is a company under his control which he will use to channel funds to PM Najib. That company has been shown to be part of a scam currently investigated by authorities in a number of jurisdictions. (See Sarawak Report story below). Adel may consider the matter closed,but his confirmation of that "donation" opens up issues on a number of regulatory fronts all over the world.
Most serious of these is his apparent admission to financing jihadi activities in South East 
Asia. The matter is described in the story at this link:

Saudi Government admits to using shell companies,tax havens, to finance Islamists in South East Asia-Wells Fargo ,Australia's ANZ ,now implicated in terrorist financing

END 







NEW 1MDB BOMBSHELL - Second Jho Low Company Paid Hundreds of Millions To Both Najib Razak AND Khadem Al Qubaisi - EXCLUSIVE!

NEW 1MDB BOMBSHELL - Second Jho Low Company Paid Hundreds of Millions To Both Najib Razak AND Khadem Al Qubaisi - EXCLUSIVE!

Khadem signs the deal while Najib looks on - but where did all the money go from the 1MDB/Aabar "strategic partnership"?
Khadem signs the deal while Najib looks on – but where did all the money go from the 1MDB/Aabar “strategic partnership”?
Sarawak Report can reveal that a second Jho Low company, Blackstone Asia Real Estate Partners Limited, has paid hundreds of millions of dollars into the personal accounts of both the Malaysian Prime Minister, Najib Razak and also the ex-Chairman of Abu Dhabi’s Aabar fund, Khadem al Qubaisi.
Aabar, a subsidiary of the IPIC sovereign wealth fund, has been enmeshed in a series of highly questionable and loss making deals with the scandal-torn Malaysian development fund 1MDB, which is directly controlled by Razak, using Jho Low as his proxy.
A Sarawak Report investigation has established that Blackstone, a BVI registered company which gives an address in Singapore, has been cited as the sender of a series of enormous dollar currency payments to both men between 2011 and 2012.  Our information includes telegraphic transfer documents passed through the American banking system.
The off-shore company uses a tactic familiar to watchers of Jho Low, in that it apparently seeks to give the impression that it is associated with the US global investment giant, the Blackstone Group. However, there is no link whatsoever between the legitimate multi-national and this secretive shell company.
Jho Low and Li Lin live it up on the high life
Jho Low and Li Lin enjoying the high life
In fact documents obtained by international investigators have ascertained that the signatory for the company is none other that Jho Low’s deputy, Seet Li Lin.  Seet also acted in the same capacity for the notorious companyGood Star Limited, which lies at the heart of the 1MDB scandal and of which Low was the sole shareholder.
The records show that before it was liquidated in early 2013, just three years after starting operations, Blackstone Asia Real Estate Partners Limited transferred well over half a billion dollars into accounts belonging to the two men. This was exactly the period when two major loss-making power purchase deals were funded through billion dollar bond issues raised under a joint guarantee by the two funds. Much of that money appears to be unaccounted for, forming a large part of 1MDB’s current debt problems.

Khadem scooped nearly half a billion dollars (RM2 bn)

Documents obtained by Sarawak Report show that four separate payments were made to Khadem Al Qubaisi’s Luxembourg account at Banque Privee Edmond de Rothschilde Europe (headquartered in Switzerland) in 2012.  The sums were enormous.
Firstly, on 29th May 2012 Blackstone Asia Real Estate Partners transfered US$158,000,000 million into Al Qubaisi’s account, held under the name of the The Vasco Trust, of which he was the sole beneficial owner.
Documents in the possession of SR confirm Al Qubaisi is the shareholder of Vasco Trust
Blackstone BVI is registered under an address in an office rental block in Singapore – 36 Robinson Road.  Documents in the possession of SR confirm Al Qubaisi is the shareholder of Vasco Trust
Three further payments on August 3rd, October 31st and December 4th comprised US$100,750,000, US$129,000,000 and US$85,000,000 respectively.  It makes for a total of just under half a billion dollars – over two billion ringgit at current exchange rates, paid from a shady BVI company into the hands of the salaried Abu Dhabi fund manager over just six months.
How did this ex-fund manager legitimately earn this sum - or was it a kickback?
How did this ex-fund manager legitimately earn this sum – or was it a kickback?
Insiders have confirmed to Sarawak Report that these payments were regarded as kickbacks linked to Al Qubaisi’s involvement in 1MDB.

Tell tale connections with Good Star, Jho Low and Najib Razak

There was just one other major external transaction paid into Al Qubaisi’s Vasco account during the same financial year – US$20,750,000 was transferred from the other secret Jho Low owned company Good Star Limited on 20th February 2013.
Transfer from Good Star into the same beneficiary account belonging to Vasco at BPERE - acc no 390 610
Transfer from Good Star into the same beneficiary account belonging to Vasco at BPERE – acc no 390 610
Had there been a shortfall on the agreed Blackstone transfers, which was made up by Jho Low’s other company Good Star?
Otherwise, can the now sacked Mr Al Qubaisi explain these extraordinary secret payments into his accounts, just in the very period when Aabar and 1MDB were entering into a series of ‘joint investment’ deals from which billions have gone missing?

Payment to the Prime Minister!

There is an even more serious angle to this explosive set of discoveries.  Sarawak Report has learnt that the on-going 1MDB investigation into Najib Razak’s AmPrivate Bank accounts in KL has also established that enormous payments came in from the very same source a few months earlier.
In 2011 Blackstone Asia Real Estate Partners Limited paid a total of US$170 million into the same private account belonging to Najib Razak which later received US$680 million in 2013, as reported by Sarawak Report, along with the Wall Street Journal.
Sarawak Report has already reported there had been earlier payments, which had brought the final sum in the account to well over a billion dollars.  After the election over US$600 million was in fact sent exported back into personal accounts belonging to the Prime Minister in Singapore (now frozen) and the AmBank account closed.
Party mode - Al Qubaisi has poured hundreds of millions into buying up nightclubs in Vegas
Party mode – Al Qubaisi has poured hundreds of millions into buying up nightclubs in Vegas
We are now able to disclose that the first of those series of payments, totalling US$170 million came from Blackstone Asia Real Estate Partners Limited (BVI) and it was supported by the very same identical letter of guarantee provided by the bogus sheikh ‘Saud Abdulaziz Majid al-Saud’, which also backed the later US$680 million ‘donation’ via yet another off-shore BVI company, Tanore Finance Corporation, in 2013.
As we have detailed, Saud Abdulaziz Majid al-Saud has turned out not to exist and the series of identical letters provide no details of his address or credentials.
No wonder the task force investigations into 1MDB ended up querying these enormous payments as part of their remit into Malaysia’s missing development funds.
The official investigators had clearly concluded (before they were rudely shut down, arrested, sacked and in one case murdered) that these transfers into Najib’s accounts were directly linked to the disappearances of vast sums of money from the company’s accounts.

History of an impersonator company

So what of this BVI based company, which suddenly transferred so much money into the accounts of the bosses behind Aabar and 1MDB?
Blackstone Group does indeed have a subsidiary called Blackstone Real Estate Partners Asia.  However, the major global player has responded to enquiries to confirm that the almost identically named Blackstone Asia Real Estate Partners (BVI) has nothing to do with their business.
Research into the shadowy world of BVI corporations has revealed that this particular shell company was incorporated on November 1st 2010 under the name of Foreign FX Trading Limited and changed its name to Blackstone Asia Real Estate Partners on 26th May 2011:
Short lived history of a shell company used to transfer hundreds of millions of dollars
Short lived history of a shell company used to transfer hundreds of millions of dollars
Having transferred the hundreds of millions of dollars into both Najib and Khadem Al Qubaisi’s accounts the company was put into liquidation on 30th April 2013, just before the Malaysian general election.
Time to close down this short-lived multi-million dollar operation?
Time to close down this short-lived multi-million dollar operation?
Sarawak Report contends that the explanation for this series of events is that Blackstone Asia Real Estate Partners Limited (BVI) was merely another of Jho Low’s secretive vehicles for transferring money, which he habitually named to sound as if they belonged to more credible working concerns.
Other such companies which we have identified as being linked to Jho Low’s laundering activities are PetroSaudi International Limited (Seychelles); SRG (Strategic Resouces Global); Aabar Investments PJSLtd and Merryl Capital.
Najib must explain why his anonymous donor appears to be Jho Low
Najib must explain why his anonymous donor appears to be Jho Low
The same London based company, Offshore Incorporations Centre, was employed to incorporate both Good Star Limited in the Seychelles and the Blackstone bogus company in BVI.  Sarawak Report has already confirmedthat international investigators have now established that the sole shareholder of Good Star is indeed none other than Jho Low.
Prime Minister Najib must surely now address what has now become increasingly plain and obvious, which is that much of the money recorded as having gone missing from the 1MDB/Aabar joint ventures, appears to now have been traced into bank accounts belonging to the two main players in these transactions – himself and Khadem Al Qubaisi.
The facilitator in the Blackstone BVI transactions was plainly once more Jho Low, using yet another of his web of off-shore vehicles to shift the cash, before he liquidated it (like Good Star) in an attempt to obliterate the evidence.



Wednesday, April 13, 2016

1 MDB & PM Najib: Foreign agencies can inflict pain and suffering long before sovereign immunity becomes an issue

by Ganesh Sahathevan

PM Najib's lawyer Mohd  Hafarizam Harun is reported to have said:



"The first issue you should look at is whether they have jurisdiction to take action against a prime minister of Malaysia, who is a Malaysian citizen and not the citizen of Switzerland, Germany or even the US.

"So can you (foreign investigators) extend your extra-territorial jurisdiction outside your country and bind a non-citizen?"

With the greatest respect to his learnedness, the "first issue" is going to be preventing the forfeiture and freezing of assets and bank accounts related to the investigation into 1 MDB and PM Najib Razak, which has already occurred in Singapore and  Switzerland.

Then, given the   investigations in the United States, it is useful to consider the powers of the  US Justice Department and in particular the workings of its kleptocracy unit, as well as that of its Asset Forfeiture and Money Laundering Section (AFMLS). Taken together, these sections can seize assets in the US and foreign  jurisdictions, and trace monies through the international banking system, imposing fines and sanctions against banks anywhere that deal in US dollars and which have correspondent banking arrangements with banks in the US. Banks which refuse to comply can therefore not only be faced with balance sheet breaking fines, they could also be frozen out of the international banking system. Consequently, while Malaysian banks may refuse to freeze or forfeit assets related to the 1 MDB scandal, they could find their businesses limited to Malaysian shores. No Malaysian bank can afford that type of isolation. 
Appealing  decisions of the US Department Of Justice will require petitions before courts  in the United States ie submitting to US jurisdiction. Obviously , then, sovereign immunity cannot be raised. 
With regards criminal proceedings against PM Najib personally, it is important to remember that sovereign immunity  is usually recognized when the head of state or head of government is acting in his official capacity. Given all that has been said about donations to PM Najib personally, asserting now that the movement of billions of dollars into and out of  Najib's personal accounts is a matter of state will not provide a shield. Asserting that Najib used it for party political purposes also will not work, no matter how strongly UMNO and BN feel about their ownership of the Government of Malaysia.The party is not the State. 
END 
  



Friday, April 8, 2016

1 MDB chief Arul Kanda in US Treasury cross-hairs: Justification of shady US Dollar transactions makes Arul equally guilty of US AML/CTF breaches

by Ganesh Sahathevan


Now that the Parliament of Malaysia's Public Accounts Committee has found that there were in fact
multiple breaches of AMLCTF laws involving US dollars, the focus falls back on the current CEO Arul Kandsamy who has at various times sighted those transactions, defended them and declared that he was satisfied that the transactions were all above board.In fact, he often did so when the legality of those transactions was called into question.

Subsequently Kanda is at very least an accomplice to these AML/CTF crimes and given that the transactions were primarily in US Dollars, comes well within the jurisdiction of US regulators.
His friends and accomplices at ANZ and AMMB are well placed to attest to that fact,given ANZ's rather expensive experience in that type of matter.

END