Sunday, October 7, 2018

1MDB and the USD 28 Billion Signum Magnolia Ltd of the Cayman Islands.

by Ganesh Sahathevan


Image result for IPIC 1mdb



IPIC made an announcement to the London Stock Exchange on 10 October 2018.The announcement concerned ,among other things, the  resumption of its !MDB guarantee obligations by Abu Dhabi's Mubadalla.The announcment included these statements:

Signum Guaranteed Obligations means the notes and loans of Signum Magnolia Limited which are collateralised by the USD 1.75 Billion 5.75% Guaranteed Notes due 2022 of 1MDB Energy (Langat) Limited guaranteed by 1MDB and further guaranteed by IPIC."


There does not appear to be any mention of Signum Magnolia Limited in any previous IPIC announcement which concerned 1MDB.


Signum is a Cayman Island incorporated company. However Emirates NBD Bank describes in its 2012 Annual Report as a Malaysian company:

Some of the notable transactions concluded during the year included acting as mandated lead arranger, advisor and bookrunner for syndicated loans valuing USD 6.5 billion, arranged for high profile clients like Signum Magnolia Limited-Malaysia,




Signum bonds pay a coupon of 4.805%. The bond was issued on 07.01.2013 and has a term of up to 02.11.2022. The company is able to issue bonds with a face value of up to EUR 25 Billion , or USD 28.8 Billion. It is not clear if it has already issued bonds up to the maximum allowable.


It is also unclear where and to whom the coupon differential of 0.895%  is going to.Given the USD 1.75 Billion face value of the 1MDB bonds, the differential works out to approximately USD 160
Million (given half yearly coupon payments and accounting for compounding).

This type of secrecy does not sit well with professed ethos of New Malaysia.
END 

Saturday, October 6, 2018

Anwar and The Agong:Agong's pardon a mere personal gift-No instrument of pardon, video evidence that there are no documents to bind Government, civil service

by Ganesh Sahathevan











TO BE READ WITH:


Friday, October 5, 2018

The King can pardon Anwar,but the Government and civil service are required by law to ignore the King.

by Ganesh Sahathevan


Tuanku Agong has power to do anything , that is true.However, His Majesty's powers are fettered and he has not the power to quash any conviction or expunge a criminal record. The  Malaysian Constitution  does not provide for it.There is no explicit reference to the relevant legislation, in substance or form.
 Additionally, readers are invited to think of the alternative: a monarch who can forgive can also condemn,and it is clearly not the case in Malaysia that any of the monarchs can condemn anyone to jail or subject them to any penalty by mere decree. Having said, that there are of course examples of monarchs attempting to do so, and being allowed to get away with it. 
Consequently His Majesty's decree that he is wiping Anwar Ibarhim's criminal record clean is meaningless. To put this another way , His Majesty's decree has granted Anwar Ibrahim with nothing of any legal substance or value.

That is not to say that His Majesty's decree is worthless. His Majesty is the monarch, and he can grant anyone ,anything.In this case His Majesty has granted bragging rights to one man.Unfortunately it has national consequences. 
END 



Banned in Malaysia,thriving in Sydney :How Gladys B has enabled in NSW activities of Malaysian Muslim sect banned in Malaysia.

by Ganesh Sahathevan

Malaysian company Global Ikhwan Holdings Sdn Bhd (GISB Holdings) is part of the Al-Aqram sect, banned in that country since the mid-90s.
Al-Arqam financed its activities via a string of companies, whose activities were curtailed after the  ban. However, the GISB has found NSW and Sydney are far more welcoming place to do business and promote its activities, all under the watchful eye of the premier Gladys Berejiklian , her Attorney General Mark Speakman SC,and his Department Of Justice.







Butcher Ikhwan, Australia






Cafe Nur Muhammad, Sydney

References


Close watch on Al-Arqam

KUALA LUMPUR (June 10, 2013): The remnants of Islamic religious sect Al-Arqam may still pose a threat to national security although the group had been banned by the government almost 20 years ago.
This is despite the death of its founder Ashaari Muhammad – affectionately known as "Abuya" and regarded as "God" by his followers – three years ago.
Commenting on a newspaper report that Al-Arqam was carrying out activities despite the group being banned since 1994, Deputy Inspector-General of Police Datuk Seri Mohd Bakri Mohd Zinin said police had kept a close watch on the group.
"We are monitoring them to ensure they do not threaten national security," Bernama quoted him as saying today.
Mohd Bakri said police will give its full cooperation to enforcement agencies responsible for handling deviant teaching groups.
Ashaari, who was chairman of a company called Global Ikhwan Sdn Bhd, died at the Ipoh Specialist Hospital of lung infection in 2010.
The activities of Al-Arqam, or Jamaah Aurad Muhammadiah, reached a peak in the late 80s and 90s, when it was reported to have about 10,000 followers and its own commune in Sungai Penchala.
The movement's apparent radicalism first alarmed the authorities when a number of Malaysian Al-Arqam students were arrested in Cairo for associating with Islamic extremist groups in Egypt, and evidence revealed that the movement was preparing for armed rebellion.
In September 1994, some of its leaders – including Ashaari who was arrested in Thailand – were detained under the Internal Security Act.
The commune settlements were all closed and all former members prohibited from "intermingling" to revive the movement.
Ashaari was later released following rehabilitation and restricted to live in Labuan for about 10 years.
An attempt to revive Al-Arqam teachings became apparent when Ashaari's widow, Hatijah Aam, was arrested along with nine followers at the KL International Airport (KLIA) on her return from Saudi Arabia on May 13.
She will be prosecuted by the Selangor Islamic Religious Department (JAIS) in November for trying to revive Al-Arqam teachings.
Hatijah could also be charged under Section 12 (C) of the Selangor Syariah Criminal Enactment 1995 for insulting religious authorities.
A number of activities sponsored by the group, which have attracted widespread attention and criticism, include the Ikhwan Polygamy Club and the Obedient Wives Club founded by Hatijah, which are seen as attempts to revive Al-Arqam.
The group, led by Hatijah, recently held a "spirits parliament" from June 2-4 in Jitra, Kedah, to explain the arrest of followers of Global Ikhwan Sdn Bhd (GISB).
Islamic Development Department (Jakim) director-general Datuk Othman Mustapha said Jakim is working with state islamic religious departments to gather information on Al-Arqam activities.
Bernama quoted Othman as saying Al-Arqam, via GISB, had opened restaurants and retail shops overseas, including in Saudi Arabia to show members that the group is still active.
"The business activities did not generate much profit. They also performed concerts and pantomimes promoting the ideals and beliefs of the group," he said.
He added that to convince members of the group's 'true teachings', Hatijah also opened several business outlets in Mecca and Medina.
They also distributed brochures in hotels frequented by Malaysian pilgrims in Mecca to promote their businesses and activities.

Friday, October 5, 2018

The King can pardon Anwar,but the Government and civil service are required by law to ignore the King.

by Ganesh Sahathevan


Tuanku Agong has power to do anything , that is true.However, His Majesty's powers are fettered and he has not the power to quash any conviction or expunge a criminal record. The  Malaysian Constitution  does not provide for it.There is no explicit reference to the relevant legislation, in substance or form.
 Additionally, readers are invited to think of the alternative: a monarch who can forgive can also condemn,and it is clearly not the case in Malaysia that any of the monarchs can condemn anyone to jail or subject them to any penalty by mere decree. Having said, that there are of course examples of monarchs attempting to do so, and being allowed to get away with it. 
Consequently His Majesty's decree that he is wiping Anwar Ibarhim's criminal record clean is meaningless. To put this another way , His Majesty's decree has granted Anwar Ibrahim with nothing of any legal substance or value.

That is not to say that His Majesty's decree is worthless. His Majesty is the monarch, and he can grant anyone ,anything.In this case His Majesty has granted bragging rights to one man.Unfortunately it has national consequences. 
END 

Boycott Digi-Telenor's Digi has become a self-appointed censor of what Malaysians can read on the Net

by Ganesh Sahathevan


Readers of this writer's Sahathevan.blogspot who have attempted accessing the blog on the Digi network,  but not others have been greeted by this :





image.png

The MCMC and the new Multimedia Minister, Gobdind Singh , have declined to provide any explanation, leaving the  matter entirely in the hands of Digi and Telenor's CEOs,
END

Monday, October 1, 2018

Dear Ms Ardern, how do you say "NZ links to money stolen from 1MDB " in Maori?

by Ganesh Sahathevan

This is heart warming:

Jacinda Ardern makes her speech directly challenging the view of the world outlined by US President Donald Trump.


Kindness, not fear or hate - Jacinda Ardern's message to Donald Trump and the world


Ardern began her speech with a greeting in Māori after entering the 
General Assembly carrying an orator's comb, gifted to her by 
Ngati Rehia. It is worn by leaders at prominent events and is an 
acknowledgement of her mana.

 Which is all well and good, but this not so little theft and New Zealand's part in it
remains outstanding:








 


Image result for dpmc new zealand howard broad
The Security & Intelligence Group of the NZ DPMC  was  
led by Deputy Chief Executive, Security & Intelligence (DCE SIG), 
Howard Broad. He has been appointed head of the DPMC as of the beginning 
of 2017.

by Ganesh Sahathevan

As previously reported on this blog, New Zealand's Shewan inquiry's own work into NZ foreign trust should have led to the 1MDB theft, the proceeds of which are being hidden in part, by the family of Larry Low Hock Peng using a NZ Foreign Trsut.The beneficiaries include his son Jho Low, who has been the subject of international media attention since at least early 2015,with regards his central role in the 1MDB affair.
Despite all that reporting and ongoing investigations in the US, UK, Switzerland and Hong Kong, the Shewan Inquiry declared that there was no direct evidence of illicit funds being hidden in New Zealand foreign trusts.


The Shewan Inquiry managed to come to that conclusion despite Jho Low's visits to New Zealand on his private jet and yacht.That these visits did not come to the attention of the New Zealand Department Of Premier & Cabinet's National Security & Intelligence Group is hard to believe, given the amount of data concerning these visits in even the public domain.


All this is in addition to a very public report out of Malaysia quoting the ex-deputy chief of Malaysia's Special Branch who told media in August 2015 that one of three individuals wanted by the Malaysian Anti-Corruption Commission (MACC) with regards the 1MDB theft was hiding in New Zealand.


END 



5. Unusual visitor.

Picture
Observed at Dunedin airport, this Bombardier BD-700 Global Express, made an interesting addition to an otherwise routine domestic flight. The aircraft registration is N689WM and the date 8 August 2015.


Global 5000 N689WM, operated by Malaysia based Wynton Group/Jet Aviation Flight Services Inc, arrived at Dunedin late morning 03 August direct from Bali. It is understood the passengers then caught a chartered Airwork/Inflite Metroliner for the journey to Queenstown.





Russell Blackstock is a senior reporter at the Weekend Herald and Herald on Sunday.

Superyacht makes a splash











The superyacht Equanimity. Photo / Jason Oxenham
The superyacht Equanimity. Photo / Jason Oxenham
One of the world's most spectacular superyachts is lording it at Auckland's waterfront.
The 91.5m Equanimity accommodates up to 26 guests and comes with all the bells and whistles you would expect from a billionaire owner.
The boat has a helicopter landing deck and boasts its own 20m pool, gym, spa, turkish bath, beauty salon, elevator, movie theatre and "beach club". The boat's interior is also said to be decorated in gold.
It is believed to be owned by reclusive Malaysian billionaire Jho Low who has been using it to entertain famous friends at exotic locations around the world.
Hollywood stars Leonardo DiCaprio and Jamie Foxx are said to be fans of the superyacht. Gangnam Style singer Psy, socialite Paris Hilton and actress-model Kate Upton are other well-known faces who have attended lavish parties on board.
The vessel was built in 2013 and is manned by a crew of 26.
In the past few months Equanimity has visited Florida, Holland, South Korea, Greenland, Alaska and Japan.
A crew member from a neighbouring vessel said it was thought the superyacht was in Auckland for maintenance work.

Sultanah Terengganu may consider herself to be defamed,but what of the Sultan & his sister ,neither of whom have denied their association with Jho Low?


by Ganesh Sahathevan






So, the Sultanah Terengganu is of the opinion that her sister- in - law and husband have  “close ties with persons of “questionable character”?

From Her Royal Highness’s learned lawyers:

According to Haaziq, the sultanah came across the passage when reading the book, became extremely distressed and upset, and immediately instructed the palace to lodge a police report.

He added that the royal comptroller carried out the instruction on Sept 14.

The lawyer claimed that the passage implies that the sultanah is involved in corrupt practices, has close ties with persons of “questionable character,” and has influence over the state’s administration.

Though pointing out that the other allegations in the book, especially those relating to 1MDB, are of no concern to him, he stressed that the sultanah has never interfered in government affairs and was never involved in TIA’s establishment.


However,there is this from The Star,which has been in the public domain unchallenged,for quite some time:

However, (Jho Low's)  rise to fame came when he was made special adviser to the Sultan of Terengganu and the-then Yang di-Pertuan Agong Sultan Mizan Zainal Abidin, who was also at that point of time the chairman of the now-defunct Terengganu Investment Authority (TIA). The aim of TIA was to manage the state’s annual oil royalty from Petroliam Nasional Bhd (Petronas).

As well as this:

A: His Majesty’s sister Tunku Datuk Rahimah introduced us. She is the chairman of Loh & Loh Corporation Bhd, whom I met as a fellow shareholder of Abu Dhabi-Kuwait-Malaysia Investment Corporation (ADKMIC).

END

References



Withdraw S'wak Report book or face RM100m suit, say T’ganu sultanah's lawyers

Koh Jun Lin


Published: 29 Sep 2018, 1:50 pm  |  Modified: 29 Sep 2018, 5:05 pm









   

Lawyers representing Terengganu Sultanah Nur Zahirah have demanded that the publisher and printer of The Sarawak Report: The Inside Story of the 1MDB Exposé withdraw the book from further sale and circulation.

Mohd Haaziq Pillay Abdullah said a letter of demand to that effect had been served to publisher Gerakbudaya Enterprise and printer Vinlin Press Sdn Bhd on Sept 27, as well as the book’s author Clare Rewcastle-Brown.

They have eight days from the date of service to comply, Haaziq said, or they would each face a suit demanding RM100 million in damages.

The sultanah’s lawyer said the proceeds of any damages awarded by the court would be donated to charity.

“The sultanah does not want the money, but wants to preserve the reputation of the Terengganu royal household and her position as her royal highness the sultanah,” he told a press conference in Petaling Jaya today.

Haaziq was accompanied by members of his legal team, as well as the royal comptroller of the Terengganu Palace, Mohd Azmi Mohamad Daham.

The lawyer also requested that Rewcastle-Brown, Gerakbudaya, and Vinlin issue a full, written, and unequivocal retraction and apology for the allegedly defamatory statement contained in the book within the eight-day period, as well as undertaking not to repeat the statement.




He added that the statement supposedly defamatory to the sultanah is on page 3 of the book, which is part of the book’s prologue.

It reads: "Jho was also friendly with a key player in Terengganu, the wife of the sultan, whose acquiescence was needed to set up the fund and he later cited her support as having been crucial to his obtaining the advisory position.”

The passage refers to the controversial financier Low Taek Jho and the setting up of the Terengganu Investment Authority (TIA), which later became 1MDB when the federal government took over the sovereign wealth fund.

According to Haaziq, the sultanah came across the passage when reading the book, became extremely distressed and upset, and immediately instructed the palace to lodge a police report.

He added that the royal comptroller carried out the instruction on Sept 14.

The lawyer claimed that the passage implies that the sultanah is involved in corrupt practices, has close ties with persons of “questionable character,” and has influence over the state’s administration.

Though pointing out that the other allegations in the book, especially those relating to 1MDB, are of no concern to him, he stressed that the sultanah has never interfered in government affairs and was never involved in TIA’s establishment.

In addition, she never knew Low, nor supported him in obtaining his advisory position in TIA.

“Rewcastle-Brown’s statements are unjustified, baseless, and have aspects of insult,” he said.


'Qualified apology'

As for Rewcastle-Brown’s apology published on her blog on Thursday, Haaziq (photo) said it was a qualified apology rather than the unequivocal apology that the sultanah demands.




“In our view, it is not an apology. It cannot be an apology.

"It is simple: The arrow as left the bow. This is not the terms of our demand, and I wish to state that this so-called ‘apology’ only came about after we initiated the demand, and it is not an unequivocal apology.

“If you look at it, it is a bit qualified – that if you feel hurt, if you misinterpreted it, I’m sorry. That’s not the way defamation law works,” he said.

Rewcastle-Brown’s statement on Thursday reads: “With regard to the complaint by the sultana(h) of Terengganu, Sarawak Report is happy to clarify that the passage in the book The Sarawak Report does not in any way suggest that the sultanah was 'in a conspiracy' with Low nor 'involved in government administration in the 1MDB affair’ or that the sultanah was in any way personally connected with TIA (of which her husband was chairperson of the advisory board), let alone 1MDB.

"...We suspect this matter has been deliberately misinterpreted to the sultanah by people seeking to cause trouble, and assure her that a careful reading of the short passage should make it clear there is no allegation made against anyone in the Terengganu royal family regarding the 1MDB affair, which took place after any involvement by the state ceased in that fund.

"We are sorry if she has been upset by any misinterpretations of our meaning and trust this clarifies the matter."