Monday, September 14, 2020

ANZ's Gonski the subject of China surveillance: 1MDB issues may be at play, and surveillance of Gonski, Bob Carr, Geoff Raby demonstrates that China considers these (and other) eminent Australians assets, not friends

 by Ganesh Sahathevan 

                                            David Gonski AC

The ABC and AFR reported yesterday that David Gonski AC, chairman of ANZ and godfather of Australia's boardrooms, is among those named in a database of persons under surveillance by the  Chinese Government: 

It's not clear how people were selected for entry into the database.

Current and former prime ministers are on the list, as well as leading businessman David Gonski, Jennifer Westacott from the Business Council of Australia, and the billionaire founders of tech company Atlassian, Scott Farquhar and Mike Cannon-Brookes. 

Contrary to the ABC's comment, it is clear to anyone familiar with " business in Asia that business and politics are considered to be  one; "big business" cannot exist without political patronage and vice versa. Malaysia's 1MDB scandal is a good example of the fact, and David Gonski would understand the example well. ANZ is after all ground zero of that scandal. 

The Chinese Government and Chinese Communist Party are complicit in the cover-up of the 1MDB theft, and it is only natural that they would want to have on their files anything and everything about the key players in the matter; the information can be used in any number of ways. 

The above may or may not come as a surprise to Gonski, who may or may not understand that China considers people like him assets, not friends. 

Bob Carr and Geoff Raby who were also named in the ABC/AFR report may, on the other hand, not having had the advantage of Gonski's commercial experience, have thought otherwise. That illusion must now have been shattered.

 


TO BE READ WITH 

Thursday, July 9, 2020

ANZ sacks Singapore based Head Of Global Credit Bogac Ozedemir, for criticising China: Sacking adds to ANZ's complicity in Malaysia's 1MDB theft & the attempted cover-up by Chinese Government companies

by Ganesh Sahathevan

David Gonski AC with Gladys BerejiklianANZ Chairman David Gonski and NSW Premier Gladys Berejiklian



The following has been reported in The Telegraph (UK): 


Bogac Ozdemir,a top trader and star performer with Australia’s ANZ bank.....was the Global Head of Rates and Credit at the Singapore office of ANZ – one of the largest Australian banks and one of the country’s biggest companies. Their most profitable individual trader, Ozdemir was promoted rapidly. He made hundreds of millions of dollars for the bank and its shareholders, and turned around unprofitable departments.

However, his star performance was not enough to save him from the rage of the CCP when in a post on LinkedIn discussing the approach of different governments to coronavirus in March 2020 he said, ““I don’t want to say anything about China because we are all in this mess because of China and I don’t believe anything from there.”

ANZ, apparently unfamiliar with Chinese government information warfare tactics or simply lacking the strength to stand by its employee, meekly threw their top performer under the bus. They issued a statement declaring that Ozdemir’s comments “showed a distinct lack of judgement”, pledging “a full inquiry” and effectively publicly buying into Chinese disinformation by branding him a racist too in asserting that “ANZ promotes a culture of respect and multiculturalism and the comment was clearly not in keeping with our standards.” Ozdemir was asked to remove the LinkedIn post and placed on “special leave”, with rumours circling in the financial world that he has been fired.


That ANZ should go to such extremes to keep the Communist Party China happy even as it withdraws from former CEO Mike Smith's Asian Expansion, is incomprehensible but it does raise further questions about the extent of ANZ's involvement in Malaysia's 1MDB theft. As readers will be aware, the Chinese Government played an active part in former PM Najib Razak's attempted cover-up of that theft. Najib's private banking account at the ANZ managed AmBank was Ground Zero of that theft.

TO BE READ WITH 


ALSO FROM SARAWAK REPORT 

Deafening Silence Out Of Australia Over 1MDB's Connection To Top Bank ANZ

Today the Bloomberg news service released details from Malaysian investigations into a matter long suspected by observers of the 1MDB scandal, namely hanky panky surrounding the original bonds raised in May 2009 by AmBank to launch the fund’s forerunner the Terengganu Investment Authority (TIA).
Those bonds worth RM5 billion ($1.2 billion) were originally sold by the sovereign fund at a considerable discount of 13%, despite an usually attractive high rate of interest.  That meant a considerable loss to the fund and many have questioned whether intermediaries had stood to benefit.
The advisor to the fund was PM Najib Razak’s proxy Jho Low and today’s leaked information to Bloomberg has apparently confirmed an extraordinary pattern of dealmaking by AmBank on the bonds that enabled Jho to skim a whopping $126 million from the fund out of those sales.
Thanks to close orchestration by a number of parties, which appears to have included banking officials, 3.8billion ringgit of the original TIA notes were sold to a Thai company called Country Group Securities at a discounted rate of 87 ringgit for 100 (the remainder of the issue was bought by a Singapore company and the bank itself at the same discount rate).
Yet, within 24 hours all these bonds had been resold by those parties for a fat profit, according to documents obtained by investigators.  AmBank apparently assisted in arranging those instant resales for 100 ringgit to 105 ringgit to local investors.
Following which, lo and behold, Country Group issued a third-party transfer instruction to AmBank to pay $113 million of the windfall to a Singapore company named ACME Time, which Sarawak Report has already identified as being under the control of Jho Low through his proxy Eric Tan.  A further $12.6 million was paid to ACME Time in July 2009.
AmBank, which had bought RM500 million of the bonds at the same discount was also in position to have made a similar huge sum, which must certainly have generated good bonuses. RM700 million went to the Singapore company.
So, unless the Bloomberg story is entirely false, despite providing the most likely explanation for the strange pattern of sales, AmBank was involved every step of the way and also involved in the profiteering. It makes its position every bit as awkward as that of Goldman Sachs, which performed a similar role during the later bond issues by 1MDB leading to investigations by the FBI leading to criminal charges from Malaysia as well.

ANZ Bank Is Largest Shareholder of AmBank

This is not the only embarrassing 1MDB related matter that has entangled AmBank. The bank was also the key player in the buy out of UBG by a bogus subsidiary of 1MDB’s first bogus joint venture partner, oil firm PetroSaudi thereby netting healthy profits for Jho again, who had invested in the Chief Minister of Sarawak’s family company.
During that sale Sarawak Report has detailed how faced with political pressure the bankers involved overlooked time and again glaring irregularities, including the fact that the so-called PetroSaudi subsidiary that was allegedly buying UBG was in fact an entirely separate bogus off-shore company trading off an identical name.
None of this could have escaped the scrutiny of the hierachy of AmBank in KL, particularly given the massive sums involved. These were the top deals at the bank at the time. And it is this fact that demands an investigation and explanation from the Australian financial regulators known as  ASIC, because the majority shareholder of AmBank is the leading Australian bank ANZ.
Sarawak Report has already pointed out along with others that all the top ranking officials stationed to managed AmBank in KL were on secondment from ANZ’s Sydney headquarters, a matter advertised as a badge of strong managment by the then Head of ANZ, Mike Smith, who had presided over the expansion of ANZ into Southeast Asia.
Mike Smith, like Goldman Sach’s Lloyd Blankfein, surprised many by taking an early departure from his Chief Executive’s post, just as the 1MDB issue started to hot up around his bank. A number of other key Australian executives have also moved on to greater things, including the former AmBank Chief Financial Officer, who has taken up a leading job in another financial group. The AmBank CEO of the time Ashok Ramamurthy relocated back to Sydney early.
However, despite persistent and compelling information that all such senior officials in KL along with ANZ’s own top brass had to have known about the massive transactions and also the huge sums that later poured into Najib’s own personal account at AmBank, there has been no announcement of an official enquiry by ASIC or investigations into malpractice.
Mike Smith’s successor as CEO Shayne Elliott told Australian MPs when questioned that ANZ’s seconded staff in KL had no duty to report back to ANZ or apparent duty to maintain standards of due diligence, despite ANZ’s largest single 20% shareholding in the bank:
“Once those employees are seconded there, they essentially sever their ties with ANZ almost 100 per cent,”
That claim by the bank’s head honcho was made in October 2016, since when the full nature of the scandal has become increasingly and unavoidably clear. Other banks have been investigated, punished, fined by different regulators and Goldman has apologised and admitted money was misappropriated from the bonds it raised.
Sarawak Report has also showed that ANZ’s own PR has contradicted the claim about the severing of ties:
Not so 'severed' after all!
“Mr Ramamurthy will also report to ANZ” – not so ‘severed’ after all!
The Australian prime minister at the time of the 1MDB misappropriations, Tony Abbott, tweeted his disappointment that Najib Razak (whom he described as a ‘good friend to Australia’) was defeated on May 9th.
However, Abbott’s successors ought to wake up to the fact that matters have moved on and slowly and inexorably investigators from the new government of Malaysia are turning up the details of exactly what happened at AmBank during the course of the 1MDB scandal.
That looks likely to include ANZ’s role in the affair and in any cover-up conducted by the Australian bank, including failures – deliberate or otherwise – on the part of the Australian regulators.
END 



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