by Ganesh Sahathevan
In his recently published autobiography the former Malaysian Attorney General Tommy Thomas recounts how he co-opted Securities Commission Malaysia officers Kieran Kaur and Foo Lee Mee to assist him in an investigation into the conduct of Goldman Sachs in the 1MDB affair.
While a (less than satisfactory) settlement has been reached with Goldman other service providers seem to have escaped. This is despite Malaysian Police seizing documents of interest from the relevant parties, a matter reported by the Malay Mail:
Business daily The Edge reported this morning that police were looking for documents involving three 1MDB bonds worth US$6.5 billion (RM26.9 billion) which Goldman Sachs had handled when they were issued in 2012 and 2013, noting that Rahmat Lim were then acting for Goldman Sachs.
A source told The Edge that police were there after obtaining a court order to do a search because the law firm had refused to hand over documents requested by the police.
The same source reportedly said local law firm Wong & Partners — which had acted for 1MDB in those transactions — had handed over requested documents to the police.
In addition the Malaysian Government seems uninterested in the assets held by FPP Partners of The Cayman Islands as trustees for Jho Low and family.
TO BE READ WITH
Saturday, November 3, 2018
DOJ action against Goldman bankers in glaring contrast to Malaysia's inaction against AMBank, Wong & Partners other Malaysian enablers of 1MDB theft
by Ganesh Sahathevan
In mid 2015 AmBank threatened to sue parties behind hoax claiming millions deposited into Malaysian PM Najib's accounts-Nothing has been done.
The Department Of Justice announced on Friday last week that it had accepted a plea deal from Tom Leissner and charged Roger Ng, the senior Goldman Sachs bankers who enabled the 1MDB theft..
Meanwhile, the Malaysian Government has yet to do anything, about the the following local entities who enabled the the theft:
AMBANK
This might still be relevant:
ANZ's former CEO Mike Smith who led the bank's Asian expansion would know from the time he spent at HSBC in Kuala Lumpur that Malaysians in general are always (and I mean always) on the look out for a deal to at least supplement meager incomes, if not get rich quick.
Given that deal making propensity ,news of the the SEC's recently reported USD 22 million payout (RM 88 million) to a whistle blower ,the largest this year and second only to its record payout of USD 30 million (RM 120 million) will prove too much for AMBank staff to resist.
Given the central role that AMBank and its ANZ led management played in the 1 MDB theft, which the US Justice Department described as the biggest case of kleptocracy ,fraud and theft it has ever seen, AMBank staff can be expected to have already done the math and determined that speaking to the SEC might well set them up for life.
WONG & PARTNERS
WONG & PARTNERS Law firm Wong & Partners, which is affiliated to international firm Baker & McKenzie, is the legal firm of choice for Jho Low and 1 Malaysia Development Bhd (1MDB). They represented 1MDB in the first US$1.0 billion joint-venture transaction with PetroSaudi as well as the subsequent dealings in the Murabahah notes. Wong & Partners was also involved in the drafting of the Memorandum of Articles & Association of 1MDB. The principal partner of Wong & Partners who handled both Jho Low’s and 1MDB business was Brian Chia. A point to note is that Tiffany Heah, who was a legal counsel at UBG Bhd when Jho was a shareholder, had worked at Wong & Partners before joining him. Heah was also at the New York meeting on Sept 7, 2009, where Jho Low met PetroSaudi’s Patrick Mahony for the first time to discuss the joint venture with 1MDB. Another interesting fact is that Chia and two others from Wong & Partners are shareholders of a consultancy and advisory firm called B&M Consultancy Services Sdn Bhd. The shareholders are Chia (33.14%), Adeline Wong Mee Kiat (33.71%) and Chew Kherk Ying (33.14%). B&M described itself as a professional service firm that specialised in strategic corporate consultancy, advisory and management services. “ We are a trusted adviser to our clients, which comprise both domestic and multinational corporations in the public and private sectors, with offices in Malaysia and other jurisdictions. We combine our rich local knowledge with an innovative global mindset to assist our clients in establishing and driving their business and investment strategies in Malaysia and globally, with a view to promoting Malaysia as a strategic investment hub in the region.” B&M did work for Jho Low/Javace Sdn Bhd in its General Offer for UBG (Bank).
Documents from the Hong Kong Companies Registry show that on July 9, Low signed two documents to change both firms’ company secretary from B & Mck Nominees to KV Pro Services in Mong Kok.
It is not known if he was in Hong Kong when he signed the documents but the registry said a signatory would not need to be in the city to sign the papers.
B & Mck is a subsidiary of US law firm Baker McKenzie. A spokesman from the law firm confirmed it had ceased to work for Low’s companies but declined to give the reason.
END
References
AmBank will sue parties behind hoax claiming millions deposited into Malaysian PM Najib's accounts
PUBLISHED
In mid 2015 AmBank threatened to sue parties behind hoax claiming millions deposited into Malaysian PM Najib's accounts-Nothing has been done.
The Department Of Justice announced on Friday last week that it had accepted a plea deal from Tom Leissner and charged Roger Ng, the senior Goldman Sachs bankers who enabled the 1MDB theft..
Meanwhile, the Malaysian Government has yet to do anything, about the the following local entities who enabled the the theft:
AMBANK
This might still be relevant:
ANZ's former CEO Mike Smith who led the bank's Asian expansion would know from the time he spent at HSBC in Kuala Lumpur that Malaysians in general are always (and I mean always) on the look out for a deal to at least supplement meager incomes, if not get rich quick.
Given that deal making propensity ,news of the the SEC's recently reported USD 22 million payout (RM 88 million) to a whistle blower ,the largest this year and second only to its record payout of USD 30 million (RM 120 million) will prove too much for AMBank staff to resist.
Given the central role that AMBank and its ANZ led management played in the 1 MDB theft, which the US Justice Department described as the biggest case of kleptocracy ,fraud and theft it has ever seen, AMBank staff can be expected to have already done the math and determined that speaking to the SEC might well set them up for life.
WONG & PARTNERS
WONG & PARTNERS Law firm Wong & Partners, which is affiliated to international firm Baker & McKenzie, is the legal firm of choice for Jho Low and 1 Malaysia Development Bhd (1MDB). They represented 1MDB in the first US$1.0 billion joint-venture transaction with PetroSaudi as well as the subsequent dealings in the Murabahah notes. Wong & Partners was also involved in the drafting of the Memorandum of Articles & Association of 1MDB. The principal partner of Wong & Partners who handled both Jho Low’s and 1MDB business was Brian Chia. A point to note is that Tiffany Heah, who was a legal counsel at UBG Bhd when Jho was a shareholder, had worked at Wong & Partners before joining him. Heah was also at the New York meeting on Sept 7, 2009, where Jho Low met PetroSaudi’s Patrick Mahony for the first time to discuss the joint venture with 1MDB. Another interesting fact is that Chia and two others from Wong & Partners are shareholders of a consultancy and advisory firm called B&M Consultancy Services Sdn Bhd. The shareholders are Chia (33.14%), Adeline Wong Mee Kiat (33.71%) and Chew Kherk Ying (33.14%). B&M described itself as a professional service firm that specialised in strategic corporate consultancy, advisory and management services. “ We are a trusted adviser to our clients, which comprise both domestic and multinational corporations in the public and private sectors, with offices in Malaysia and other jurisdictions. We combine our rich local knowledge with an innovative global mindset to assist our clients in establishing and driving their business and investment strategies in Malaysia and globally, with a view to promoting Malaysia as a strategic investment hub in the region.” B&M did work for Jho Low/Javace Sdn Bhd in its General Offer for UBG (Bank).
Documents from the Hong Kong Companies Registry show that on July 9, Low signed two documents to change both firms’ company secretary from B & Mck Nominees to KV Pro Services in Mong Kok.
It is not known if he was in Hong Kong when he signed the documents but the registry said a signatory would not need to be in the city to sign the papers.
B & Mck is a subsidiary of US law firm Baker McKenzie. A spokesman from the law firm confirmed it had ceased to work for Low’s companies but declined to give the reason.
END
References
AmBank will sue parties behind hoax claiming millions deposited into Malaysian PM Najib's accounts
PUBLISHED
JUL 16, 2015, 8:26 PM SGT
PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - AmBank Group will take legal action against those behind the blog postings of a fake press statement and statutory declaration, once it ascertains the identity of those involved and motive of the hoax.
The bank's statement came after a new anti-graft watchdog claimed a former AmBank officer was sacked in 2013 over a total of S$21 million being deposited into Malaysian Prime Minister Najib Razak's personal bank accounts, only for the self-proclaimed watchdog to admit hours later that it was a hoax. The CAGM had claimed the money was purportedly channelled to the ruling Barisan Nasional's component parties before the country's general election in May that year.
"We are continuing our investigations and inquiries into the Citizens for Accountable Governance Malaysia (CAGM) and its purported chairman, Md Zainal Abidin, to ascertain the real identity of those behind the postings. Once their identities and motives are ascertained, we will take such action as is available to us under the law," AmBank Group said in a statement on Thursday.
AmBank said CAGM on July 12 published what it described as a "press statement" entitled "Najib, Ambank & Mahathir".
The bank said the blog then corroborated its press statement by publishing on July 14 what it described as a "statutory declaration" from an alleged former employee of "AmBank Malaysia Berhad".
On July 15, AmBank said CAGM published another post describing itself, its purported chairman, Md Zainal Abidin and its postings as a hoax created as "just an experiment in social media in Malaysia".
ADVERTISING
"Regardless of the motives behind this elaborate hoax, the postings of July 12 and 14 contain malicious and defamatory statements against AmBank Group, our chairman and employees," it said.
"This was compounded by the republication of these statements in other media publications thereby gaining unwarranted attention and traction. It is of little comfort to us that the so-called CAGM now admits that this hoax was directed at the media and presumably not at us."
AmBank Group said it is bound by the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) and that the FSA and IFSA are strict in their protection of client confidentiality.
AmBank said it adopts good practices in corporate governance and applies Malaysian banking laws and regulations. "We have co-operated fully with the authorities in an open and transparent manner, and will continue to do so."
"We would like to reassure our valued customers that the AmBank Group operates with high levels of integrity and that our business is operating as usual," said AmBank Group chairman Tan Sri Azman Hashim in the statement.
TOPICS:
MALAYSIA
NAJIB RAZAK
BANKS AND FINANCIAL INSTITUTION
PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - AmBank Group will take legal action against those behind the blog postings of a fake press statement and statutory declaration, once it ascertains the identity of those involved and motive of the hoax.
The bank's statement came after a new anti-graft watchdog claimed a former AmBank officer was sacked in 2013 over a total of S$21 million being deposited into Malaysian Prime Minister Najib Razak's personal bank accounts, only for the self-proclaimed watchdog to admit hours later that it was a hoax. The CAGM had claimed the money was purportedly channelled to the ruling Barisan Nasional's component parties before the country's general election in May that year.
"We are continuing our investigations and inquiries into the Citizens for Accountable Governance Malaysia (CAGM) and its purported chairman, Md Zainal Abidin, to ascertain the real identity of those behind the postings. Once their identities and motives are ascertained, we will take such action as is available to us under the law," AmBank Group said in a statement on Thursday.
AmBank said CAGM on July 12 published what it described as a "press statement" entitled "Najib, Ambank & Mahathir".
The bank said the blog then corroborated its press statement by publishing on July 14 what it described as a "statutory declaration" from an alleged former employee of "AmBank Malaysia Berhad".
On July 15, AmBank said CAGM published another post describing itself, its purported chairman, Md Zainal Abidin and its postings as a hoax created as "just an experiment in social media in Malaysia".
ADVERTISING
"Regardless of the motives behind this elaborate hoax, the postings of July 12 and 14 contain malicious and defamatory statements against AmBank Group, our chairman and employees," it said.
"This was compounded by the republication of these statements in other media publications thereby gaining unwarranted attention and traction. It is of little comfort to us that the so-called CAGM now admits that this hoax was directed at the media and presumably not at us."
AmBank Group said it is bound by the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) and that the FSA and IFSA are strict in their protection of client confidentiality.
AmBank said it adopts good practices in corporate governance and applies Malaysian banking laws and regulations. "We have co-operated fully with the authorities in an open and transparent manner, and will continue to do so."
"We would like to reassure our valued customers that the AmBank Group operates with high levels of integrity and that our business is operating as usual," said AmBank Group chairman Tan Sri Azman Hashim in the statement.
TOPICS:
MALAYSIA
NAJIB RAZAK
BANKS AND FINANCIAL INSTITUTION
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