by Ganesh Sahathevan
US President Joe Biden has named Indian-American businessman Ajay Banga (photo above) as the US pick to lead the World Bank.
The move comes as the US increases pressure on the bank to put more emphasis on tackling climate change.
Mr Banga led credit card giant Mastercard for more than a decade and now works in private equity.
Meanwhile, Ajay Banga has still not answered the questions raised below with regards 1MDB.
To Be Read With
Monday, January 4, 2021
Mastercard Inc wants Congress to recognise Biden as president, but remains silent on 1MDB issues going back to 2015
by Ganesh Sahathevan
CNN has reported:
More than 170 prominent business leaders signed a letter urging Congress to accept the Electoral College results that declared Joe Biden as the next President of the United States.
"This presidential election has been decided and it is time for the country to move forward," the letter reads. "President-elect Joe Biden and Vice President-elect Kamala Harris have won ... There should be no further delay in the orderly transfer of power."
The signatories include Mastercard President Ajay Banga, a Guardian Of Capitalism. Mastercard and he have yet to comment on the 1MDB matter, which concerns them given how former Mastercard Chairman Richard Haythornthwaite involved himself in the 1MDB theft.
Haythornthwaite resigned as chairman on 31 December 2020.Banga has assumed his position, and is now designated Executive Chairman.
TO BE READ WITH
The Pope has displayed questionable judgement in a number of issues, including the Vatican's relations with China
Pope Francis has decided to back something called The Council for Inclusive Capitalism with the Vatican. In its press statement the Council said:
The Council for Inclusive Capitalism with the Vatican ("the Council"), a historic new partnership between some of the world's largest investment and business leaders and the Vatican, launched today. It signifies the urgency of joining moral and market imperatives to reform capitalism into a powerful force for the good of humanity. Under the moral guidance of His Holiness Pope Francis and His Eminence Cardinal Peter Turkson, who leads the Dicastery for Promoting Integral Human Development at the Vatican, and inspired by the moral imperative of all faiths, the Council invites companies of all sizes to harness the potential of the private sector to build a fairer, more inclusive, and sustainable economic foundation for the world.The Council is led by a core group of global leaders, known as Guardians for Inclusive Capitalism, who meet annually with Pope Francis and Cardinal Turkson.
Ajay Banga, President and CEO of Mastercard is among the The Guardians. Banga has refused to respond to issues in the public domain which concern the. conduct of his chairman, Richard Haythornthwaite. It is important to remember that it is Mastercard, and not Ajay in his personal capacity, that is part of the Pope's initiative.
In 2015 the investigative website Sarawak Report produced evidence of Richard Haythornthwaite's involvement in Malaysia's 1MDB scandal. Correspondence from Haythornthwaite to Sarawak Report's Clare Rewcastle is far from what one would expect from a Guardian:
Monday, December 14, 2020
Pope's partner in reforming capitalism Mastercard has unanswered 1MDB questions : The Pope has welcomed Mastercard as a "Guardian for Inclusive Capitalism "
by Ganesh Sahathevan
The Pope has displayed questionable judgement in a number of issues, including the Vatican's relations with China
Pope Francis has decided to back something called The Council for Inclusive Capitalism with the Vatican. In its press statement the Council said:
The Council for Inclusive Capitalism with the Vatican ("the Council"), a historic new partnership between some of the world's largest investment and business leaders and the Vatican, launched today. It signifies the urgency of joining moral and market imperatives to reform capitalism into a powerful force for the good of humanity. Under the moral guidance of His Holiness Pope Francis and His Eminence Cardinal Peter Turkson, who leads the Dicastery for Promoting Integral Human Development at the Vatican, and inspired by the moral imperative of all faiths, the Council invites companies of all sizes to harness the potential of the private sector to build a fairer, more inclusive, and sustainable economic foundation for the world.The Council is led by a core group of global leaders, known as Guardians for Inclusive Capitalism, who meet annually with Pope Francis and Cardinal Turkson.
Ajay Banga, President and CEO of Mastercard is among the The Guardians. Banga has refused to respond to issues in the public domain which concern the. conduct of his chairman, Richard Haythornthwaite. It is important to remember that it is Mastercard, and not Ajay in his personal capacity, that is part of the Pope's initiative.
In 2015 the investigative website Sarawak Report produced evidence of Richard Haythornthwaite's involvement in Malaysia's 1MDB scandal. Correspondence from Haythornthwaite to Sarawak Report's Clare Rewcastle is far from what one would expect from a Guardian:
If I knew I wouldn’t tell Sarawak Report
Given the mounds of evidence uncovered about the collusion of PetroSaudi in the 1MDB heist masterminded by Jho Low and now this latest proof from Good Star’s own incorporation records, Sarawak Report wrote last week to the company’s President, the prominent British businessman Rick Haythornthwaite.
Haythornthwaite – perturbed over “campaigning” journalism, but not about his company’s activities
Haythornthwaite is, among other things, also the Chairman of the UK energy giant Centrica and MasterCard Worldwide. We asked if he knew of PetroSaudi’s letter claiming that it owns Good Star and if he had authorised the company to make such a claim?
Replying personally, Haythornthwaite expressed “considerable concern” about “questionable” activities.
However, it turned out that it was not the irregularities connected to his own company which were causing his concerns, but rather his opinion that Sarawak Report is a “blogger” “rather than an objective journalist with a desire to understand the full facts behind the matter”.
It was Sarawak Report’s activities which he chose to describe as questionable, rather than PetroSaudi’s:
“Therefore, even if I were to be in possession of information relevant to your query, I would be unwilling to assist you in your questionable activities” Mr Haythornthwaite concluded.
The above and related issues were brought to Banga's attention by this writer. There was no response, and Haythornthwaite remains 1MDB's chairman.
END
TO BE READ WITH
Tuesday, December 15, 2015
Mastercard's chairman and PetroSaudi-Two letters complicate matters,as do disclosures in Mastercard SEC announcements
by Ganesh Sahathevan
It was reported earlier this week on this blog and the TerrorFinance Blog that Richard Haythornthwaite, the chairman of Mastercard, has been implicated in the money laundering scheme involving Prince Turki Al-Saud's Petrosaudi. As reported on the Terror Finance Blog, UK regulators are trying hard to look away, in what appears to be an attempt to save Prince Turki.
Meanwhile, Haythornthwaite's Petrosaudi appears to have further implicated itself in the matter by issuing a letter explicitly confirming its ownership of a company named Good Star Ltd,which is an integral part of the theft and money laundering allegations.
Click to Enlarge
Clare Rewcastle-Brown's Sarawak Report has provided evidence to show that in this letter Haythornthwaite's Petrosaudi has made a claim that is false, and designed to conceal the involvement of the Malaysian businessman Jho Low.
The letter is also contradicted by this commission agreement between Good Star and Tarek Obaid, PetroSaudi's CEO ,published by Sarawak Report, where Obaid is promised a commission for directing investments to Malaysia.
Clearly, Petrosaudi has no interest in paying its CEO a commission for directing investment into Malaysia.
As reported earlier (see story below), Haythornthwaite has denied if not attempted to distance himself from Petrosaudi, at least to Sarawak Report. As shown, that attempt was curious given that his PetroSaudi involvement is disclosed in theNetwork Rail Infrastructure Limited 2012 Annual Report. Now it can be shown that it is also disclosed in a Mastercard SEC disclosure.
The acronym PSI UK Ltd has been used instead of the full form , PetroSaudi International (UK) Ltd, as is the case in the Network Rail annual report.
Mr. Haythornthwaite is Non-Executive Chairman of Centrica PLC, a position he has held since January 2014. He is Chairman of the Operating Businesses of PSI UK Ltd and Chair of the World Wide Web Foundation. From 2006 until 2008, Mr. Haythornthwaite was a partner of Star Capital Partners Limited. From 2001 to 2005, Mr. Haythornthwaite served as Chief Executive Officer and Director for Invensys plc and, from 1997 to 2001, he served as Chief Executive, Europe and Asia and then as Group Chief Executive for Blue Circle Industries plc (acquired by Lafarge SA in 2001). His prior positions included serving as a Director of Premier Oil plc, President of BP Venezuela, and General Manager, Magnus Oilfield, BP Exploration. Mr. Haythornthwaite is Chairman of Southbank Centre Board. Within the last five years, he also served as Non-Executive Chairman of Network Rail and as a director of Land Securities Group plc
The 1 MDB issue has now spread toa number of jurisdictions, given that there have been
questionable transactions involving 1 MDB and PetroSaudi in the UK, Malaysia , the Cayman Islands, Hong Kong, Australia and Singapore. Subsequently there are investigations under way in a number of jurisdictions, which directly or indirectly concern these transactions.
In the latest of these the Federal Court Of Australia has ordered the winding up of fund manager reported to have been entrusted with some USD 2 billion of 1 MDB money,being the proceeds of some business dealings with PetroSaudi.
This cannot be a good look for any company in the business of providing transaction services, let alone one with the worldwide reach of Mastercard. The company needs to provide shareholders and the public an explanation ,quickly.
It was reported earlier this week on this blog and the TerrorFinance Blog that Richard Haythornthwaite, the chairman of Mastercard, has been implicated in the money laundering scheme involving Prince Turki Al-Saud's Petrosaudi. As reported on the Terror Finance Blog, UK regulators are trying hard to look away, in what appears to be an attempt to save Prince Turki.
Meanwhile, Haythornthwaite's Petrosaudi appears to have further implicated itself in the matter by issuing a letter explicitly confirming its ownership of a company named Good Star Ltd,which is an integral part of the theft and money laundering allegations.
Click to Enlarge
Clare Rewcastle-Brown's Sarawak Report has provided evidence to show that in this letter Haythornthwaite's Petrosaudi has made a claim that is false, and designed to conceal the involvement of the Malaysian businessman Jho Low.
The letter is also contradicted by this commission agreement between Good Star and Tarek Obaid, PetroSaudi's CEO ,published by Sarawak Report, where Obaid is promised a commission for directing investments to Malaysia.
Clearly, Petrosaudi has no interest in paying its CEO a commission for directing investment into Malaysia.
As reported earlier (see story below), Haythornthwaite has denied if not attempted to distance himself from Petrosaudi, at least to Sarawak Report. As shown, that attempt was curious given that his PetroSaudi involvement is disclosed in theNetwork Rail Infrastructure Limited 2012 Annual Report. Now it can be shown that it is also disclosed in a Mastercard SEC disclosure.
The acronym PSI UK Ltd has been used instead of the full form , PetroSaudi International (UK) Ltd, as is the case in the Network Rail annual report.
Mr. Haythornthwaite is Non-Executive Chairman of Centrica PLC, a position he has held since January 2014. He is Chairman of the Operating Businesses of PSI UK Ltd and Chair of the World Wide Web Foundation. From 2006 until 2008, Mr. Haythornthwaite was a partner of Star Capital Partners Limited. From 2001 to 2005, Mr. Haythornthwaite served as Chief Executive Officer and Director for Invensys plc and, from 1997 to 2001, he served as Chief Executive, Europe and Asia and then as Group Chief Executive for Blue Circle Industries plc (acquired by Lafarge SA in 2001). His prior positions included serving as a Director of Premier Oil plc, President of BP Venezuela, and General Manager, Magnus Oilfield, BP Exploration. Mr. Haythornthwaite is Chairman of Southbank Centre Board. Within the last five years, he also served as Non-Executive Chairman of Network Rail and as a director of Land Securities Group plc
The 1 MDB issue has now spread toa number of jurisdictions, given that there have been
questionable transactions involving 1 MDB and PetroSaudi in the UK, Malaysia , the Cayman Islands, Hong Kong, Australia and Singapore. Subsequently there are investigations under way in a number of jurisdictions, which directly or indirectly concern these transactions.
In the latest of these the Federal Court Of Australia has ordered the winding up of fund manager reported to have been entrusted with some USD 2 billion of 1 MDB money,being the proceeds of some business dealings with PetroSaudi.
This cannot be a good look for any company in the business of providing transaction services, let alone one with the worldwide reach of Mastercard. The company needs to provide shareholders and the public an explanation ,quickly.
END
First published at Terror Finance Blog
by Ganesh Sahathevan
Richard Haythornthwaite, the chairman of Mastercard, has been implicated in the money
laundering scheme involving Prince Turki Al-Saud previously reported here. As reported,
that scheme has involved the apparent theft of billions of dollars from
the Malaysian sovereign fund,1 MDB Bhd.
laundering scheme involving Prince Turki Al-Saud previously reported here. As reported,
that scheme has involved the apparent theft of billions of dollars from
the Malaysian sovereign fund,1 MDB Bhd.
The investigate news site Sarawak Report in its latest edition of an ongoing investigation
into Turki's Petrosaudi has reported:
into Turki's Petrosaudi has reported:
If I knew I wouldn’t tell Sarawak Report
Given the mounds of evidence now apparent about the collusion of PetroSaudi in the
1MDB heist masterminded by Jho Low and this latest proof from Good Star’s own incorporation
records, Sarawak Report wrote last week to the company’s President, the prominent British
businessman Rick Haythornthwaite.
1MDB heist masterminded by Jho Low and this latest proof from Good Star’s own incorporation
records, Sarawak Report wrote last week to the company’s President, the prominent British
businessman Rick Haythornthwaite.
Haythornthwaite is also the Chairman of the UK energy giant Centrica. We asked if he knew of
PetroSaudi’s letter claiming that it owns Good Star and if he had authorised the company to make
such a claim?
PetroSaudi’s letter claiming that it owns Good Star and if he had authorised the company to make
such a claim?
In his response to Sarawak Report 's editor Clare Rewcastle-Brown
other things:
other things:
Dear Mrs Rewcastle
Having now done some research into your background, it is clear that you are an active
campaigning blogger rather than an objective journalist with a desire to understand the true
facts behind this matter.
That your email to me contains fundamental factual errors – not least suggesting
that I am, or have ever been, chairman of PetroSaudi International – reinforces my
concerns about your credibility.
campaigning blogger rather than an objective journalist with a desire to understand the true
facts behind this matter.
That your email to me contains fundamental factual errors – not least suggesting
that I am, or have ever been, chairman of PetroSaudi International – reinforces my
concerns about your credibility.
Therefore, even if I were to be in possession of information relevant to your query,
I would be unwilling to assist you in your questionable activities.
I would be unwilling to assist you in your questionable activities.
Haythornthwaite's apparent denial is interesting given this disclosure of his CV in the
Network Rail Infrastructure Limited 2012 Annual Report :
Network Rail Infrastructure Limited 2012 Annual Report :
Rick Haythornthwaite Chairman
Rick Haythornthwaite, 55, has been the Company’s Non-Executive Chairman since July 2009
having joined the Board in March 2009 as a Non-Executive Director. He was Chief Executive of
Invensys plc, from 2001 to 2005. He was also previously Group Chief Executive of Blue Circle
Industries and spent 18 years with BP in various senior roles. He is currently
Non-Executive Chairman of MasterCard Inc, a Senior Advisor to STAR Capital Partners and
President of PetroSaudi International (UK) Ltd. His previous non-executive roles
included Board membership of ICI, Land Securities and Lafarge. In the voluntary sector,
he is Chairman of the Southbank Centre and Chairman of the World Wide Web Foundation.
Rick will retire from the Board at the Company’s annual general meeting (AGM) on 19 July 2012.
Appointed 23 March 2009
having joined the Board in March 2009 as a Non-Executive Director. He was Chief Executive of
Invensys plc, from 2001 to 2005. He was also previously Group Chief Executive of Blue Circle
Industries and spent 18 years with BP in various senior roles. He is currently
Non-Executive Chairman of MasterCard Inc, a Senior Advisor to STAR Capital Partners and
President of PetroSaudi International (UK) Ltd. His previous non-executive roles
included Board membership of ICI, Land Securities and Lafarge. In the voluntary sector,
he is Chairman of the Southbank Centre and Chairman of the World Wide Web Foundation.
Rick will retire from the Board at the Company’s annual general meeting (AGM) on 19 July 2012.
Appointed 23 March 2009
While Haythornthwaite might get away with saying " even if I were to be in
possession of information relevant to your query, I would be unwilling to assist you
in your questionable activities" to Rewcastle-Brown's Sarawak Report, it is not a
position he can maintain with regards Mastercard, its shareholders, and the relevant
authorities, in the US, UK and other jurisdictions that are investigating the 1 MDB matter.
possession of information relevant to your query, I would be unwilling to assist you
in your questionable activities" to Rewcastle-Brown's Sarawak Report, it is not a
position he can maintain with regards Mastercard, its shareholders, and the relevant
authorities, in the US, UK and other jurisdictions that are investigating the 1 MDB matter.
END
Posted by Ganesh Sahathevan at 9:14 PM
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