realpolitikasia

Monday, June 17, 2019

Najib's SRC trial: Why did the prosecution not raise the matter of Goh Gaik Kim?

by Ganesh Sahathevan

As reported by The Edge on 11 June 2019:

Earlier today (former SRC board chairman Tan Sri Ismee Ismail ) was also asked (by Najib's lawyer Harvinderjit Singh) whether he was aware that one of SRC’s company secretaries, Goh Gaik Kim, is the sister of fugitive businessman Low Taek Jho's mother Goh Gaik Ewe.

Ismee told Harvinderjit that he was not aware of the relationship between Gaik Kim and Gaik Ewe back then.

The witness was also asked about matters regarding company secretary functions, to which he said he was not privy to such details.

"I will usually ask the company secretary, if I have a question," he said.

Given Goh's family relationships, her central role in SRC, and her history (see reports below) Goh ought to have been among the chief sources of information for the prosecution. She is not, and it was left to Najib's defense to use information on her to its advantage.

Why she has yet to be arrested, interrogated and the information used to prosecute the case against Najib is very hard to understand, given the highly transactional nature of the case against Najib.

The fact that former SRC board chairman Tan Sri Ismee Ismail himself said I will usually ask the company secretary, if I have a question suggests that 1MDB investigators and the prosecution ought to have questioned her as soon as it was practicable, after the change of government last year.

It is a given that the company secretary and the chief financial officer are the two persons in any large company who will have knowledge of the primary records. That the investigators and the prosecution have not appreciated this fact is worrying.

Then, comes Ms Goh's history as set-out below, which ought to have alerted anyone, no matter how financially illiterate they might be.

END

Aunty Gaik Kim came to 1MDB,SRC and TRX after Sime Engineering-Sime's problems started in 2008 in Qatar;was Jho Low involved in that deal as well?

by Ganesh Sahathevan

Checks revealed that she was also the company secretary of 1Malaysia
Development Bhd (1MDB), TRX City’s parent, after being appointed in
end-March 2011 as well. However, research indicates that she likely left
1MDB in early April 2016, when Chen Kai Hong was appointed in her stead
-The Edge,June 17 2019

Here is more that is in the public domain, which seems to have been missed by Lim Guan Eng, Tony Pau and Lendlease's due diligence.

Goh Gaik Kim was not only company secretary at 1MDB and SRC,she was formerly company secretary at Sime Engineering Services Sdn Bhd since 2003.

The Edge provided a useful summary of the very public events that led to that company's downfall in a story published in 2010:

Sept 2002 Sime Engineering, via its 35.7% effective interest in the Malaysia-China Hydro Joint Venture, was awarded the CW2 Package for the main civil works for the Bakun hydroelectric project valued at RM1.8 billion. Sime Engineering is the lead partner in the JV, consisting of Malaysian construction companies and China Hydro Construction Co.

Aug 2003 Sime Engineering Services Bhd lists on the Main Board of Bursa Malaysia Securities.

2004A provision of RM77.1 million was made for financial year ended June 30, 2004, for foreseeable contract losses arising from changes in the cost structure of the Bakun project being undertaken in joint venture with both local and foreign partners.

[X] CLOSE

2005 In FY2005, an additional provision of RM55 million was made for foreseeable contract losses arising from changes in the cost structure of the project, bringing the total provision made to date to RM132.1 million.

Apr 2006 Sime Engineering’s 70%-owned subsidiary, Sime Darby Engineering Sdn Bhd, was awarded an engineering, procurement, construction, installation and commissioning (EPCIC) contract by Qatar Petroleum (QP) valued at RM974 million.

Nov 2006 Synergy Drive offers to take over the entire business, including assets and liabilities of Sime Engineering, as part of a mega merger involving other Permodalan Nasional Bhd (PNB) controlled entities in the Sime Darby Bhd, Golden Hope Plantations Bhd and Kumpulan Guthrie Bhd group of companies.

Feb 2007Sime Engineering was awarded an EPCIC contract valued at RM2.2 billion by Maersk Oil Qatar AS (MOQ).

Nov 2007Enlarged Sime Darby Bhd lists on Bursa Securities.

Apr 2008The Edge reported potential cost overruns exceeding RM150 million on Sime Engineering’s MOQ project in Qatar. Sime Darby issued statement denying there were overruns.

June 2008The services of group CFO Razidan Ghazalli and Muhammad Mohan Kittu Abdullah, group VP for downstream and biofuel, were terminated because of RM120 million trading losses at Golden Jomalina Food Industries.

Aug 2008Sime’s internal auditor issues a report on losses in the oil and gas (O&G) segment. This was brought to the attention of the audit committee at the board level. The Group CFO and PricewaterhouseCoopers (PwC) favour more provisions in FY2008 accounts. However, the losses deemed immaterial and no additional provisions are made on account of management saying the cost can be recovered. Its external auditor delays signing off the accounts of Sime Engineering.

Feb 2009Reports of cost overruns of RM800 million on Sime Engineering’s MOQ project emerge, were denied by Sime Darby.

Mar-Aug 2009Sime’s internal auditor issues another report voicing grave concerns over losses at the O&G division.

Aug 2009The O&G segment recorded RM80 million loss for FY09, mainly due to provision for cost overruns incurred on the RM1 billion QP project.

Late Aug-Sept 2009 PwC expresses serious concerns over the energy and utilities (E&U) division, relays concerns to chairman Tun Musa Hitam. It is decided that the board will prompt the management for more details on the Bakun, MOQ and QP projects.

Oct 2009Chairman calls for a special board meeting. A board work group comprising Datuk Seri Panglima Andrew Sheng, Tan Sri Wan Mohd Zahid Mohd Noordin and Datin Paduka Zaitoon Datuk Othman, set up to review the operations of Sime Darby’s E&U division. Its purpose was to assess the corporate governance and performance of the division.

Nov-Dec 2009It was decided that the energy and utilities head Datuk Mohamad Shukri Baharom must go.

Jan 2010The E&U division head Shukri, whose contract was due to expire end of this year, resigned. Hisham Hamdan takes over.

Feb 2010 Sime Darby provided for RM210 million in costs overrun on MOQ project in 2QFY10. O&G segment registered RM201 million losses for 1HFY2010.

May 2010Cost overruns exceeding RM1 billion on Sime’s portion in the Bakun project reported.

May 12, 2010A special board meeting is called to review the findings of the work group. During the 13-hour meeting, Zubir asked to take leave of absence.

May 13, 2010Sime Darby disclosed that Zubir has taken leave of absence, and negative impact of RM964 million on its results for 2H10 due to provisions for cost overruns in its energy and utiilties projects. Datuk Azhar Abdul Hamid takes over as acting group chief executive.

May 27, 2010Sime Darby reported a third-quarter net loss of RM308.6 million compared to a profit of RM150.6 million in the year-earlier period.

It does appear as if Goh Gaik Kim has been considered a safe pair of hands by those in charge of appointments to senior levels at GLCs that have been the subject of financial mismanagement.Thos involved in promoting her need to investigated.

The fact that Sime Engineering's problems began in Qatar raises questions about Jho Low's involvement in this deal as well.

That she still continues to be considered a safe pair of hands raises even more questions about Lim Guan Eng and Tony Pua's management of the 1MDB recovery process.

END

Goh Gaik Kim's senior compliance role at TRX City requires an immediate explanation from Lim Guan Eng (and Tony Pua);Lendlease owes an explanation to shareholders

Sunday, June 16, 2019

Aunty Gaik Kim came to 1MDB,SRC and TRX after Sime Engineering-Sime's problems started in 2008 in Qatar;was Jho Low involved in that deal as well?

by Ganesh Sahathevan

Aug 2003 Sime Engineering Services Bhd lists on the Main Board of Bursa Malaysia Securities.

[X] CLOSE

Feb 2007Sime Engineering was awarded an EPCIC contract valued at RM2.2 billion by Maersk Oil Qatar AS (MOQ).

Nov 2007Enlarged Sime Darby Bhd lists on Bursa Securities.

Apr 2008The Edge reported potential cost overruns exceeding RM150 million on Sime Engineering’s MOQ project in Qatar. Sime Darby issued statement denying there were overruns.

Nov-Dec 2009It was decided that the energy and utilities head Datuk Mohamad Shukri Baharom must go.

Jan 2010The E&U division head Shukri, whose contract was due to expire end of this year, resigned. Hisham Hamdan takes over.

Feb 2010 Sime Darby provided for RM210 million in costs overrun on MOQ project in 2QFY10. O&G segment registered RM201 million losses for 1HFY2010.

May 2010Cost overruns exceeding RM1 billion on Sime’s portion in the Bakun project reported.

May 12, 2010A special board meeting is called to review the findings of the work group. During the 13-hour meeting, Zubir asked to take leave of absence.

END

Goh Gaik Kim's senior compliance role at TRX City requires an immediate explanation from Lim Guan Eng (and Tony Pua);Lendlease owes an explanation to shareholders

Guan Eng: TRX detoxified, 1MDB ghosts being exorcised

From right: TRX City Sdn Bhd CEO Datuk Azmar Talib, Lim and Lendlease group CEO and managing director Steve McCann at the launch today. – ADIB RAWI/theSun

by Ganesh Sahathevan

The Sun reported in February this year, quoting Finance Minister Lim Guan Eng:

“This project is the symbol of the successful isolation and quarantine of those projects which had certain issues so that those unconnected and unrelated can proceed based on market laws and the best international practices.

“So, rest assured, that TRX is detoxified. It has now been cleaned up and is moving forward as a world-class, international, global project.

“We are slowly but surely exorcising the ghosts of 1MDB (1Malaysia Development Bhd) which have tainted Malaysia as the destination for business and investment.”

Lendlease CEO for Asia Tony Lombardo said despite the scandal revolving around 1MDB-linked TRX, it has done its own due diligence for the project, while the Finance Ministry has also “detoxified” the project.

All of the above, from Guan Eng and Lmbardo of Lendlease is hard to understand given the recent revelation that Jho Low's aunt, his mother's sister Goh Gaik Kim, remains company secretary and in charge of compliance at TRX City, having acted in the same role at SRC International Bhd (see also Sarawak Report story below).

Guan Eng and his adviser Tony Pua, who has taken on the role of recovering 1MDB assets, owe an explanation to the Malaysians they serve.Lendlease owes an explanation to its shareholders, especially given Lombardo's claim that Lendlease had done its own due diligence for the project.

END

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Sarawak Report

Page Liked · 21 hrs

Jho Low's auntie Goh Gaik Kim, who acted as company secretary for several of his family firms (including Javace, Majestic Masterpiece and Wynton Group) was also neatly installed as the company secretary at SRC International, the 1MDB vehicle for alleged mega-thefts from the country's KWAP pension fund, it emerged from court proceedings this week. Clearly that job is ended. However eagle eyed researchers have been interested to note that the same aunty remains as a senior manager in charge of COMPLIANCE at none other than the Tun Razak Exchange project, which was of course the showcase project for 1MDB. Has anyone checked if she has been in touch with her fugitive nephew recently, since it sure looks like he got her that pivotal job in the first place?

— with Rqn Yap.

Friday, June 14, 2019

Australian Minister Tehan wants Australian universities to champion free speech, but not the right of fee paying foreign students to protest poor course delivery, content ,teaching

by Ganesh Sahathevan
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The Australian has reported this morning that Federal Education Minister Dan Tehan has warned that more Australians are broadly “self-censoring out of fear that they’ll be shouted down or condemned for expressing sincerely held views and beliefs”.

Tehan has warned Australia's providers of tertiary education services that they must champion free speech.

Meanwhile, Tehan seems happy to condone all sorts of curbs on free speech when the subject of student protest is the very product that the universities and other tertiary institutions sell them;in essence teaching, assessment and until recently, well regarded Australian tertiary degrees.

The Minister's inaction in the matter of the FEE-HELP funded College Of Law is a case in point.The Minister was made aware by this writer of how the College and in particular its CEO Neville Carter
used disciplinary measures to silence complaints about course delivery and substance. The complaints raised by this writer are not new, having being aired publicly in the past by the industry paper Lawyers Weekly. Despite the long standing issues of this Commonwealth funded course, and despite the abuse of disciplinary measures, Tehan has done nothing.

This writer had the advantage of being able to put his queries and complaints about course content and delivery as an investigative journalist. Carter and the College admitted that fact and insisted that the College's policies allowed it to ignore the queries. Tehan was made aware of this fact also,and again chose to do nothing.

Generally anecdotal evidence gathered over the years from students at other tertiary education institutions suggests that there is fear, especially among foreign students, that complaints against their universities and colleges will result in marking down or other action that will cost them the Australian degrees for which they have paid substantial fees in advance.

The argument that foreign students raise complaints in order to mask their own academic failings no longer holds water; Australian authorities and the tertiary institutions they are supposed to regulate are perceived to be more interested in the foreign student fee income rather than standards.

Tehan needs consistency in his approach to free speech if he is to be believed.

END

Singapore's custody of Zulfikar Shariff provides leverage over Rahim Ghouse,adviser to Wan Azizah,and Anwar Ibrahim

by Ganesh Sahathevan

11:04 PM - 19 Aug 2013-Tweet from Saifuddin Nasution,happy that he is buying durian in the
company of Dr Rahim Ghouse(left).

This writer noted recently that Singapore holds a vital part of Malaysian PM In Waiting Anwar Ibrahim's succession plans,as a consequence of its custody of one Zulfikar Shariff.

It was reported that while in Melbourne Zulfikar was second-in-command to one Dr Rahim Ghouse who he helped manage the USD 8 Billion Commercial IBT.

These days Ghouse spends more time Kuala Lumpur where he is adviser to the Deputy Prime Minister of Malaysia, Dr Wan Azizah Wan Ismail, but of course Ghouse is better known as PM In Waiting Anwar Ibahim's adviser, manager and closest confidante.

Zulfikar himself was actively by involved in the '98 Reformasi movement, having at that time a job in Kuala Lumpur.It is understood that he was introduced to Ghouse and associates during that time,and that it was those connections that made his escape in 2002 ,with wife and family, to Melbourne, a possibility.

Ghouse has not been sitting idle while in exile,keeping himself busy plotting Anwar's return, among other things. He has nevertheless kept a low profile, so there is much that the Singaporeans can learn from Zulfikar Shariff.

END

Thursday, June 13, 2019

Like the Azmin Ali tapes,the SRC trial leaves one wondering what Najib Razak did and to whom.

by Ganesh Sahathevan

On Tuesday, Najib had posted on his Facebook page a GIF of Michael Jackson eating popcorn.

The Azmin Ali tapes ,which seem to be the latest chapter of the 1990s Operation Solid Grip, has left many wondering who did what to whom. While one part has confessed, the other says it is not he in those tapes; in fact even friends of the confessor say that it is not him.

So to the latest chapter of Najib Razak's SRC trial,where much time has been spent this week eliciting evidence about the movement of some RM 2 Billion from the KWAP pension fund into a "secret" SRC account and from there to accounts in Hong Kong and Malaysia.

This chapter's main witness, the former SRC International Sdn Bhd chairman Tan Sri Ismee Ismail, has been happy to agree with Najib's lawyers that he was shocked and surprised by the evidence of the "secret" accounts and of the various transactions said to have been executed by SRC's senior managers.

Meanwhile Ismee has told the court that SRC's directors and he flew to Switzerland to assure themselves that the bulk of that RM 2 Billion was in fact held at BSI Bank in Switzerland; and that he was so assured.

So it seems what might have been lost was found mostly in tact, and the senior managers in charge of day-to-day operations (such as opening and operating company bank accounts) were in fact carrying out their duties as they should.

Little wonder then that Najib Razak is happy to sit and watch, eating his popcorn.
END

ANZ was appointed banker to NSW when ABC implicated ANZ's CEO in rate rigging; ANZ's 1MDB role disregarded

by Ganesh Sahathevan

On or about 13 December 2018,the ABC's Elise Worthington reported that "ANZ chief executive Shayne Elliott and other senior managers had been implicated for the first time in the interest rate rigging scandal that rocked Australia's financial system".

On 13 December 2018 the ANZ announced that it had been appointed banking provider for the `NSWGovernment.ANZ said:

Under the agreement, ANZ will deliver services across cash management, payments, merchant acquiring and cross-border banking requirements from 1 April, 2019. These services will be divided between ANZ and Westpac, the incumbent bank.

ANZ has also been named as an innovation partner to the NSW Government, a partnership which will leverage the bank’s market-leading capability and experience in data analytics, agile ways of working, human-centred design, digital and payments.

The contract is for three years with options to extend.

In November 2017 SBS reported that s enior ANZ officials were aware of suspicious transactions going into the former Malaysian Prime Minister Najib Razak's accounts at their Malaysian affiliated bank .

In May 2018 the AFR noted that the return to power of Mahatir Mohamad, ousting his rival Najib,was likely to be of concern to the ANZ's management.The AFR said:

Between 2011 and 2013, $US4 billion disappeared from the sovereign wealth fund 1MDB, and turned up in "investments" ranging from the movie that made Jordan Belfort the poster boy for trading floors everywhere to a $300 million, 90-metre superyacht. With the scandal still causing outrage, and probes having been quashed by the old government, the Pakatan Harapan coalition ran on a policy of enacting a royal commission into the scandal. Any investigation would most likely draw in ANZ, which has a 25 per cent stake in AmBank, which operated the personal bank accounts of deposed prime minister Najib Razak to which it is alleged $1.4 million was siphoned from 1MDB. Najib is now effectively, but not technically, under house arrest.

Unfortunately for ANZ, its involvement in the scandal, while indirect, does go to the top. Between June 2013 and October 2015, ANZ's now-CEO Shayne Elliot was a director of AmBank.

AmBank also employed many ANZ staff on secondment, though as Elliott has previously told an Australian parliamentary committee, while working at AmBank, ANZ employees did not report back to ANZ and were only responsible to the AmBank board.

On 25 January 2019 Sarawak Report showed how ANZ employees did in fact report to the ANZ's senior management, as well as to the AmBank board. Sarawak Report has in fact been providing details of ANZ's direct links to AmBAnk as far back as 2017, and before.

All of the above seems not to have bothered the Government Of NSW, led by Premier Gladys Berejiklian. In fact, her Attorney General Mark Speakman SC and his officers seem to have gone out of their way to discredit reporting by Sarawak Report, ABC Four Corners, and this writer about the 1MDB affair.

END