Westfarmers looked to the DAP for support and then ran to Mahathir-story in the SMH, 13 April 2019

by Ganesh Sahathevan


But first, as previously reported on this blog:

Wesfarmer's Lynas takeover: Betting on Mahathir's demise, and a Anwar Ibrahim-Najib Razak Lynas friendly government.

Wesfarmer's Lynas takeover: Anwar Ibrahim shows his hand

And now, turning to the story in the Sydney Morning Herald by Colin Kruger and Elizabeth Kinght:

While the Sydney Morning Herald does not quite put it that way, this excerpt from the story below published this morning says a lot:

By that time, the Wesfarmers delegation were knee-deep in meetings.

They had been meeting officials and ministers from two of the ministries relevant to the future of Lynas in Malaysia - the Ministry of International Trade and Industry (MITI) and the Ministry of Energy, Science, Technology and the Environment ( whose ministers in charge are from the DAP).

Their presence had caught Mahathir's attention, which should not have been an unexpected development for the company.

Mahathir had led Malaysia's strong campaign for foreign investment. Wesfarmers is a $39 billion conglomerate with a mandate to invest around $10 billion after the Coles spin-off.

It was an opportunity the PM was never going to ignore, but the relatively low-level delegation clearly needed more firepower for such a high-level meeting. Scott dropped everything and flew to Kuala Lumpur on Thursday to meet with Mahathir, before turning around and flying out that evening.

Only the parties involved know exactly what was discussed in the meeting, but you can imagine the shock when Mahathir stepped out of the cabinet meeting on Friday evening and dropped a bomb with his grand new plan to reconcile the disparate interests of his coalition partners.

“We have opened up the business to other people, and there are other companies willing to acquire Lynas,” he said. “They have given us a promise that in the future, before sending the raw materials to Malaysia, they will clean it up first. They will crack it and decontaminate it in some way with regard to radioactivity.”

His comments were widely interpreted as suggesting Wesfarmers had cut a deal with the Malaysian PM over a company it did not own a single share of.  

l

Again, one must ask, was DFAT's anti-Mahathir pro Anwar stance to blame?

It has been noted on this blog that DFAT has made little effort to hide its preference:

Assisted by DFAT,Australian lawyers take aim at Mahathir,while seeking new markets in Malaysia

Australia attacks Mahathir, backs Anwar for PM: Australian interference in Malaysian elections discovered by former IGP Rahim Noor in 1994

END 

Reference

'Innocents abroad': How Wesfarmers put its reputation on the line in Malaysiafree articles remaining

By Colin Kruger and Elizabeth Knight

April 13, 2019 — 12.00am

Amanda Lacaze, the chief executive of rare earths group Lynas Corp, would have had a lot on her plate as she sank into her seat at the pointy end of Malaysian Airlines flight MH122 from Sydney to Kuala Lumpur on Sunday, March 31.

It's been a crazy week for Lynas and Wesfarmers.CREDIT:

It had been a crazy week. Plans to take her elderly mother to hospital procedure for a bone biopsy that Tuesday morning had been upended by a surprise $1.5 billion conditional takeover offer from Perth-based conglomerate Wesfarmers.

It was the latest chapter in a book of failed negotiations, dating back eight months, revolving around Lynas’ big problem in Malaysia: the new government ruled by the oldest world leader, 93-year-old Mahathir Mohamad, was not enamoured of Lynas’ controversial operations in the country.

Lynas chief executive Amanda Lacaze. CREDIT:PETER BRAIG

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Malaysia craves the new-economy aura that relies on the rare earths processed by Lynas - electric cars, smart phones and wind turbines - but is less keen on the perceived environmental cost.

The controversial $1 billion Lynas rare earths processing operations in the country had already produced hundreds of thousands of tonnes of waste with low-level radioactive residue, and it was a growing concern to some members of the Mahathir government and a vocal band of locals.

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Last December, this resulted in a condition being put on Lynas' licence requiring it to export all 450,000 tonnes of existing radioactive waste, creating an existential crisis for the company Lacaze had spent years dragging out of a financial, and operational, black hole.

Opposing views expressed by his cabinet ministers on Lynas last week highlighted the delicate balancing act the veteran politician has had to manage on this very public issue.

No wonder then that the licensing issue was one of the conditions of the “indicative and highly conditional proposal” that Lynas rejected the day after Wesfarmers made it public.

Lacaze must have known that would not be the end of the matter.

A rare earths processor such as Lynas was the perfect target for Wesfarmers boss Rob Scott. He needed the right acquisition to signal the new direction he was taking the $39 billion industrial group after spinning off its supermarket operation, Coles.

Wesfarmers chief executive Rob Scott needed the right acquisition to signal the new direction he was taking the conglomerate.CREDIT:TREVOR COLLENS

So it was not just a bizarre coincidence that a team of Wesfarmers executives were walking past her seat ahead of the flight to Kuala Lumpur that autumn afternoon.

No doubt, the surprised group kept their newspapers high and voices low for the nine-hour flight, given Lacaze's hostile response to Wesfarmers in the wake of its bid.

“For a long period of time I worked at Telstra; I understand the arrogance of large companies,” was one of her verbal barbs at the unwelcome suitor.


“We had assurances from Wesfarmers that it was not in their DNA to do unfriendly and hostile takeovers, yet they took the action they did.”

She would have been doubly unimpressed that this team was joining another Wesfarmers group flying in from Perth to talk with Malaysian government officials about its interest in Lynas and the regulatory jungle engulfing the group. The visit was meant to be discreet and low key. That was the plan anyway.

According to Scott, it was entirely logical for Wesfarmers to visit Malaysia and see first hand the problems relating to the biggest condition on its indicative offer - the uncertainty of Lynas being able to operate beyond September, when its licence is up for renewal.

It is why Lynas and Wesfarmers started talks in August last year on a joint venture to process the rare earths ore it mines in Western Australia within the state and avoid the regulatory problems associated with processing in Malaysia. But Lynas called off those talks in November when Wesfarmers started looking at its would-be partner as a takeover target instead.


Lynas's reluctance to consider a bid at $2.25-a-share is understandable. While the offer was pitched at a 45 per cent premium to its share price the day before, the stock had been trading around $2.90 before the shock Malaysian election result last May reinstalled Mahathir as Prime Minister and triggered its regulatory woes.

But Scott insists Wesfarmers has been very open with Lynas about its intentions, including its plans to visit Malaysia.

"When we made the takeover public, we said to them that we intended to meet with the Malaysian government to, first of all, establish our credentials," Scott told The Sydney Morning Herald and The Age.

"The reason for doing that was two-fold. Any potential transaction by a foreign company would ultimately require the Malay government to endorse the licence.

"Second, it was a strategically important asset in Malaysia and for us to announce a potential transaction without giving the courtesy of speaking to the government would have been considered quite poor form."

Issue comes to a head

But to its critics, Wesfarmers' grand strategy had “face-planted” before the team had stepped off the plane because they had no right to be there in the first place.

One thing both sides would probably agree on is that Wesfarmers could not have picked a worse week to quietly go about the business of probing the Malaysian government on the Lynas issue.

The spat between two ministers last week, about the onerous new conditions put on the Lynas licence last December, forced Mahathir to bring the issue to a head at a cabinet meeting last Friday.


"There may be differences in opinion, but what is determined by the cabinet is what is official,” he told reporters on Wednesday.

By that time, the Wesfarmers delegation were knee-deep in meetings.

They had been meeting officials and ministers from two of the ministries relevant to the future of Lynas in Malaysia - the Ministry of International Trade and Industry (MITI) and the Ministry of Energy, Science, Technology and the Environment.

Their presence had caught Mahathir's attention, which should not have been an unexpected development for the company.

Mahathir had led Malaysia's strong campaign for foreign investment. Wesfarmers is a $39 billion conglomerate with a mandate to invest around $10 billion after the Coles spin-off.

It was an opportunity the PM was never going to ignore, but the relatively low-level delegation clearly needed more firepower for such a high-level meeting. Scott dropped everything and flew to Kuala Lumpur on Thursday to meet with Mahathir, before turning around and flying out that evening.

Only the parties involved know exactly what was discussed in the meeting, but you can imagine the shock when Mahathir stepped out of the cabinet meeting on Friday evening and dropped a bomb with his grand new plan to reconcile the disparate interests of his coalition partners.

“We have opened up the business to other people, and there are other companies willing to acquire Lynas,” he said. “They have given us a promise that in the future, before sending the raw materials to Malaysia, they will clean it up first. They will crack it and decontaminate it in some way with regard to radioactivity.”

His comments were widely interpreted as suggesting Wesfarmers had cut a deal with the Malaysian PM over a company it did not own a single share of.

Wesfarmers has been on the back foot, defending its corporate reputation, ever since.

"We question the governance of companies that make undertakings to foreign governments about assets that they don't own,” says Matthew Ryland, a portfolio manager with one of Lynas’ biggest shareholders, Greencape Capital.

At the bottomline, this looks for me like a chapter of innocents abroad.

Ownership Matters' Dean Paatsch

Dean Paatsch, the influential head of corporate governance advice group Ownership Matters, says: "I think it is unethical. It may be legal but it’s not the way to do business."

No one is accusing Wesfarmers of anything illegal, but it's almost as bad. Wesfarmers, which is still licking the wounds from its disastrous attempt to expand its Bunnings Hardware chain into the UK- its only other international venture - has been accused of dreadful naivety and poor judgement.

“There is certainly hubris, there is misjudgment, there’s, I believe, unethical behaviour. But at the bottomline, this looks for me like a chapter of innocents abroad,” Paatsch says.

He sees the major issue as the fact that Wesfarmers did not even have a formal bid on the table, it merely had a highly conditional indicative offer.

“They can walk away tomorrow and be no better or worse off, that to me should give you pause for thought,” he says.

And Malaysians with a close-up view of the issue say Wesfarmers' interference has certainly had an impact.

Lee Tan, a former Australian Conservation Foundation activist who campaigned against the Lynas presence in her country, was in Malaysia during the pivotal week ahead of Mahathir's announcement. She says Wesfarmers' presence impacted on Lacaze's bargaining position with the government.

“She probably wouldn't have got away with the waste problem, but would have had a lot more negotiating power," says Lee, who is currently a research candidate at RMIT. "Right now, she has nothing.”

Scott, unsurprisingly, has a benign interpretation of Mahathir's comments.

"As is evident publicly, for many months there has been a very adversarial relationship between Lynas and the government. And the government was very, very frustrated. The community was putting pressure on government to take action and I think the PM’s comments reflected that," he says.

As for what was discussed, Scott says: "We were careful not to make any representations on behalf of Lynas but did explain to the government why we were interested in it ... because we like the sector and we want to keep investing in the business in Malaysia. And we made it clear we were attracted to maintaining the Malaysian operations. In our initial proposal that went public, we made a very strong statement to that effect. That seems to have been lost."

The good news is that Mahathir's comments opened up the tantalising possibility that the Lynas operation, whoever owned it, would be able to continue operating in Malaysia if it cleaned the raw material of any radioactive elements before shipping it to Malaysia.

The problem is, one week after his statement, even government officials could not say for sure what this meant for the conditions governing the renewal of Lynas’ licence, and if it did anything other than add yet another onerous condition to its survival.

Whatever the outcome of the government’s deliberations, and Wesfarmers’ interest in the company, the long-term damage for the latter could be significant.

In its first flirtation with an investment with significant overseas exposure since blowing more than $1 billion on the ill-fated Bunnings UK venture, its actions in recent weeks hardly instil confidence.

“It will give investors pause for thought if they’re taking on more sovereign risk,” Paatsch says, “when the observation is their first step off the plane in Malaysia has been a face-plant.”

And Wesfarmers may face other challenges if its bid for Lynas is ultimately successful - depending on what conclusions the Malaysian government has drawn from its interaction with the group.

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WASTELYNAS CORPORATIONWESFARMERS

Colin Kruger

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Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald's deputy business editor and online business editor.

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Elizabeth Knight comments on companies, markets and the economy.

Jho Low associate Ung Su Ling's Olympic Council Malaysia appointment justifies immediate freezing of OCM accounts, investigation of all receipts and payments:Ong's 1MDB history not irrelevant

Ung Su Ling, the former CEO of Yayasan Rakyat 1Malaysia chaired by Najib Razak, has been appointed as COO of the Olympic Council of Malaysia. (Bernama pic)

This information about the recently appointed COO of the Olympic Council of Malaysia has been freely available and in the public domain since at least June 2018:

Ung Su Ling & Dennis See

Ung worked at Merican & Partners Asset Management, where she handled investments for Jho Low. She later joined his family business Wynton Group after which Jho Low made her CEO of Yayasan Rakyat 1Malaysia (YR1M), the charity arm of 1MDB. It was through YR1M, which received hundreds of millions from companies such as Genting and Tanjong, that cash was channelled to political programmes in the name of charity. See, who was YR1M project director, worked for Gerakan and Koh Tsu Koon when he was CM of Penang. Ihsan Perdana, the CSR arm of SRC, was a recipient of YR1M money. Money from Ihsan Perdana was alleged to have made its way to Najib.

Consequently ,this statement reported by Free Malaysia Today raises a number of questions:

When contacted, OCM said Ung was appointed after an extensive hiring process involving 60 applicants.

“The shortlisted applicants were interviewed by an OCM panel and each one gave their markings,” OCM deputy president Abdul Azim Zabidi told FMT.

“In the end, we tabulated the marks and she got the highest votes,” he said.

Azim said Ung’s experience in dealing with sports associations was also a plus.

Among others, she had served as an assistant general manager at CIMB Foundation, which was actively involved in a number of sports including squash, cycling and rugby.

When asked about her past associations, Azim said they were not of concern as she was not implicated in any investigations.

“She was just an employee. In any foundation or NGO, when you get a donation, you just accept it. You don’t really go behind the people to ask where the money came from.

“We look at her experience and what she brings to the table,” he said, adding that Ung would be tasked with taking OCM’s operations to the next level.

The obvious  question is this:

Why is Ung Su Ling not under investigation,  interrogated for information on everything that she would know?

The statement by OCM deputy president Abdul Azim Zabidi (in bold  letters above) is wholly incorrect. Anti Money laundering laws in Malaysia and in most parts of the world today require that charities and NGOs make all necessary inquiries as to the source of funds.

Consequently, it is only prudent that the OCM's accounts be frozen, its records seized, and a full investigation of all transactions be conducted. The OCM's ordinary business involves the payments of  relatively small sums of money to entities in Malaysia and all over the world,and it has done so without question for more than 50 years. It provides an ideal conduit for anyone wanting to disperse large sums in small amounts that will not attract the attention of regulators.

The fact that the OCM's secretary general is one Nazifuddin Najib is not irrelevant (see story below)..

END 

Taiwan again: Nazifuddin Najib's date with Celia Chang adds to evidence of stolen 1MDB money in Taiwan: Taiwan Govt assistance identifying & freezing accounts vital 

by Ganesh Saahthevan

Former PM Najib Razak's son was in Taiwan ,on what looks like an expensive date, just after declaring his extended family and he to be near penniless as a result of having their accounts frozen:

Mohd Najib Razak (left/AP) and his son Nazifuddin Najib (photo from his FB) 

This was not a cheap date, and given its timing, suggests that Nazifuddin may have been in Taiwan tending to business and for a bit of rest and recreation.Apple Daily reported:

One of his sons, Mohd Nazifuddin Najib, also known as Nazif Najib, was seen dining at a steakhouse and having a massage in Taipei’s top luxury shopping district near Taipei 101 Thursday, according to the Apple Daily.

The newspaper identified the woman in Nazif’s company as a Taiwanese actress in a current Sanlih E-Television soap opera, Celia Chang (張東晴), 34.

They spent more than three hours at the steak restaurant inside the Breeze Xinyi shopping mall eating and drinking one glass of red wine after the other, while Chang seemed to be explaining the Taipei scenery outside the window, the Apple Daily reported.


The newspaper wrote that they took a taxi to a massage parlor, had a candlelight dinner, spent two hours at a pub and took another cab to the Grand Hyatt Taipei at 1 a.m.


It is clear that Ms Chang is more acquaintance than girlfriend. It does not seem as if Nazifuddin was in Taipei seeking solace, but rather on an urgent business trip.


The above adds to earlier reports on this clog about money in Taiwan funding interests associated with Najib Razak.


END

Sirul Azhar Umar has become hot property: Evidence that Jho Low may have created the market
August 20,2015


by Ganesh Sahathevan


Evidence is emerging that someone in Taipei, Taiwan, has been informed of this writer's queries concerning the matter of Sirul.The emergence of this evidence coincides with Sarawak Report's revelation that Low Taek Jho, aka Jho Low, has sought

refuge in Taiwan. Given that Jho Low has been "tied to the 1 MDB inquiry" a link between 1 MDB and and the matter of Sirul Azhar Umar may soon become apparent.


While in detention Sirul's ability to receive any significant amount of cash is non-existent.It is highly unlikely that he even has a bank account in Australia.The same can be said for his teenage son who remains in Australia. Even if released any receipt of funds on their part will be very closely scrutinized.

Consequently all this money or promise of money swirling around Sirul is indicative only of a presumed right to keep him silent.For so long as he remains in detention others can lay claim to that right,and trade it with anyone who is willing to pay. It appears that Jho Low created the market but it is unclear if he still has the finances to keep that market liquid. With accounts being frozen in Singapore and Malaysia it is likely that the market has dried up.Nevertheless, some may be living in hope.


While Sirul Azhar Umar remains unrepresented those who have laid claim over him, or who have been reported to be his legal advisors have refused to say who pays or has promised to pay for their services.

Nevertheless whatever is or was on offer to guide Sirul through his troubles must be significant, for how else does one explain this fiercely possessive reaction from Christopher Levingston, an immigration lawyer who was asked to clarify his position vis a vis Sirul:

You have no standing nor do you have any legitimate interest in this matter.

Your attempts to interpose yourself and your strategy of “divide and rule” is not only unprofessional but also unethical.

END








Posted 20th August 2015 by Anonymous





Posted 7th July 2018 by Anonymou

Jho Low associate Ung Su Ling's Olympic Council Malaysia appointment justifies immediate freezing of OCM accounts, investigation of all receipts and payments:Ong's 1MDB history not irrelevant

by Ganesh Sahathvan

Ung Su Ling, the former CEO of Yayasan Rakyat 1Malaysia chaired by Najib Razak, has been appointed as COO of the Olympic Council of Malaysia. (Bernama pic)

This information about the recently appointed COO of the Olympic Council of Malaysia has been freely available and in the public domain since at least June 2018:


Ung Su Ling & Dennis See

Ung worked at Merican & Partners Asset Management, where she handled investments for Jho Low. She later joined his family business Wynton Group after which Jho Low made her CEO of Yayasan Rakyat 1Malaysia (YR1M), the charity arm of 1MDB. It was through YR1M, which received hundreds of millions from companies such as Genting and Tanjong, that cash was channelled to political programmes in the name of charity. See, who was YR1M project director, worked for Gerakan and Koh Tsu Koon when he was CM of Penang. Ihsan Perdana, the CSR arm of SRC, was a recipient of YR1M money. Money from Ihsan Perdana was alleged to have made its way to Najib.



Consequently ,this statement reported by Free Malaysia Today raises a number of questions:

When contacted, OCM said Ung was appointed after an extensive hiring process involving 60 applicants.
“The shortlisted applicants were interviewed by an OCM panel and each one gave their markings,” OCM deputy president Abdul Azim Zabidi told FMT.
“In the end, we tabulated the marks and she got the highest votes,” he said.
Azim said Ung’s experience in dealing with sports associations was also a plus.
Among others, she had served as an assistant general manager at CIMB Foundation, which was actively involved in a number of sports including squash, cycling and rugby.
When asked about her past associations, Azim said they were not of concern as she was not implicated in any investigations.
“She was just an employee. In any foundation or NGO, when you get a donation, you just accept it. You don’t really go behind the people to ask where the money came from.
“We look at her experience and what she brings to the table,” he said, adding that Ung would be tasked with taking OCM’s operations to the next level.

The obvious  question is this:

Why is Ung Su Ling not under investigation,  interrogated for information on everything that she would know?

The statement by OCM deputy president Abdul Azim Zabidi (in bold  letters above) is wholly incorrect. Anti Money laundering laws in Malaysia and in most parts of the world today require that charities and NGOs make all necessary inquiries as to the source of funds.

Consequently, it is only prudent that the OCM's accounts be frozen, its records seized, and a full investigation of all transactions be conducted. The OCM's ordinary business involves the payments of  relatively small sums of money to entities in Malaysia and all over the world,and it has done so without question for more than 50 years. It provides an ideal conduit for anyone wanting to disperse large sums in small amounts that will not attract the attention of regulators.

The fact that the OCM's secretary general is one Nazifuddin Najib is not irrelevant (see story below)..

END 

Taiwan again: Nazifuddin Najib's date with Celia Chang adds to evidence of stolen 1MDB money in Taiwan: Taiwan Govt assistance identifying & freezing accounts vital 

by Ganesh Saahthevan

Former PM Najib Razak's son was in Taiwan ,on what looks like an expensive date, just after declaring his extended family and he to be near penniless as a result of having their accounts frozen:

Mohd Najib Razak (left/AP) and his son Nazifuddin Najib (photo from his FB) 

This was not a cheap date, and given its timing, suggests that Nazifuddin may have been in Taiwan tending to business and for a bit of rest and recreation.Apple Daily reported:

One of his sons, Mohd Nazifuddin Najib, also known as Nazif Najib, was seen dining at a steakhouse and having a massage in Taipei’s top luxury shopping district near Taipei 101 Thursday, according to the Apple Daily.

The newspaper identified the woman in Nazif’s company as a Taiwanese actress in a current Sanlih E-Television soap opera, Celia Chang (張東晴), 34.

They spent more than three hours at the steak restaurant inside the Breeze Xinyi shopping mall eating and drinking one glass of red wine after the other, while Chang seemed to be explaining the Taipei scenery outside the window, the Apple Daily reported.

The newspaper wrote that they took a taxi to a massage parlor, had a candlelight dinner, spent two hours at a pub and took another cab to the Grand Hyatt Taipei at 1 a.m.

It is clear that Ms Chang is more acquaintance than girlfriend. It does not seem as if Nazifuddin was in Taipei seeking solace, but rather on an urgent business trip.

The above adds to earlier reports on this clog about money in Taiwan funding interests associated with Najib Razak.

END

Sirul Azhar Umar has become hot property: Evidence that Jho Low may have created the market
August 20,2015

by Ganesh Sahathevan

Evidence is emerging that someone in Taipei, Taiwan, has been informed of this writer's queries concerning the matter of Sirul.The emergence of this evidence coincides with Sarawak Report's revelation that Low Taek Jho, aka Jho Low, has sought 
refuge in Taiwan.   Given that Jho Low has been "tied to the 1 MDB inquiry"  a link between 1 MDB and and the matter of Sirul Azhar Umar may soon become apparent. 


While in detention Sirul's ability to receive any significant amount of cash  is non-existent.It is highly unlikely that he even has a bank account in Australia.The same can be said for his teenage son who remains in Australia. Even if released any receipt of funds on their part will be very closely scrutinized. 
Consequently all this money or promise of money swirling around Sirul is indicative only of a presumed right to keep him silent.For so long as he remains in detention others can lay claim to that right,and trade it with anyone who is willing to pay. It appears that Jho Low created the market but it is unclear if he still has the finances to keep that market liquid. With accounts being frozen in Singapore and Malaysia it is likely that the market has dried up.Nevertheless, some may be living in hope.

While Sirul Azhar Umar   remains unrepresented those who have laid claim over him, or who have been reported to be his legal advisors   have refused to say who pays or has promised to pay for their services.

Nevertheless whatever is or was   on offer to guide  Sirul  through his troubles must be significant, for how else does one explain this fiercely possessive  reaction from  Christopher Levingston, an immigration lawyer who was asked to clarify his position vis a vis Sirul:

You have no standing nor do you have any legitimate interest in this matter.

 Your attempts to interpose yourself and your strategy of “divide and rule” is not only unprofessional but also unethical.

END 

Posted 20th August 2015 by Anonymous

Posted 7th July 2018 by Anonymou

NSW Libs received donations of $44,275 from TOP Education Group just before after TOP was granted the "first & only" license issued a private company to award law degrees: AG Speakman and his LPAB refuse to disclose all details in the LPAB Annual Reports

by Ganesh Sahathevan

 

Mark Speakman

As First Law Officer of the state, Mark oversees 
the administration of almost 200 Acts of Parliament, 
the most of any minister in the NSW Government. 

The Legal Profession Admission Board is a  statutory body chaired by the Chief Justice of New South Wales.Its annual report is tabled in the NSW Parliament by the Attorney General NSW , currently Mark Speakman SC,for approval.

The LPAB's duties include granting licenses for the award of  Bachelor of Laws (LLB) degrees to interested parties ,which until recently were all public universities. In 2015 the LPAB issued a license to grant LLBs to TOP Education Group Ltd, which proudly proclaims the fact that it is the "first and only" private company to have been granted such a license. 

The AG NSW is also the Liberal Member for Cronulla and he,as well as the LPAB , have been queried about the following issues discovered in the LPAB's 2015 Annual Report which relate to the TOP Group application. 

The  LPAB states in its 2015 Annual Report:

In addition, the LPAB received an application for accreditation of a new law degree to be offered by a non-university provider, TOP Education Institute (LLB).
The LPAB considered the advice of its Accreditation Sub-Committee and Legal Qualifications Committee, and also consulted with other admitting authorities through the Law Admissions Consultative Committee (LACC),  before deciding to accredit the new degree with effect from 1 January 2015.
http://www.lpab.justice.nsw.gov.au/Documents/Annual%20Report%202014-15.


With regards the above the LPAB and the  AG have  been asked why in considering the TOP application they  appear not to have considered   TOP  Group's CEO and controlling shareholder Minshen Zhu's  business failures which were a matter of public record in 2015 ,and collated in its 2018 Prospectus issued in connection with the Initial Public Offering (IPO) of its stock and listing on the Hong Kong Stock Exchange. Zhu's business failures are listed on page 160 and 167 of the IPO Prospectus. They are failures in small businesses which in turn raise questions about his capacity to fund a much larger venture like TOP.

The LPAB and AG were  also queried about the exclusion from the 2015 Annual Report of material that had been disclosed in the 2012 Annual Report where it is stated  that LPAB member  Dr Gordon Elkington was assigned to TEQSA to assist with the TOP  application for the relevant licenses from TEQSA. 

The exclusion from the 2015 annual report of the information disclosed in the 2012 annual report gives the impression that the LPAB's assessment of the TOP application in 2015 was a dealing with a party with which it had no prior relationship, when in fact it had.

All of the above would be of  concern to both students and investors given the dramatic collapse in TOP's share price, The AG and the LPAB have confirmed in writing that they are not interested in answering any of the questions above.

It has since been discovered that in the 4 months or so prior to the LPAB granting TOP  the license to issue law degrees, TOP made donations worth AUD 44 275 to the Liberal Party NSW Branch.

While  Mr Speakman is AG and the most senior law officer in the state, he is first and foremost a politician.He would not be AG had he not been elected.

It was to his party that the above donations have been made,and his refusal to answer the questions above does raise the perception that something is not quite right. 

His Department Of Justice has in the past shown that the Minister ,his Department Of Justice,and the LPAB can and do work together in the interest of their Minister and vice versa.This has included a recent non-disclosure of complaints against the LPAB and the College Of Law in the 2018 Annual Report.

Hence it is not unreasonable to expect that together they  provide answers to these issues which are of public interest,and which concern their conduct as public servants.

END 

Rosmah Mansor can still surrender the pink diamonds, or join Najib in jail:Rosmah Mansor acquired diamonds paid for with 1MDB money in the US,placing herself within the jurisdiction of US laws against theft

by Ganesh Sahathevan





Rosmah: Apologise to the people, not to me, over pink diamond ‘slander’

Sunday, June 18, 2017

Rosmah Mansor acquired diamonds paid for with 1MDB money in the US,placing herself within the jurisdiction of US laws against theft

by Ganesh Sahathevan

SOTHEBY'S CATALOGUE NOTE

Accompanied by GIA report no. 2115637296 stating that the diamond is Fancy Intense Pink, Natural Color, VS2 clarity.   Together with a letter from the GIA stating that the diamond has been determined to be type IIa

                                                       
The pink diamond above (GIA report no. 2115637296) was offered for sale at auction by Sotheby's in 2011.Its size.colour, description and GIA report number match that which is described below in the US DOJ's latest 1MDB complaint:

852. On or about September 28, 2013, Schwartz met again with LOW and the wife of MALAYSIAN OFFICIAL 1 in a hotel suite in the Mandarin Time Warner in New York in order to show them the layout of the necklace that Schwartz had designed. Travel records confirm that the wife of MALAYSIAN OFFICIAL 1 was in New York City at this time. Travel records show that on September 27, 2013, LOW flew from Las Vegas to Teterboro Airport in New Jersey on his jet. Other passengers on that flight included AZIZ, TAN and McFarland. 

854. Schwartz Inc. issued two invoices in connection with the purchase of the 22-CARAT PINK DIAMOND NECKLACE. The first invoice, dated July 3, 2013, was for $23,000,000 for the 22-carat diamond itself. The diamond is described in the invoice as “22.17carat Natural Fancy Intense Pink VS2 clarity (GIA#2115637296) Cut-Cornered Square Modified Brilliant Cut diamond.” The second invoice, dated July 31, 2013, was for $4,300,000 for the accompanying necklace, which was described as “ONE GRADUATE FANCY INTENSE PINK AND OVAL WHITE DIAMOND NECKLACE WITH INTERCHANGEABLE PENDANT TO RING.” 

856. The invoices were ultimately paid using funds traceable to diverted 2013 bond proceeds, and more specifically, to the funds that Tanore sent to MALAYSIAN OFFICIAL 1 under the guise of investing in SRC International.  

In summary, Rosmah Mansor acquired diamonds paid for with 1MDB money in the US,placing herself within the  jurisdiction of US laws against theft, a crime.
Of course, she could well say that she had no idea the funds used were from 1MDB, and that she was always under the impression that the jewellery was a gift from her husband, PM Najib Razak, aka MO1, out of that money donated by some Saudi royal.
END 

Reference

Why has Najib not summoned the US Ambassador to protest the insinuations of criminal wrongdoing by the PM and his wife ?

Rosmah Mansor's Choice: Surrender the diamonds, or join Najib in jail-On the other hand, has Rosmah joined Riza in seeking a settlement in exchange for cooperation