Alex Turnbull sent the following message at 11:03 AM
post about me and 1MDB
Ganesh, hope all is well. I was wondering if you would take down those posts implying I somehow benefitted from 1MDB - I did not, quite the opposite in fact. I called out the insane pricing and bizzare structure at GS when the deal was done and got yelled at by compliance for casting doubt on the integrity of PFI, the group that did the deal. As a result I was "b tracked" and resigned. This will all come out in a book in September by Tom Wright at the WSJ.
Cheers,
Alex
Malcolm Turnbull needs to explain his inaction, now that we have none other than his son
claiming to have full knowledge of the deal that was central to that money flowing via ANZ/AMbank.
U.S. authorities issued subpoenas to Goldman Sachs for documents related to the bank's dealings with troubled Malaysia state wealth fund 1MDB, The Wall Street Journal reported, citing a person familiar with the matter.
The WSJ reported that Goldman received requests for information earlier this year from the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission, adding that Goldman was also providing information to the Monetary Authority of Singapore (MAS).
Separately, Singapore's central bank said on Saturday it is examining the extent of Goldman's local unit's involvement in bond deals for 1MDB.
"MAS supervisory examination into the extent of Goldman Sachs (Singapore) Pte's involvement in the 1MDB bond deals is still ongoing," a MAS spokeswoman said in an email statement to Reuters.
The MAS has been questioning banks and financial institutions since last year as part of investigations into possible money laundering in the city state linked to 1MDB.
A Goldman Sachs' spokesman in Hong Kong declined to comment on the Singapore inquiry. 1MDB has said in the past it is not a party to the civil suit, does not have any assets in the United States of America, nor has it benefited from the various transactions described in the civil suit.
This month the DOJ launched what it said was the largest-ever asset seizure case - worth more than $1 billion - under its Kleptocracy Asset Recovery Initiative, alleging that a total of $3.5 billion was misappropriated from 1MDB, a wealth fund established in 2009 by Malaysian Prime Minister Najib Razak, who also chaired the fund's advisory board.
In 2012 and 2013, Goldman arranged and underwrote three bond sales that raised $6.5 billion for the fund - services which the bank was paid almost $600 million, according to multiple reports.
The DOJ alleged the misappropriated funds - much of which were the proceeds of the Goldman-managed bond sales - were laundered through shell companies with bank accounts in Singapore, Switzerland, Luxembourg and the U.S., then distributed to people who are known to be close to Najib. These people then spent the cash on assets including high-end real estate and artworks, according to the DOJ.
Goh Seng Chong | Bloomberg | Getty Images
Signage for 1Malaysia Development Bhd. (1MDB) is displayed at the site of the Tun Razak Exchange (TRX) project in Kuala Lumpur, Malaysia.
Goldman, which faces a separate civil lawsuit over the bond sales, has said previously that it had no visibility on what happened to the funds raised after the bond sales were conducted. The bank did not immediately respond to an out-of-business-hours request for fresh comment.
The Malaysian Prime Minister has repeatedly and vociferously denied any wrongdoing in relation to 1MDB.
Last week Najib's office said that the Malaysian Government would "fully cooperate with any lawful investigation of Malaysian companies or citizens in accordance with international protocols." "As the Prime Minister has always maintained, if any wrongdoing is proven, the law will be enforced without exception," Najib's press secretary said.
A spokesman for the Prime Minister did not immediately respond to an out-of-business hours request for fresh comment.
Mahathir's accusation takes new life, given the Prime Minister Malcolm Turnbuull's son Alex Turnbull's revelation:
post about me and 1MDB
Ganesh, hope all is well. I was wondering if you would take down those posts implying I somehow benefitted from 1MDB - I did not, quite the opposite in fact. I called out the insane pricing and bizzare structure at GS when the deal was done and got yelled at by compliance for casting doubt on the integrity of PFI, the group that did the deal. As a result I was "b tracked" and resigned. This will all come out in a book in September by Tom Wright at the WSJ.
Cheers,
Alex
Alex son of Malcolm Turnbull says he is a victim, not benefactor of Goldman Sachs 1MDB deals:Threatens legal action in Australia, while based in Singapore;raising questions about Turnbull and the judiciary
by Ganesh Sahathevan The 1MDB saga continues with this unexpected Linkedin email from Alex Turnbull, son of Malcolm Turnbull. Alex Turnbull is based in Singapore ,and has threatened legal action in Australia against this writer. Alex started a hedge fund in Singapore after leaving Goldman Sachs.He has now revealed that he resigned his position at Goldman's for speaking out about 1MDB.
Be that all as it may, Alex prefers that I remove my 1MDB stories which mention him(which readers know will not happen),and has threatened legal action in Australia, despite his business and he being based in Singapore,and the readership of this blog being primarily in China,Malaysia, and other parts of South East Asia. Singapore, which has some of the toughest defamation laws in the world would seem like a better place to commence legal proceedings, but the Turnbull's seem to prefer Australia. The fact that Malcolm is currently PM and the family's choice of jurisdiction cannot be ignored. END
Alex Turnbull sent the following message at 11:03 AM
post about me and 1MDB
Ganesh, hope all is well. I was wondering if you would take down those posts implying I somehow benefitted from 1MDB - I did not, quite the opposite in fact. I called out the insane pricing and bizzare structure at GS when the deal was done and got yelled at by compliance for casting doubt on the integrity of PFI, the group that did the deal. As a result I was "b tracked" and resigned. This will all come out in a book in September by Tom Wright at the WSJ.
Cheers,
Alex
Ganesh Sahathevan sent the following messages at 12:24 PM
Alex I am happy for you to post this on the comment section of my post. Regards
Ganesh Sahathevan
Alex Turnbull sent the following messages at 12:57 PM
Hi Ganesh or we could move to a formal discussion about defamation law in Australia. Let me know. I am not going to do this in public to drive traffic to your site and cause a media circus.
Ultimately I'm not the one making unfounded ridiculous accusations. If you don't want to do even the vaguest bit of research and then publish that's your problem legally speaking.
by Ganesh Sahathevan The 1MDB saga continues with this unexpected Linkedin email from Alex Turnbull, son of Malcolm Turnbull. Alex Turnbull is based in Singapore ,and has threatened legal action in Australia against this writer. Alex started a hedge fund in Singapore after leaving Goldman Sachs.He has now revealed that he resigned his position at Goldman's for speaking out about 1MDB.
Be that all as it may, Alex prefers that I remove my 1MDB stories which mention him(which readers know will not happen),and has threatened legal action in Australia, despite his business and he being based in Singapore,and the readership of this blog being primarily in China,Malaysia, and other parts of South East Asia. Singapore, which has some of the toughest defamation laws in the world would seem like a better place to commence legal proceedings, but the Turnbull's seem to prefer Australia. The fact that Malcolm is currently PM and the family's choice of jurisdiction cannot be ignored. END
Alex Turnbull sent the following message at 11:03 AM
post about me and 1MDB
Ganesh, hope all is well. I was wondering if you would take down those posts implying I somehow benefitted from 1MDB - I did not, quite the opposite in fact. I called out the insane pricing and bizzare structure at GS when the deal was done and got yelled at by compliance for casting doubt on the integrity of PFI, the group that did the deal. As a result I was "b tracked" and resigned. This will all come out in a book in September by Tom Wright at the WSJ.
Cheers,
Alex
Ganesh Sahathevan sent the following messages at 12:24 PM
Alex I am happy for you to post this on the comment section of my post. Regards
Ganesh Sahathevan
Alex Turnbull sent the following messages at 12:57 PM
Hi Ganesh or we could move to a formal discussion about defamation law in Australia. Let me know. I am not going to do this in public to drive traffic to your site and cause a media circus.
Ultimately I'm not the one making unfounded ridiculous accusations. If you don't want to do even the vaguest bit of research and then publish that's your problem legally speaking.
Reference
Malcolm Turnbull's
son said to start hedge fund in Singapore
Alex Turnbull, son of Federal Communications Minister Malcolm Turnbull, is planning a Singapore-based hedge fund, said people with knowledge of the matter.
Mr Turnbull, who has been an executive director of Goldman Sachs Group's special situations group, will be the chief investment officer of Keshik Capital, said the people who asked not to be identified. The fund will be focused on Asia with flexibility to invest globally. It may start as early as January and will invest in equity and credit, including convertible bonds, they said.
Malcolm Turnbull. Like his father, Alex Turnbull has been an executive with Goldman Sachs.
Photo: Alex Ellinghausen
Keshik will be at least the third hedge-fund startup that is tapping Asian opportunities in recent years and involves a former member of the Goldman Sachs unit. The special situations group, known as SSG, invests in distressed debt and companies. It's part of Goldman Sachs's investing and lending operations, which generated $US4.3 billion ($4.6 billion) of pretax earnings last year, the most of the New York-based bank's four business segments.
Mr Turnbull, who is based in Singapore, worked for SSG for four years until earlier this year, according to his LinkedIn profile. SSG's investments include holdings in Japan's largest golf-course operator Accordia Golf and pizza-chain Sbarro.
Connie Ling, a Hong Kong-based spokeswoman for Goldman Sachs, declined to comment on Mr Turnbull's departure.
Goldman Sachs ties
The Sydney native studied at Harvard University and had a stint at Mount Kellett Capital Management, the investment firm founded by former SSG executives Mark McGoldrick and Jason Maynard. His other former employers include Deutsche Bank and Fortress Investment Group, according to his profile.
Malcolm Turnbull was co-chairman of Goldman Sachs's Australian unit between 1997 and 2001.
Jason Brown, a former global head of SSG, set up his own Hong Kong-based fund company Arkkan Capital Management last year, according to the city's Securities and Futures Commission.
Chris Mikosh, another former SSG managing director, co-founded Tor Investment Management (Hong Kong) with Patrik Edsparr, previously a Citadel executive, according to a December 2013 statement from backer Grosvenor Capital Management.
