Monday, April 2, 2018

Alex son of Malcolm Turnbull linked 1MDB to the murder of Altantuya: "My friend" Najib has now the power to seek Alex's extradition from Singapore for spreading fake news

by Ganesh Sahathevan



First read Law Minister Azalina Othman:

“Parliament has the power to monitor freedom of speech in the interest of public order, national security, morality or to provide against defamation or incitement to any offence. Freedom of speech is not absolute freedom of speech.
“Anyone who feels they have been victimised by fake news can use this new law to challenge the responsible party in court,” she said in the winding up speech at the policy stage in Parliament, today


She said the Bill is exclusive in nature to curb the spread of fake news, as existing laws cannot control the issue as effectively and swiftly in accordance with the current technological developments
Azalina said some new elements introduced in the Bill includes extraterritorial application, clear definition, explanations or illustrations, offences in relations to financial assistance and interim measures.

And now read Sarawak Report:






Turnbull Should Quit Moaning And Join The Anti-Corruption Campaign!

Turnbull Should Quit Moaning And Join The Anti-Corruption Campaign!

Alex Turnbull has told The Australian Newspaper that “whistleblowing is a shit business” (see video).
By this he is referring to his own ordeal, by which he was apparently down-graded to the “B Stream” at Goldman Sachs for questioning the wisdom of accepting huge commissions to organise the 1MDB bond issues in 2012/13.
Let us remind Mr Turnbull that the actual whistleblower on 1MDB was Xavier Justo, who passed data to Sarawak Report and was, as a result, imprisoned in the “B Wing” of a Thai jail for 18 months, thanks to a revengeful plot hatched by the pals of Turnbull’s former Goldman Sachs colleague, Tim Leissner, namely Jho Low and his colleagues from PetroSaudi.
Now that IS ‘shit’!
It took a good year before Justo and Sarawak Report received any vindication on the story, whilst Justo sweated behind bars, subject to villification by paid media and the Malaysian authorities.  Sarawak Report was hounded and defamed at the same time.
How helpful it would have been had Mr Turnbull spoken out during that period to confirm his own experiences and draw attention to the failures of governance that allowed his former bank, Goldman Sachs, to process the dodgiest of deals for an outlandish commission of over half a billion dollars.
But, not a squeak, unfortunately.  He didn’t speak out till being needled by Malaysian financial investigator Ganesh Sahavethan, who suggested in his blog that maybe Australia’s failure to adequately tackle 1MDB owed to the Turnbull family’s Goldman Sachs connection.  Alex first complained and then threatened to sue the blogger:

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 [Goldman Sachs] 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. [Alex Turnbull]
Plainly, Alex Turnbull has been preoccupied trying to set himself up in his new business, having left Goldman’s unacceptable B Stream situation.  However, self-pity is not an impressive hindsight to be offering on events at a time when the Justos are still fighting for justice in their case.
So, we implore this influential young Australian to stand up for right a little more forcefully than he has done, now that he has cut his ties with Goldman and chosen to speak out frankly.  There is plenty more to do and he would make a great ally for those who have stuck out their necks on the side of morality in Malaysia.
Of particular concern, is the fact that Australia has, under his father’s administration, been lamentably inactive over pursuing and investigating this global financial scandal, compared to other jurisdictions.  Whilst Switzerland, the US, Singapore and even Indonesia have been prepared to deal with the 1MDB billion dollar fallout, Australia has been happy to turn a blind eye to the whole affair.
ANZ Bankers, who are up to their necks in processing the billion dollars that went through Najib’s accounts in the bank’s AmBank subsidiary, have been completely let off the hook.  And, as a result, the extent of the scandal has failed to be exposed.

What about Sirul?

Turnbull junior has also spoken out about Altantuya “How many Mongolian models did we have to bury in the jungle for this pricing?” he apparently had complained to his Goldman bosses. Yet, the man who pulled the trigger on Altantuya is presently sitting in an Australian detention centre and no one has made the effort to get the truth out of him there as to why he did the deed.
The Australian authorities have allowed a mssive cover up over how Sirul was able to obtain a smart phone to make a puff video for Najib from his jail cell, for which he was bribed with handsome promises.
Indeed, Najib is heading to Australia next weekend and there is not a single case open about 1MDB in the country to embarrass this corrupt PM.  Tell your Dad, Alex, to stop playing diplomacy and stop protecting his former bank (which coincidentally also employed Alex… i.e. Goldman Sachs).  Tell your Dad to push for the rules to be enforced.
If you are not prepared to stick your neck out properly, quit moaning that you have endured the consequences of being a ‘whistleblower’ when actually you only complained internally – others can tell you that you haven’t got a clue!


Rahman Dahlan says Najib is 'MO1';Azlina says Dahlan must go to jail for spreading "fake news".See more MO1 "fake news".

by Ganesh Sahathevan




Rahman Dahlan:

"I've said it openly. Obviously if you read the documents, it is the Prime Minister," the BBC quoted him as saying in an article titled Who is Malaysian Official 1? Case closed published on its website on Thursday.


Azalina Othman:


"Only the courts can answer who is MO1 after this law is passed," she told the Dewan Rakyat.


See More




The "Malaysian official 1," named 32 times in the U.S. Department of Justice lawsuit seeking to recover assets allegedly funneled away from troubled state fund 1MDB, is Prime Minister Najib Razak, a senior government official said.
Abdul Rahman Dahlan, a minister in the prime minister's department and strategic communications director for political coalition Barisan Nasional, said in a statement on Thursday evening: "It's obvious that the so-called 'Malaysian Official 1' (MO1) referred to by the U.S. Department of Justice is our prime minister."
The statement confirmed a BBC report earlier Thursday citing Rahman's comments in an interview.
Rahman's statement noted that Malaysian official 1 was only referred to in the civil suit, not named as a subject, calling the difference "black and white." Rahman blamed Najib's political opponents for "deliberately mixing the two up to deceive the Malaysian people."
He claimed "comprehensive investigations by multiple authorities" have cleared Najib of wrongdoing.
In July, the U.S. Department of Justice moved to seize more than $1 billion of assets tied to an alleged international conspiracy to launder funds funnelled away from 1MDB, including funds related to the film "The Wolf of Wall Street."
That complaint said officials at 1MDB, their relatives and other associates diverted more than $3.5 billion from the state fund and laundered it through complex transactions and shell companies with bank accounts in Singapore, Switzerland, Luxembourg and the U.S.
The producer of "The Wolf of Wall Street," Red Granite Pictures, was co-founded by Riza Aziz, Najib's stepson.
Riza was named as a "relevant individual" in the complaint, but Najib wasn't named. However, media have reported, citing unnamed sources, that the complaint's 32 references to "Malaysian Official 1," who allegedly received hundreds of millions from 1MDB, were to Najib.
Najib has repeatedly denied wrongdoing, as has Riza and Red Granite Pictures.
When asked for comment via email on Thursday, the Malaysian prime minister's office referred to official statements made in July.
One from the prime minister's office said the Malaysian government would cooperate with any lawful investigation and another from Malaysia's Attorney General's office disputed that any investigation had found evidence that funds were misappropriated from 1MDB.
Questions about movement of funds from 1MDB came to widespread attention a little over a year ago, when the Wall Street Journal reported that in 2013, nearly $700 million had flowed from the debt-ridden fund to Najib's personal bank account.
Najib has repeatedly denied wrongdoing and, under pressure from the outcry caused by the WSJ report, said the funds were a private donation from a Middle Eastern country he declined to name at that time. He has denied benefiting personally from the funds.
In January, Malaysia's Attorney General Mohamed Apandi Ali said that Saudi Arabia's royal family gave Najib a $681 million gift, of which Apandi said about $600 million was later returned.
Apandi said that no criminal offense had been committed. But globally, investigations into 1MDB in locales as varied as the U.S., Switzerland, Singapore and the Seychelles have continued.
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Sunday, April 1, 2018

Singapore's legal industry confronts an English language problem : Top firms seek "foreign lawyers" with minimal experience to advise clients,draft letters, correspondence

by Ganesh Sahathevan

Drew&Napier and Wong Partnership are among Singapore's largest and best known law firms.
These advertisement tell a tale of firms in dire need of lawyers who can read, write and speak English :

Drew&Napier

Handles foreign law matters in arbitration, litigation proceedings and dispute work. 
A minimum of 1-3 year’s PQE with relevant working experience in arbitration, litigation proceedings and dispute work. 

Applications:
Your resume should be in 

MS Word or PDF format 

. It should include your qualifications, experience, current and expected salary, and a recent photograph. 

Kindly send your resume to:
The Human Resource Manager 

Drew & Napier LLC 

10 Collyer Quay 

#10-01 Ocean Financial Centre 

Singapore 049315 

Email:
hrrecruit@drewnapier.com 

(Only shortlisted candidates will be notified. All applications will be treated with the strictest confidence.)




WongPartnership


A career at WongPartnership is unlike what you will find at other firms. We invest in our people by providing excellent training and guidance to help them fulfil their potential. With exposure to the most complex legal deals and opportunities such as overseas secondments, we provide our lawyers with professional experience of the highest quality that few law firms can provide. We are also consistently one of the best paying law firms in Singapore. 

We invite applications from highly motivated and committed individuals to join us as Foreign Lawyers .


Singapore Office 

We are looking for law degree holders from reputable overseas universities who are qualified to practise in other foreign jurisdictions. Candidates must have obtained a few years' experience practising in a foreign law firm or an in-house position with international firms. Our Foreign Lawyers take on advisory roles in foreign law matters, and work closely with our lawyers. 

The following opportunities are available in our International Practice : - 

Our International Practice focuses on international and cross-border work in Asia. We also have dedicated ASEAN, China, India and Middle East practices.
  • ASEAN
  • China
  • India
  • Indonesia
  • Malaysia
  • Middle East
  • Myanmar
  • Thailand
Applicants to our China Practice should possess relevant experience in handling corporate transactions and must be reasonably proficient in Chinese. 

Interested applicants are invited to send in their detailed resume together with a recent photograph to joinus@wongpartnership.com . 

Please note that only shortlisted applicants will be notified. In submitting your application to our firm, you agree and consent to the collection, usage and disclosure of your personal data in accordance with our Personal Data Policy, which is available at www.wongpartnership.com . In addition, you consent to be considered for all suitable positions, including the position you're applying for, within WongPartnership LLP.



Advertisements like the above do not go with glowing articles such as this:




:

An inaugural list of 40 of Asia's brightest young lawyers is dominated by Singapore-based hot shots.


Fourteen of the "Forty Under Forty - Asia's Brightest Young Legal Minds", published last month in Asian Legal Business magazine, are based in the Republic, either with local or offshore firms.


They include City Harvest defence lawyer Paul Seah, 35, and high-fliers like Ms Koh Swee Yen, 34, and Mr Jaikanth Shankar, 35, from WongPartnership and Drew & Napier, respectively.



Submissions were made in July and lawyers across Asia could be nominated, although not those in Australasia or China.


Others on the list came from cities including Hong Kong, Jakarta and Seoul.


The 40 lawyers made the cut based on quality and complexity of work, career achievements, as well as recommendations from clients.




They included law firm partner Mr Seah, who defended former City Harvest Church finance manager Sharon Tan in the recently concluded trial, one of the longest high-profile white-collar crime cases in Singapore.


His main work area is civil and commercial disputes but he also specialises in insolvency and restructuring work and has represented a wide range of clients in high-profile cases.


"I am very encouraged to have received this recognition, but a lot of the credit goes to the sterling litigation team in Tan Kok Quan Partnership," he said yesterday. "Clients often look at how effective a team is rather than an individual lawyer, and the accolade is really a reflection of how good our team is."


Ms Koh, who has a slew of heavyweight cases under her belt, was praised for her "keen sense of strategy" and "great ability to quickly grasp her clients' perspective and understand their commercial issues". She was recently involved in representing foreign investors in proceedings related to investment treaty arbitrations with a claim of more than US$1 billion (S$1.4 billion) involved.


Ms Koh, who graduated from the National University of Singapore with first-class honours, was also featured in the Legal Media Group's "Rising Stars 2015" publication, a global legal resource for buyers of legal services.


Separately, Singaporean Jacqueline Chan was rated one of the most influential private-equity lawyers around the world under 40 earlier this month by Private Funds Management, which publishes a monthly magazine.


Ms Chan, a partner in the Singapore office of Milbank, Tweed, Hadley & McCloy LLP, has represented many of the largest private-equity funds, sovereign wealth funds, corporates, leading banks and financial institutions.
A version of this article appeared in the print edition of The Straits Times on October 23, 2015, with the headline '14 from S'pore among Asia's top 40 young lawyers'. Print Edition | Subscribe



Thursday, March 29, 2018

Said Keruak's Thin Air Fake News 1MDB Account: First Edition: The fake, worthless, billion dollar "units"

by Ganesh Sahathevan 






"The issue is when someone starts spreading 'news' and 'facts' which are false. For example, we keep hearing 'news' that RM42bil of 1MDB's money has 'disappeared' into thin air, when this has been officially explained and proven false," he said in his latest blog post on www.sskeruak.blogspot.my on Wednesday









Australian Investigation Further Confirms 1MDB's Cayman Con-Trick

Australian Investigation Further Confirms 1MDB's Cayman Con-Trick

Where 1MDB chose to lose its billions.... Cayman Islands
Treasure Islands – where 1MDB chose to bury its missing billions through Avestra/Bridge Global
The company which 1MDB engaged to allegedly buy up its so-called investment in PetroSaudi back in 2012 is now under a separate investigation by the Australian authorities.
In the absence of a proper open enquiry in Malaysia itself into the shenanigans surrounding this dodgy deal, the liquidation of Avestra by the Australian Securities and Investments Commission (ASIC) has provided some very useful information.
In particular, it nails the lies about an alleged billion dollar fund, secretively located in the Cayman Islands, which 1MDB had claimed contained its ‘profits’ from the PetroSaudi venture.
The Sydney-based Malaysian economics writer Ganesh Sahathevan has been pulling together the details of the ASIC investigation over the past few days and he has produced devastating evidence that the Australian investigation has concluded that Avestra never had more than a few tens of millions of dollars worth of funds under its total management – a far cry from the US$2.3 billion 1MDB claimed to have alone invested.
This adds to the information that the so-called Bridge Global Absolute Return Fund SPC, allegedly managed by Avestra, did not in fact exist as a licensed body in the Caymans at the time 1MDB says it plunged so much money into it.
The Wall Street Journal has summed up the dodgy sequence of events in a recent article “Hunt For Billions Invested in 1MDB Points To Australia“:
In 2012, 1MDB put $2.32 billion of what it said were proceeds from its PetroSaudi investment into a Cayman Islands-registered entity called Bridge Global Absolute Return Fund SPC. According to 1MDB, that money included its initial $1 billion investment, plus a later investment of about $800 million and profits it earned in the venture. The Bridge Global fund was set up only weeks before it received the 1MDB money, according to documents from the Cayman Islands corporate registry that don’t say who set it up.
In testimony in June to the parliamentary committee investigating 1MDB, a representative from current auditor Deloitte Touche Tohmatsu Ltd. said the money in Bridge Global at that time was managed by Avestra. Australia’s regulator says Avestra became an “investment adviser” to Bridge Global in March 2014. It is unclear whether Avestra had any prior connection to Bridge Global or if it still has a role at the Cayman Islands fund…..
Opposition politicians and even some members of Malaysia’s ruling party, however, have wondered why 1MDB would keep so much money in a little-known fund…..  1MDB’s auditor, KPMG LLP, was fired in December 2013 by Mr. Najib, who is chairman of 1MDB’s board of advisers, after it refused to sign off on the Malaysian fund’s financial accounts without more details on the investment in Bridge Global, according to the auditor general report.
To enable Deloitte to sign off on its books after KMPG was fired, 1MDB got [Aabar].. to guarantee the investments in Bridge Global, a Deloitte auditor told the Malaysian parliamentary committee…
Soon after, 1MDB used its investment in Bridge Global as collateral for a $975 million loan from a group of banks including Deutsche Bank. Questioning its collateral after already giving the loan, the banks pressed 1MDB to pay back the loan just nine months after it was issued, according to Malaysia’s finance ministry.
The Abu Dhabi firm IPIC [Aabar] stepped in again. It agreed to take over some of 1MDB’s debt, including the Deutsche Bank loan, in return for equity, under the terms of an agreement signed in May with the Malaysian fund.
Last year 1MDB said it had redeemed roughly $1.22 billion of its $2.32 billion investment in Bridge Global. Officials at 1MDB said the remaining investment of just over $1 billion will be handed over to Abu Dhabi’s IPIC as compensation for helping it repay the Deutsche Bank loan. [Wall Street Journal November 3rd]
As followers of the 1MDB crisis will know, there is no prospect of the so-called remaining investment being used to pay back Aabar however.  This is the alleged US$1.03 billion that Kanda had claimed was being held in cash in the Brazen Sky account in BSI Bank Singapore.
Sarawak Report long since provided the evidence that there was no such cash, which Kanda was forced to then acknowledge. This was why the Deutsche Bank consortium had pulled out of the deal in May.
"Highest standards of transparency and integrity throughout our organisation" ... especially in The Cayman Islands?
“Highest standards of transparency and integrity throughout our organisation” … especially in The Cayman Islands?
As the Wall Street Journal points out, the deal with Aabar that Najib as Prime Minister secured to get the further lending has committed the Malaysian Government to find the money to pay Aabar back, despite all his pretence that tax payers would not be forced to bail out 1MDB:
At a news conference on Saturday [Oct 31st], 1MDB Chief Executive Arul Kanda .. called the deal in May with IPIC, which also includes the Abu Dhabi fund taking over other bonds issued by 1MDB, “the final piece of our rationalization.”
The transfer of the remaining Bridge Global investment to IPIC isn’t scheduled to occur until next year, according to the agreement. Any shortfall in the value of the Bridge Global investment may have to be covered by the Malaysian government, according to the terms of the May agreement with IPIC.
In fact, all the world knows that the ‘cash’, then ‘funds’, then ‘units’ allegedly proclaimed to have existed in first the Avestra/ Bridge Global Cayman Fund and now at BSI Singapore are no more than a phantom tale.
Malaysians should ask why Aabar's Khadem Al Qubaisi was so willing to guarantee 1MDB's non-existent funds in the Cayman Islands in 2013 and why the President of Abu Dhabi later personally had him sacked?
Malaysians should ask why Aabar’s Khadem Al Qubaisi was so willing to guarantee 1MDB’s non-existent funds in the Cayman Islands in 2013 and why the President of Abu Dhabi later personally had him sacked?
All the money that had been ploughed into the PetroSaudi deal by 1MDB had long since been deliberately stolenlong before the arrangement was ‘closed down’ in 2012 and the so-called ‘investment’ in PetroSaudi allegedly ‘sold’ to shady Bridge Global in the Caymans for a proclaimed US$2.32 billion.
The boys at Bridge Global were merely doing 1MDB a favour by agreeing to conceal its massive losses – a favour for which they were doubtless very reasonably paid.
Auditors KPMG were certainly not accepting the Cayman story and Deloittes only agreed a year later to turn a blind eye to events which it had not monitored directly, in return for the guarantee by the PM’s new friends from Aabar.
In which case, why did Najib and the Malaysian Government agree to commit to itself guarantee Aabar’s further loan last May, instead of cashing in the supposed earlier guarantee made by Aabar to Deloitte?
Clearly, because it amounted to a sham.
As Sahathevan has additionally pointed out, investigations into the limited information available provided by the shady Cayman Island registers also show that the fund into which Malaysia supposedly plunged its billions back in mid-2012, did not in fact exist as a registered entity until November 2013!
1 MDB is reported to have invested USD 2,2 billion in Bridge Global Absolute Return Fund SPC segregated portfolio units in August 2012.
However, the Cayman Islands Monetary Authority’s list of mutual funds shows that the only fund named ” Bridge Global Absolute Return Fund SPC” was issued its license on 15 November 2013, more than a year AFTER 1 MDB is reported to have made its investment.
Without that license, Bridge Global Absolute Return Fund SPC would not have been able to accept funds for investment as an entity subject to the laws of the Caymans and it is doubtful if it would have otherwise existed. Even if it was in existence before that date, 1 MDB could not have dealt with it given its lack of standing
What better evidence that there is no solid cash or even ‘unit’ values involved here…. just a whole lot of back-dated accounting fraud by 1MDB!
1MDB's so-called buried treasure chests in the Cayman Islands were always completely empty.... the money had been stolen long  before!
1MDB’s buried treasure chests in the Cayman Islands were always completely empty…. the money had been stolen long before!

Friday, March 23, 2018

Australia's College Of Law abuses Kitingan name to promote masters course of little or no value

by Ganesh Sahathevan


 Australia's College Of Law is promoting something called the  ASEAN+6 LLM by relying on this seeming endorsement from Nathaneal Kitingan of the Jeffrey & Joseph Kitingan clan



The Kitingan name is hard to ignore, and hence Nathaneal was queried about his endorsement and connection to the College and the ASEAN+6  LLM.His response:

Until your email I had never heard of the ASEAN +6 LLM.

 From what I understand from the link you sent, the course I did, majoring in Commercial Litigation bears little resemblance to the course you are investigating. My LLM focused on practice in Australia and involved distance and face-to-face classes in Australian subjects highly relevant and practical to my area of practice, none of which are those listed on the page you sent me. 




The  College has this to say about its ASEAN +6 LLM:

The Master of Laws (Applied Law) in ASEAN+6 Legal Practice is designed to meet the needs of legal professionals engaged in cross-border practice between the 10-nation ASEAN group and the six nations that comprise the ASEAN+6 regional Free Trade Area (ASEAN, plus Australia-New Zealand, China, India, Japan and Korea), which is coming together in the new Regional Comprehensive Economic Partnership (RCEP) .

It has been developed by The College of Law in collaboration with the Inter-Pacific Bar Association (IPBA).


Malaysian and Singapore based IPBA members who are listed as advisers for the course have been asked about their  use of the Kitingan name to promote their course,but all have kept silent.The members of the Advisory Board are:

Dhinesh Bhaskaran Partner, Shearn Delamore & Co 
Yong Jae Chang Partner, Lee & Ko 
Michael Chu Partner, McDermott Will & Emery 
Wong Tat Chung Partner, Wong Beh & Toh
Yewon Han Attorney, Stephenson Harwood 
Raphael Tay Partner, Chooi & Company 
David Tsai Partner, Clifford Chance 
Wai Ming Yap Partner, Morgan Lewis.

Their silence is understandable.Quite apart from risking the wrath of the Kitingan clan,there is the not so small matter of backing a course which claims to offer some harmonized law product, when even Malaysia and Singapore cannot come to agreement on a common legal system,despite their commonn heritage.

The College Of Law is Australia's main provider of practical legal training courses which are compulsory for admission to practice in most states. Its CEO is one Neville Carter, who worked at MARA in the 80s,where he claims to have
"produced the inaugural Legal Practice Handbook with instructional details, materials and resources for Malaysian law and practice and also mentored an elite pilot group of 20 students who became the first cohort of UTM graduates admitted to legal practice in the Malaysian legal profession."

MARA lecturers from Malaysia who worked with him remember things somewhat differently.They recall a joint effort ,not quite the Great White Hope version that Carter recalls.


Inline image 2
I was seconded from the College of Law, to UiTM in Malaysia to create a fourth advanced year of study that would enable law graduates to secure legal practice skills and qualify for immediate admission to legal practice. The course successfully addressed gaps in law practice in Malaysia. More than thirty years later, the Advanced Diploma in Law is now a full LLB qualification, still successfully providing students with skills that benefit the broader law-consuming public.

During my time in Malaysia I produced the inaugural Legal Practice Handbook with instructional details, materials and resources for Malaysian law and practice and also mentored an elite pilot group of 20 students who became the first cohort of UTM graduates admitted to legal practice in the Malaysian legal profession.



END

Petrosaudi-1MDB scandal:Is Mastercard buying itself Barak Obama protection

by Ganesh Sahathhevan 




Yesterday  in Sydney:

Welcome back to Australia President



FORMER US President Barack Obama stands to earn a massive AUD 1.3 million for his lightning speaking tour of Australia and New Zealand. ... Obama's official engagement last night was a speaking appearance for Mastercard at the Art Gallery of NSW before he next heads to Singapore and Japan.


While Mastercard, who are one of the major sponsors of Obama's trip Down Under, would not reveal how much he is being paid, the Divisional President of Australasia Richard Wormald told the Telegraph: 'We are delighted to be able to support President Obama's visit to Australia and New Zealand to enable local leaders to gain insights from one of the most revered leaders of our time.'



Meanwhile:



Mastercard USA chairman implicated in Saudi prince's theft from Malaysian SWF

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.
The investigate news site Sarawak Report in its latest edition of an ongoing investigation 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.
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?
In his response to Sarawak Report 's editor Clare Rewcastle-Brown Haythornthwaite said among 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.
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.

Haythornthwaite's apparent denial is interesting  given this disclosure of his CV in  the 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

Image result

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.
END