Friday, September 21, 2018

Michelle Yeoh should answer Azmin Ali's decade old allegations directly;Yeoh's love of BDW demands it.

by Ganesh Sahathevan
This story tells itself:




I’m loving this brilliantly reported new book by journalists Bradley Hope and Thomas Wright. #billiondollarwhale Fascinating book.

Image may contain: 1 person, smiling, eyeglasses and text

All well  and good but let us hear what  Michelle herself has to say about this decade old question:


Azmin alleges Jean Todt costs Tourism Ministry RM593,400

Posted on 25 June 2009 - 03:46am

KUALA LUMPUR (June 24, 2009): Azmin Ali (PKR-Gombak) today alleged in the Dewan Rakyat that former Ferrari F1 team boss Datuk Jean Todt was appointed as Malaysian Tourism Ambassador at a cost to the Tourism Ministry of some RM593,400.
Asking Deputy Tourism Minister Datuk Seri Sulaiman Abdul Rahman Abdul Taib the rationale for the appointment, Azmin said he had proof to support all his claims, including on Todt and his fiancé Datuk Michelle Yeoh being offered land on an island in Terengganu.
However, Sulaiman did not reply to his question on grounds that it has deviated from the original question and advised Azmin to put his question in writing.
Azmin stressed that the question was not out of topic as the original question from Datuk Dr Marcus Mojigoh (BN-Putatan) was about films produced by the ministry to promote Malaysia as a tourist destination.
"I have proof whereby Yeoh and Todt were offered (part of) Pulau Besar. And his flight ticket alone had cost RM360,000. The cost of his appointment reached RM593,400.
"But, he (Sulaiman) didn't want to reply. Don’t you agree with me that this is a related matter, Tan Sri?" Azmin asked Speaker Tan Sri Pandikar Amin Mulia who said it was not his duty to agree or not with him.
Later, when met in Parliament lobby, Azmin said the annual fee of RM593,400 included air tickets costing RM360,000, accommodation (RM60,000), tips, laundry, faxes and telephone costs (RM90,000) and other miscellaneous costs.
He also said Todt also received RM388,000 as travel allowance when he holidayed in Malaysia and this included RM240,000 for two air tickets and miscellaneous expenses (RM60,000).
He said Todt, in return, is required to attend a minimum of two major events in the country and two international missions to promote Malaysia.
"The ministry agreed to bear all expenses, including his holiday in Malaysia twice a year for two persons," he said, adding that he had proof to show communication between Todt and the ministry on the deal.
"Why do we need to spend so much money? I hope the ministry will clarify this before the end of the session and if I am wrong, make a statement to prove me wrong," he added.
Later, Tourism Minister Datuk Seri Dr Ng Yen Yen rebutted the claim that Todt had been given a piece of land in Terengganu for becoming a tourist ambassador of Malaysia.
She told reporters in Parliament lobby: "As far as I am concerned, Todt would never have a piece of land in Terengganu. Todt was made Malaysia’s ambassador starting in May for two years and with his connectivity in Europe and the world, it will help to promote the country's tourism as well as to promote the country as a second home."
On Azmin's claim that Todt was paid about RM1 million for his task as ambassador, Ng said: "The RM1 million is not cash for him. It is a two-year budget set aside for him when we need him to travel.
"When we want to do promotion in Europe, RM1 million is nothing. So yes, he (Todt) is allocated with a budget but not into his pocket, it is for the ministry and it will be spent accordingly."
Asked whether it was true that Todt had spent RM1 million in a year as claimed by Azmin, Ng said the Gombak MP had been misinformed as the ministry has not even started spending the money.
"He (Todt) was only appointed in early May. So I do not know where Azmin got his information. We are just preparing his budget and I hope these people get the figures correct," she said.
On whether Todt is acting as ambassador on a voluntarily basis, Ng said: "The ministry does not pay him salary but for the air tickets and expenses incurred when he is required to go and meet people.
"Azmin, as a responsible MP, should tell me where he got his information. I will bring it up in Parliament and he'd better be sure that his information is reliable. I appreciate that if the MPs want to raise something in Parliament but do not mislead the House," she added.
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Monday, September 17, 2018

AMBank's Cheah Tek Kuang should not have been rewarded with the BToto chairmanship;should instead be formally interrogated.

by Ganesh Sahathevan

Image result for cheah tek kuang

Cheah Tek Kuang

The Edge reported:

The Ministry of Finance (MoF) said "actions" were taken against both AmBank bankers Joanne Yu and Cheah Tek Kuang by Bank Negara Malaysia for covering up money laundering transactions relating to 1Malaysia Development Bhd (1MDB) fund.
In its written reply to Petaling Jaya Utara Member of Parliament Tony Pua Kiam Wee, MoF said Bank Negara has undertaken investigations on financial institutions relating to 1MDB under Financial Services Act 2013, Islamic Financial Services Act 2013, and Anti Money Laundering Act 2001. However, MoF did not say what those actions were.
What the MOF omitted was the fact that Cheah ,after leaving AMBank, was rewarded with the chairmanship of Berjaya Sports Toto.
While at AMBank he oversaw lending to the Berjaya Group which was not without problems.
This writer had this to say in 2012 , in a note to associates, when Cheah left AMBank for BToto:


Cheah Tek Kuang, the recently retired MD of AmBank Group Bhd (AMMB), has been appointed chairman of Berjaya Sports Toto Bhd (BToto), a company within the Berjaya Group controlled by Malaysian businessman Vincent Tan.BToto is essentially the cash cow upon which Tan's business interests, including the Berjaya Group, are built.


When ANZ announced its AMMB investment in 2006 this writer reported that ANZ is going to have to wear AMMB's customer relationships which given Malaysia's closely knit political and business structures are not always commercial. This writer showed that AMMB's merchant banking, stock trading and retail banking subsidiaries had been for a long time principal bankers to the Berjaya Group , that AMMB had an unhealthy exposure to the group, and noted then that AMMB could not afford to let Berjaya fail.

ANZ was expected to impose a better risk management regime at AMMB but 3 years later, in 2009 we reported that despite its denials AmBank had mysteriously emerged as the owner of a 43 per cent stake in U Mobile, a telco controlled by Vincent Tan.
AmBank's denials were made in the face of a disclosure to Bursa Malaysia (the Malaysian Stock Exchange) by Multi-Purpose Holdings Berhad. In documents filed at the Exchange Multi-Purpose disclosed that it had an agreement with AmBank to acquire a 43 per cent stake in U Mobile.Given AMMB's non-disclosure of its exposure it could not be determined how its bottom line was affected.

In 2010 AMMB underwrote the IPO of Berjaya Retail Bhd , company of the group. In announcing the IPO Tan said that he would raise about RM 50 million which would be used for expansion. Yet just seven months after the listing in August 2010 Tan moved to privatise the company. His manoeuvre holds the record by a country mile for the fastest IPO listed on the Malaysian Exchange that has then been privatised. The IPO had been reported to be over-subscribed 17.52 times and so it would seem that AMMB would not have been exposed to BRetail stock. However the fall in share price below the RM 0.50 offer price and low volumes traded seem incongruent with the story of strong investor demand.

It is against this backdrop that Cheah has been appointed Berjaya Toto chairman.He remains non-executive director of AMMB subsidiaries AmBank (M) Bhd, AmInvestment Bank Bhd and AmIslamic Bank Bhd.


Cheah ihas since been  replaced by Tan Sri Tan Kok Ping.







Former MD Tan Kok Ping is back at Berjaya Sports Toto as chairman


Syahirah Syed Jaafar
/
theedgemarkets.com

August 01, 2018 19:08 pm +08




-A+A
KUALA LUMPUR (Aug 1): Berjaya Sports Toto Bhd (BToto) has appointed Tan Sri Tan Kok Ping as non-independent and non-executive chairman of the group effective immediately, replacing Cheah Tek Kuang who has resigned.
Tan was previously the managing director and deputy chairman of BToto from 1992 to 2001. Currently, he is the executive chairman and major shareholder of Magni-Tech Industries Bhd.
In a filing with Bursa Malaysia today, BToto said Cheah, 71, has tendered his resignation, citing his desire to pursue other interests.


According to BToto's Annual Report 2017, Cheah was appointed to the board of the group on July 25, 2012 as the chairman.

He is presently an independent non-executive director of IOI Corporation Bhd, UMW Oil & Gas Corp Bhd and Eco World International Bhd. He is also a director of Yayasan Bursa Malaysia.

Cheah was appointed a Justice of Peace by the Sultan of Selangor in 1999.

In a separate filing, the group said Tan, 71, has more than 40 years of experience in various business sectors which include property development, manufacturing of consumer electronics, garment, corrugated and plastic packaging products.

Tan has also served as non-executive chairman of Berjaya Retail Bhd, chairman of Penang Joint Chambers of Commerce and deputy president of The Associated Chinese Chambers of Commerce and Industry of Malaysia.

He also sits on the board of a subsidiary of Berjaya Land Bhd, as well as in several other private limited companies. He is the executive adviser and former president of the Penang Chinese Chamber of Commerce.

BToto shares closed up one sen or 0.42% to RM2.37 today, with 225,200 shares done, bringing it a market capitalisation of RM3.21 billion.
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Thursday, September 13, 2018

1MDB-The Anwar Ibrahim phase (Coming soon, ask UMNO and PAS about it)



by Ganesh Sahathevan


Datuk Seri Anwar Ibrahim (left) and Recep Tayyip Erdogan (right) pose for a photo before a meeting in Istanbul on June 20, 2018. -AP
Datuk Seri Anwar Ibrahim (left) and Recep Tayyip Erdogan (right) pose for a photo before a meeting in Istanbul on June 20, 2018. -AP


Anwar Ibrahim, the Nelson Masndela of South East Asia, the Alexander The Great of our times(yes,someone actually described him thus) is seeking to set himself on the path to his  Prime Ministership.

That he has chosen a very safe seat suggests that while he and his family see his appointment (for demi-gods are not elected) as PM a matter of right, they  would rather not tempt fate.How else does one explain the bizarre dismissal of the still fresh Danyal Balagopal Abdullah as MP for Port Dickson,despite he winning the seat by a very comfortable margin?

Meanwhile , PAS and the MIC   have decided to not contest the seat,sharing it seems in the Anwar  dream.This then raises the now probability of a PKR -UMNO-PAS coalition sometime in the near future,  which then  brings one to the inevitable question:What becomes of the 1MDB investigation?

Simply put:Without the political will,this already complicated matter will flounder, and eventually die a natural death. Najib The Innocent may well make a comeback.Indeed given the Innocent One's confidence, one suspects that something is cooking. The US DOJ describes
1MDB in a number of phases, and we may well see the next phase, Anwar Ibahrim phase, where the Great Escape is engineered ,and executed.
Meanwhile, given Anwar's recent public support for the President Erdogan of Turkey, Anwar's Turkish connections are worth careful consideration (See article below).
END



Yassin Al-Kadi:A case of all roads leading to Anakara?

The New Anatolian of Turkey reported on February 23  2007:
Inspectors Hamza Kacar and Galip Sabuncu wrote a report in which they claimed that they had uncovered significant evidence of money movements linked to Yasin el Kadi (SDGT Sheik Yassin Al-Kadi) in Turkey, but added that their probe was blocked by certain bureaucrats and politicians.
The inspectors said that el Kadi's money movements were concentrated on Albaraka Turk, an Islamic finance institution….Kacar sent a letter to the Albaraka Turk on Nov. 5, 2003, asking the institution to whom el Kadi was making money transfers via the bank. The inspector also asked the meaning of two-letter codes in account abstracts of numerous companies of which al Kadi was a shareholder. Albaraka rejected the request and Finance Minister Kemal Unakitan forced the inspectors in early 2004 to complete their report in ten days. (http://www.thenewanatolian.com/tna-23456.html)
The report read in context of other information in the public domain links together  a number of persons whose names have featured prominently in the counter-terrorism financing literature.
In his book "Desperately Seeking Paradise" Zianuddin Sardar ,(usually
described as a London based Muslim moderate), gives an account of how
somewhere  around the time the   first Gulf War was about to or had commenced, he was persuaded  to fly to Saudi Arabia  at the invitation of certain wealthy Saudis to receive a grant of USD 5 million that was to  enable him to set-up a think tank that would put forward the Arab view.
Sardar was then in Malaysia, had reservations about making the trip, but
was persuaded to go by  Anwar Ibrahim, who was then  Minister
for Education but  about to appointed Minister for Finance.
Sardar writes that Anwar told him to accept their invitation, for the
Saudis had been on the phone to him rather often about the matter of
the gift to Sardar.
Sardar flew to Saudi Arabia,and went on to meet  Sheikh Saleh
Kamel,founder of the Al Baraka investment group.Also present at that
meeting was Anwar Ibarhim, who Sardar says had flown out separately in a Malaysian
government jet.
In September 1990  The Malaysian Ministry of Finance sold a 17.5 %
stake in Bank Islam Malaysia Bhd , Malaysia’s first Islamic bank,  to JAMI Malaysia Sdn Bhd . Its shareholders were the New York-based Saar
Corporation,  the Saudi-based Al Rajhi,Banking and  Investment
Corporation (ARABIC)  and Salah Kamel's Al Baraka Group.
The minister for finance at that point  of time was Daim Zainuddin.
Bank Islam appears to have been involved in laundering funds belonging to the Third World Relief Agency; I have written about this previously in an article located at http://www.terrorfinance.org/the_terror_finance_blog/2006/11/jamal_barzinji_.html
Anwar Ibahim replaced Daim Zainuddin as Minister for Finance sometime  in 1991.
The company listed on the Kuala Lumpur Stock Exchange  in 1992 .
In May 1994  the Ministry of Finance Inc (Anwar Ibrahim)  disposed of
its entire 21.14m shares in Bank Islam Malaysia Bhd to Lembaga Urusan
dan Tabung Haji and Jami Malaysia Sdn Bhd, and ceased to be a
substantial shareholder. A total of 18.46m shares were sold to Lembaga
Urusan dan Tabung Haji bringing its stake in Bank Islam to 35.70m
shares, or 26.76%. The remaining 2.89m shares were sold to Jami
Malaysia, which was at that time  the registered holder of 5.27m
shares.
Jamal Barzinji, who heads the SAFA Trust which is part of the SAAR
Foundation,and who together with Anwar and others founded the
International Institute of Islamic Thought (he was at that time,as he
is now ,like Anwar a  director  of the IIIT)was appointed  a director
of the bank and appears to have remained as one until sometime in
2003(for further details see http://www.terrorfinance.org/the_terror_finance_blog/2006/11/jamal_barzinji_.html)
Later in 2002  it would be revealed in the affidavits of David Kane
that the IIIT  also was  funded by the SAAR Corporation and the SAFA
Trust.
That is, Anwar 's IIIT received funding from the SAAR Foundation at
the same time that he sold the SAAR Foundation the MOF's shares in
Bank Islam.
Then, in May 2006, Salah Kamel decided to float his banking assets on the Bahrain Stock Exchange. The now listed vehicle for the exercise, Al-Baraka Banking Group, (ABG)   raised some US$ 580 million in what was termed one of the biggest IPO's in the Middle East.
Anwar Ibrahim was appointed and remains a member of the ABG board.( see http://www.abg.bh/English/aboutboarddirectors.htm)
In 1991, SDGT Sheik Yassin Al-Kadi and two of Anwar Ibrahim ‘s closest associates, Drs  Wan Hasni Wan Sulaiman and Rahim Ghouse, formed Abrar Inc, a fund management company. This business was to take many shapes and forms, particularly after its base of operations was moved to Malaysia. These matters have been written about extensively on this site. The most recent article can be sighted at http://www.terrorfinance.org/the_terror_finance_blog/20
In September 2005, shortly after his release from prison , Anwar Ibrahim visited Turkey, at the invitation of Erdogan's Justice and Development Party, for meetings with amongst others,  Erdogan and an adviser, Dr Ahmet Davutoglu.
The following has been said of Davutoglu:
Davutoglu has spent time in Malaysia and speaks highly of that
country's supposedly dynamic and rather unique combination of Islam,
capitalism, and democracy. It is no surprise, then, that in recent
months Erdogan has reached out to some unsavory characters in Turkey's
neighborhood, visiting President Bashar Assad in Syria earlier this
year and traveling to Tehran to meet the Iranian mullahs.
(Gerard Baker, Let's Not Talk Turkey ,The Weekly Standard,29 August 2005)
AKP  politician Ahmet Davutoglu, previously a professor at the
International Islamic University in Malaysia, and now an advisor to
both Prime Minister Erdogan and Foreign Minister Abdullah Gul, argues
that Turkey can remain powerful only if it utilizes the "strategic
depth" of its neighborhood, developing better ties with those Muslim
neighbors with whom it shares cultural affinity. The world is composed
of cultural blocs, he writes, and Turkey falls into the "Muslim bloc."
(Soner Cagaptay, ANKARA DISPATCH,Eastern Heading; TNR Online | Post date 09.08.04)
Posted by  on February 28, 2007 at 17:51 | 
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DFAT's go-to lawyer in Malaysia charged with money laundering:Shafee Abdullah's 1MDB related charges add to Australian Government 's 1MDB embarrassment.

 by Ganesh Sahathevan
Australian spectators wearing swimwear bearing the Malaysian flag party during the Malaysian Grand Prix



Australian spectators wearing swimwear bearing the Malaysian flag party during the Malaysian Grand Prix

Australian spectators wearing swimwear bearing the Malaysian flag party during the Malaysian Grand Prix
Australian spectators wearing swimwear bearing the Malaysian flag party 
during the Malaysian Grand Prix ( AFP )
Nine Australian 'Budgie Smuggler' strippers released in Malaysia


Australians would be familiar with Malaysian lawyer Shafee Abdullah.

He is often on TV  as the lawyer  representing   Australians charged with drug trafficking in Malaysia, the Australian High Commission in Kuala Lumpur's go-to lawyer  for all if not most drug cases.

He is well connected, his clients including former Malaysian PM Najib Razak.
However, that connection in itself should have been  cause for avoiding the man , given the scandal surrounding Najib and wife Rosmah Mansor since at least 2015.  Shafee not only represented Najib, he acted as his Mr Fix-It(see Sarawak Report story below) and yet he remained the High Commission's favourite. He was even called on to help secure the release of the well-connected "Budgie 9".

Today however Shafee was charged with money laundering, for having received part of the money stolen from 1MDB. The charges against Shafee require investigation of the Australian High Commission's dealings with him, and of the Australian Department Of Foreign Affairs'(DFAT) einsistence on hiring him despite the many red flags.
All this adds to the embarrassing position the Australian  Government finds itself in,as the only other country apart from New Zealand that has refused to conduct any meaningful investigation into the involvement of Australian companies and individuals implicated in the 1MDB theft.
END 













Pascal Najadi - My Fury Over Najib's Lawyer Mohd Shafee Abdullah

Pascal Najadi - My Fury 

Over Najib's Lawyer 

Mohd Shafee Abdullah

  • 1 June 2017
    •  
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Pascal Najadi
Pascal Najadi
The son of the assassinated former chairman of AmBank, Hussein Najadi, has told Sarawak Report that he has deep concerns about the way the lawyer Mohd Shafee Abdullah controlled events after his father was shot in broad daylight in KL.
The shocking event took place just a few weeks before another huge personal payment by Prime Minister Najib was made to Shafee of RM4.3 million.
The payment was transacted on 11th September 2013, whereas Najadi was murdered on 29th July.  Once again, the money came  from Account no: 2112022011906 in Najib’s name, which was funded by money stolen from 1MDB’s subsidiary SRC.
Payment by Najib to Shafee from the 1MDB funded AmBank account
Payment by Najib to Shafee from the 1MDB funded AmBank account
Pascal Najadi, who was in Moscow when the tragedy occured, says that neither he nor his immediate family knew Shafee and no one had contacted him to be involved. Nevertheless, the lawyer mysteriously arrived at the hospital almost as soon as his father’s body was brought into the mortuary and started to take charge of events.
Photographs even show Shafee on the scene as an ambulance bearing Najadi’s injured second wife arrived, bringing Najadi to the mortuary:
Arrow points out Shafee in the background as the dead and injured arrived at hospital
Arrow points out Shafee in the background as the victims arrived at hospital
According to Najadi, the family soon found that this strange lawyer was muscling in on their situation and insisting on taking control. Pascal has testified:
Tuesday July 30 2013, it must have been lunch time or a little later in KL, my mum Heidi Najadi called me from the KLK Morgue where they have laid up the body of my late father… She asked me “there is this Dato Shafee running around rude and nervous acting as if he owns the body of dad and giving orders to all of us?!” I asked my mum, who? She said “His name is Dato Shafee..?!” I told my mum to pass this man on the phone to me.
This is my perception of this call. Dato Shafee was nervous when talking to me, he was breathing short and gave half clipped words answers to my question: “Can we wait with the burial please?” He stuttered to me: “No can not, all is in hand, I take care of all, he will be buried today, this evening…”
Pascal says he was shocked by the haste and by manner in which decisions were taken out of his family’s hands. He says a swift burial was not their custom and he had wanted to be able to fly to KL to attend the ceremony.
Shafee did not say “I am so sorry for your terrible loss….or can I help you are you OK? Where are you now? ” He said nothing of what a normal human or indeed a friend would say.
Shafee was the ad hoc burial master for the body of my late father Hussain without any reason, he even had the service paid every penny of it to make it fast and swift”,
says Najadi in his statement.

“I am taking charge”

Shafee, Scivetti and another joint foreign client on drugs charges
Shafee, Scivetti and another joint foreign client on drugs charges
Speaking to Sarawak Report Pascal Najadi says that Shafee had told the family that he had been ‘put in charge’ of matters, but he never explained by whom.
Shafee, whom he described as brusque and nervous, managed the entire funeral and all the related matters, yet Najadi says the family never received a bill from him.
An email exchange with Shafee Abdullah (copied to Tania Scivetti his legal collaborator and later wife) confirms Najadi’s claim that the lawyer had put himself in charge of events, telling Pascal “I am taking care of the funeral”.
The lawyer even swept aside the son’s request to have words read out at the funeral, which was being held before he could get to his father’s side, saying “it is impossible to read the eulogy you prepared in a Muslim funeral setting” – then, imperiously he declared “I will make sure Hussain gets the best send off” despite refusing to wait a few hours for the arrival of his son:
Curt response from a bossy stranger - the only words Najadi received in writing from Shafee Abdullah
Curt response from a bossy stranger – the only words Najadi received in writing from Shafee Abdullah
Pascal, who describes himself as having been in shock and frightened at the time, soon decided that the situation KL was not safe for his mother and himself and they fled the country, leaving much unfinished business in the process.
However, the role and the behaviour of Shafee has always bothered him, in particular the question over who had so swiftly assigned him to these duties and paid for his services?

Assigned by Najib?  If so, why?

Najadi says there is no evidence that Shafee had any prior connection to his deceased father.  Rather, he says, he later learnt that the lawyer was extremely close to Prime Minister Najib Razak, against whom his father had just made some extremely serious reports.
In the days prior to his mystery assassination Hussein Najadi had, according to his son, first made a formal complaint to the Bank Negara about information he had received about Najib’s huge private bank accounts at AmBank, where Najadi had once been Chairman.
Secondly, just days before his death, Najadi had made a police report about a threatening text to ‘back-off’ the matter, allegedly sent from within the Prime Minister’s Office.
In a written statement made in July 2015 Pascal Najadi told his lawyer:
“I went through the lifelong email archives of my late father to perhaps find a friendly or a business email between the two, I can confirm here, not one email nothing, no trace of contact. Shafee appeared like a flash out of nowhere buried my dad and disappeared into thin air, no call no nothing (!) He vanished fast and without a word like he appeared from nowhere on July 30th 2013. Never heard of the man again…. only after the killing I found out that this Shafee is the de facto lawyer for Najjib and UMNO and is the man who also was hired to put Anwar away. [Pascal Najadi, statement July 2015]
Pascal Najadi says he is now openly questioning whether Najib’s RM4.3 million payment from Najib so soon after these events may have been linked?  He says he has also noted that it was also shortly after his father’s tragic demise that Shafee was given the honour of the title Tan Sri:
“We are still puzzled why and how he surfaced on to the gruesome macabre scene taking charge of the burial. To this day today Shafee, who got promoted to Tan sri right after this horrible event, and his role are a mystery to me.”

Tania Scivetti

Pascal Najadi says that if his concerns are misplaced, then all Shafee needs to do is to give him full disclosure about his role and how all his costs were covered.  Meanwhile, there was another strange intervention, which he says has also bothered him, especially since he now realises it was also linked to Shafee Abdullah.
He had had struck a recent acquaintance, says Najadi, with another KL legal practioner Tania Scivetti. Scivetti’s practice is perhaps best known for supporting high-profile foreign drug offenders caught in Malaysia.  On a number of occasions, she has worked with Shafee to represent them and get them repatriated.
Shafee and Scivetti worked together to assist this and other foreigners who had got into trouble with Malaysian law
Shafee and Scivetti worked together to assist this and other foreigners who had got into trouble with Malaysian law
What Pascal Najadi was not aware of was that Sciavetti (a non-Muslim) was already the common law wife of Shafee Abdullah, whom she later married in the UK.  Shortly after his father’s death Tania called Pascal to offer her legal services and to help put his father’s affairs in order.
In particular, she offered to get the locks changed on Najadi’s offices and to hire a guard to prevent intruders taking documents.  The staff were removed.
Pascal said that he agreed to the suggestion, based on his acquaintance with Scivetti.  For some days Scivetti managed Najadi’s affairs and had total control of all access to his office and his papers.  Then, she ceased answering calls and terminated her services.  This was one email from Pascal, to which she did not reply:
Scivetti abruptly terminated services with the Najadis they say
Scivetti abruptly terminated services with the Najadis they say
Pascal Najadi, who claims his father’s murder has never been properly investigated in Malaysia, has told Sarawak Report that he has been left wondering if Scivetti and Shafee were in fact working together on his case, as in so many others?
If so, he wants to know who prompted them to get in touch and get busy over his father’s death and who paid?
“I want to know if Najib’s multi-million payment to Shafee Abdullah so soon after my father’s death was connected” he told Sarawak Report. “We know this money came from 1MDB so we have a right to know if it was and if so why?  If it was not connected then what was the payment for and who covered Shafee’s costs instead?”
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Saturday, August 25, 2018

Larry Low's Petronas concession PM-316 can be seized under AMLA-Why has this not been done?

by Ganesh Sahathevan


Swiss account frozen over 1MDB connections - Larry Low Hock Peng, Jho Low's Dad.

Larry Low finally charged.


Larry Low , father of Jho, has finally been charged but Malaysian authorities seem even now reluctant to use the laws of Malaysia to cease his assets.

Malaysia's Anti-Money Laundering Act (AMLA)   is wide ranging and can be easily used to sieze Low's assets in Malaysia.These include a 7-14% interest in PM-316, held via Coastal Energy (see press release below).

The seizure involves a relatively simple sequestration of any monies payable by Petronas to the Low's via CEPSA.
END





Offshore Malaysia

click above for enlarged field view
In July 2012, Coastal entered into a Small Field Risk Service Contract ("RSC") with Petroliam Nasional Berhad ("PETRONAS") for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields (the "KBM Cluster") offshore Peninsular Malaysia.  Coastal is the operator of the KBM Cluster fields and intends to hold a 70% equity interest alongside a 30% interest local partner.
Pursuant to the RSC, Coastal provides the upfront development capital and undertakes the development drilling and production of the KBM Cluster in exchange for a remuneration fee and recovery of costs, while PETRONAS remains the owner of the project. 
The KBM Cluster fields are located within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet.  In addition to the development program, the Company intends to conduct appraisal and step-out drilling to exploit further upside it sees in the properties.
Coastal Energy Company Logo

CEPSA to Acquire Coastal Energy Company for C$19.00 Per Share

Delivers Significant and Immediate Value to Coastal Energy Shareholders



November 19, 2013 00:00 ET | Source: Coastal Energy Company







HOUSTON, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company ("Coastal" or the "Company") (TSX:CEN) (AIM:CEO) announced today that it has entered into a definitive merger agreement providing for the acquisition by Compañia Española de Petroleos, S.A.U. ("CEPSA") of all of the issued and outstanding shares of Coastal at a price of C$19.00 per common share in cash. The purchase price represents a premium of 28% to the closing price of the Company's common shares on the TSX on November 18, 2013. The purchaser is a newly-incorporated CEPSA controlled entity in which Strategic Resources (Global) Limited ("SRG") is an investor. The proposed transaction has an aggregate value of approximately C$2.3 billion including the assumption of C$51 million of net debt. The transaction, which will be completed by way of statutory merger, is expected to close in the first quarter of 2014.




Commenting on the acquisition, Randy Bartley, CEO of Coastal said, "This transaction delivers significant and immediate value to our shareholders. Our Board of Directors is unanimous in its view that this transaction is in the best interests of Coastal Energy Company and recommends shareholders vote in favor of this transaction."


CEPSA Chief Executive Officer Pedro Miro commented, "Today's announcement reflects an important step in increasing CEPSA's E&P capabilities. Coastal's business comprises a high-quality portfolio of upstream assets located in Southeast Asia, operated by talented management and dedicated employees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy."


Jho Low, spokesperson for SRG added, "We are excited to invest with CEPSA in Coastal. With our strong relationships in Asia and CEPSA's strength in the E&P, we believe we can grow Coastal's footprint in Asia and further enhance the Company's operations."


The transaction will be funded by CEPSA's and SRG's available financial resources.


Recommendation of the Coastal Energy Company Board of Directors


The Board of Directors of the Company, after consulting with its financial and legal advisors, has unanimously determined that the transaction is in the best interest of the company and that the consideration being offered to the Company's shareholders is fair from a financial point of view. The Board of Directors has resolved to unanimously recommend that the Company's common shareholders vote their shares in favor of the merger at a meeting of shareholders to consider the transaction which is expected to occur in early January 2014.


Additional Information on the Transaction


The definitive merger agreement provides for, among other things, a non-solicitation covenant on the part of Coastal, subject to customary "fiduciary out" provisions, that entitles Coastal to consider and accept a superior proposal and a right in favor of the purchaser to match any superior proposal. If the definitive merger agreement is terminated in certain circumstances, including if Coastal enters into an agreement with respect to a superior proposal or if the Board of Directors of Coastal withdraws or modifies its recommendation with respect to the proposed transaction, the purchaser is entitled to a termination payment of US$76,000,000.


Completion of the transaction is subject to customary closing conditions, including approval of two-thirds of the votes cast by holders of common shares in person or by proxy at the meeting of shareholders and by a majority of disinterested shareholders in accordance with applicable securities laws, and receipt of applicable government and other approvals. The transaction is not subject to any financing condition.


Coastal shareholders will be asked to vote on the transaction at a special meeting of the Company's shareholders, expected to be held in early January 2014. Full details of the transaction will be included in the Company's information circular to be mailed to holders of Coastal shares in accordance with applicable securities law. A copy of the merger agreement, the information circular and related documents will be filed with Canadian securities regulators and will be available at www.sedar.com.


Certain directors, senior officers and other shareholders of Coastal, representing approximately 36.5 million of the Company's issued and outstanding common shares, have entered into voting support agreements with the purchaser and have agreed to vote their shares in favor of the transaction, subject to the terms and conditions of such agreements.


Credit Suisse Securities (USA) LLC has issued an opinion that the consideration to be received by the shareholders of Coastal in the transaction is fair to such shareholders from a financial point of view.


Coastal's financial advisors are Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. Coastal's legal advisors are Stikeman Elliott LLP, Cleary Gottlieb Steen & Hamilton LLP, and Walkers. Goldman Sachs International acted as financial advisor to CEPSA. PriceWaterhouseCoopers acted as a financial advisor to CEPSA and SRG. Freshfields Bruckhaus Deringer acted as legal advisor to CEPSA. Blake, Cassels & Graydon LLP, Baker & McKenzie International and Conyers Dill & Pearman, LLP acted as legal advisors to CEPSA and SRG.


Forward-Looking Statements and Information


This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. More particularly and without limitation, this press release contains forward-looking statements and information concerning: the anticipated benefits of the transaction to the parties and the Company's shareholders; the timing and anticipated receipt of required shareholder and regulatory approvals for the transaction; the ability of the parties to satisfy the other conditions to, and to complete, the transaction; and the anticipated timing of the meeting of Coastal shareholders to consider the transaction and for the closing of the transaction.


Forward-looking statements are defined by applicable securities legislation and are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. Such risks and uncertainties include: uncertainties as to the timing of the merger; the anticipated timing of the meeting of the shareholders of Coastal to consider the transaction and uncertainties as to whether shareholders of Coastal will approve the transaction; the risk that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived; the possibility that various regulatory or other approvals will not be granted; the satisfaction of various other conditions to the completion of the merger as contemplated by the merger agreement; and the possibility that expected benefits may not materialize as expected.


Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties is included in reports on file with the applicable securities authorities. The forward-looking statements and information contained in this news release are made as of the date hereof and the parties undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


About Coastal Energy Company


Coastal Energy Company is an international exploration and production company with principal assets in Thailand and Malaysia. Coastal owns and operates 100% of Blocks G5/43 and G5/50 in the Gulf of Thailand as well as varying interests onshore northeast Thailand including a 13.7% interest in the Phu Horm gas field. Coastal is also party to a Small Field Risk Service Contract with PETRONAS for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia.


About CEPSA


CEPSA is an integrated energy company operating at every stage of the oil value chain, with more than 11,000 employees. It is engaged in petroleum and natural gas exploration and production activities; refining, the transport and sale of crude oil derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's fourth largest industrial group in terms of turnover and has been in the market for more than 80 years. Through progressive internationalization of its activities, CEPSA also has business interests in Algeria, Brazil, Canada, Colombia, Panama, Peru and Portugal and sells its products all over the world. CEPSA is wholly owned by International Petroleum Investment Company, which is wholly owned by the Abu Dhabi government.


About Strategic Resources (Global) Limited ("SRG")


Strategic Resources (Global) Limited is a private investment holding company controlled by international value investor Larry Low H P. Coastal Energy Company Email: +1 (713) 877-6793 NOMAD Strand Hanson Limited (Nominated Adviser) Rory Murphy / Andrew Emmott +44 (0) 20 7409 3494 CEPSA Ignacio Rodriguez-Solano +34 91 3376766 SRG Edelman on behalf of SRG +1 212 729 2463 / +1 212 704 8166



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