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Good Star Limited, the firm of businessman Low Taek Jho that allegedly siphoned off US$700 million from 1Malaysia Development Berhad (1MDB) in 2009, was found to have transferred over US$500 million (RM1.8 billion) to one of his other bank accounts at BSI Bank Limited in Singapore from 2011 to 2012, website Sarawak Report said, citing documents from the republic's monetary authorities.
This account was under the name of Abu Dhabi-Kuwait-Malaysia Investment Corporation (ADKMIC), of which Low, also known as Jho Low, was listed as the beneficial owner.
ADKMIC was the name of the company Low fronted in July 2008, which had previously engaged in the buy-up of a 53% shareholding in the Utama Banking Group (UBG), a company controlled by Tun Abdul Taib Mahmud's family, the whistleblower website added in its latest report.
"There is also documented information that US$528,956.027 was paid between June 2011 and September 2013 from the same Good Star Limited Zurich account into the ADKMIC account in Singapore, of which Low was the registered beneficial owner," said Sarawak Report.
Seven separate payments were made to Low's ADKMIC account, according to BSI records submitted to the Singapore authorities, it added.
ADKMIC eventually exited UBG when 1MDB's former joint-venture partner PetroSaudi International used US$260 million from its Murabaha loan to purchase UBG through its subsidiary, Jarvace Sdn Bhd, the website said.
It added that the BSI Bank records showed that Low closed the ADKMIC account on February 18, 2014, just a fortnight after the final payment from Good Star Limited.
The US$700 million allegedly siphoned to Good Star was from 1MDB's now-ended joint venture with PetroSaudi International, which was orchestrated by Low.
Good Star Limited had also received an additional US$160 million from a Murabaha Loan agreement signed between PetroSaudi and 1MDB, which was also masterminded by Low, Sarawak Report said.
"There is documented information that a total of at least US$860 million was paid from 1MDB into Good Star Limited's RBH Coutts Zurich account between September 2009 and September 2010.
The website's latest exposé follows an earlier one that 1MDB had presented false bank statements to various authorities about the accounts of its subsidiary, Brazen Sky Limited, at the BSI branch in Singapore.
BSI Bank in Singapore is where Putrajaya has said a portion of the1MDB funds repatriated from Cayman Islands were being kept.
But Sarawak Report said separate sources in Singapore told it that "there is in fact no actual cash in the relevant 1MDB's BSI account, which was opened under the 1MDB subsidiary company, Brazen Sky Limited, merely 'paper assets' of indeterminate value."
As of January 31, 2015, BSI Singapore Bank reported 26 active accounts beneficially owned by Low, containing a total of just under US$17.5 million, said Sarawak Report.
"The discovery raises critical questions, not least over the status of the US$1.103 billion that 1MDB and the Finance Ministry are currently claiming to be in a separate account at the same bank – money which was supposedly recovered from the original deal.
"After all, if so much of the money flowed out of that deal via Good Star to Jho Low, how has 1MDB managed to retrieve it all back with interest?"
Sarawak Report said a senior figure at BSI Bank Singapore was suspended last month, apparently due to the investigation on 1MDB, and questioned the lack of reaction by the Malaysian side, despite Singapore's monetary authorities having already given the information to Malaysia.
The website also said it learnt that Prime Minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor had met Low in Istanbul recently, during a stopover on their way to Kazakhstan. – April 23, 2015.
Sumber: http://www.themalaysianinsider.com/...t-to-another-says-sarawa#sthash.Tz3cnYmv.dpuf
The Sarawak Report (SR) today called upon Singapore authorities to conduct a thorough investigation into the role of BSI Bank in the affairs of 1Malaysia Development Berhad (1MDB) and Jho Low, who the website claimed to be the bank’s “top private customer.”
The whistleblower website claimed that documents said to be the statement of accounts of 1MDB’s subsidiary Brazen Sky Limited for November 2014 purportedly given by 1MDB CEO Arul Kanda Kandasamy to “various authorities” had been dismissed by BSI Bank as “false”.
It also claimed that the bank had denied that the documents had originated from them.
The Sarawak Report went on to allege that the documents “did not represent a true account of the assets of the 1MDB subsidiary.”
In a reply to a parliamentary question from DAP’s Tony Pua, Prime Minister Najib Razak had on March 11 confirmed that 1MDB had “redeemed” a sum of US$1.103 billion from Brazen Sky’s offshore account in the Cayman Islands and that the funds were being kept in US denomination at BSI Bank in Singapore.
However, Sarawak Report today claimed that its investigations revealed that Brazen Sky’s accounts in Singapore did not show the existence of any actual cash.
It said, instead, that the account merely comprised “paper assets,” adding that the “true value” of those assets could not be determined.
The Report suggested that 1MDB has not been forthcoming in explaining the whereabouts of its funds after the termination of its joint venture with PetroSaudi International in 2009.
Eventually, in January this year, Arul announced that the money had been ‘redeemed’ from the Caymans in two separate tranches – US$1.22 billion in September last year, followed by $1.103 billion this January.
This was followed by the Prime Minister claiming in Parliament that the money was being held in Singapore and would not be brought back to Malaysia.
“The decision to use a bank in Singapore was done in order to smoothen the transaction as regulations set by Bank Negara Malaysia (BNM) require for transactions above RM50 million to obtain its approval,” the Prime Minister’s statement to Parliament read.
The Sarawak Report also claimed that Jho Low was a “major private and corporate customer of BSI Singapore” and suggested that the Singapore authorities ought to investigate him on the basis that he was purportedly “the driving force behind 1MDB’s various investment decisions, including the PetroSaudi deal, which transferred $700 million into an account controlled by him in the name of Good Star Limited at RBS Coutts in Zurich.”
Sumber: http://www.freemalaysiatoday.com/ca...ges-spore-to-probe-bsi-bank-1mdb-and-jho-low/
PETALING JAYA: Former Prime Minister Tun Dr Mahathir Mohamad (pic) claims that only about RM14.7bil can be accounted for from the RM42bil loan taken by 1Malaysia Development Berhad (1MDB) and asked what has happened to the RM27.3bil that is unaccounted for.
In his latest blog post on Thursday, Dr Mahathir said the “disappearance” of a huge amount of borrowed money by 1MDB and the inability to answer questions on it led him to pressuring Prime Minister Datuk Seri Najib Tun Razak to resign from his position.
“These are all the purchases that are known. They all add up to RM14.7bil. So there is approximately RM27bil left.
“More than US$1bil was said to be paid to PetroSaudi without verification as to the value of this company or its assets.
“Where is the rest of the money?” questioned Dr Mahathir in his blog.
Dr Mahathir also listed some of the purchases allegedly made by 1MDB:
a. Purchase of Tanjong Energy (now known as Powertek Energy Sdn Bhd) from Ananda Krishnan for RM8.5bil.
b. Purchase of Genting Sanyen Power (now known as Kuala Langat Power Plant) for RM2.3bil
c. Purchase of Jimah Energy for RM1.2bil
d. Purchase of 70 acres of land in Jalan Tun Razak for RM320mil
e. Purchase of 495 acres of land in the former Sungai Besi TUDM airport (now known as Bandar Malaysia) about RM363.5mil
f. Purchase of 234 acres land in Air Itam in Penang RM1.38bil
Dr Mahathir said 1MDB is not getting any returns from its investments and the Government has lost money when 1MDB paid only RM683mil for TRX and Sungai Besi land.
He added that the total losses incurred by the Government is approximately RM25bil.
“1MDB revalued all its assets at RM52bil. That is because Government land was brought at far below the market price.
“It can only use this money to repay loans if it succeeds in selling them off as land or after development. Progress on TRX is very slow and there is no work on Sungai Besi land. No money will be generated during development; only outflows,” he said.
Dr Mahathir noted that 1MDB was wrong from the beginning.
“The money was borrowed. So it is not sovereign wealth but sovereign debt.
“A company with RM1mil capital with no assets cannot borrow 42,000 times its capital with no collateral. That 1MDB is able to do so is because of Government guarantees.
“In other words, it is the Government which is borrowing the money. If 1MDB loses money, the Government will bear the loss. Yet the operation of 1MDB is not overseen by Government officers responsible for the management of government funds,” said Dr Mahathir.
Sumber: http://www.thestar.com.my/News/Nation/2015/04/23/Dr-M-on-1MDB/
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