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Thursday, April 23, 2015

Najib queried on ‘false’ 1MDB statements

USD1.1 billion belonging to 1MDB supposed to be in “cash” in BSI Bank in Singapore.
tony-pua-1MDB-No-cash
KUALA LUMPUR: Petaling Jaya Utara MP Tony Pua says the Prime Minister Najib Abdul Razak cannot expect the people not to be worried over new allegations that 1Malaysia Development Berhad (1MDB) had been involved in falsifying bank statements. 1MDB, wholly-owned by the Ministry of Finance, has been touted as a strategic investment arm.
“The new allegation adds to the shocking state of financial affairs in 1MDB where billions of US dollars may have been siphoned from the company,” said Pua who is also DAP National Publicity Secretary. “The people worry that at least USD1.1 billon or RM4 billion may have vanished from 1MDB’s books.”
Is Najib, who is also Minister of Finance, aware that there are falsified bank statements distributed by 1MDB Directors who gave the wrong financial position of the outrageously indebted 1MDB?
Were the independent auditors, Deloitte Malaysia, who signed off the March 2014 financial report on 5 November 2014, also duped by the fraudulent statement?
More importantly, Pua added, Najib must confirm if the reply given in Parliament on 10 March was indeed true – that USD1.1 billion belonging to 1MDB was being held in “cash” in BSI Bank in Singapore.
Pua was commenting on The Sarawak Report claiming on Wednesday that 1MDB President and Executive Director, Arul Kanda Kandasamy, had distributed falsified financial statements to various parties on the company’s cash and/or assets held in BSI Singapore, the local branch of a Swiss bank. These cash and/or assets were held under 1MDB’s wholly-owned subsidiary, Brazen Sky Limited.
The report further claimed, notes Pua, that BSI has alerted the Singapore authorities that the document did not originate from them and does not represent a true account of the assets of the 1MDB subsidiary. “On 13 March 2015, this information was reportedly relayed to the Malaysian authorities.”
Based on this latest expose, continued Pua, he now has doubts on Najib’s reply to him, in Parliament on March 10, during which he claimed that USD1.1 billion redeemed in January 2015 from the Cayman Islands investment fund had been deposited as “cash” in BSI Bank in Singapore.
“This could also have been the reason why the Minister was forced to give an incredulous excuse as to why 1MDB wouldn’t repatriate the cash back to Malaysia to repay its debts,” recalled Pua.
During the last parliamentary sitting, reiterated Pua, he had asked Najib where 1MDB’s USD1.1 billion (RM4 billion) of funds “redeemed” from the Cayman Islands investment was held, and whether it was in the form of cash or assets.
“During my press conference held on March 11, I had expressed my bewilderment over the reason given by the Minister for not repatriating the money back to Malaysia to repay 1MDB’s debts which were due.”
The Minister, he reminded, said that 1MDB was maintaining its cash holdings outside of Malaysia in order to specifically avoid the hassle of requiring Bank Negara’s approval every time it needs to transmit money exceeding RM50 million overseas. “It is bewildering because we have a wholly-owned Ministry of Finance subsidiary claiming that it is evading scrutiny by the Malaysian Central Bank.”
The UK-based The Sarawak Report (SR) is a whistleblowing website run by Sarawak-born Editor Clare Rewcastle-Brown.

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