The entire debacle of 1MDB's US$1.103 billion or RM3.9 billion said to have been deposited with BSI bank, Singapore, has been handled with the delicacy and finesse of a raging bull encountering a virgin heifer in heat a china shop, by Prime Minister Najib. More than that, it has proven that we now have a rogue prime minister (Najib) and government administration in operation.
It is our duty to pull out all the stops and pressure our elected MP's to move for impeachment procedures against Prime Minister Najib in Parliament. We may not have the votes, so if that strategy fails, we should collect a million signatures or more and send a petition to the Agung (King) to use his powers to sack this government of thieves and liars, and call for fresh elections.
To recap, 1MDB had claimed in January that US$2.3 billion or RM8.2 billion of its funds had been redeemed in the Cayman Islands from a JV with Petro Saudi.
In January the Ministry of Finance confirmed that of this, the second tranche of US$1.103 billion or RM3.9 billion had been placed as a US$ cash deposit with 1MDB Brazen Sky Limited's account with the Singapore branch of BSI or Banca della Svizzera Italiana. BSI's main office is based in Switzerland. CLICK HERE.
In February, 1MDB CEO Arul Kanda told Business Times Singapore that the funds were not repatriated to Malaysia and converted into Malaysian ringgit, as 1MDB had US$ denominated borrowings to repay outside Malaysia, and that it would be "sensible" to utilise it for this purpose.
On March 11 this year, PM Najib who is also the Finance Minister, confirmed in Parliament via a written reply to a query from Opposition DAP MP Tony Pua, what had earlier been stated by the MoF and 1MDB CEO Arul Kanda regarding the cash deposit with BSI Singapore. More curious was this statement by PM Najib:
"The decision to to use BSI Singapore is to facilitate easier withdrawals since regulations set by Bank Negara Malaysia (BNM) needed its approvals for transactions over RM50 million".
This sounded like 1MDB wanted to bypass the laws of the country regarding money laundering. Why should 1MDB fear BNM interference if its dealings were above board? Why would BNM obstruct or delay 1MDB from making bona fide loan repayments?
More than that, suspicions were raised when it was revealed that 1MDB had problems in repaying a loan of RM2 billion, and that it was negotiating with Malaysian tycoon Ananda Krishnan (AK) to either re-finance the debt or assist them in resolving a possible default. This was a curious state of affairs, given that in 2012 AK had sold his IPP assets for RM8.5 billion to 1MDB. Now he appears to have guaranteed some of 1MDB's loans, as security for which, he had some kind of option to buy 1MDB shares on listing.
To-date 1MDB has remained vague about the details of its contractual terms and obligations with parties such as Petro Saudi and Abu Dhabi Commercial Bank (ADCB) which also holds option entitlements.
In the end, the MoF clarified the RM2 billion had been repaid, re-financed by a group of local investors and a RM950 million "standby credit line" provided by the Taxpayer. Apparently, AK had been instrumental in securing the local investors, while other sources claim that AK funded it himself through one his own companies. Why exactly AK would stick his neck out gor 1MDB, is not clear.
And given what followed, no one can place any reliance on a single word coming out from the PMO or MOF on 1MDB.
It of course begs the question that if 1MDB had US$1.103 billion (RM3.91 billion) parked in BSI Singapore, why that money could not have been used to repay the RM2 billion debt.
In April Sarawak Report had disclosed that 1MDB's CEO Arul Kanda had furnished false bank statements to the Singapore authorities:
“We were passed disturbing evidence showing that BSI Bank had dismissed documents supplied by 1MDB relating to the accounts for Brazen Sky Limited in Singapore.
The documents were supplied to various authorities by 1MDB’s Arul Kanda and purported to show Brazen Sky’s statement of accounts in November 2014.However, the Swiss private bank has told 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.
The information about the bank statements was reported back to Malaysia on March 13, two days after Prime Minister and Finance Minister Datuk Seri Najib Razak issued a parliamentary reply that confirmed that the remaining US$1.103 billion had been “redeemed” from Brazen Sky’s alleged offshore fund in the Cayman Islands and was now being “kept in US currency” at BSI Bank Limited in Singapore.
Information obtained in Singapore had corroborated that there was no actual cash in the relevant Brazen Sky Limited account. The account merely contained paper assets, the true value of which cannot be determined.
This new information raises huge new concerns about the management of 1MDB on the day that (DAP lawmaker) Tony Pua has himself revealed the extent to which electricity prices for Malaysian customers are due to be hiked (in some cases by over 20%) as part of the government’s efforts to bail out the failing development fund through a series of favoured power deal concessions.
It is confusing how the 1MDB money trail had been, with years of twists and turns in the various accounts provided by 1MDB as to what happened to the money supposedly retrieved by the fund after it terminated its ill-fated first joint-venture with the company PetroSaudi International in 2009.
We have now seen evidence that Arul Kanda did privately submit documents from 1MDB to relevant authorities, in order to apparently substantiate the various claims about 1MDB’s BSI Bank account in Singapore.
The evidence showed that he had sent copies of bank statements to regulatory bodies, which were then passed to BSI Bank in Singapore. These included a November 2014 bank statement for Brazen Sky Limited’s account at BSI Bank."
The documents were supplied to various authorities by 1MDB’s Arul Kanda and purported to show Brazen Sky’s statement of accounts in November 2014.However, the Swiss private bank has told 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.
The information about the bank statements was reported back to Malaysia on March 13, two days after Prime Minister and Finance Minister Datuk Seri Najib Razak issued a parliamentary reply that confirmed that the remaining US$1.103 billion had been “redeemed” from Brazen Sky’s alleged offshore fund in the Cayman Islands and was now being “kept in US currency” at BSI Bank Limited in Singapore.
Information obtained in Singapore had corroborated that there was no actual cash in the relevant Brazen Sky Limited account. The account merely contained paper assets, the true value of which cannot be determined.
This new information raises huge new concerns about the management of 1MDB on the day that (DAP lawmaker) Tony Pua has himself revealed the extent to which electricity prices for Malaysian customers are due to be hiked (in some cases by over 20%) as part of the government’s efforts to bail out the failing development fund through a series of favoured power deal concessions.
It is confusing how the 1MDB money trail had been, with years of twists and turns in the various accounts provided by 1MDB as to what happened to the money supposedly retrieved by the fund after it terminated its ill-fated first joint-venture with the company PetroSaudi International in 2009.
We have now seen evidence that Arul Kanda did privately submit documents from 1MDB to relevant authorities, in order to apparently substantiate the various claims about 1MDB’s BSI Bank account in Singapore.
The evidence showed that he had sent copies of bank statements to regulatory bodies, which were then passed to BSI Bank in Singapore. These included a November 2014 bank statement for Brazen Sky Limited’s account at BSI Bank."
The answer arrived via a statement from PM Najib via the Ministry of Finance on 20th May. Najib revealed that the US$1.103 deposit with BSI Singapore was not in cash as stated by him earlier, but in US$ denominated "assets". The shit hit the fan. It was clear that more than one person from 1MDB had lied and misled Parliament and the public,
On 21st May, Second Finance Minister Ahmad Hanadzlah held a press conference and claimed that PM Najib and the MOF's earlier Parliamentary reply regarding "cash deposit" with BSI Singapore were mistakes:
“There’s a mistake… mistake in the sense that, the impression (given by 1MDB) when they said they have redeemed (the funds) and saved (them) in the Singapore bank (Singapore BSI).... so the impression is that there’s cash, (but) actually that is a saving,” Ahmad Husni said told reporters at the Dewan Rakyat today.
That (the redemption) is (in) unit... that’s what it is… in unit, and then, that is being backed sovereign wealth funds,” Ahmad Husni said, but declined to explain further what he meant by “units”."
That (the redemption) is (in) unit... that’s what it is… in unit, and then, that is being backed sovereign wealth funds,” Ahmad Husni said, but declined to explain further what he meant by “units”."
When pressed further what he meant by "units" Handzlah refused to shed any light on it. It's incredible that this foot-in-mouth expert of a Deputy Finance Ministry managed to keep a straight face during this press conference. The next day, PM Najib did not waste time defending 1MDB EO Arul Kanda:
"Your statement that Arul Kanda received bank statements not owned by BSI is untrue," said Finance Minister Datuk Seri Najib Razak in a written reply to Datuk Mohd Ariff Sabri Abdul Aziz (DAP-Raub"
As far as I aware, the only investments that are stated in units are those in Unit Trusts. Otherwise, we may invest in units in a condominium or housing project. So, wtf does Hanadlzah mean by "units", and what is he trying to fabricate and conceal on behalf of 1MDB? In the first place, such "units" could not have been transferred to BSI Singapore. So, any bank statement claiming there was cash MUST have been falsified and fabricated by someone in 1MDB and/or at the MoF.
What is obvious is that, there was no cash to begin with. Even if there was, it must have been secured against 1MDB's RM46 billion super debt, and could not be touched.
So, to cover one lie, they have come up with a slew of them. Now its "units" which, because of OSA, ISA, POTA and the Sedition Act, cannot be revealed to you, poor innocent, ignorant child, the Rakyat.
PM Najib has bred a cesspool of of thieves and liars in government; he himself is one. They would not recognise truth and honesty if it hung from their noses and wiggled. They engage spindoctors who try and fools us with semantics:
Question: Does Stadlen work for the government and is he being paid a remuneration? Answer? No.
This a tongue-in-cheek answer, when it's obvious he's under a contract and paid a gynormous fee to spindoctor on behalf of PM Najib. Of course, it's also the fault of our education system that many MP's do not know how to properly frame questions in Parliament so that Najib cannot wriggle around them.
So, its very, very obvious that PM Najib and his band of merry Ministers and civil servants at the PMO and MOF are assisting, aiding and abetting 1MDB in covering up corruption, bribery, CBT, fraud and theft. PM Najib, as also the Finance Minister and mastermind behind the creation of 1MDB, and who has been its Chairman of Advisers since inception, can hardly plead ignorance of the mess, fiasco and disarray at 1MDB, PMO and MoF.
If anything, his hands are dirty too from complicit involvement in the heist of the century, the looting of RM46 billion of the Rakyat's hard earned money. No honest PM and Minsiter would talk about "units" and point blank refuse to explain further.
We also know that PM Najib will not leave voluntarily, as a matter of personal integrity and honour. So, WE The Rakyat must help push Najib and his RM17 billion entourage out of Putrajaya, and 1MDB and its RM46 billion robbers, into the lock-up in Kamunting, OHMS, post haste!
So, PKR, PAS and DAP, what are you waiting for, why are you hestitating?
Carpe Diem - seize the day! Get impeachment proceedings going, like yesterday. Get an sudience with the Agung and the conference of Rulers. Petition the Agung for an RCI on the Altantuya murder. Organize Bersih 4. Put the pressure on PM Najib. We need to disinfect and detoxify the Prime Minister and his Office, to save Malaysia from prolonged recession and utter ruin.
"The decision to use BSI Singapore (is) to facilitate easier withdrawals since regulations set by Bank Negara Malaysia needed its approval for transactions over RM50 million, - See more at: http://www.themalaysianinsider.com/malaysia/article/balance-of-1mdbs-caymans-funds-in-singapore-says-najib#sthash.gfVnO8lq.d
Donplaypuks® with lies and the future of Malaysia, man!
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