NAJIB'S OFFICIAL SECRET IS OUT: RM28 BILLION, IT IS - STOLEN

At Last,

The Auditor’s Report that Najib Won’t Let You See

* The Auditor General’s Report on 1MDB was classified as Official Secret in spite of a promise a year ago by Najib Razak to reveal investigations into his company. It wasn’t the first time Najib broke his promise.

Secret Arab. Secret accounts. Secret donor. Secret 1MDB. Secret Najib. All secret. The more secret things are, the more damning the evidences, all pointing to the work of an international band of fraudsters.

Sarawak Report (SR) has begun to publish excerpts of the AG’s Report. But like the Report, the SR is also banned in Malaysia. Here is to un-ban both. SR says it shall release the AG’s report in installments.

Below is SR’s first installment reproduced in its entirety, down to titles, photos and page formatting. It requires close not casual reading.

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The Shocking Truth About 1MDB:

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We Unlock The Secret AG Report

• 6 July 2016

Sarawak Report has now gained extensive access to the Auditor General’s report into 1MDB, along with key accompanying documents from the enquiry.

This report was originally commissioned to shed light on the disappearance of billions of dollars, but was later declared an ‘Official Secret’ by Najib Razak.

Our review has made it abundantly clear why Najib decided that the findings could not be released, since he wishes to remain Prime Minister – after all he is also the Finance Minister and sole shareholder responsible for decision-making at 1MDB and the conclusions are damning.

What the Auditor General encountered, according to the documents, was chaos and confusion in an organisation where senior executives were unable to provide convincing or consistent explanations for vast payments made to a bogus subsidiary of Abu Dhabi’s sovereign fund Aabar and to a separate false subsidiary of an earlier venture partner, PetroSaudi.

A grand total of US$7 billion is calculated as having gone missing and conflicting and unbelievable explanations were given about why the payments were made.

The AG lamented that the justifications provided for retrospective Board ratifications of those payments (which had already been made months earlier by management without prior permission) changed from one year to the next: furthermore, multi-billion dollar payments were made for the same advertised purpose two times over.

The AG even complained that management would provide one story to his enquiry on one occasion and then completely re-write their own version of events the next time they met.

There was never sufficient proof according to his data, to back up the stories being told. In particular, bank statements were not provided to substantiate many of the simply enormous sums that 1MDB management alleged were being invested in various funds or in ‘refundable deposits’ or ‘terminations of options’ with the bogus Aabar Investments PJS Limited, based in the British Virgin Islands.

On one case the AG was plainly so incensed by the variable and inconsitent claims by 1MDB management (headed by CEO Arul Kanda), that he described their final version of events as “suspicious” and “unsubstantiated” and therefore refused to accept the documents 1MDB had provided as reliable evidence.

This matter related to a purported US$1.392 billion, that had supposedly been redeemed from 1MDB’s Cayman Island fund, and was originally recorded as having been spent on the termination of options owed to Aabar ($993 million), plus the repayment of loans.

That is what the Board was informed in December 2014 and what was recorded in the Annual Report (even though the AG records there was insufficient proof this was how the money was spent).

Then as late as February 2016, to the AG’s disbelief, he was presented with a series of papers ratified by the Board on November 26th 2015 which a year on provided an entirely separate story for how the money was used.

Based on an alleged agreement signed by management in October 6th 2014 (after most of the money had already been paid), the Board on November 26th 2015 retrospectively ratified a series of payments to Aabar Ltd totalling US$1.15 billion saying they had been for the ‘extension of guarantees’ for loans (see our previous story).

The AG complained that there had been no mention of this belated new explanation when he had previously met with 1MDB in December, although it had all been supposedly signed off the previous month:

CONTINUE READING AT: THE SHOCKING TRUTH ABOUT 1MDB

- shuzheng.wordpress.com