Donationgate Episode 1: Financial fluff, pure nonsense

Just when you thought the Malaysian edition of Grimm’s Fairy Tales would end with two chapters, another is being resurrected on compulsion. Another round of “revelations” by former premier Najib Razak necessitates a new chapter. Perhaps a few more may be in the works in the coming days and months, depending on “new” evidence.

To recap, on Sept 10, Najib offered proof of receiving US$100 million (RM420 million) claiming it to be legitimate. This was challenged.

He posted a copy of a letter purported to have come from the Saudi royal family. He also posted copies of bank statements related to the transfer to his personal account. The following day, it was yet another statement, and yet another commentary by this writer.

Among others, I made reference to US attorney general Jeff Sessions branding Najib’s dealings as “kleptocracy at its worst”. I wrote: “The courts will decide on your (Najib’s) innocence or guilt. In the meantime, if there is going to be a third chapter, don’t take Malaysians to be fools with (your) implausible, unbelievable and far-fetched stories. If you have to say something, let it be the truth, and nothing but the truth.”

As if some truth serum was injected into his system, Najib produced “new evidence” (even breaking protocol) on how RM2.6 billion ended up in his personal account. In a long Facebook posting, he claimed that he had requested for a US$800 million (RM3,36 billion) “contingency fund” from the Saudi royalty. He received only US$681 million (RM2.6 billion) through Tanore Finance Corporation, based in Singapore.

Tanore, Najib says, is one of the royals’ companies. Well, the US Department of Justice (DOJ) and the Monetary Authority of Singapore have adduced evidence that Tanore was controlled by Najib’s confidante and blue-eyed boy, Low Taek Jho or Jho Low. Tanore is beneficially owned by Eric Tan Kim Loong, believed to be an associate of Jho Low's. There is even suspicion that Eric Tan and Jho Low are one and the same person.

Just before his Facebook posting yesterday, police announced that it has been established that US$972 million (RM2.973 billion) - based on the exchange rate when the transactions took place between 2011 and 2013) - had ended up in the former premier’s account. The money, said deputy inspector-general of police Noor Rashid Ibrahim, was deposited into Najib's account through three transactions involving three companies: Good Star, Aabar and Tanore.

“To date, the police have also detected 132 transactions of illegal funds connected to 1MDB and further investigations are ongoing,” he said in a statement.

Flashback to Apandi

Flashback to January 2016: The then attorney-general Mohamed Apandi Ali held his tell-all press conference waving sheets of “evidence” he claimed exonerated Najib of any wrongdoing.

Apandi said that about US$620 million (RM2.35 billion) of the money Najib had received from alleged Arab donors had been returned to the Saudi royal family in August 2013, because “it wasn’t used”. He suggested that there was no evidence that Najib was “even aware of the transfer, and that it was given by the Saudi royal family without any consideration.”

When Apandi made that statement, by being silent, Najib alluded to the fact that he did not know about “the money in his account.” With Najib’s freshly produced “evidence”, we can only conclude that one of them has not been generous with the truth.

I myself have never received foreign funds, but I have repatriated money to universities in England for educational purposes. On each occasion, I was asked to fill a form and give reasons for the transfer. The same law applies to the receipts of foreign funds. Was this “Saudi donation” of Najib's declared to Bank Negara?

In November 2015, Najib’s bankers, AmBank Group, were slapped with a RM53 million penalty for non-compliance with certain regulations by AmBank (M) Bhd and AmBank Islamic Bhd. But what about the others involved in the transaction – the sender and the recipient?

For purposes of discussion, let us accept (remotely and tenuously) that Najib’s money came from the Saudis via Tanore. What about the monies from Gold Star and Aabar? Were these outfits owned by the Saudi royals too?

There are far too many holes in the story, and we will only get to the truth when Najib takes the stand in court and addresses the charges against him. In the meantime, we will continue to hear enough to create another volume.

Plan Zero

In his FB post, Najib remarked: “Even if someone wanted to steal, it wouldn’t make sense to keep it in a bank account under one’s own name. Money owed must be paid back and if the money is stolen, problems will crop up when it is time to pay debts.”

We have to agree with him in entirety and totality. But there are, and will continue to be, instances when idiots - some not-so-smart and less intelligent people - who would put their hands in the till without making plans to cover their tracks in case they are found out. As an afterthought, some “invent” stories.

Many of those who plunder national wealth like the African dictators always have a “Plan B” or a “Plan C”. They often seek and are offered asylum (in advance) from “friendly countries”. Others buy their way to freedom in a foreign land. Some even arrange for private jets to be on the tarmac to fly them, their wives and families away before the long arm of the law catches them.

Unfortunately, there are handfuls who don’t have the mental capacity to plan for any eventuality. In some cases, they earnestly believe that they wouldn’t get caught. They usually end up in the slammer, paying for their debaucheries against their own people.

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R NADESWARAN is expecting a lengthy and explosive series of revelations at the trial. Unfortunately, no recreations are accepted for seats for a ringside view of the battle. Comments: citizen.nades22@gmail.com -Mkini