In an apparent move to justify the “Saudi donation” narrative, former premier Najib Abdul Razak has released a slew of documents related to the multi-billion ringgit deposits in his personal bank account.
Ironically, the same documents also verify the various reports and investigations which claim the money originated from 1MDB and accused him of misappropriating billions in state funds.
For example, in a Facebook post yesterday, Najib cited the Wall Street Journal and a book written by the news outlet's journalists Tom Wright and Bradley Hope "The Billion Dollar Whale" which detailed the 1MDB scandal, in order to show that he had "returned" the so-called "donation".
The book does state that Najib returned US$620 million out of the US$681 million he received in 2013, but also claims that the "returned" money was subsequently used to purchase, among others, a US$27.3 million pink diamond pendant for his wife, Rosmah Mansor.
This sum comprised only two of many deposits into his personal bank account.
Curiously, Najib is lending credence to the international news reports about 1MDB, which his government had labelled as "fake news", while ignoring the damning parts in the same reports.
Malaysiakini lists the "evidence" Najib has released but also puts them into context so that the big picture is not missed.
The Saudi prince
Some of the documents Najib released were:
1) Receipt of US$10 million from Prince Faisal Bin Turki on Feb 23, 2011
2) Receipt of US$10 million from Prince Faisal on June 13, 2011
The date and amount outlined in those documents corroborate the US Department of Justice's civil forfeiture suit filings.
The DOJ confirmed that the sum did indeed come from an account in Saudi Arabia but went on to trace the source of funds to 1MDB.
Specifically, the money came from 1MDB's US$1.03 billion intended for a joint-venture with PetroSaudi International but was diverted to Good Star Ltd, a company owned by fugitive businessperson Jho Low.
Good Star then passed on funds to the Saudi prince, described by the DOJ as "Saudi Associate 1" and his business partner Tarek Obaid, described as "Saudi Associate 2".
Najib also released the following transaction receipts in relation to Prince Faisal:
3) Receipt of US$50 million from Prince Faisal on April 24, 2012
4) Receipt of US$25 million from Prince Faisal on June 25, 2012
5) Receipt of US$10 million from Prince Faisal on Feb 23, 2013
The third and fourth receipts were not contained in the DOJ's filings but have been detailed by Malaysian investigators.
Malaysian investigators are also aware of an additional transaction of US$25 million on Aug 15, 2012, from Prince Faisal, which Najib did not disclose in his Facebook postings.
However, the fifth receipt of US$10 million is not contained in either the DOJ filings or Malaysian investigation.
Based on public reports, filings and investigation details in the public domain, it was estimated that Najib received at least US$120 million from Prince Faisal but if the new information furnished by the former prime minister is factored in, the new figure would be US$130 million.
This money trail was described by the DOJ as the "Good Star phase" of money laundering, a similar term that is now being adopted by Malaysian investigators.
The infamous RM2.6bil
Najib had also released receipts for two transactions totalling US$681 million he received from Tanore Finance Corporation between March 21 and 25, 2013 as well as another receipt showing that he “returned” US$620 million to Tanore.
The US$681 million is colloquially referred to as RM2.6 billion based on the exchange rate when the bank transactions were first exposed by Sarawak Report and the Wall Street Journal in 2015.
The dates and sums in Najib's receipts again verified what is contained in the DOJ filings, which is described as the "Tanore phase".
What Najib did not disclose, however, was how Tanore obtained the sum and what happened to it after the money was "returned", which was detailed by the DOJ.
According to the DOJ, Tanore's fund originated from 1MDB's bond intended for a joint-venture with Abu Dhabi Malaysia Investment Company Ltd (ADMIC) which was subsequently diverted and laundered through overseas investments funds before being sent to Tanore.
The DOJ established that Tanore is owned by Eric Tan Kim Loong, a close associate of Jho Low (photo) who had also used his name as an alias.
Najib, however, insisted that Tanore is owned by the Saudi Arabian royal family and produced three letters by one "Saud Abdulaziz Al Saud". In one of the letters, the author declared that Tanore belonged to the prince.
Specifically, Najib produced the following letters:
1) Saud Abdulaziz in a Feb 1, 2011 letter promising a gift of US$100 million to Najib.
2) Saud Abdulaziz in a Nov 1, 2011 letter promising a gift of US$375 million to Najib.
3) Saud Abdulaziz in a March 1, 2013 letter promising a gift of US$800 million to Najib.
The Edge Weekly, quoting investigation sources, had reported that the letter was never written or signed by Prince Saud Abdulaziz Al Saud but by one Mohammad Abdullah Al-Koman who claimed to be the prince's representative.
Najib had acknowledged this but claimed that it was normal for representatives to sign off on behalf of their bosses.
Najib also produced receipts for two transactions of US$30 million and US$50 million on Nov 25, 2011, and Aug 18, 2011, respectively which came directly from the Finance Ministry of Saudi Arabia.
The ministry is the only "source" of funds that is not under investigation by Malaysian authorities at present nor was it raised by the DOJ.
Najib also allegedly received large sums from Blackstone Asia Real Estate Partners, whose source of funds comes from 1MDB, as well as from Permai Binaraya Sdn Bhd and Putrajaya Perdana Construction Sdn Bhd, which in turn, derives its funds from SRC International Sdn Bhd, a former subsidiary of 1MDB.
However, Najib, who consistently denies abusing public funds for personal gain, has yet to address these transactions. -Mkini
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.