by BINOY KAMPMARK
CounterPunch
JULY 28, 2015
He is, like many of his colleagues in the United Malays National Organisation (Umno), a stubborn barnacle. The Malaysian Prime Minister Najib Razak has struggled cleaning up the mess that ensued after revelations that he has been effectively ransacking the Malaysian state during his time in office. Pity a country with natural resources, and government policies that pride connections over industry; sleeping partners over industrious ones.
The so-called 1MBD revelations have done much to tarnish, and possibly sink Najib in the kleptocratic maelstrom. The 1Malaysia Development Bhd, Fund or 1MDB, has been riddled with rotten apples, and there always was a looming question as to whether one of them came from the PM’s office. Najib, for one, founded the body while heading its board of advisors. During the course of his stewardship, the government investment fund accumulated a weighty $11 billion in debt. Promised ventures have not taken place: the failure to develop the Tun Razak Exchange project, and the lack of promised contributions from partners.
After some investigative digging on the part of the Sarawak Report and Wall Street Journal, a link was supposedly established between Najib’s personal accounts held at AmPrivate Banking in Kuala Lumpur and the 1MDB money trail. Amounts totalling $US681,999,976 (RM2.6 billion in local currency) was wired from the Singapore branch of the Swiss Falcon private bank owned by Abu Dhabi fund Aabar into the AMBank account on March 2013 ahead of the General election. Such is the nature of “strategic partnerships”.
Then came the amount of RM42 million stemming from the notorious SRC International Sdn Bhd, another company with links to 1MDB. The money also happened it find itself in Najib’s accounts and came from unaccounted funds provided by the public pension fund KWAP.
The exposure has produced more than a flutter in Malaysian politics. Malaysiakini mocked the prime minister’s reaction to questions on the scandal as he left an open house gathering with former prime minister Abdullah Ahmad Badawi: “Okay lah.”[1] Continue reading “Ransacking Malaysia: the Najib Corruption Dossier”