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Switzerland widens its enquiries into Malaysia’s 1MDB

Economist
14th April 2016

Malaysia’s mega-scandal

One of the biggest controversies in Malaysian political history gets bigger

EARLIER this year authorities in Switzerland said they had begun criminal investigations into two former officials at 1MDB—a Malaysian state investment firm from which they believe some $4 billion may have been misappropriated through a series of deals struck between 2009 and 2013. On April 12th the Swiss said the scope of their enquiries was widening, and that they have now also opened files on two former public officials from the United Arab Emirates.

This latest escalation relates to a deal struck in 2012, in which IPIC, an Abu Dhabi state fund, agreed to guarantee bonds raised by 1MDB to purchase two power firms. 1MDB paid billions of dollars in collateral (and other monies linked to the guarantee) to a company registered in the British Virgin Islands, which bore a similar name to one of IPIC’s subsidiaries. But on April 11th IPIC issued a statement to the London Stock Exchange confirming rumours that it did not own the firm. Continue reading “Switzerland widens its enquiries into Malaysia’s 1MDB”

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Call on Sarawak voters to support DAP and Pakatan Harapan candidates as an appreciation for the life-long struggle of Wong Ho Leng and Karpal Singh for their commitment and sacrifices for a democratic and better Sarawak and Malaysia

Today is the second anniversary of the passing of DAP National Chairman, MP for Bukit Gelugor and life-long champion for democracy and human rights in Malaysia, Karpal Singh.

In another two months, we will sadly mark the second anniversary of the passing of another great Malaysian son who had also dedicated his life to promote democracy and human rights in Sarawak and Malaysia, as well as the constitutional rights of Sarawakians to autonomy in accordance with the Malaysia Agreement 1963 – Richard Wong Ho Leng, DAP Sarawak State Chairman and State Assemblymen for Bukit Assek.

This year marks the 38th anniversary of the formation of DAP in Sarawak and the 50th anniversary of the founding of the DAP in 1966.

For half a century, DAP leaders who have passed the test of time have proven that we are a breed of political leaders who are in politics not because of wealth, position or glory but because of our political convictions and ideals, even when we are subject to trials and tribulations like detention without trial, selective prosecution and persecution, protracted character-assassination in the mainstream media, etc. Continue reading “Call on Sarawak voters to support DAP and Pakatan Harapan candidates as an appreciation for the life-long struggle of Wong Ho Leng and Karpal Singh for their commitment and sacrifices for a democratic and better Sarawak and Malaysia”

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Poor Abdul Rahman Dahlan – he had to be saved by SPRM and IGP from a debate with Guan Eng which will confirm the truism that ‘empty vessel makes the most noise’

There are many events happening in the country which seem to be remote from Sarawak and unrelated to the 11th Sarawak state general election which will be held on May 7.

In actual fact, on deeper reflection, one would realise these developments have intimate relationship with the 11th Sarawak state general elections, whether the latest developments in the first global scandal in the country, the RM50 billion 1MDB scandal and all the acrobatics which are being performed every day in furtherance of the media scam that the Prime Minister, Datuk Seri Najib Razak has nothing to do with Malaysia’s first global scandal, or even the cancellation of the debate that should be telecast live next Wednesday by TV3 between DAP Secretarg-General and Penang Chief Minister Lim Guan Eng and the Barisan Nasional Strategic Communications Director and Minister for Urban Wellbeing, Housing and Local Government, Datuk Abdul Rahman Dahlan.

In fact, all the hoo-ha and the allegations against Guan Eng for corruption in connection with his RM2.8 million bungalow purchase is not unrelated to the Sarawak state general election! Continue reading “Poor Abdul Rahman Dahlan – he had to be saved by SPRM and IGP from a debate with Guan Eng which will confirm the truism that ‘empty vessel makes the most noise’”

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Najib’s media strategists want to have a second bite of the cherry after the first abysmal failure of the media scam to create the myth and image that PAC Report on 1MDB exonerated Najib from any wrongdoing

Prime Minister Datuk Seri Najib Razak is badly served by his coterie of astronomically-paid media strategists, who want to have a second bite of the cherry after the first abysmal failure of their media scam to create the myth and image that the Public Accounts Committee (PAC) Report on the 1MDB had exonerated Najib from any wrongdoing in the RM50 billion 1MDB scandal.

This elaborately-structured media edifice collapsed like a house of cards when four days after the PAC Report on 1MDB was tabled in Parliament without debate, Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC) issued a statement to the London Stock Exchange that neither itself nor its unit Aabar Investments PJS have any links to British Virgin Islands-incorporated firm Aabar Investments PJS Limited, which was paid a least USD3.5 billion by 1MDB.

Was the astronomical sum of USD3.5 billion paid by 1MDB to a phoney company by mistake or by design – making it Malaysia’s first global financial scandal? Continue reading “Najib’s media strategists want to have a second bite of the cherry after the first abysmal failure of the media scam to create the myth and image that PAC Report on 1MDB exonerated Najib from any wrongdoing”

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Call on Adenan to lead Sarawak BN to an election victory which will be the result of clean, free, fair and democratic elections which could be the pride of Malaysia and the world

I flew from kLIA to Miri this morning with the DAP National Organising Secretary and MP for Seremban, Anthony Loke, to carry out legitimate political activities n Sarawak, i.e. the 11th Sarawak State General Elections, as guaranteed by the Malaysian Constitution, the Malaysia Agreement 1963 and the 18 Points, but Anthony Loke became the latest victim of a gross abuse of power when he was not allowed to enter Sarawak and was sent back to KLIA on the same Air Asia flight back.

Loke joins a long list of DAP, PKR and Amanah leaders/MPs who have been denied their constitutional right to carry out legitimate political activities in Sarawak in the 11th state general election – a list which includes DAP leaders/MPs like National Vice Chairman and MP for Seputeh Teresa Kok, DAP National Publicity Secretary Tony Pua (MP PJ Utara); Asst National Publicity Secretary Teo Nie Ching (MP for Kulai); PKR National Chairmen Nurul Izzah Anwar (MP Lembah Pantai), Tian Chua (MP Batu), Rafizi Ramli (Pandan), Shamsul Iskandar (MP Bukit Katil) and PKR MPs like Zuraida Kamaruddin (Ampang) and Sim Sze Tsin (Bayan Baru) and Parti Amanah President Mohamad Sabu. Continue reading “Call on Adenan to lead Sarawak BN to an election victory which will be the result of clean, free, fair and democratic elections which could be the pride of Malaysia and the world”