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Libya SWF case against Goldman Sachs back in London court on May 5

Posted on 29 April 2016 by VRS  |  Email |Print

A dispute between Libya’s $67 billion sovereign wealth fund and Goldman Sachs over advice given on trades made in 2008 will be back in London’s High Court on May 5, with amended court papers that emerged on Wednesday adding new details.
In the ongoing litigation, the Libyan Investment Authority (LIA) alleges the Wall Street bank advised the fund to invest some $1 billion in nine trades that it claims were unsuitable and ultimately worthless. At the time, Libya was still headed by Colonel Muammar Gaddafi, who was overthrown in 2011. The leadership of the LIA is currently being disputed by two rival chairmen……………………………………….Full Article: Source

Malaysia Central Bank Fines 1MDB for Non-Compliance, Ends Probe

Posted on 29 April 2016 by VRS  |  Email |Print

Malaysia’s central bank slapped a fine on 1Malaysia Development Bhd. and announced it was ending its investigation into the troubled state fund, drawing one line under months of probes of 1MDB’s finances.
1MDB failed to explain why it can’t send back some funds from overseas, and has until May 30 to pay the fine for non-compliance, the central bank said in a Thursday statement. Bank Negara did not specify the size of the fine or how much 1MDB was required to repatriate………………………………………..Full Article: Source

1MDB in Default: The Abu Dhabi Dispute and Debt in Contention

Posted on 29 April 2016 by VRS  |  Email |Print

1Malaysia Development Bhd. defaulted on a $1.75 billion bond this week. It missed a $50 million interest payment amid a dispute with Abu Dhabi’s sovereign wealth fund over who is required to make the payment.
The default is the latest episode in financial scandals that have rocked 1MDB, already a target of global investigations into allegations of money laundering and embezzlement. This is what you need to know about the disagreement with Abu Dhabi, the bonds in question and other borrowings:……………………………………….Full Article: Source

1MDB scandal: Malaysian government ultimately to pay for all of state fund’s obligations

Posted on 28 April 2016 by VRS  |  Email |Print

The Malaysian government, and eventually taxpayers, will have to foot all of 1Malaysia Development Berhad (1MDB) financial obligations, even though some of them have been guaranteed by Abu Dhabi sovereign fund International Petroleum Investment Co (IPIC). This is because the government had provided a back-to-back guarantee on IPIC’s guarantee.
Lawmaker Tony Pua who also sits on the multi-party parliamentary Public Accounts Committee, noted that the government’s debt-asset swap arrangement with IPIC indicated that the Ministry of Finance would indemnify IPIC of all its obligations including advances and interest payments on behalf of 1MDB………………………………………..Full Article: Source

Libya fund accuses Goldman Sachs of breaching its own rules

Posted on 28 April 2016 by VRS  |  Email |Print

The brother of a top Libyan official who secured an internship at Goldman Sachs was paid a pro-rata salary of £36,000 plus a housing allowance — soon after the US bank carried out lossmaking trades on behalf of Libya’s sovereign wealth fund.
New details of the internship undertaken by Haitem Zarti, brother of Mustafa Zarti, the Libyan Investment Authority’s former deputy head, have been revealed in court documents as part of a $1bn legal battle between the Libyan Investment Authority and Goldman………………………………………..Full Article: Source

Malaysia’s Reputation Takes Another Hit as State Fund Defaults

Posted on 27 April 2016 by VRS  |  Email |Print

The Malaysian government’s reputation took another hit on Tuesday after state-owned 1Malaysia Development Bhd. defaulted on a $1.75 billion bond. The ringgit fell and 1MDB’s dollar debt slumped.
The development fund withheld a $50 million coupon payment amid a wider dispute with Abu Dhabi’s International Petroleum Investment Co., the co-guarantor of the bonds. The missed payment triggered cross defaults on 7.4 billion ringgit ($1.9 billion) of 1MDB debt, including borrowings that are guaranteed by the Malaysian government, the fund said in a statement on Tuesday………………………………………..Full Article: Source

Najib Razak 1MDB scandal: Malaysia’s troubled state investment fund defaults on bonds

Posted on 27 April 2016 by VRS  |  Email |Print

Troubled Malaysian state investment fund 1MDB says it has defaulted on $US1.75 billion ($2.27 billion) in bonds it issued after missing an interest payment, raising fears of financial-market fallout from the scandal-tainted company.
The fund, founded in 2009 by Malaysian Prime Minister Najib Razak, who remains the chair of its advisory board, is teetering on the verge of collapse amid multiple investigations around the world into allegations that billions were looted from it………………………………………..Full Article: Source

Abu Dhabi’s IPIC to Make 1MDB Bond Payment in Event of Default

Posted on 26 April 2016 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund said on Monday it will pay bondholders of Malaysia’s troubled investment company should the latter default on an interest payment of $50 million.
International Petroleum Investment Co., which is the co-guarantor for $1.75 billion of 1Malaysia Development Bhd. bonds maturing in 2022, said it will pay the coupon if 1MDB fails to do so when the grace period expires Monday, according to a filing to the London Stock Exchange. The payment was due at midnight on April 18 in New York………………………………………..Full Article: Source

1MDB in default, declares Gulf fund

Posted on 26 April 2016 by VRS  |  Email |Print

State-owned 1Malaysia Development Berhad (1MDB) was declared in default yesterday after it failed to settle a US$50.3 million (S$68 million) debt payment on billions of dollars in bonds guaranteed by an Abu Dhabi state-owned sovereign wealth fund which, for its part, said it would honour its obligations to bond holders.
The declaration of default against 1MDB by Abu Dhabi’s International Petroleum Investment Corp, or IPIC, immediately exposes Prime Minister Najib Razak’s government to more than US$6.481 billion in debt owed to the Gulf emirate………………………………………..Full Article: Source

1MDB ready to cooperate with any foreign authority regarding investigation

Posted on 21 April 2016 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) reaffirmed its readiness to cooperate with foreign authorities to assist with any investigation involving the company. However, at the moment, the company has not been contacted by any foreign authority regarding the investigations, said President and Group Executive Director Arul Kanda Kandasamy.
“We have very clearly and openly stated that if we are being contacted or asked to help, we will fully cooperate, subject to any international protocol, relating to such matters,” he said in a Bloomberg TV Malaysia interview on Tuesday………………………………………..Full Article: Source

1MDB and Abu Dhabi sovereign fund accuse each other of defaulting on payments

Posted on 20 April 2016 by VRS  |  Email |Print

The relationship between one-time allies, Malaysia and United Arab Emirates seem to be coming under great strain. Malaysia’s state fund 1Malaysia Development Berhad and Abu Dhabi’s sovereign wealth fund, International Petroleum Investment Company have again crossed swords. This time they have both accused each other of failing to make payments on their obligations.
IPIC, in an announcement to the London Stock Exchange, said that 1MDB had failed to make a $1.1bn payment as part of a debt-restructuring agreement. As a result of this, it said the deal between both funds has been terminated………………………………………..Full Article: Source

1MDB risks US$50m default as IPIC refuses to step in

Posted on 19 April 2016 by VRS  |  Email |Print

1MDB is facing the risk of default as Abu Dhabi-owned sovereign wealth fund International Petroleum Investment Company (IPIC) is no longer willing to service bond interest for the Malaysian fund, according to The Straits Times of Singapore.
1MDB has a US$50 million interest payment for its US$3.5 billion bond, which is due tomorrow. “Malaysian government officials, who spoke to The Straits Times on condition of anonymity, said IPIC has informally told 1MDB that it has no intention of honouring the interest payment because of the alleged default of the bond agreement………………………………………..Full Article: Source

Malaysia’s 1MDB at Risk of Default as Partner Ends Bond Support

Posted on 19 April 2016 by VRS  |  Email |Print

Malaysia’s state investment company, already a target of global investigations into allegations of money laundering and embezzlement, has another major problem: It now faces the risk of sinking into default.
1Malaysia Development Bhd. failed to make a payment of more than $1 billion in connection with a loan made last year by Abu Dhabi’s sovereign wealth fund, according to a London stock exchange filing. That means that 1MDB and Malaysia’s finance ministry “are in default,” Abu Dhabi’s International Petroleum Investment Co. said………………………………………..Full Article: Source

1MDB affair a simple confidence trick

Posted on 18 April 2016 by VRS  |  Email |Print

The senior management of 1MDB, we are led to understand from last week’s public statements, sent US$3.5bn around four years ago to a company they believed was Aabar Investments PJS, owned by International Petroleum Investment Co, Abu Dhabi’s sovereign wealth fund.
But the money didn’t get to that particular Aabar. Instead it went to an eponymous Aabar, in the form of Aabar Investments PJS Limited, a British Virgin Islands-registered company which had nothing to do with the Middle East state’s sovereign wealth fund. It was just that by some strange coincidence it just happened to have exactly the same name with a few letters added on at the end in the form of “Limited.”……………………………………….Full Article: Source

Malaysia’s 1MDB Fund Says It May Be Victim of $3.5 Billion Fraud

Posted on 14 April 2016 by VRS  |  Email |Print

1Malaysia Development Bhd., the troubled Malaysian state fund that’s the subject of global investigations, said it could be a victim of fraud if payments of $3.5 billion intended for an Abu Dhabi sovereign wealth fund never made it there.
Abu Dhabi’s International Petroleum Investment Co. this week denied ownership of a company that received the funds known as Aabar Investments PJS Limited or Aabar BVI. Swiss authorities said on Tuesday they are investigating two former public officials from the United Arab Emirates, who handled Abu Dhabi sovereign wealth funds that guaranteed 1MDB bonds………………………………………..Full Article: Source

Swiss Expand 1MDB Probe to Two Former Emirati Fund Officials

Posted on 14 April 2016 by VRS  |  Email |Print

Swiss authorities have expanded a criminal probe surrounding state fund 1Malaysia Development Berhad (1MDB) to include two former Emirati officials in charge of Abu Dhabi sovereign funds, Switzerland’s Office of the Attorney General (OAG) said.
Swiss authorities began investigations in August tied to 1MDB for suspected corruption of public foreign officials, dishonest management of public interests and money laundering………………………………………..Full Article: Source

Senate Finance introduces bill to tap Permanent Fund earnings

Posted on 14 April 2016 by VRS  |  Email |Print

The Alaska Senate Finance Committee has unveiled its plan to fill much of the state’s $4.1 billion annual deficit using the Alaska Permanent Fund. In April 12 meeting, Sen. Anna MacKinnon, R-Eagle River, and co-chair of the committee, debuted “in pencil — per the governor — a committee substitute for Senate Bill 128.”
Senate Bill 128, proposed by Gov. Bill Walker earlier this year, proposed reforming the $52.2 billion Permanent Fund based on a sovereign wealth fund model that would generate $3.3 billion per year from its investments for state operations. The new proposal takes Walker’s notion and blends it with Senate Bill 114, a similar bill introduced by Sen. Lesil McGuire, R-Anchorage, last year that uses what’s called a Percent of Market Value approach, or POMV………………………………………..Full Article: Source

Swiss expand 1MDB probe to two former Emirati fund officials

Posted on 13 April 2016 by VRS  |  Email |Print

Swiss authorities have expanded a criminal probe surrounding state fund 1Malaysia Development Berhad (1MDB) to include two former Emirati officials in charge of Abu Dhabi sovereign funds, Switzerland’s Office of the Attorney General (OAG) said.
Swiss authorities began investigations in August tied to 1MDB for suspected corruption of public foreign officials, dishonest management of public interests and money laundering. The inquiry has so far shown that about $4 billion appeared to have been misappropriated from Malaysian state companies, Attorney General Michael Lauber said in January………………………………………..Full Article: Source

Swiss seek S’pore’s help for criminal probe into 1MDB

Posted on 13 April 2016 by VRS  |  Email |Print

Singapore’s Attorney-General’s Chambers (AGC) said on Tuesday (April 12) it has received a request from its Swiss counterparts for mutual legal assistance in criminal matters related to troubled state investment firm 1Malaysia Development Berhad (1MDB).
The statement, which was issued in response to media queries, is the latest in a series of twists and turns in the long-running saga, including a revelation by the Abu Dhabi sovereign wealth fund that it never received several billion dollars which 1MDB claimed it had sent………………………………………..Full Article: Source

A-G Chambers helping Swiss probe into 1MDB

Posted on 13 April 2016 by VRS  |  Email |Print

Singapore’s Attorney-General’s Chambers (AGC) is assisting its Swiss counterpart with investigations into troubled Malaysian state investor 1Malaysia Development Berhad (1MDB).
In response to press queries, the AGC confirmed yesterday that it received a request for mutual legal assistance from the Office of the Attorney General of Switzerland (OAG), for information and documents on certain fund flows from 1MDB and entities related to it. The AGC will “render all possible assistance… expeditiously”, it said………………………………………..Full Article: Source

Swiss Widen Inquiry Into Malaysian Fund to Include 2 Emirati Officials

Posted on 13 April 2016 by VRS  |  Email |Print

The Swiss authorities said on Tuesday that they had started a criminal investigation into two officials in charge of a sovereign wealth fund in Abu Dhabi, in the United Arab Emirates, as part of an inquiry into the financial transactions of the troubled Malaysian state investment fund 1Malaysia Development Berhad.
The attorney general’s office in Switzerland said in a statement that it had widened its corruption investigation into the Malaysian fund, also known as 1MDB, to include the two Emirati officials over an apparent misappropriation of payments. The officials were being investigated for fraud, criminal mismanagement, money laundering, bribery and forgery, the attorney general’s office said……………………………………….Full Article: Source

Swiss AG has ‘elements’ to suspect 2 officials, movie firm benefited from 1MDB funds

Posted on 13 April 2016 by VRS  |  Email |Print

The Office of the Attorney General of Switzerland (OAG) has “elements in hand’ to suspect that money paid for the guarantee of bonds issued to fund 1Malaysia Development Bhd’s (1MDB) power plants have benefited “two public officials” and “a company related to the motion picture industry.”
In a statement, OAG said it has reasons to suspect that the money was not returned to the Abu Dhabi sovereign fund to support “the commercial risk.” “1MDB subsidiaries issued two series of bonds to finance investments in electric power plants,” it said………………………………………..Full Article: Source

Norway’s Wealth Fund Faces Demonstration Over Tax Havens

Posted on 12 April 2016 by VRS  |  Email |Print

Norwegian opposition parties and organizations are planning protests outside parliament in Oslo to pressure the country’s $850 billion sovereign wealth fund to dump investments in tax havens, seizing on the indignation that has followed the Panama leaks.
More than 35 groups including the Socialist Left Party, the Labor Party’s youth wing, and the Tax Justice Network are lending their support to a demonstration outside parliament in the city’s center at 6:30 p.m. local time, according to the event’s Facebook page. About 450 people have so far registered their intention to participate………………………………………..Full Article: Source

Raub MP: Find out how TIA became 1MDB

Posted on 11 April 2016 by VRS  |  Email |Print

Mohd Ariff SabrI calls for answers from Ahmad Said, 1MDB’s ex-boss Shahrol Azral and AmInvestment Bank. Raub MP Mohd Ariff Sabri Aziz has called for the former menteri besar of Terengganu to reveal the details of how the state sovereign wealth fund Terengganu Investment Authority became 1Malaysia Development Bhd.
He said the Public Accounts Committee report on 1MDB tabled in Parliament this week had been silent about TIA’s formation, which led to its takeover by the federal government and renamed 1MDB. “The MB of Terengganu then must now reveal to all what were the terms set out by Menteri Besar Incorporated of Terengganu,” said Mohd Ariff in a blog posting………………………………………..Full Article: Source

Malaysia Calls for Criminal Probe of 1MDB Fund Executives

Posted on 08 April 2016 by VRS  |  Email |Print

Report by parliament inquiry found that billions of dollars have gone missing from state investment fund. A Malaysian parliament inquiry found that billions of dollars have gone missing from a state investment fund and recommended that senior management should face criminal investigation.
The findings by the Public Accounts Committee mark the first time a Malaysian investigating body has leveled allegations of fraud at 1Malaysia Development Bhd., or 1MDB, which is the focus of corruption investigations in Malaysia and at least six other nations………………………………………..Full Article: Source

Malaysia Parliament Group Slams State Fund Board for 1MDB Scandal

Posted on 08 April 2016 by VRS  |  Email |Print

A Malaysian parliamentary inquiry on Thursday slammed the board of state fund 1MDB for being irresponsible and urged a probe into its former chief, but stopped short of implicating Prime Minister Najib Razak who was an advisor for the troubled firm.
Parliament’s Public Accounts Committee (PAC) said senior management at 1Malaysia Development Bhd withheld crucial information from the board and made transactions without its knowledge or approval………………………………………..Full Article: Source

Norway proposes changes to SWF targets

Posted on 07 April 2016 by VRS  |  Email |Print

Norway’s government proposed on Tuesday to remove the 5% real-estate target from its sovereign-wealth fund and prohibit it from investing in infrastructure. The country’s $850 billion sovereign wealth fund, the world’s largest, is currently mandated to invest 60% of its holdings in stocks, 35% in fixed income and 5% in real estate.
Removing the real-estate target, a move that requires parliamentary approval, would leave the responsibility to Norway’s central bank, which manages the fund, to decide how much it invests in property, within a 7% limit, the government said………………………………………..Full Article: Source

Norway Proposes Changes to Sovereign-Wealth Fund Targets

Posted on 06 April 2016 by VRS  |  Email |Print

Norway’s government proposed on Tuesday to remove the 5% real-estate target from its sovereign-wealth fund and prohibit it from investing in infrastructure. The country’s $850 billion sovereign-wealth fund, the world’s largest, is currently mandated to invest 60% of its holdings in stocks, 35% in fixed income and 5% in real estate.
Removing the real-estate target, a move which requires parliamentary approval, would leave the responsibility to Norway’s central bank, which manages the fund, to decide how much it invests in property, within a 7% limit, the government said………………………………………..Full Article: Source

World’s Biggest Wealth Fund Under Pressure to Exit Tax Havens

Posted on 06 April 2016 by VRS  |  Email |Print

Norwegian lawmakers are pushing for the country’s $850 billion sovereign wealth fund to drop all investments in companies that use tax havens as indignation over the practice swells.“Norway will have a serious problem in explaining how we can continue using the world’s biggest fund to legitimize robber states that are hiding corrupt money,” said Snorre Valen, a lawmaker for the Socialist Left, who urged other parties in parliament to back the initiative.
The fund has an estimated 200 billion kroner ($24 billion) in assets parked in tax havens, according to Valen………………………………………..Full Article: Source

Amid 1MDB Probes, BSI Suffers Exits and Wrangling Over Liability

Posted on 06 April 2016 by VRS  |  Email |Print

Global investigations into a troubled Malaysian state investment fund have cast a deepening shadow over one of the fund’s Swiss bankers, BSI SA.
Several senior employees have left BSI’s Singapore office in recent months or are leaving, including the three members of the bank committee that vetted major new clients at a time when money flowed in from 1Malaysia Development Bhd., or 1MDB, and related entities, according to people familiar with matter. None of the three have been accused of wrongdoing………………………………………..Full Article: Source

1MDB gets time extension to hold AGM, submit audited statements

Posted on 05 April 2016 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) has been given an extension by the Companies Commission of Malaysia (CCM) till Sept 30, 2016 to hold its AGM and approve its audited financial statements for the financial year ended March 31, 2015.
It said in a statement that it was currently unable to prepare its financial statements for audit pending the return of the relevant financial documents seized during a raid on July 8, 2015. The initial deadline for 1MDB to submit its accounts had been Sept 30, 2015, but the CCM gave it an extension to March 31, 2016………………………………………..Full Article: Source

UN Security Council to lift Libya’s fund sanctions once unity government is installed

Posted on 05 April 2016 by VRS  |  Email |Print

Libya’s sovereign wealth fund sanctions will be given considerations by the U.N Security Council. This move will only be possible if a unity government will be formed to take control of the funds as well as Libya’s Central Bank and the National Oil Corporation.
In 2011, the U.N council froze the assets of the Libyan Investment Authority after the fall of is former leader Muammar Gaddafi in order for the funds to be safe, but this action has led the country to a deeper disarray as per Reuters. As reported by the ABC News, Ibrahim Dabbashi, Libya’s U.N Ambassador, was surprised due to government inaction regarding the request for an exemption from U.N sanctions for the LIA so that it will be able to manage the frozen assets while it is still under the control of the U.N……………………………………….Full Article: Source

Sovereign wealth funds to collaborate with Hedge Fund Standards Board

Posted on 05 April 2016 by VRS  |  Email |Print

The global network of sovereign wealth funds has forged a relationship with the Hedge Fund Standards Board, in part to help to foster a constructive dialogue with hedge funds, and to give sovereign wealth funds a voice in the setting of hedge fund standards.
The relationship, between the HFSB and the International Forum of Sovereign Wealth Funds, will help to ensure that sovereign wealth funds are active participants in HFSB activities and in the process of setting standards for the hedge funds industry………………………………………..Full Article: Source

SWF: State govts to get dividends in 2018

Posted on 04 April 2016 by VRS  |  Email |Print

State governments will have to wait till 2018 and pray that the three funds of the Sovereign Wealth Fund (SWF) make consistent profits before they can start receiving dividends on their Sovereign Wealth Investment (SWI).
National Sovereign Investment Authority (NSIA) Managing Director of the Authority, Uche Orji said: “the law says after five years of profitability in each of the three funds, that is when the state governments will start getting dividends. “If things continue like this in the next two years our anticipation is that we will start paying dividends to the states by the end the of 2017 to 2018.’’……………………………………….Full Article: Source

Libya urges UN to act to protect sovereign wealth fund

Posted on 04 April 2016 by VRS  |  Email |Print

Libya pressed the United Nations Security Council on Thursday to take urgent action to allow the managers of its sovereign wealth fund to move money between frozen accounts so the value can be protected and returns can be maximized.
Libya’s U.N. Ambassador Ibrahim Dabbashi told the council that he was “surprised” there had been no response to the government’s request last week for an exemption from U.N. sanctions for the Libyan Investment Authority so it can manage frozen assets while they remain under U.N. sanctions. Without an exemption, Dabbashi said, the council will be responsible “for all the losses recorded by the Libyan body.”……………………………………….Full Article: Source

Libyan unity government may get access to Sovereign Wealth Fund

Posted on 04 April 2016 by VRS  |  Email |Print

The Libyan Ambassador to the UN, Ibrahim Dabbashi, wants the UN to approve a sanctions exemption for the Libyan sovereign wealth fund (LIA). The LIA was controlled by the Gadaffi family.
Dabbashi complained about ineffective management of the frozen assets. The sanctions were imposed to stop Gaddafi from escaping with Libya’s wealth. Dabbashi said: “The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million………………………………………..Full Article: Source

Luxembourg launches probe in Malaysia PM Najib Razak fund scandal

Posted on 04 April 2016 by VRS  |  Email |Print

Luxembourg’s state prosecutor has launched a judicial inquiry into allegations of money laundering involving hundreds of millions of dollars against Malaysia’s sovereign wealth fund 1Malaysia Development Bhd (1MDB).
The prosecutor said on Thursday that the inquiry followed evidence that funds held by the Malaysian government in offshore accounts in Singapore, Switzerland and Luxembourg had been misused. “The investigation aims to trace the origin of four transfers in 2012 and one in at the start of 2013 for a total of several hundreds of millions of dollars,” a statement from the prosecutor’s office said………………………………………..Full Article: Source

Authorities Investigating Malaysia’s 1MDB Fund Focusing on Bond Proceeds

Posted on 04 April 2016 by VRS  |  Email |Print

Investigators in three countries studying trail of cash from Malaysia to Abu Dhabi, offshore bank accounts. Authorities in three countries investigating a Malaysian government investment fund appear to be focusing on what happened to the proceeds of $3.5 billion in bonds sold by the fund in 2012, according to people familiar with the matter.
Investigators in the United Arab Emirates, Luxembourg and Switzerland are looking at the trail of cash from Malaysia to Abu Dhabi and to offshore bank accounts for a portion of the bond proceeds that appears to have gone missing, the people said………………………………………..Full Article: Source

Singapore’s GIC gets P217-M tax refund

Posted on 04 April 2016 by VRS  |  Email |Print

The Court of Tax Appeals (CTA) has granted a P216.9-million tax refund on the interest income earned on Treasury bond (T-bond) investments made by Singapore’s sovereign wealth fund in 2012. In a 23-page decision dated March 17, the CTA First Division said GIC Pte. Ltd., owned and controlled by the Singapore government, is entitled to a tax exemption under the National Internal Revenue Code (NIRC).
Monetary benefits from interest income on T-bonds are subject to a 20% final withholding tax to be remitted by the Bureau of the Treasury to the Bureau of Internal Revenue (BIR)………………………………………..Full Article: Source

Kuwait: Cabinet rejects prosecutions in the sovereign fund probe

Posted on 01 April 2016 by VRS  |  Email |Print

The Cabinet has rejected recommendations by members of parliament to prosecute officials of its sovereign wealth fund for allegedly violating regulations in managing the country’s oil wealth, Finance Minister Anas Al-Saleh said on Wednesday evening.
“I assert my confidence in those in charge of the Kuwait Investment Authority (KIA) until proven otherwise,” Saleh told reporters after a closed meeting of parliament to discuss an investigation of the KIA’s London arm, the Kuwait Investment Office (KIO). Kuwaiti MPs travelled to London last year to probe the KIO’s operations and check whether there was enough official oversight of it………………………………………..Full Article: Source

Libya: UN to ‘lift fund sanctions’ if government regains control

Posted on 01 April 2016 by VRS  |  Email |Print

The UN has said it will consider lifting sanctions on Libya’s sovereign wealth fund if a UN-backed government can regain control of the country. The sovereign wealth fund contains an estimated $67bn but has been restricted by sanctions since 2011.
The UN-backed unity government arrived in Tripoli on Wednesday but remains confined to the capital’s port area after reports of gunfire in the city. The new government is opposed by the coalition that controls Tripoli………………………………………..Full Article: Source

Libya asks UN to ease sanctions on wealth fund

Posted on 01 April 2016 by VRS  |  Email |Print

Libya on Thursday asked the UN Security Council to allow its sovereign wealth fund to manage accounts frozen under UN sanctions and recover billions of dollars in annual losses.
Libyan Ambassador Ibrahim Dabbashi requested the exemption for the Libyan Investment Authority to allow the management of frozen assets while they remain under UN sanctions. Dabbashi told the council he was “surprised” that there had been no response to his request outlined in a letter last week. “This means that the council will be responsible, from now on, for all the losses recorded by the Libyan body,” Dabbashi said………………………………………..Full Article: Source

Luxembourg money laundering inquiry into Malaysian state fund

Posted on 01 April 2016 by VRS  |  Email |Print

Luxembourg’s state prosecutor has launched a judicial inquiry into allegations of money laundering involving hundreds of millions of dollars against Malaysia’s sovereign wealth fund 1Malaysia Development Bhd (1MDB).
The prosecutor said on Thursday that the inquiry followed evidence that funds held by the Malaysian government in offshore accounts in Singapore, Switzerland and Luxembourg had been misused. “The investigation aims to trace the origin of four transfers in 2012 and one in at the start of 2013 for a total of several hundreds of millions of dollars,” a statement from the prosecutor’s office said………………………………………..Full Article: Source

Libya requests U.N. sanctions exemption for sovereign wealth fund

Posted on 31 March 2016 by VRS  |  Email |Print

Libya is asking the U.N. Security Council to approve a sanctions exemption for its blacklisted sovereign wealth fund to halt billion-dollar losses caused by ineffective management of frozen assets, according to a letter released on Wednesday.
The letter from Libya’s ambassador to the United Nations, Ibrahim Dabbashi, said the losses incurred at the Libyan Investment Authority (LIA) are the result of U.N. sanctions imposed in 2011 to prevent the government of former leader Muammar Gaddafi from spiriting away the country’s wealth………………………………………..Full Article: Source

Kuwait says no prosecutions in sovereign fund probe

Posted on 31 March 2016 by VRS  |  Email |Print

Kuwait’s cabinet has rejected recommendations by members of parliament to prosecute officials of its sovereign wealth fund for allegedly violating regulations in managing the country’s oil wealth, Finance Minister Anas al-Saleh said on Wednesday.
“I assert my confidence in those in charge of the Kuwait Investment Authority (KIA) until proven otherwise,” Saleh told reporters after a closed meeting of parliament to discuss an investigation of the KIA’s London arm, the Kuwait Investment Office (KIO)………………………………………..Full Article: Source

1MDB Probe Shows Malaysian Leader Najib Spent Millions on Luxury Goods

Posted on 31 March 2016 by VRS  |  Email |Print

The Malaysian investigation documents, viewed by The Wall Street Journal, contain bank-transfer information that provides the most complete picture to date of the money that flowed through the prime minister’s accounts over a five-year period, the majority of it, investigators say, originating from 1MDB.
They show for the first time how some of the money in Malaysian Prime Minister Najib Razak’s accounts allegedly was used for personal expenses. That included $15 million in spending on clothes, jewelry and a car, according to the bank-transfer information, involving stores in the U.S., Malaysia, Italy and elsewhere………………………………………..Full Article: Source

Malaysian lawyer ‘probed for sedition’

Posted on 31 March 2016 by VRS  |  Email |Print

Billions of dollars have allegedly gone missing from Malaysia’s sovereign wealth fund, and the scandal has engulfed Prime Minister Najib Razak, who chairs the fund’s advisory board. There are at least four international investigations into the money said to be missing from the fund, known as 1MDB.
Malaysia’s attorney-general, meanwhile, has shut down an investigation into money deposited into the prime minister’s account by an unnamed donor from the Middle East………………………………………..Full Article: Source

Najib Razak 1MDB scandal: Malaysian Prime Minister’s accounts triggered internal money-laundering alarm

Posted on 29 March 2016 by VRS  |  Email |Print

So much money was pouring so rapidly into the Malaysian Prime Minister’s personal bank accounts that it rang internal money-laundering alarms inside AmBank, a major Malaysian institution part-owned by Australia’s ANZ.
Hundreds of millions of dollars were being wired into Najib Razak’s accounts from the Saudi Arabian Government, a mysterious Saudi prince and two shadowy British Virgin Island companies, while the head of a Malaysian state-owned company topped up the Prime Minister’s credit card accounts with millions of Malaysian ringgit in cash………………………………………..Full Article: Source

Differences between the Monetary Authority of Singapore and the Ministry of Finance

Posted on 24 March 2016 by VRS  |  Email |Print

Everyone must have heard of the Monetary Authority of Singapore (MAS) and the Ministry of Finance (MOF) in Singapore. They are two key entities in the local financial scene and greatly impact everyone living in Singapore. But do people really understand what these two entities do and how they differ?
Singapore’s reserves are managed by the MOF and distributed to three entities - MAS, GIC and Temasek. MAS manages Singapore’s foreign reserves. GIC and Temasek are fund management entities with the objective of achieving long-term returns to Singapore’s assets. Note that CPF monies are also distributed to GIC and MAS for investments………………………………………..Full Article: Source

Goldman-1MDB Probe Zeroes In on Bond Deals

Posted on 23 March 2016 by VRS  |  Email |Print

Investigation focuses on whether Wall Street firm misled investors when it sold securities issued by Malaysian fund. U.S. authorities are investigating whether Goldman Sachs Group Inc. misled bondholders when the firm sold securities issued by a Malaysian government-investment fund that is at the center of a corruption scandal, according to a person familiar with the matter.
As part of an inquiry being examined by a U.S. grand jury, investigators are trying to determine if Goldman’s employees had reason to believe that some of the proceeds from bond deals done for the fund, 1Malaysia Development Bhd., known as 1MDB, weren’t being used for their intended purpose, the person said………………………………………..Full Article: Source

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