Fri, Sep 30, 2016
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Category | Compliance/Regulation/Legal more

DAP MP submits motion to compel tabling of 1MDB audit

Posted on 30 September 2016 by VRS  |  Email |Print

DAP’s Taiping MP Nga Kor Ming today submitted a motion to Parliament, seeking the tabling of the auditor-general’s report on 1MDB, which is still classified under the Official Secrets Act.
“My motion is so the auditor-general’s report on the 1MDB scandal is tabled and debated in Parliament, so we can find out if the RM28 billion public funds were stolen or not. “The Malaysian government became global laughing stock when it used the OSA to hide the report,” he said in a statement………………………………………Full Article: Source

Finance firms upend HKMA’s lending caps on property, adding fuel to red hot market

Posted on 29 September 2016 by VRS  |  Email |Print

Two finance firms are challenging the Hong Kong Monetary Authority’s mortgage lending caps , offering more financing than current bank loans to attract new borrowers ahead of a possible interest rate increase in December.
Convoy Global Holdings, the largest of Hong Kong’s listed finance firms, and ETC Finance teamed up with Centaline Property Agency, Midland Realty and Ricacorp Properties to lend up to 90 per cent of the value of apartments above HK$8 million, agents said………………………………………Full Article: Source

PM says Malaysia will cooperate with US investigation of 1MDB funds

Posted on 28 September 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak on Tuesday said his country would cooperate with U.S. and other international authorities investigating the misappropriation of funds from a Malaysian state-owned fund that he founded.
“We are equally concerned about good governance in Malaysia and the rule of law,” Najib told reporters after a meeting with German Chancellor Angela Merkel, when asked about the international investigations. “So within the bounds of good governance and the rule of law, Malaysia will do its best to cooperate and to do whatever is necessary.”…………………………………..Full Article: Source

LIA on track with multi-million dollar litigations to recover wealth of the Libyan people

Posted on 28 September 2016 by VRS  |  Email |Print

Things are uncertain at the moment, even by Libya’s standards. Key terminals in Libya’s eastern and western oil facilities have been held hostage for years, with oil production at a minimum. Oil exports, on which the economy sorely relies, are at a virtual standstill. The country’s liquidity crisis is ongoing.
Roads, hospitals and other key infrastructure are in desperate need of upgrading. Kidnappings are rife. In most countries, any one of these problems would be cause for major concern. In Libya, we have to contend with all of them at the same time……………………………………Full Article: Source

1MDB suit by Husam, Chang frivolous, says Azalina

Posted on 27 September 2016 by VRS  |  Email |Print

Lawyer Matthias Chang and former PAS Vice-President Husam Musa’s decision to drop their class action suit showed their claims were frivolous and baseless, said an Umno minister. Minister in the Prime Minister’s Department in charge of law Azalina Othman Said said furnishing additional facts for a lawsuit did not require the action to be withdrawn through a supplementary application.
“Rule 11 of the United States’ Federal Rules of Civil Procedure (FRCP) provides that claims brought in the federal courts should have merit and are not brought for an improper purpose,” she said in a statement……………………………………..Full Article: Source

Libyan sovereign fund recovers $127 million from Lehman, Cornhill Capital

Posted on 26 September 2016 by VRS  |  Email |Print

Libya’s $67 billion (£51.6 billion) sovereign wealth fund has recovered $73 million from the bankrupt Lehman Brothers and $53.8 million from Cornhill Capital after lengthy legal battles, the fund said in a statement.
The Libyan Investment Authority (LIA) is involved in a number of disputes with Western firms, not least its $3.3 billion claims against investment banks Goldman Sachs and Societe Generale, which are being pursued in London courts…………………………………….Full Article: Source

Alaska Permanent Fund board rejects idea of investing in oil-tax credits

Posted on 23 September 2016 by VRS  |  Email |Print

The corporation that manages the $54 billion Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state. The corporation does not view the idea as “an attractive investment opportunity,” said Paulyn Swanson, communications manager for the Alaska Permanent Fund Corp., in an email on Tuesday.
Swanson said the “proposed structure and related returns do not justify taking on the associated risks.” Craig Richards, Walker’s former attorney general and under contract to the governor as a private attorney, pitched the idea to the corporation’s board of trustees at its Sept. 2 work session………………………………………Full Article: Source

1MDB: Swiss Citizen Denied Return

Posted on 23 September 2016 by VRS  |  Email |Print

Switzerland’s Xavier Justo was the man who dragged the scandal surrounding Malaysia’s state fund 1MDB into the limelight. He was convicted for attempted extortion and sent to prison in Thailand. The country has now rejected an extradition request by the Swiss authorities.
Xavier Justo, a Swiss citizen of Spanish descent, has to stay in Thailand. The judiciary in the Asian country rejected the request to have him sent back to Switzerland filed by the Swiss foreign office (EDA), according to a report by Reuters newswire………………………………………Full Article: Source

Swiss regret decision not to extradite 1MDB witness

Posted on 23 September 2016 by VRS  |  Email |Print

Switzerland said it regrets a decision by Thai authorities not to extradite Swiss national Xavier Justo, a possible key witness in the global money-laundering probe linked to Malaysian state fund 1Malaysia Development Berhad (1MDB).
Malaysia’s 1MDB, once a pet project of Prime Minister Najib Razak who chaired its advisory board, is the subject of money-laundering investigations in at least six countries, including Switzerland, Singapore and the United States………………………………………Full Article: Source

With Kleptocrats Untouchable, America Goes Big on Another Strategy: Taking Their Stuff Instead

Posted on 23 September 2016 by VRS  |  Email |Print

Accused of involvement in stealing billions from Malaysia’s sovereign wealth fund, Prime Minister Najib Razak did what autocratic leaders around the world do when scandal is in the air. He cleared house. In the space of a day last July, he fired his deputy prime minister and attorney general and sidelined members of a parliamentary committee looking into the apparent theft.
With the press increasingly muzzled and the country’s opposition leader behind bars, Najib appeared to have weathered the crisis unscathed. That is, until the United States stepped in. On July 20, the US Department of Justice announced it was launching a case to recover more than US$ 1 billion in assets out of a total of about $3.5 billion allegedly stolen from the sovereign wealth fund, 1Malaysia Development Berhad (1MDB)………………………………………Full Article: Source

Robert De Niro doesn’t ‘give a s—-’ about Malaysian corruption scandal

Posted on 23 September 2016 by VRS  |  Email |Print

Robert De Niro is unconcerned after being linked to a Malaysian corruption scandal. Back in July, the U.S. Department of Justice filed to seize the assets of a Malaysian sovereign wealth fund called 1MDB, set up by the country’s Prime Minister Najib Razak. It is claimed more than $1 billion was embezzled and misappropriated from the fund - including $100 million which was used from the fund to finance Leonardo DiCaprio’s 2013 movie The Wolf of Wall Street.
Now, The Hollywood Reporter has revealed Robert De Niro is the latest star to be embroiled in the corruption scandal, with the actor’s Tribeca Film Institute reportedly taking a donation from the Jynwel Foundation, which is linked to the 1MDB fund………………………………………Full Article: Source

Senator files suit against Governor’s veto of half of Permanent Fund Dividend

Posted on 23 September 2016 by VRS  |  Email |Print

On Friday, September 16, Alaska senator Bill Wielechowski filed a lawsuit contesting Governor Bill Walker’s veto of half of the funding for the Permanent Fund Dividend.
Last June, Alaska Governor Bill Walker vetoed half of the funds that the state legislature had approved for the annual payout of the Permanent Fund Dividend (PFD). This unprecedented decision caps the size of the dividend at $1000 per resident. The amount vetoed–over $666 million–is to remain in the Permanent Fund, where it may be used for future payouts…………………………………….Full Article: Source

Julius Baer Responds to DiCaprio, 1MDB Questions

Posted on 22 September 2016 by VRS  |  Email |Print

Swiss private bank Julius Baer responded to questions over its links to actor-environmentalist Leonardo DiCaprio, who has been criticized over his ties to representatives of Malaysia’s 1MDB fund.
The Zurich-based private bank hasn’t been connected to illicit dealings with 1MBD, a Malaysian state fund which stands accused by U.S. authorities of graft on a grand scale…………………………………….Full Article: Source

LIA recovers $53.8 million from Cornhill Capital, $73 million from Lehman bankruptcy

Posted on 22 September 2016 by VRS  |  Email |Print

The Tripoli-based Libyan Investment Authority (LIA) has successfully recovered $53.8 million from Cornhill Capital Limited after three years of battle. The LIA said in a statement on Tuesday that the fundamental factor in the issue was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA.
Cornhill, a leading independent investment company based in London, was able in the courts of Bermuda to delay the redemption on the grounds that such redemption would have constituted a violation of these sanctions regulations…………………………………….Full Article: Source

HKMA to add cyber security, anti-money laundering knowledge to bankers’ certification

Posted on 21 September 2016 by VRS  |  Email |Print

Starting in December, new programmes will be added to the HKMA’s Enhanced Competency Framework (ECF) for local bankers. The Hong Kong Monetary Authority said it will require bankers operating in the city to be trained and certified to deal with cyber security and money laundering, beefing up its regulations to prepare for competition with Singapore to be the Asian hub for financial technology.
Beginning in December, the regulator’s Enhanced Competency Framework (ECF) for local bankers will carry a certification programme on cyber security, and anti-money laundering measures, said the Hong Kong Monetary Authority’s chief executive Norman Chan Tak-lam………………………………………Full Article: Source

Thailand rejects Swiss request to hand over jailed 1MDB witness

Posted on 21 September 2016 by VRS  |  Email |Print

Decision to hold Xavier Justo follows visit by Malaysian PM, who is embroiled in scandal over fund. An important potential witness in the scandal over the alleged looting of Malaysia’s 1MDB investment fund is at the centre of a diplomatic row after Thailand refused a request to move him from jail to his native Switzerland.
Bern is dismayed that the expected imminent transfer of Xavier Justo, a former executive at PetroSaudi, a Saudi oil company and former 1MDB joint venture partner, has fallen through for what Bangkok says are legal reasons………………………………………Full Article: Source

Libyan Investment Authority successfully recovers $126.8 million from Cornhill Capital and the Lehman bankruptcy

Posted on 21 September 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), under the chairmanship of Mr AbdulMagid Breish, has now after a three year battle successfully recovered $53.8 million that had been managed by Cornhill Capital.
A fundamental factor in the issue was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA. Cornhill was able in the courts of Bermuda to delay the redemption on the grounds that such redemption would have constituted a violation of these sanctions regulations………………………………………..Full Article: Source

Husni tells of 1MDB epiphany prompting him to quit his post

Posted on 12 September 2016 by VRS  |  Email |Print

“Everyone knows that you are not involved in 1MDB. Why are you feeling stressed over the 1MDB issue?” These were the words of a Bank Negara senior official that had led Ahmad Husni Hanadzlah to finally decide to resign as second finance minister and dissociate himself from the 1MDB scandal.
In an interview with Sinar Harian today, Husni said he had been under heavy stress for several months as he was tasked with resolving the growing 1MDB controversy, even though he was never part of the debt ridden sovereign fund when it was first set up. The stress had even caused Husni to suffer prolonged high blood pressure………………………………………..Full Article: Source

Presidential Council Appoints Steering Committee to manage LIA

Posted on 09 September 2016 by VRS  |  Email |Print

The Presidential Council recently issued an order to establish a temporary Steering Committee to manage the Libyan Investment Authority (LIA). The motive behind the decision seems sincere – to unite the leadership of our nation’s sovereign wealth fund. However on closer inspection, the decision is bad for the LIA, and bad for Libya.
Firstly, there are serious questions about the legality of the move. The decision may very well not comply with Libyan law, with the LIA’s governing documents or with Law 13 which governs the LIA. The only body entitled to appoint directors and executive managers of the LIA is the LIA’s Board of Trustees………………………………………..Full Article: Source

LIA in Tripoli dismisses claims of handover to steering committee as “simply untrue”

Posted on 09 September 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) in Tripoli has dismissed reports today of a handover of power to an interim steering committee, confirming that AbdulMagid Breish remains Chairman of the sovereign wealth fund.
Libya Al Eqtisadiya and Libya Channel reported today that a steering committee had taken over the responsibility for managing the LIA following a handover process. The steering committee was purportedly appointed by the Presidency Council through Resolution 115 on 15 August 2016. However the LIA has argued that this purported appointment was invalid as it violated Libyan law………………………………………..Full Article: Source

Behind the 1MDB scandal: How banks missed clues and bowed to pressure

Posted on 07 September 2016 by VRS  |  Email |Print

Financier Jho Low, who investigators believe is at the centre of one of the largest-ever financial scandals, kept up a stream of messages to an official at AmBank Bhd. Mr Low was obsessed about how the bank handled the peculiar accounts of Malaysian Prime Minister Najib Razak.
Don’t let people outside the bank or more than a few people inside know about the accounts, he instructed. Use Gmail, not the bank’s email system, for communication. Whatever you do, don’t send credit-card statements to the prime minister’s house………………………………………..Full Article: Source

Temasek reorganises its philanthropic organisations to better serve community

Posted on 07 September 2016 by VRS  |  Email |Print

Investment company Temasek announced on Tuesday (Sept 6) the launch of its new philanthropic platform, to better serve the evolving needs of the community. “The new platform aims to enhance overall effectiveness by optimising resources in the delivery of programmes to beneficiaries, and to increase collaboration to achieve better outcomes,” said Temasek in a statement.
The platform includes six foundations - instead of eight non-profit philanthropic organisations previously - managing several endowment funds; Temasek Trust which provides financial oversight and governance over the foundations; and a new entity called Temasek Foundation Management Services to drive collaboration among and provide support services for all the foundations………………………………………..Full Article: Source

SMRT shareholders to vote on Temasek offer on Sept 29

Posted on 06 September 2016 by VRS  |  Email |Print

The move to take listed SMRT private will face a public test at the end of the month, when minority shareholders vote on whether to approve the acquisition by Temasek Holdings, the Republic’s investment firm.
In a notice posted on SGX’s website, the transport operator said the vote would be held on Sept 29, following an extraordinary general meeting on the proposed sale of its operating assets to the Land Transport Authority (LTA) as part of the transition to a new rail financing framework………………………………………..Full Article: Source

Behind the 1MDB Scandal: Banks That Missed Clues and Bowed to Pressure

Posted on 06 September 2016 by VRS  |  Email |Print

Financier Jho Low, who investigators believe is at the center of one of the largest-ever financial scandals, kept up a stream of messages to an official at AmBank Bhd. Mr. Low was obsessed about how the bank handled the peculiar accounts of Malaysian Prime Minister Najib Razak.
Don’t let people outside the bank or more than a few people inside know about the accounts, he instructed. Use Gmail, not the bank’s email system, for communication. Whatever you do, don’t send credit-card statements to the prime minister’s house………………………………………..Full Article: Source

LIA rival chairmen agree to resolve rift, say Presidential Council order is illegal

Posted on 05 September 2016 by VRS  |  Email |Print

The two claimants to the position of Chairman of the Libyan Investment Authority (LIA) in Tripoli and Tobruk, AbdulMagid Breish and Fawzi Omran Farkash, met on August 29 to resolve the long-running dispute between the LIA in Tripoli and the parallel LIA operation in Tobruk.
Both sides agreed to restore the LIA’s Litigation Committee, which was originally established by the Tripoli-based LIA’s Chairman, Breish, in 2013 with the aim to supervise the international litigations he initiated to recover sums that were misappropriated from the Libyan people, including those misappropriated by Goldman Sachs and Société Générale………………………………………..Full Article: Source

Leonardo DiCaprio’s charity urged to repay donations linked to 1MDB Malaysian fund scandal

Posted on 02 September 2016 by VRS  |  Email |Print

The charity of Hollywood A-lister Leonardo DiCaprio has been urged to repay money it received which is linked to the Malaysian state fund 1MDB currently mired in an embezzlement scandal.
The US Department of Justice says that donations made to the Leonardo DiCaprio Foundation, (LDF), which is an environmental charity, came from billions allegedly siphoned from the sovereign wealth fund set up in 2009 by Malaysia’s prime minister Najib Razak………………………………………..Full Article: Source

Norwegian Government Pension Fund Global: Fund urged to help foster tax transparency

Posted on 01 September 2016 by VRS  |  Email |Print

As a small country in charge of a not-so-small sovereign wealth fund, it is hardly surprising that the NOK7.1trn (€762bn) Government Pension Fund Global’s (GPFG) power for good or bad causes some level of anxiety in Norway.
The latest worries have resulted in a calm but potentially far-reaching political move. At the beginning of June, the Storting, Norway’s parliament, passed a proposal from the cross-party finance committee to ask the fund’s manager, Norges Bank Investment Management, to consider drafting an expectation document on the subject of tax for the companies in which the fund invests………………………………………..Full Article: Source

Tackle 1MDB affair urgently, Catholic bishops say

Posted on 01 September 2016 by VRS  |  Email |Print

Malaysia’s Catholic bishops believe that critical issues affecting the country, such as the 1Malaysia Development Bhd (1MDB) affair, need to be resolved urgently. In its National Day message, the Catholic Bishops Conference of Malaysia admitted that while the country has advanced in many sectors, there are also issues that need to be addressed.
“These include the controversial National Security Council (NSC) Act, which is perceived as being contrary to democratic norms, the volatile financial situation with a high cost of living aggravated by excessive levies, retrenchment of workers, corruption and wastages and, particularly, the 1MDB affair………………………………………..Full Article: Source

Complex, Obscure Financial Transactions behind 1MDB

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s 1Malaysia Development Berhad (1MDB) scandal reached a crescendo in July 2016. The US Attorney General claimed that more than US$3.5 billion belonging to 1MDB was ‘allegedly misappropriated by high-level officials of 1MDB and their associates’ between 2009 and 2015. The case is officially closed in Malaysia, but Prime Minister Najib Razak’s difficulties remain.
In 2015, evidence reported by The Wall Street Journal and individuals associated with the anti-government website, Sarawak Report, suggested that Najib had received around US$680 million into his personal account………………………………………Full Article: Source

Malaysian newspapers suspended over 1MDB reports can claim damages, court rules

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s Home Minister and the ministry’s secretary-general have been ordered to pay damages to the publisher of two local publications that were suspended last year following its series of reports about the 1Malaysia Development Berhad (1MDB) scandal.
According to The Star, the Court of Appeal ruled that the publisher – The Edge Communications Sdn Bhd – is entitled to claim for damages, after upholding the previous decision of a lower court. “We have reached our unanimous decision. We think that the respondent (the publisher) has passed the threshold under the law to claim for damages,” Justice Mohd Zawawi Salleh, who was chairing a three-man panel, was quoted saying when dismissing the ministry’s case………………………………………Full Article: Source

Turkey publishes law to set up sovereign wealth fund

Posted on 29 August 2016 by VRS  |  Email |Print

A law to establish a Turkish sovereign wealth fund intended to boost annual growth over the next decade was published in the country’s Official Gazette on Friday. After the defeated July 15 coup attempt, the Turkish government in August introduced a bill to parliament to setting up a wealth fund to keep growth on track and reassure investors unnerved by the upheaval.
Financing for the fund, which aims to lead annual growth of 1.5 percent over next decade, will be provided by government asset sales, cash surpluses from the state privatization fund and other state institutions, the draft law reads………………………………………..Full Article: Source

Kuala Lumpur rally calls for arrest of 1MDB’s ‘Malaysian Official 1′

Posted on 29 August 2016 by VRS  |  Email |Print

As many as 1,000 protesters marched in Malaysia’s capital on Saturday to protest the scandal surrounding 1MDB, the country’s troubled sovereign wealth fund. The protesters called for the arrest of “Malaysian Official 1,” an unnamed official who appeared repeatedly in a U.S. Department of Justice (DOJ) lawsuit in July in relation to a series of alleged thefts from the fund, which was set up by Prime Minister Najib Razak in 2009 to invest in strategically important assets.
The civil lawsuit alleged that more than $3.5 billion was looted from 1Malaysia Development Berhad (1MDB) and laundered through various shell companies by officials and others connected with the wealth fund………………………………………..Full Article: Source

Firm that received 1MDB funds invested in Italian F1 team

Posted on 29 August 2016 by VRS  |  Email |Print

The name ‘Vasco’ came into Malaysian public consciousness after US investigations concluded that US$472.75 million out of the US$3.657 billion allegedly misappropriated from 1MDB went to Vasco Investments Services SA. Vasco Investments Services SA is the management firm of Vasco Trust, the vehicle of United Arab Emirates (UAE) tycoon Khadem Al-Qubaisi.
According to Sarawak Report, 1MDB funds is not the only sovereign wealth fund which became a target of Khadem’s Vasco Trust as International Petroleum Investment Company (IPIC), UAE’s sovereign wealth fund, also found its money being funnelled into Khadem’s interests………………………………………..Full Article: Source

Najib’s 1MDB stolen bullions used to fund night-club

Posted on 26 August 2016 by VRS  |  Email |Print

Khadem Al Qubaisi Owned Hakkasan (HKK) Entertainment Empire As Part of the Vasco Trust Web Of Companies. On 24th October 2013 a team of lawyers from the New York law firm Greenberg Traurig (‘gtlaw’) emailed the Abu Dhabi based New Zealand lawyer, Jim Sullivan, at the time a Board Member of the wealth fund IPIC and also of its subsidiary Falcon Bank.
The CEO of IPIC, of course, was Khadem Al Qubaisi (KAQ), who is currently under arrest in Abu Dhabi and the subject of extensive anti-money laundering investigations in a number of countries. The subject of the email was the purchase of a $50 million penthouse in New York’s Walker Tower, one of the properties subject to a seizure notice by the US Department of Justice, owing to the fact that it was purchased through KAQ’s Vasco Investment Services SA (manager of his Vasco Trust in Luxembourg), which received over half a billion dollars stolen from Malaysia’s development fund 1MDB………………………………………..Full Article: Source

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.
The troubles surrounding 1Malaysian Development Berhad (1MDB), a state investment fund created by the Malaysian government to promote economic development in the country, has garnered increased headlines in recent days after it was discovered that actor Leonardo DiCaprio’s foundation is linked to the foreign entity………………………………………..Full Article: Source

Libya wealth fund claimant denounces UN-backed govt’s plan

Posted on 24 August 2016 by VRS  |  Email |Print

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.
Last week, the Government of National Accord (GNA) appointed a five-member caretaker committee to run the Libyan Investment Authority (LIA). The announcement was welcomed by Western governments, but it did not list AbdulMagid Breish amongst the panel members. The GNA was designed to resolve a conflict that flared up in 2014, when an armed alliance took control of institutions in Tripoli and the newly elected parliament relocated to the east………………………………………..Full Article: Source

Libya sovereign fund claimant denounces U.N.-backed govt’s management plan

Posted on 23 August 2016 by VRS  |  Email |Print

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.
Last week, the Government of National Accord (GNA) appointed a five-member caretaker committee to run the Libyan Investment Authority (LIA). The announcement was welcomed by Western governments, but it did not list AbdulMagid Breish amongst the panel members. The GNA was designed to resolve a conflict that flared up in 2014, when an armed alliance took control of institutions in Tripoli and the newly elected parliament relocated to the east………………………………………..Full Article: Source

1MDB-linked Leonardo DiCaprio pulls out of Hilary Clinton fundraiser

Posted on 23 August 2016 by VRS  |  Email |Print

Leonardo DiCaprio has abruptly dropped out of hosting a US$33,400-per-guest (S$45,200-per-guest) fundraiser lunch for Democratic presidential nominee Hillary Clinton at his Hollywood Hills home — just days before the event scheduled on Tuesday.
According to a report by The Hollywood Reporter, one source with experience planning presidential fundraisers said it would be a “no brainer” to keep DiCaprio away from a Clinton event, amid public scrutiny. DiCaprio and his Leonardo DiCaprio Foundation are facing questions over links to a US$3 billion embezzlement scheme surrounding Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB)………………………………………..Full Article: Source

Will Shahrol be made the 1MDB scapegoat?

Posted on 23 August 2016 by VRS  |  Email |Print

Former 1MDB chief executive officer Shahrol Halmi will likely be made the scapegoat in the multi-billion ringgit 1MDB scandal if police restrict their investigations as ordered by the cabinet, Petaling Jaya Utara MP Tony Pua says.
Pua said this in reference to the statement by inspector-general of police Khalid Abu Bakar yesterday that police investigations are restricted to the five Public Accounts Committee recommendations, as ordered by the cabinet. Pua, who is a Public Accounts Committee member, said the PAC recommendations were to do with corporate reorganisation………………………………………..Full Article: Source

Former Falcon Chairman and Abu Dhabi Official Arrested in 1MBD Probe-Report

Posted on 23 August 2016 by VRS  |  Email |Print

The former head of Abu Dhabi’s sovereign wealth fund was arrested in Abu Dhabi as part of a graft investigation into Malaysian state fund 1MDB, according to a report. Meanwhile, an elusive Malaysian at the heart of the probe may have been spotted off Hong Kong.
Khadem Al Qubaisi has emerged as a key figure in a global investigation into alleged fraud at 1MDB, The Wall Street Journal reported, citing several people familiar with the matter………………………………………..Full Article: Source

1MDB linchpin Khadem Al Qubaisi arrested by Abu Dhabi authorities

Posted on 22 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multi-billion-dollar fraud related to a Malaysian sovereign wealth fund.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr Qubaisi’s alleged role in the 1Malaysia Development Berhad, known as 1MDB, affair. No charges have been filed against him. Qubaisi was previously restricted from leaving the United Arab Emirates and had his ­assets in the country frozen, The Wall Street Journal reported in April………………………………………..Full Article: Source

Western Powers call Libyans to protect their sovereign fund

Posted on 19 August 2016 by VRS  |  Email |Print

France, Germany, Italy, Spain, Britain and the United States governments called Libyans to back the Presidential Council (PC) of the Government of National Accord (GNA) and to protect and preserve the institutions of Finance and their integrity for the benefit of the country and the Libyan people.
According to Reuters News Agency, the German Foreign Ministry said, on Thursday, that the six international powers also welcomed the interim panel to manage and run Libya’s sovereign wealth fund. Last Monday, the GNA said that it had appointed committee of five member caretakers to run $67 Billion sovereign wealth fund………………………………………..Full Article: Source

Western governments welcome panel to run Libyan wealth fund-Germany

Posted on 19 August 2016 by VRS  |  Email |Print

The governments of France, Germany, Italy, Spain, Britain and the United States welcomed the appointment in Libya of an interim panel to run the country’s sovereign wealth fund, Germany’s foreign ministry said on Thursday.
“The governments (of those countries) call on all Libyans to support the Libyan Government of National Accord (GNA) in preserving and protecting the independence and integrity of the Libyan Financial Institutions for the benefit of all Libyans,” the ministry said in a statement. Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the $67 billion sovereign wealth fund………………………………………..Full Article: Source

Key Figure in 1MDB Probe Is Arrested in Abu Dhabi

Posted on 19 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multibillion-dollar fraud related to a Malaysian sovereign-wealth fund, according to people familiar with the matter.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr. Qubaisi’s alleged role in the 1Malaysia Development Bhd., known as 1MDB, affair, the people said. No charges have been filed against him………………………………………..Full Article: Source

Court Papers Link DiCaprio Fund to Malaysia Finance Scandal

Posted on 19 August 2016 by VRS  |  Email |Print

Actor Leonardo DiCaprio’s environmentally focused charitable fund has been caught up in the federal investigation of a massive embezzlement case involving Malaysian sovereign-wealth fund 1MDB, writes The Hollywood Reporter.
A Justice Department complaint filed last month in federal court in Los Angeles does not target the recent Oscar winner but notes links between a “Hollywood Actor 1” and key figures in the scandal, notably Jho Low, a Malaysian financier and clubbing friend of Mr. DiCaprio’s who has been implicated in the reputed siphoning of $3 billion from 1MDB………………………………………..Full Article: Source

Turkey’s Sovereign Wealth Fund bill approved by Parliament

Posted on 18 August 2016 by VRS  |  Email |Print

Legislation to establish a management company for a Sovereign Wealth Fund (SWF), as well as amendments to various laws, was approved by the Parliamentary Planning and Budget Commission late on Tuesday.
The legislative proposal calls for the fund to be established to contribute to instrumental diversity and depth in capital markets, the main activity areas of which are to find and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. An SWF management company will be established to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

Zaid files suit for the return of cash allegedly from 1MDB, SRC

Posted on 18 August 2016 by VRS  |  Email |Print

Former minister in the prime minister’s department Datuk Zaid Ibrahim has filed a lawsuit against Datuk Seri Najib Razak and three others to recover the US$731 million (RM2.6 billion) and RM42 million allegedly banked into the prime minister’s accounts.
Zaid, through law firm Messrs Americk Sidhu, filed the Writ of Summons at the High Court Registry here yesterday. The legal action named Najib, sovereign wealth fund 1Malaysia Development Bhd (1MDB), the Malaysian government, and his stepson Riza Shariz Abdul Aziz as defendants………………………………………..Full Article: Source

Abu Dhabi Officials Linked to ‘Wolf of Wall Street’ Corruption Scandal Investigated in Switzerland

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, whose investment vehicle owns the Hakkasan group, and Mohamed al-Husseiny, who was put forward by Red Granite as the financier of ‘The Wolf of Wall Street,’ are being investigated.
Swiss authorities have stepped up their involvement in the growing Malaysian corruption scandal that has engulfed The Wolf of Wall Street, its producer Red Granite and star Leonardo DiCaprio. Less than a month after the U.S. Justice Department filed the biggest forfeiture seizure in its history, Swiss criminal investigators are now probing two of the lesser known individuals cited in the complaint, namely Middle Eastern executives who were allegedly instrumental in helping launder billions of dollars into the U.S………………………………………..Full Article: Source

The former chairman of the Hakkasan restaurant group is allegedly being investigated in a global embezzling case

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, the former head of Abu Dhabi’s state oil investment firm and the ex-chairman of the Hakkasan restaurant group, is allegedly being probed over suspected embezzling from Malaysia’s government wealth fund, 1MDB.
According to a report in the Financial Times, al-Qubaisi is allegedly being investigated by Swiss authorities over a possible role in a scheme to siphon funds from Malaysia’s sovereign wealth fund. The authorities suspect al-Qubaisi of “fraud, money-laundering and corruption,” according to a letter cited by the FT………………………………………..Full Article: Source

Cabinet cannot be above the nation and the law

Posted on 15 August 2016 by VRS  |  Email |Print

A draft law for amendments in certain governmental decrees consisting of 75 articles on the establishment of a Turkey Sovereign Wealth Fund was submitted to the Parliamentary Speaker’s Office on Aug. 1. Apart from the Sovereign Wealth Fund, there is an article in the draft, unheard of and unknown, that came to attention when the text was made available.
In accordance with the articles of the wealth fund, major infrastructure projects such as the nuclear power plant and the “Kanal Istanbul” project to be financed by the unemployment fund and privatizations……………………………………….Full Article: Source

banner
banner
banner
banner
September 2016
M T W T F S S
« Aug    
 1234
567891011
12131415161718
19202122232425
2627282930