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MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 09 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

Malaysia 1MDB: A Major Heist, An Unfortunate Pattern

Posted on 09 August 2016 by VRS  |  Email |Print

For decades, American stocks, treasury bonds, real estate, and business investments have provided stable and attractive opportunities for foreign money to grow. The United States’ laws protecting an individual’s financial assets have incentivized foreign investors to trust U.S. markets, to the point where billions of dollars worth of foreign currency are entrusted to foreign wealth funds.
These wealth funds, in turn, act as investors in American real estate, stocks, bonds, and other financial portfolios, to grow their domestic finances with common citizens’ money. This system has been successful for the world economy as a whole, as foreign investors held $6.2 trillion in U.S. government bonds, $5.9 trillion of U.S. stocks, and equity holdings of roughly $6 trillion last year……………………………………….Full Article: Source

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 08 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

New York regulator queries Goldman again on Malaysia’s 1MDB fund

Posted on 08 August 2016 by VRS  |  Email |Print

New York state’s financial regulator has sent a second request to Goldman Sachs Group Inc for information about its fundraising for Malaysian sovereign wealth fund 1MDB, a person familiar with the matter said.
The New York State Department of Financial Services (NYDFS), in a letter sent late on Thursday, also requested a meeting with Goldman on or before Aug. 31, the person said. The request follows a letter the regulator sent to Goldman last month seeking details on the matter………………………………………..Full Article: Source

New York regulator queries Goldman again on Malaysia’s 1MDB fund: source

Posted on 05 August 2016 by VRS  |  Email |Print

New York state’s financial regulator has sent a second request to Goldman Sachs Group Inc for information about its fundraising for Malaysian sovereign wealth fund 1MDB, a person familiar with the matter said.
The New York State Department of Financial Services (NYDFS), in a letter sent late on Thursday, also requested a meeting with Goldman on or before Aug. 31, the person said. The request follows a letter the regulator sent to Goldman last month seeking details on the matter. The source was not authorized to discuss the matter publicly………………………………………..Full Article: Source

Libyan Sovereign Wealth Fund case offers good lessons for Uganda

Posted on 04 August 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) has taken two international banks to courtseeking to recover over $3.3 billion (11 trillion shillings) that the oil-producing country lost in ‘bad deals’ that were initiated by the banks during former President Muammar Gaddafi’s reign.
LIA is attempting to recover $1.2 billion (about 4 trillion shillings) from a U.S investment bank, Goldman Sachs and another $2.1 billion (almost 7 trillion shillings) from French bank, Societe Generale. The country’s Sovereign Wealth Fund alleges that the two banks advised it to enter risky deals in 2008 that ended up being worthless………………………………………..Full Article: Source

Malaysia forfeits US support with 1MDB graft

Posted on 03 August 2016 by VRS  |  Email |Print

The US Justice Department’s decision to seize more than $1bn in assets allegedly stolen from Malaysia’s sovereign wealth fund has sent shockwaves through the Southeast Asian nation. Until the US announcement last month, most Malaysians were resigned to creeping authoritarianism in their country as the prime minister, Najib Razak, concentrated power in his hands and eviscerated the last vestiges of independent governance.
Najib has in effect removed anyone — from the deputy prime minister to the attorney-general — who questioned his role in the alleged theft of billions of dollars from 1 Malaysia Development Berhad (1MDB), the sovereign wealth fund he established in 2009………………………………………..Full Article: Source

1MDB Figure Bought Stake in Wall Street Firm Electrum Group

Posted on 03 August 2016 by VRS  |  Email |Print

Malaysian financier Jho Low’s Jynwel Capital made a $150 million investment in Electrum in 2012, purchasing a 7% piece of the firm. U.S. prosecutors have linked Malaysia’s prime minister to hundreds of millions of dollars allegedly siphoned from one of the country’s economic-development funds to buy hotels, luxury real estate, fine art and back the 2013 film “The Wolf of Wall Street.”
So far, investigators haven’t publicly identified money that may have flowed to Wall Street. But 3½ years ago, a New York investment firm run by Thomas Kaplan received $150 million from Malaysian financier Jho Low, a confidant of the prime minister, Najib Razak, according to the Justice Department’s complaint filed late last month………………………………………..Full Article: Source

China Communications Construction Company denies 1MDB claim

Posted on 01 August 2016 by VRS  |  Email |Print

China Communications Construction Company, the new owner of Australian engineering group John Holland, has denied involvement in an alleged plot to cover up a multi-billion-dollar corruption scandal at Malaysian sovereign wealth fund 1MDB by inflating a railway contract.
The allegations were published last week by London-based Sarawak Report, which was subsequently repeated by Asian media outlets. Then-treasurer Joe Hockey allowed CCCC to buy John Holland from Leighton Holdings for $853m in April last year, even though the World Bank has banned the Chinese giant from work on its projects until next year due to “fraudulent prac­tices”………………………………………..Full Article: Source

LIA-Goldman courtroom clash enters final straight

Posted on 01 August 2016 by VRS  |  Email |Print

Colourful case between a US investment bank and the Libyan wealth fund awaits ruling. It is a heady tale of prostitutes, multimillion dollar trades and rainmakers at the world’s most powerful investment bank set against a backdrop of locations such as Libya, Morocco and Dubai.
The $1bn case brought by the Libyan Investment Authority against Goldman Sachs over nine disputed trades which concluded this week, had all the necessary ingredients to make it one of the most colourful London High Court trials for years………………………………………..Full Article: Source

US Lawsuit Against Malaysia’s 1MDB: Who is ‘Official 1′?

Posted on 29 July 2016 by VRS  |  Email |Print

The United States Department of Justice has filed a lawsuit against some individuals accused of using an investment firm owned by the Malaysian government to steal more than $1 billion.
The lawsuit also mentioned a certain “Malaysian Official 1,” prompting many to ask if it refers to Prime Minister Najib Razak since he has control over the 1Malaysian Development Berhad (1MDB) investment firm and his stepson is one of the accused. The lawsuit aims to recover some 17 assets in the United States, which have been allegedly acquired through 1MDB funds………………………………………..Full Article: Source

White-shoe US law firm linked to over $1bn embezzled from 1MDB

Posted on 29 July 2016 by VRS  |  Email |Print

Shearman & Sterling LLP has become embroiled in the US Department of Justice’s largest asset forfeiture case yet connected to the 1Malaysia Development Berhad (1MDB) controversy.
In a scandal that has gripped Malaysia and is seeing investigations commenced in a number of countries including the US and Switzerland, people close to beleaguered Malaysian Prime Minister Najib Razak are alleged to have stolen billions of dollars from the Malaysian sovereign wealth fund………………………………………..Full Article: Source

Saudi royal oil group at heart of 1MDB case

Posted on 28 July 2016 by VRS  |  Email |Print

US justice department claims $1bn of Malaysian funds for PetroSaudi venture was siphoned off. It is the tale of a little-known but well-connected oil company that was co-founded by a Saudi prince and claims to be a “partner of choice” for multinationals.
But US authorities have now left PetroSaudi International grappling with questions over its dealings with the scandal-racked 1MDB, the Malaysian state wealth fund. US investigators last week threw their weight behind longstanding claims that $1bn of Malaysian public money meant for 1MDB’s joint venture with PetroSaudi was instead siphoned off to a Malaysian businessman, who splurged millions on art, partying and a Hollywood film………………………………………..Full Article: Source

Fund Lawyer Who Worked With Goldman Holds 1MDB Clues, U.S. Says

Posted on 28 July 2016 by VRS  |  Email |Print

She was the general counsel for Malaysia’s 1MDB investment fund. She was also 1MDB’s liaison to Goldman Sachs Group Inc., the global bank that helped it raise $6 billion.
After one of the big sales led by Goldman Sachs, $5 million of the cash raised for 1MDB traveled through shell companies and ended up in her Swiss bank account, the U.S. said in complaints filed last week………………………………………..Full Article: Source

Goldman Sachs’ 1MDB woes deepen on conflict of interest lawsuit

Posted on 27 July 2016 by VRS  |  Email |Print

Former client EON Capital claims fraudulent misrepresentations over Malaysian bank takeover. Goldman Sachs’ troubles stemming from the 1MDB scandal deepened on Tuesday, as the bank was sued for more than $500m by a shareholder of a former client claiming fraudulent misrepresentations and breaches of fiduciary duties.
The lawsuit, which was filed in New York State court, concerns advice that Goldman gave to a Malaysian bank, EON Capital, which was subject to a December 2009 bid by a domestic rival, Hong Leong Bank, to create the country’s fourth-biggest lender by assets………………………………………..Full Article: Source

Goldman is sued in U.S. over merger linked to Malaysia’s 1MDB

Posted on 27 July 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc (GS) was sued on Tuesday by a major shareholder of a Malaysian bank it once advised, and which accused the Wall Street bank of fraudulently shortchanging it in a merger to curry favor with that country’s prime minister.
In a complaint filed with the New York State Supreme Court in Manhattan, Primus Pacific Partners said it was seeking $510 million of damages from Goldman and former Managing Director Tim Leissner, after the bank concealed its conflicts of interest with Prime Minister Najib Razak and Malaysia’s 1MDB sovereign wealth fund………………………………………..Full Article: Source

Goldman Accused of Betrayal to Curry Malaysian PM’s Favor

Posted on 27 July 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc. has another Malaysia problem. The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the billion-dollar state fund.
Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. for $1.7 billion in May 2011. Goldman used EON’s confidential information to help the bank buy EON on the cheap knowing that Najib’s brother served as a board member and another brother chaired the investment firm advising the bank, Primus Pacific Partners 1 LP said in the complaint………………………………………..Full Article: Source

Goldman Sachs abused trust in dealings with Libyan LIA, fund’s lawyer tells trial

Posted on 27 July 2016 by VRS  |  Email |Print

Goldman Sachs abused its position as a trusted adviser to Libya’s sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank’s dealings to a forensic degree of scrutiny.
In a trial at London’s High Court, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through “undue influence” and “unconscionable bargaining”………………………………………..Full Article: Source

Goldman Sachs abused trust in dealings with Libyan LIA, fund’s lawyer tells trial

Posted on 27 July 2016 by VRS  |  Email |Print

Goldman Sachs abused its position as a trusted adviser to Libya’s sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank’s dealings to a forensic degree of scrutiny.
In a trial at London’s High Court, the Libyan Investment Authority (LIA) is attempting to claw back US$1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through “undue influence” and “unconscionable bargaining”. The LIA argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source

Singapore Vows Tougher Stance After 1MDB Dents Reputation

Posted on 26 July 2016 by VRS  |  Email |Print

Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.
The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday………………………………………..Full Article: Source

Singapore to further boost money laundering controls amid 1MDB-linked probe

Posted on 26 July 2016 by VRS  |  Email |Print

Singapore’s central bank said it will enhance controls against money laundering and take swift action against banks following damaging findings that financial institutions in the city-state handled money flows linked to Malaysian state fund 1MDB.
“There is no doubt that the recent findings have made a dent in our reputation as a clean and trusted financial centre,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at its annual news conference on Monday. “MAS is determined to fix the problem, working together with the industry.”……………………………………….Full Article: Source

Shearman & Sterling bank account linked to stolen Malaysian $1bn

Posted on 26 July 2016 by VRS  |  Email |Print

Shearman & Sterling has become unwittingly caught up in the middle of the largest ever asset seizure by the US Department of Justice’s anti-corruption unit. Funds transferred to the law firm’s bank account are alleged to have financed the “luxurious lifestyles” of several businessmen associated with the 1Malaysia Development Berhad (1MDB) sovereign wealth fund.
In civil filings to the United States District Court in Los Angeles, Shearman & Sterling is purported to have held millions of dollars in stolen funds in an Interest on Lawyer Account (IOLA) in the US………………………………………..Full Article: Source

1MDB’s German Connection

Posted on 25 July 2016 by VRS  |  Email |Print

Two German banks are named by the U.S. Justice Department in connection to Malaysian sovereign wealth fund 1MDB, and Volkswagen halts sales of most of its models in South Korea as it is investigated for falsifying emissions and noise data.
In the fallout to Asia’s version of the Panama Papers scandal, the U.S. Justice Department named two German banks in its investigation into money laundering from Malaysian sovereign wealth fund 1 MDB. Deutsche Bank allegedly transferred $700 million, and investigators found $55 million in fund money sitting in BHF, a Frankfurt bank. Neither bank is accused of wrongdoing, but any connection to Malaysian officials who used a public trust as private bank accounts is one too many………………………………………..Full Article: Source

Who are 1MDB Officers 1, 2, 3 and the others in US list?

Posted on 25 July 2016 by VRS  |  Email |Print

KiniGuide In the US Department of Justice’s recent filings related to the 1MDB scandal, among the relevant individuals named in the suit are ‘1MDB Officer 1’, ‘1MDB Officer 2’, and ‘1MDB Officer 3’. Like the much-reported ‘Malaysian Official 1’ in the document, the names of these other 1MDB officers are also concealed throughout the document.
And yet, there are tantalising clues throughout the 136 pages of the DOJ document. Thus far, little attention has been given to the identities of these 1MDB officers. In this instalment of KiniGuide, we look back at the history of the 1MDB scandal in an attempt to shed some light on this mystery, as well as on several others who have not been identified by name in the court filings………………………………………..Full Article: Source

Swiss seize Monet, van Gogh works amid U.S. probe of Malaysian fund

Posted on 25 July 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1-billion (U.S.) in assets bought with money stolen from a state fund he oversaw.
The U.S. Justice Department lawsuits filed in a federal court on Wednesday did not name Najib, instead referring to “Malaysian Official 1.” Some of the allegations against this official were the same as those in a Malaysian investigation into a $681-million transfer to the premier’s personal bank account………………………………………..Full Article: Source

Were You at the 1MDB Party?

Posted on 22 July 2016 by VRS  |  Email |Print

The thing with the kind of investigation currently engulfing Malaysia’s sovereign investment fund 1MDB is that it’s hard to assess where the risk for investors ends. Unless you know exactly who was involved and to what extent, you might have to add a premium or a discount for companies with potential dotted lines to the eye of the storm.
The Monetary Authority of Singapore said Thursday it had found “instances of control failings” in the local units of UBS and Standard Chartered, as well as at the country’s biggest bank, DBS Group Holdings………………………………………..Full Article: Source

Malaysian State Fund Tied up in Money Laundering Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

A spokesman for Malaysian premier stated that 1MDB has been the subject of multiple inquiries in Malaysia and “the attorney general found that no crime was committed.” US prosecutors are trying to seize more than $1 billion in assets they said were tied to money stolen from the Malaysian state fund, overseen by the prime minister and used to finance The Wolf of Wall Street film, and to buy property and works of art.
Civil lawsuits filed in federal court on Wednesday did not name Malaysian premier Najib Razak, referring instead to “Malaysian Official 1.” Some of the allegations against this official are the same as those in a Malaysian investigation over a $681 million transfer to his personal bank account………………………………………..Full Article: Source

UBS, StanChart, DBS face actions by MAS

Posted on 22 July 2016 by VRS  |  Email |Print

Singapore’s regulator will take “firm regulatory actions” against UBS, Standard Chartered and DBS bank for serious failings in anti-money laundering controls relating to flows of cash linked to Malaysia’s state investment fund 1MDB.
The Monetary Authority of Singapore said in a statement on Thursday that inspections had found instances of control failings in all three banks. In some cases there were weaknesses in the process for accepting clients and monitoring transactions……………………………………….Full Article: Source

Singapore Seizures Ensnare Three Big Banks in Sovereign Fund Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

The scandal surrounding Malaysia’s sovereign wealth fund 1MDB has roped in three major banks, with Singapore’s investigations alleging failures and weaknesses at DBS Bank (DBSDY), Standard Chartered (SCBFF) and UBS (UBS) . That comes right after the largest-ever forfeiture complaint by the kleptocracy unit of the U.S. Justice Department, which has filed to seize more than $1 billion in assets in the United States.
Singapore has seized S$240 million ($177 million) in suspicious bank accounts in the city, its forces said in a statement issued on Wednesday. Half of the money belongs to the Malaysian businessman Low Taek Jho — a socialite known as Jho Low — and his family………………………………………..Full Article: Source

Trial date for Libya fund suit against SocGen pushed back to April

Posted on 22 July 2016 by VRS  |  Email |Print

A trial date for a lawsuit brought by Libya’s $67 billion (51 billion pounds) sovereign wealth fund against French investment bank Societe Generale was pushed back to April 25, 2017, by a judge’s ruling in London’s High Court.
The case, in which the Libyan Investment Authority (LIA) is pursuing Societe Generale for some $2.1 billion in relation to disputed trades, was originally scheduled to come to trial in January 2017. The judge’s ruling came in response to a request for an adjournment by lawyers for the French bank, who had cited the volume of work that still needed to be done………………………………………..Full Article: Source

U.S. Sues To Recover Funds Allegedly Stolen From Malaysian Government Fund

Posted on 21 July 2016 by VRS  |  Email |Print

The U.S. Department of Justice has filed civil complaints seeking to recover a billion dollars’ worth of art, real estate and other assets bought with money allegedly stolen from a Malaysian sovereign wealth fund.
U.S. officials say a total of $3.5 billion, raised through bond offerings made by the investment fund 1MDB between 2009 and 2015, was laundered through a series of sham transactions and shell corporations by “high level officials” of the fund and their associates. The U.S. is seeking to reclaim only about $1 billion right now, because that’s how much officials have been able to trace through the system………………………………………..Full Article: Source

US moves to seize $1bn in Malaysia assets

Posted on 21 July 2016 by VRS  |  Email |Print

Van Gogh paintings, Beverly Hills properties and the rights to profits from the hit movie The Wolf of Wall Street were among $1bn in assets US prosecutors moved to seize on Wednesday as part of a sprawling anti-money laundering investigation into Malaysia’s sovereign wealth fund.
In one of the largest seizures in US history, federal law enforcement agents also appeared to link Najib Razak, Malaysia’s prime minister, to a web of corrupt officials receiving stolen funds………………………………………..Full Article: Source

US goes after more than $1B taken from Malaysian fund

Posted on 21 July 2016 by VRS  |  Email |Print

The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.”
The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets………………………………………..Full Article: Source

Corrupt officials used Malaysia state fund 1MDB as private bank account

Posted on 21 July 2016 by VRS  |  Email |Print

US Attorney-General Loretta Lynch said on Wednesday (July 20) that a number of corrupt officials had treated Malaysia state fund 1Malaysia Development Berhad (1MDB) as their private bank account.
She was delivering prepared remarks to announce a new legal action to seize more than US$1 billion (S$1.36 billion) in assets including luxury real estate and a jet allegedly bought with money pilfered from the 1MDB state investment fund………………………………………..Full Article: Source

Goldman Sachs under spotlight in Malaysian fund scandal

Posted on 21 July 2016 by VRS  |  Email |Print

Goldman Sachs’ work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials in the southeast Asian country.
The Wall Street bank helped 1MDB raise $6.5 billion in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy. Instead, more than $2.5 billion raised from those bonds was misappropriated by high-level 1MDB officials, their relatives and associates, U.S. Department of Justice civil lawsuits filed in court on Wednesday said………………………………………..Full Article: Source

SocGen seeks to push back trial date in Libya fund case

Posted on 20 July 2016 by VRS  |  Email |Print

French investment bank Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya’s US$67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009.
At London’s High Court, Adrian Beltrami, a lawyer acting for SocGen, requested an adjournment, citing the amount of work that still needed to be done before the three-month trial is scheduled to start on January 23, 2017. The Libyan Investment Authority (LIA) is pursuing the French bank for some US$2.1 billion in relation to the disputed trades………………………………………..Full Article: Source

Big funds push back against activist investor settlements

Posted on 19 July 2016 by VRS  |  Email |Print

After years of support for companies that hand board seats to activists to avoid a bruising public fight, some of the world’s largest institutional investors are pushing back.
BlackRock Inc , the world’s largest asset manager, and Norges Bank Investment Management, Norway’s $872 billion sovereign wealth fund are among the major funds resisting, encouraging companies to consult them before responding to an activist………………………………………..Full Article: Source

Russia’s Reserve Fund, National Wealth Fund will not be depleted

Posted on 19 July 2016 by VRS  |  Email |Print

The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday.
“We will not bring the Reserve Fund and the National Wealth Fund to the condition of complete depletion. The budget deficit will be contracted. It will be financed at the expense of renewable sources, privatization and government bonds floating in the first instance. Then expenditures from sovereign funds will stop,” the official said………………………………………..Full Article: Source

SocGen seeks to push back trial date in Libya fund case

Posted on 19 July 2016 by VRS  |  Email |Print

French investment bank Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya’s $67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009.
At London’s High Court, Adrian Beltrami, a lawyer acting for SocGen, requested an adjournment, citing the amount of work that still needed to be done before the three-month trial is scheduled to start on January 23, 2017. The Libyan Investment Authority (LIA) is pursuing the French bank for some $2.1 billion in relation to the disputed trades………………………………………..Full Article: Source

SocGen used the codewords ‘Pizza,’ ‘Zorro,’ and ‘the Men in Black’ to hide corruption, Libyan fund alleges

Posted on 19 July 2016 by VRS  |  Email |Print

Libya’s sovereign wealth fund is seeking information on alleged “codewords” used by Societe Generale staff to mask bribery and corruption, in a $2 billion (£1.5 billion) lawsuit.
The Libyan Investment Authority asked a London court to require the lender to reveal the meaning of words such as “cooking,” “pizza” and the “Men in Black,” which feature in documents disclosed by SocGen. The LIA is suing SocGen for $2 billion, claiming the bank intimidated and bribed Libyan officials to carry out five trades between 2007 and 2009………………………………………..Full Article: Source

SocGen seeks to push back trial date in Libya fund case

Posted on 19 July 2016 by VRS  |  Email |Print

French investment bank Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya’s US$67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009.
At London’s High Court, Adrian Beltrami, a lawyer acting for SocGen, requested an adjournment, citing the amount of work that still needed to be done before the three-month trial is scheduled to start on January 23, 2017. The Libyan Investment Authority (LIA) is pursuing the French bank for some US$2.1 billion in relation to the disputed trades………………………………………..Full Article: Source

Singapore ‘in pursuit of 1MDB links’

Posted on 19 July 2016 by VRS  |  Email |Print

Singapore’s central bank was scrutinising several banks, including UBS and DBS Group Holdings, to see if they broke rules against money laundering in handling transactions linked to scandal-hit Malaysian state fund 1MDB, three people with knowledge of the matter said.
The Monetary Authority of Singapore was looking at several aspects of the banks’ operations, sources said. Switzerland’s Falcon Private Bank and Coutts International, which is owned by Geneva-based Union Bancaire Privee, were also under review, they said………………………………………..Full Article: Source

Trades with Goldman too complex for Libya’s SWF

Posted on 18 July 2016 by VRS  |  Email |Print

Nine disputed trades that Libya’s sovereign wealth fund (SWF) entered into with Goldman Sachs were unsuitable by “dint of risk and complexity”, according to an expert witness at a trial in London’s High Court.
The Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from Goldman Sachs from the trades carried out in 2008. It argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source

UBS, DBS, Falcon face Singapore scrutiny over 1MDB transactions-sources

Posted on 18 July 2016 by VRS  |  Email |Print

Singapore’s central bank is scrutinising several banks, including UBS and DBS Group Holdings, to see if they broke anti-money laundering rules in handling transactions linked to scandal-hit Malaysian state fund 1MDB, three people with knowledge of the matter said.
The Monetary Authority of Singapore (MAS) is looking at several aspects of the banks’ operations including whether they were diligent enough in knowing who their customers were and what the source of their funds was, and whether they were particularly careful in screening politically-exposed persons such as government officials, banking and legal sources aware of the review said……………………………………….Full Article: Source

UBS ‘flagged shady 1MDB transactions’ to MAS

Posted on 15 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Berhad (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said. The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private.
At least US$1.24 billion (S$1.66 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi firm, investigative blog Sarawak Report said on July 11. A UBS spokesman declined to comment on the 1MDB transfers………………………………………..Full Article: Source

Goldman Sachs’ $5 billion Libya trades: most traders wouldn’t see that ‘in their lifetime’

Posted on 15 July 2016 by VRS  |  Email |Print

An expert witness in the litigation between Goldman Sachs and Libya’s sovereign wealth fund said disputed trades of $5 billion were bigger than most traders would see in their careers, making the profits difficult to compare to industry standards.
Will Lyons, a former head of equity derivatives trading at Santander who is acting as an expert witness for Goldman Sachs, said: “I regard the size of these trades as very large and very seldom would you see transactions this size in the market,” under cross-examination from Roger Masefield, the Libyan Investment Authority’s lawyer on Wednesday………………………………………..Full Article: Source

UBS said to have flagged suspicious 1MDB transactions to MAS

Posted on 14 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Bhd (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said.
The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private. At least US$1.24 billion (S$1.67 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI SA in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi company, UK-based investigative blog Sarawak Report said on July 11………………………………………..Full Article: Source

Pua asks whether Deloitte was hoodwinked by 1MDB

Posted on 13 July 2016 by VRS  |  Email |Print

DAP lawmaker Tony Pua has questioned whether audit firm Deloitte Malaysia was “bluffed” by 1MDB into believing that the troubled state investment fund had redeemed its controversial Cayman Islands investment in 2014.
At that time, there was great concern over 1MDB’s US$2.318 billion investment in an obscure investment fund based in Cayman Islands. The authenticity of the investment was publicly questioned and the company came under immense pressure, resulting in the demand for the money to be repatriated………………………………………..Full Article: Source

Sahara inks Rs 10k crore deal with ‘Qatar fund’ for sale of hotels

Posted on 12 July 2016 by VRS  |  Email |Print

The Sahara group on Monday sought the Supreme Court’s clearance to its proposed sale of three overseas hotels to Qatar Investment Authority (QIA), which is part of Qatar’s sovereign wealth fund.
Appearing for the group, senior advocate Kapil Sibal promised Rs 300 crore more by August 3 and said the group wanted to transfer to the SC-created Sebi-Sahara account Rs 200 crore (24 million pounds) already advanced to it by Kassiopeia Holdings Ltd over the deal relating to Grosvenor House Hotel in London………………………………………..Full Article: Source

1MDB agrees to arbitration request filed by IPIC, Aabar over US$6.5b claim

Posted on 12 July 2016 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) said it has agreed today to the request for arbitration (RFA) filed by International Petroleum Investment Co (IPIC) and Aabar Investments PJS (Aabar) at the London Court of International Arbitration.
In a statement, 1MDB said it is confident of its legal position and has submitted a formal and “robust” response to the RFA through its legal counsel, Weil Gotshal & Manges, a specialist in international litigation. “1MDB reiterates that, notwithstanding the dispute with IPIC, it will continue to implement the rationalisation plan and remains able to honour its current debt obligations,” it added………………………………………..Full Article: Source

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