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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

Swiss private bank linked to Malaysia scandal

Posted on 15 August 2016 by VRS  |  Email |Print

A former unit of US insurance giant AIG is in the crosshairs of global regulators on an international hunt for billions of dollars — hot money misappropriated, they suspect, from the controversial Malaysian sovereign wealth fund 1MDB in a scandal that has rocked Goldman Sachs, The Post has learned.
Falcon Private Bank, once a sleepy outpost of American International Group, is in the spotlight as reports have emerged of its dealings with 1MDB, or 1Malaysia Development Berhad………………………………………..Full Article: Source

1MDB scandal: Malaysian PM Najib Razak says no one can force him out of office

Posted on 15 August 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has made it clear that he has no plans to either quit as the country’s premier or to go on leave, despite facing increasing pressure in the wake of the scandal surrounding sovereign fund, 1Malaysia Development Fund Berhad (1MDB).
Najib said that he would continue to serve Malaysians as best as he could and hoped critics would let him do his job. “I am not going to cave in to pressure to go on leave.” He pledged to pass the baton to his successor but only when the time was right, The Star reports. “I was chosen democratically and no one could force me out just like that,” he insisted………………………………………..Full Article: Source

1MDB case: KL trying to settle

Posted on 11 August 2016 by VRS  |  Email |Print

Malaysia is keen to reach a settlement with Abu Dhabi’s sovereign wealth fund over a US$6.5 billion (S$8.7 billion) dispute with 1Malaysia Development Berhad (1MDB), as the stand-off heads into arbitration next month.
The talks with Abu Dhabi’s International Petroleum Investment Company (IPIC) will help the government decide on legal action against 1MDB’s previous management or directors over the soured dealings, Second Finance Minister Johari Abdul Ghani told The Straits Times in an interview last week………………………………………..Full Article: Source

HKMA: Individuals Act as HKMC Employees to Falsely Solicit Biz; Reported to Police

Posted on 11 August 2016 by VRS  |  Email |Print

Hong Kong Monetary Authority (HKMA) announced that it has come to the notice of the Hong Kong Mortgage Corporation Limited (HKMC) that there have been cases of individuals posing as its employees to falsely solicit business opportunities.
These instances include individuals presenting a forged business card of the HKMC or suspected of making telephone calls purportedly on behalf of the HKMC. The HKMC wishes to inform the public that these impostors are not the HKMC’s employees or agents, nor are they authorised by the HKMC for the purposes they allege. The HKMC has already reported the relevant case to the Hong Kong Police Force for investigation………………………………………..Full Article: Source

Sovereign Wealth Fund law to be submitted to Parliament as new driving force for mega projects

Posted on 09 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said the draft law on the establishment of the Turkish Sovereign Wealth Fund will be submitted to Parliament’s Planning and Budget Commission today. “While the fund helps to decrease fluctuations in the market, it will also serve as the driving force behind Turkey’s mega projects,” Ağbal said.
The draft law was announced for the first time last week. The establishment of the Turkish Sovereign Wealth Fund and various amendments to a number of laws will address Turkey’s need for a welfare fund, as it is the only G20 member that lacks one. The government also has goals to boost Turkey’s economic growth by an additional 1.5 percent in the next 10 years with the new fund………………………………………..Full Article: Source

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

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