Opalesque Sovereign Wealth Funds Briefing » Compliance/Regulation/Legal http://www.opalesque.com/SWF_Briefing Wed, 30 Nov 2016 00:20:03 +0000 http://wordpress.org/?v=2.5.1 en Malaysians underestimate the damage caused by the 1MDB scandal http://www.opalesque.com/SWF_Briefing/?p=21074 http://www.opalesque.com/SWF_Briefing/?p=21074#comments Thu, 24 Nov 2016 23:29:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21074 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21074>Article Link</a> Forty thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the event. (more…)

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Moody’s affirms Kuwait Investment Company’s Ba2 rating; stable outlook http://www.opalesque.com/SWF_Briefing/?p=21072 http://www.opalesque.com/SWF_Briefing/?p=21072#comments Wed, 23 Nov 2016 23:46:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21072 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21072>Article Link</a> The affirmation primarily reflects Moody’s views that 1) the fundamental credit profile of KIC continues to reflect the company’s profitable business model, access to low cost deposits and a low level of net debt to equity, strengths that are counterbalanced by its high exposure to market risk, high level of debt compared to earnings and narrow asset management franchise, and that 2) KIC’s main shareholder, the Kuwait Investment Authority (KIA), will remain supportive of KIC during the planned divestiture process. (more…)

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1MDB: Ex-BS1 banker linked to Malaysian sovereign fund amassed wealth http://www.opalesque.com/SWF_Briefing/?p=21062 http://www.opalesque.com/SWF_Briefing/?p=21062#comments Tue, 22 Nov 2016 23:40:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21062 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21062>Article Link</a> Yeo Jiawei, a former BSI banker had amassed S$26m ($14.7m) in the 15 months after he left the Swiss private bank in Singapore, a court was told on Tuesday (22 November). Prior to that, Yeo’s net worth was only S$2m. (more…)

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Ex-BSI banker trial: Yeo Jiawei amassed S$23.9m in just 15 months after leaving BSI, say prosecutors http://www.opalesque.com/SWF_Briefing/?p=21061 http://www.opalesque.com/SWF_Briefing/?p=21061#comments Tue, 22 Nov 2016 23:40:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21061 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21061>Article Link</a> The only way former BSI banker Yeo Jiawei could earn $23.9 million in less than 15 months was by taking “secret profits” linked to a money-laundering scam involving 1Malaysia Development Berhad (1MDB), prosecutors contended. (more…)

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AG’s 1MDB report stays under OSA http://www.opalesque.com/SWF_Briefing/?p=21055 http://www.opalesque.com/SWF_Briefing/?p=21055#comments Mon, 21 Nov 2016 23:41:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21055 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21055>Article Link</a> The Auditor General’s (AG) report on troubled 1Malaysia Development Bhd (1MDB) will continue to be sealed under the Official Secrets Act (OSA), said Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said. (more…)

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Alaska lawmaker plans appeal in dividend case http://www.opalesque.com/SWF_Briefing/?p=21033 http://www.opalesque.com/SWF_Briefing/?p=21033#comments Thu, 17 Nov 2016 23:49:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21033 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21033>Article Link</a> A state senator who challenged Gov. Bill Walker’s cut to the Alaska Permanent Fund dividend this year plans to appeal a judge’s decision that found that Walker acted within his authority. Sen. Bill Wielechowski of Anchorage said it was always expected that the case would be decided by the Alaska Supreme Court. (more…)

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Malaysia Silences 1MDB Whistleblower in Blow to Rights http://www.opalesque.com/SWF_Briefing/?p=21025 http://www.opalesque.com/SWF_Briefing/?p=21025#comments Thu, 17 Nov 2016 02:05:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21025 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21025>Article Link</a> The sentencing of an opposition politician is just the latest attempt to cover up a deepening 1MDB scandal. A chorus of international outrage was struck immediately after the sentencing of opposition politician Rafizi Ramli for disclosing part of the Auditor General’s report into the 1MDB corruption scandal, which has severely damaged Malaysia’s reputation in business and politics. (more…)

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Najib says he initiated 1MDB probe http://www.opalesque.com/SWF_Briefing/?p=21024 http://www.opalesque.com/SWF_Briefing/?p=21024#comments Thu, 17 Nov 2016 02:05:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21024 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21024>Article Link</a> In an interview with a Japanese weekly, Malaysian Prime Minister Najib Razak said he was the first to order an investigation into 1Malaysia Development Berhad (1MDB). In an interview published in the Nikkei Asian Review yesterday, he said the Malaysian authorities have led investigations into 1MDB. (more…)

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1MDB corruption: Najib denies ham-handed probe, affirms he alone started investigation http://www.opalesque.com/SWF_Briefing/?p=21011 http://www.opalesque.com/SWF_Briefing/?p=21011#comments Tue, 15 Nov 2016 23:27:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21011 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21011>Article Link</a> Malaysian Prime Minister Najib Razak rebuffed allegations of suppression of the probe into the multi-billion dollar financial irregularities in the state investment fund 1 Malaysia Berhad, saying it was he who initiated the investigation into the scandal. (more…)

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Malaysia’s 1MDB in university hard sell http://www.opalesque.com/SWF_Briefing/?p=21002 http://www.opalesque.com/SWF_Briefing/?p=21002#comments Tue, 15 Nov 2016 00:41:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21002 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21002>Article Link</a> An investigation by US authorities into the alleged theft of billions of dollars from Malaysia’s sovereign wealth fund 1MDB was in part fuelled by Attorney-General Loretta Lynch’s desire to divert attention from Hillary Clinton’s email scandal, according to materials distributed in private lectures given by the company’s chief executive Arul Kanda in Australia last week. (more…)

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1MDB: Malaysian opposition politician jailed for exposing audit report on fund http://www.opalesque.com/SWF_Briefing/?p=21000 http://www.opalesque.com/SWF_Briefing/?p=21000#comments Tue, 15 Nov 2016 00:40:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21000 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21000>Article Link</a> A prominent Malaysian opposition politician who has a reputation as a whistleblower has been sentenced to 18 months’ jail for releasing a classified document on a controversial state investment fund. (more…)

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Malaysia again knocks back Swiss request for help in 1MDB graft investigation http://www.opalesque.com/SWF_Briefing/?p=20988 http://www.opalesque.com/SWF_Briefing/?p=20988#comments Mon, 14 Nov 2016 00:38:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20988 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20988>Article Link</a> Malaysia has again rebuffed Switzerland’s request for legal assistance in probing suspected corruption linked to scandal-hit state fund 1MDB, the Swiss attorney general’s office said on Friday. (more…)

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Singapore says Malaysian ‘Jho Low’ key figure in 1MDB-linked probe http://www.opalesque.com/SWF_Briefing/?p=20982 http://www.opalesque.com/SWF_Briefing/?p=20982#comments Fri, 11 Nov 2016 01:07:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20982 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20982>Article Link</a> Singapore’s white-collar crime unit for the first time on Thursday identified Malaysian businessman Low Taek Jho as a key figure in the money laundering investigation linked to scandal-tainted 1MDB fund. The revelation came from an investigator during the trial of a former wealth manager of Swiss private bank BSI in Singapore’s most high-profile money laundering case. (more…)

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‘I was just taking instructions’: Ex-BSI banker Yeo Jiawei on 1MDB dealings http://www.opalesque.com/SWF_Briefing/?p=20981 http://www.opalesque.com/SWF_Briefing/?p=20981#comments Fri, 11 Nov 2016 01:07:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20981 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20981>Article Link</a> After seven months in remand and eight days in the dock, former BSI wealth planner Yeo Jiawei had his day in court. Yeo, 33, took the witness stand Thursday (Nov 10) afternoon and immediately distanced himself from former colleagues and business associates also implicated in Singapore’s 1MDB probe. (more…)

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How will Najib’s golfing buddy Trump treat Malaysia’s 1MDB probe? http://www.opalesque.com/SWF_Briefing/?p=20974 http://www.opalesque.com/SWF_Briefing/?p=20974#comments Wed, 09 Nov 2016 23:25:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20974 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20974>Article Link</a> Malaysian Prime Minister Najib Razak is apparently US president-elect Donald Trump’s golfing buddy and “favourite Prime Minister”. Given the ties between the two men, some observers expect the relationship between Muslim-majority Malaysia and the US to remain good despite Trump’s anti-Muslim rhetoric during his bitterly fought campaign. (more…)

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Goldman in Hot Water? Libyan Fund May Appeal Ruling http://www.opalesque.com/SWF_Briefing/?p=20969 http://www.opalesque.com/SWF_Briefing/?p=20969#comments Wed, 09 Nov 2016 00:03:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20969 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20969>Article Link</a> The Goldman Sachs Group, Inc. has been yet again accused by the Libyan Investment Authority (LIA) as the fund is intending to approach the UK Court of Appeal. The move comes after the Wall Street banking giant won the $1.2 billion suit last month over a series of derivatives transactions entered between LIA and Goldman in 2008. (more…)

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HKMA supports AIIB’s use of Hong Kong as financing centre http://www.opalesque.com/SWF_Briefing/?p=20965 http://www.opalesque.com/SWF_Briefing/?p=20965#comments Wed, 09 Nov 2016 00:01:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20965 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20965>Article Link</a> The following is issued on behalf of the Hong Kong Monetary Authority: The President of the Asian Infrastructure Investment Bank (AIIB), Mr Jin Liqun, spoke at a high-level business seminar in Hong Kong today (November 8). The seminar, organised by the Infrastructure Financing Facilitation Office (IFFO) of the Hong Kong Monetary Authority (HKMA) and entitled “President Jin Liqun on AIIB’s Operations and Projects”, attracted close to 300 industry leaders from various sectors including finance, architecture, building and construction engineering, project management and consulting, project development and operation, as well as professional services. (more…)

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1MDB scandal: Ex-BSI banker bought $1.36m Mayweather-Pacquiao Las Vegas fight tickets http://www.opalesque.com/SWF_Briefing/?p=20963 http://www.opalesque.com/SWF_Briefing/?p=20963#comments Wed, 09 Nov 2016 00:00:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20963 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20963>Article Link</a> As the Singapore court case probing the 1Malaysia Development Berhad (1MDB) sovereign fund scandal unfolds, a former BSI banker has beeen accused of siphoning off millions from the state fund through bank accounts setup for several shell companies. (more…)

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Action taken on Ambank bankers over 1MDB case http://www.opalesque.com/SWF_Briefing/?p=20958 http://www.opalesque.com/SWF_Briefing/?p=20958#comments Tue, 08 Nov 2016 00:36:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20958 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20958>Article Link</a> Bank Negara Malaysia took action against Ambank staff Cheah Tek Kuang and Joanna Yu over a 1MDB-linked case, the Finance Ministry said. However, it did not specify what action was taken in the written parliamentary reply to Tony Pua (DAP-Petaling Jaya). (more…)

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Libyan sovereign fund seeks to appeal judgment in Goldman case http://www.opalesque.com/SWF_Briefing/?p=20956 http://www.opalesque.com/SWF_Briefing/?p=20956#comments Tue, 08 Nov 2016 00:34:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20956 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20956>Article Link</a> Libya’s $67 billion sovereign wealth fund will turn to the UK Court of Appeal, a source said on Friday, after a high court judge denied it permission to appeal her judgment in a $1.2 billion case against Goldman Sachs. (more…)

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Libya Accuses Goldman Sachs of Bribery in Bid to Appeal Lawsuit http://www.opalesque.com/SWF_Briefing/?p=20955 http://www.opalesque.com/SWF_Briefing/?p=20955#comments Tue, 08 Nov 2016 00:33:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20955 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20955>Article Link</a> The Libyan Investment Authority tried to resurrect its lawsuit against Goldman Sachs Group Inc. by adding new accusations of bribery, less than a month after a crushing courtroom defeat in London. (more…)

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1MDB-related charges and bank closure in Singapore http://www.opalesque.com/SWF_Briefing/?p=20947 http://www.opalesque.com/SWF_Briefing/?p=20947#comments Thu, 03 Nov 2016 23:31:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20947 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20947>Article Link</a> Two senior private bankers of Swiss bank BSI Bank Ltd in Singapore were slapped with a total of 14 charges on Oct 10, 2016, for allegedly being involved in illegal transactions of large amounts of money that originated from 1Malaysia Development Bhd (1MDB). (more…)

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1MDB puts Singapore private banking on notice http://www.opalesque.com/SWF_Briefing/?p=20939 http://www.opalesque.com/SWF_Briefing/?p=20939#comments Wed, 02 Nov 2016 23:36:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20939 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20939>Article Link</a> The Monetary Authority of Singapore has come out fighting after its private banking industry was immersed in the 1MDB scandal. A tax amnesty with Indonesia has posed further difficult questions about disclosure and privacy. Now the MAS has to show its teeth without wrecking an industry the country relies on. (more…)

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Ex-BSI bankers set up US$2.3b deal with 1MDB firm, pocketed millions in profit: Witness http://www.opalesque.com/SWF_Briefing/?p=20938 http://www.opalesque.com/SWF_Briefing/?p=20938#comments Wed, 02 Nov 2016 23:36:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20938 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20938>Article Link</a> Further details were revealed in court on Wednesday (Nov 2) about the complex web of relationships involving former employees of Swiss bank BSI who allegedly had a hand in the money laundering operation linked to 1MDB, and how the illicit dealings went on at the expense of the bank. (more…)

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Singapore Trial Witness Links Banker to Alleged 1MDB Figure http://www.opalesque.com/SWF_Briefing/?p=20927 http://www.opalesque.com/SWF_Briefing/?p=20927#comments Tue, 01 Nov 2016 23:43:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20927 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20927>Article Link</a> Wealth manager Yeo Jiawei went to work with or for financier Jho Low after leaving BSI Bank, his one-time boss testified. A witness linked a former private banker on trial here to a young financier global investigators say was at the center of the misappropriation of billions of dollars from Malaysian state investment fund 1MDB. (more…)

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Singapore starts trial of ex-banker linked to 1MDB Fund http://www.opalesque.com/SWF_Briefing/?p=20918 http://www.opalesque.com/SWF_Briefing/?p=20918#comments Tue, 01 Nov 2016 01:21:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20918 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20918>Article Link</a> Singapore has begun the trial of a former private banker charged with money laundering and other offenses in connection with the indebted Malaysian state fund 1MDB. Yeo Jiawei, a former wealth planner at Swiss private bank BSI, is facing 11 charges for allegedly obstructing the course of justice, money laundering, cheating, and forgery. (more…)

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1MDB debt is not gov’t debt, says Najib http://www.opalesque.com/SWF_Briefing/?p=20917 http://www.opalesque.com/SWF_Briefing/?p=20917#comments Tue, 01 Nov 2016 01:20:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20917 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20917>Article Link</a> Prime Minister Najib Abdul Razak has said that debts accumulated by 1MDB are not considered government debts. “Debts (accumulated) by 1MDB and their related projects are not classified as federal government debts. (more…)

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‘New debt crisis’ looms at 1MDB-linked SRC http://www.opalesque.com/SWF_Briefing/?p=20907 http://www.opalesque.com/SWF_Briefing/?p=20907#comments Mon, 31 Oct 2016 01:53:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20907 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20907>Article Link</a> Government-owned investment company might sell off assets to China firms in return for fresh capital, according to Singapore report. A looming debt crisis hangs over former 1MDB subsidiary SRC International, which borrowed RM4 billion from a civil servants’ pension fund, according to a Singapore news report. (more…)

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SAMA ‘did not issue warning on expat loans’, says Saudi official http://www.opalesque.com/SWF_Briefing/?p=20903 http://www.opalesque.com/SWF_Briefing/?p=20903#comments Fri, 28 Oct 2016 01:45:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20903 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20903>Article Link</a> Industry body said to deny Saudi banks were warned against lending to expats. Reports that Saudi Arabia’s central bank had issued a directive asking banks to stop offering loans to expats amid nationwide austerity cuts have been dismissed, according to local media. (more…)

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1MDB: High Court adjourns Azmin’s judicial review application http://www.opalesque.com/SWF_Briefing/?p=20893 http://www.opalesque.com/SWF_Briefing/?p=20893#comments Wed, 26 Oct 2016 22:22:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20893 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20893>Article Link</a> The High Court here today adjourned the hearing of Selangor Menteri Besar Datuk Seri Azmin Ali’s judicial review application to challenge the classification of the Auditor-General’s Report on 1Malaysia Development Berhad (1MDB) as official secret on Nov 18. (more…)

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Former 1MDB spokesman Ahmad Husni now queries Putrajaya on fund’s deals http://www.opalesque.com/SWF_Briefing/?p=20881 http://www.opalesque.com/SWF_Briefing/?p=20881#comments Mon, 24 Oct 2016 22:24:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20881 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20881>Article Link</a> Former second finance minister Datuk Seri Ahmad Husni Mohamad Hanadzlah, who reportedly said handling 1MDB issues previously made him ill, has turned around to question the fund’s dealings in Parliament. (more…)

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Libya versus Goldman Sachs http://www.opalesque.com/SWF_Briefing/?p=20871 http://www.opalesque.com/SWF_Briefing/?p=20871#comments Mon, 24 Oct 2016 02:48:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20871 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20871>Article Link</a> A High Court judge in London has cleared Goldman Sachs of tricking Libya’s state investment fund into making vast leveraged investments in 2007-2008 that it didn’t properly understand – investments that were wiped out in the banking crisis. (more…)

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Art Dealer Claims Monet in 1MDB Scandal http://www.opalesque.com/SWF_Briefing/?p=20868 http://www.opalesque.com/SWF_Briefing/?p=20868#comments Thu, 20 Oct 2016 22:37:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20868 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20868>Article Link</a> Justice Department alleges Jho Low bought painting using money stolen from government fund. Sometimes seizing an asset isn’t as easy as taking a painting off the wall, even for the Justice Department. (more…)

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MACC not probing 1MDB, minister says http://www.opalesque.com/SWF_Briefing/?p=20867 http://www.opalesque.com/SWF_Briefing/?p=20867#comments Thu, 20 Oct 2016 22:37:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20867 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20867>Article Link</a> The Malaysian Anti Corruption Commission (MACC) is not investigating 1Malaysia Development Berhad (1MDB), Minister in the Prime Minister’s Department Datuk Paul Low said. (more…)

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1MDB: Govt declines to say if Jho Low, Riza questioned by police http://www.opalesque.com/SWF_Briefing/?p=20859 http://www.opalesque.com/SWF_Briefing/?p=20859#comments Wed, 19 Oct 2016 22:38:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20859 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20859>Article Link</a> The Home Ministry is keeping mum on whether or not police have questioned businessman Low Taek Jho (popularly known as Jho Low) and Prime Minister Datuk Seri Najib Razak’s stepson Riza Aziz on the 1Malaysia Development Bhd (1MDB) scandal. (more…)

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Firm acts on major sovereign wealth fund investment http://www.opalesque.com/SWF_Briefing/?p=20856 http://www.opalesque.com/SWF_Briefing/?p=20856#comments Wed, 19 Oct 2016 22:37:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20856 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20856>Article Link</a> Ashurst advised Abertis Infraestructuras S.A. on the investment by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) in Abertis’ Chilean toll road business. The value of the investment of the sovereign wealth fund of the Abu Dhabi emirate implies a cash inflow of €495m (about $710m) for Abertis. (more…)

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Even the White House not shielded from 1MDB scandal http://www.opalesque.com/SWF_Briefing/?p=20843 http://www.opalesque.com/SWF_Briefing/?p=20843#comments Tue, 18 Oct 2016 22:44:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20843 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20843>Article Link</a> A White House visit was allegedly arranged for relatives of PM Najib Razak for US$10 million. Was the golf session with US President Barack Obama also paid for? Obama must be thinking that if someone is willing to be a sucker, why not? And Malaysian citizens will have to foot the bill as the government is guarantor for the 1MDB bonds. (more…)

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1MDB has affected perception of Malaysia http://www.opalesque.com/SWF_Briefing/?p=20842 http://www.opalesque.com/SWF_Briefing/?p=20842#comments Tue, 18 Oct 2016 22:43:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20842 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20842>Article Link</a> While the government-owned media and supporters of the incumbent administration have downplayed the numerous problems at 1Malaysia Development Bhd (1MDB) and said they have not adversely impacted the country, the results of the biennial Corporate Governance (CG) Watch 2016 paint a different picture. (more…)

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Singapore court approves Temasek’s buyout of SMRT http://www.opalesque.com/SWF_Briefing/?p=20840 http://www.opalesque.com/SWF_Briefing/?p=20840#comments Mon, 17 Oct 2016 22:57:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20840 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20840>Article Link</a> Singapore’s High Court has approved state investor Temasek Holdings’ buyout of transport operator SMRT Corporation, bringing the delisting of a 16-year-old float one step closer to reality. The last day of trading of blue-chip SMRT’s shares will be Oct 18, while payout of the S$1.68 per share is expected to take place by Nov 1. (more…)

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Malaysian Speaker bans talk in Parliament on US’ 1MDB civil suit http://www.opalesque.com/SWF_Briefing/?p=20839 http://www.opalesque.com/SWF_Briefing/?p=20839#comments Mon, 17 Oct 2016 22:57:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20839 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20839>Article Link</a> United States Justice Department’s (DoJ) ongoing lawsuit to seize assets linked to 1Malaysia Development Bhd (1MDB) cannot be discussed in the Malaysian Parliament as it would be tantamount to sub judice, said Speaker Pandikar Amin Mulia. (more…)

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1MDB notes reward bulls focused on scandal-hit bond’s backers http://www.opalesque.com/SWF_Briefing/?p=20838 http://www.opalesque.com/SWF_Briefing/?p=20838#comments Mon, 17 Oct 2016 22:56:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20838 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20838>Article Link</a> Bonds of 1Malaysia Development Bhd have surged despite broadening investigations into the state investment fund’s activities, as investors bet on the strength of its backers. International Petroleum Investment, Abu Dhabi’s sovereign wealth fund, paid the coupon on 1MDB’s US$1.75 billion of October 2022 notes as the debt’s co-guarantor, days after a default in April. (more…)

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Goldman Sachs wins $1.2bn dispute with Libyan SWF http://www.opalesque.com/SWF_Briefing/?p=20832 http://www.opalesque.com/SWF_Briefing/?p=20832#comments Mon, 17 Oct 2016 00:31:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20832 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20832>Article Link</a> Libyan Investment Authority was attempting to claw money from nine equity derivatives investments carried out in 2008, which turned out to be worthless. A British court has ruled on in favour of Goldman Sachs in a $1.2 billion dispute with Libya’s $67 billion sovereign wealth fund over derivatives trades, dismissing claims that the investment bank had abused the fund’s trust. (more…)

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Goldman Sachs vindicated but bruised in court battle with Libyan fund http://www.opalesque.com/SWF_Briefing/?p=20831 http://www.opalesque.com/SWF_Briefing/?p=20831#comments Mon, 17 Oct 2016 00:30:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20831 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20831>Article Link</a> The outcome of a two-and-a-half-year legal battle between Goldman Sachs and Libya’s $67 billion sovereign fund is a triumph for the Wall Street giant, which was vindicated despite embarrassing revelations about how some of its bankers conducted business. (more…)

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What price Goldman’s reputation? http://www.opalesque.com/SWF_Briefing/?p=20830 http://www.opalesque.com/SWF_Briefing/?p=20830#comments Mon, 17 Oct 2016 00:30:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20830 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20830>Article Link</a> It is easy to look at the financial world today and see nothing but a spiral of disorder, dysfunction and decline perpetuated by bankers who preside and profit over controversy after controversy. Goldman Sachs won a $1 billion lawsuit brought against it by the Libyan Investment Authority (LIA). It is a sovereign wealth fund set up by former dictator Muammer Gaddafi with $65 billion of assets under management. (more…)

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Libya ruling set to cast fresh light on Goldman practices http://www.opalesque.com/SWF_Briefing/?p=20829 http://www.opalesque.com/SWF_Briefing/?p=20829#comments Mon, 17 Oct 2016 00:30:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20829 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20829>Article Link</a> High Court to decide on $1bn wealth fund suit claiming bank exercised undue influence. Goldman Sachs will find out today whether it has defeated a $1bn lawsuit brought against it by the Libyan Investment Authority in a case that is set to once again shine a spotlight on the US bank’s activities. (more…)

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Should Leonardo DiCaprio resign from UN climate change post? http://www.opalesque.com/SWF_Briefing/?p=20820 http://www.opalesque.com/SWF_Briefing/?p=20820#comments Mon, 17 Oct 2016 00:27:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20820 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20820>Article Link</a> Leonardo DiCaprio at UN: A lawsuit claims that the actor’s environmental protection charity, the Leonardo DiCaprio Foundation, is one of the businesses to receive donations allegedly embezzled from the 1MDB fund. (more…)

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Swiss bank ‘moved’ $US3.8bn for 1MDB http://www.opalesque.com/SWF_Briefing/?p=20815 http://www.opalesque.com/SWF_Briefing/?p=20815#comments Fri, 14 Oct 2016 02:37:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20815 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20815>Article Link</a> Switzerland’s Office of the Attorney-General has expanded its scrutiny of Malaysian public investment fund 1Malaysia Development, or 1MDB, by opening a criminal investigation into a small Swiss lender recently penalised for its ties to the fund. (more…)

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1MDB: The Masterminds, the Swiss Bankers and the Hollywood Star http://www.opalesque.com/SWF_Briefing/?p=20814 http://www.opalesque.com/SWF_Briefing/?p=20814#comments Fri, 14 Oct 2016 02:37:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20814 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20814>Article Link</a> 1MDB is a scandal that has it all: secret bank accounts, corrupt politicians, Swiss bankers, a Hollywood star and an army of investigators hunting them down. (more…)

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Where in the 1MDB scandal is Falcon Bank? http://www.opalesque.com/SWF_Briefing/?p=20813 http://www.opalesque.com/SWF_Briefing/?p=20813#comments Fri, 14 Oct 2016 02:37:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20813 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20813>Article Link</a> First it was BSI Bank. Then came Falcon Private Bank. One after another, Swiss prosecutors are putting banks under scrutiny over the 1MDB scandal. Last Wednesday, the Swiss attorney-general’s office (OAG) announced that it is initiating criminal proceedings against Falcon, after doing the same with BSI on May 23. (more…)

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Swiss Attorney General Expands Probe of Malaysia’s 1MDB Fund http://www.opalesque.com/SWF_Briefing/?p=20800 http://www.opalesque.com/SWF_Briefing/?p=20800#comments Thu, 13 Oct 2016 02:21:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20800 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20800>Article Link</a> Zurich-based lender Falcon investigated for possible failure to prevent alleged money laundering tied to 1MDB. Switzerland’s Office of the Attorney General has expanded its scrutiny of Malaysian public investment fund 1Malaysia Development Bhd., or 1MDB, by opening a criminal probe of a small Swiss lender recently penalized for its 1MDB ties. (more…)

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Malaysia’s 1MDB Fund Spawns Worldwide Probes http://www.opalesque.com/SWF_Briefing/?p=20797 http://www.opalesque.com/SWF_Briefing/?p=20797#comments Wed, 12 Oct 2016 02:27:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20797 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20797>Article Link</a> Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under Prime Minister Najib Razak. (more…)

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MAS shuts down Falcon bank over 1MDB fund flows http://www.opalesque.com/SWF_Briefing/?p=20796 http://www.opalesque.com/SWF_Briefing/?p=20796#comments Wed, 12 Oct 2016 02:27:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20796 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20796>Article Link</a> In more tough action over the deepening Malaysian 1MDB state fund scandal, the Singapore authorities closed a second Swiss bank, and fined DBS and UBS, for anti-money laundering breaches. The million-dollar penalties for DBS and UBS were for breaches of money laundering rules and centred on lapses by specific bank officers, including executives. (more…)

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Singapore closes, fines bank for Malaysian 1MDB Fund links http://www.opalesque.com/SWF_Briefing/?p=20795 http://www.opalesque.com/SWF_Briefing/?p=20795#comments Wed, 12 Oct 2016 02:26:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20795 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20795>Article Link</a> Singaporean and Swiss regulators said Tuesday that investigations showed Falcon Private Bank breached money laundering regulations in its dealings with the indebted Malaysian state fund 1MDB. (more…)

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1MDB suit does not affect US-Malaysia ties: Ambassador Yun http://www.opalesque.com/SWF_Briefing/?p=20773 http://www.opalesque.com/SWF_Briefing/?p=20773#comments Sun, 09 Oct 2016 23:53:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20773 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20773>Article Link</a> US Ambassador Yun believes that legal action comes under the jurisdiction of the Department of Justice, and the 1MDB civil suit will not affect the US-Malaysia ties. Outgoing US Ambassador to Malaysia Joseph Y. Yun emphasised today that the 1MDB civil suit does not affect the US-Malaysia bilateral ties. (more…)

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Malaysia’s attorney-general says no new request from Swiss on 1MDB http://www.opalesque.com/SWF_Briefing/?p=20762 http://www.opalesque.com/SWF_Briefing/?p=20762#comments Thu, 06 Oct 2016 23:03:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20762 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20762>Article Link</a> Malaysia’s attorney-general’s office said on Thursday it had yet to receive any request for additional assistance from Switzerland in probing state fund 1Malaysia Development Berhad (1MDB). (more…)

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Falcon Denies Sale Talks Amid 1MDB Probe http://www.opalesque.com/SWF_Briefing/?p=20761 http://www.opalesque.com/SWF_Briefing/?p=20761#comments Thu, 06 Oct 2016 23:03:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20761 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20761>Article Link</a> Swiss Falcon Private Bank, which has come under pressure for its involvement in the billion-dollar graft scandal surrounding Malaysian state fund 1MDB, said it isn’t for sale. The denial underscores the uncertainty hanging over the bank following a recent, abrupt change in management and a reported ban on accepting new money in Singapore. (more…)

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Swiss investigators seek Malaysia’s help in 1MDB probe http://www.opalesque.com/SWF_Briefing/?p=20758 http://www.opalesque.com/SWF_Briefing/?p=20758#comments Wed, 05 Oct 2016 23:39:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20758 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20758>Article Link</a> Switzerland’s Office of the Attorney General, looking into allegations that a Malaysian state investment fund was involved in money laundering, said Wednesday it has determined that a Ponzi scheme was used to misappropriate $800 million from the fund and requested further information from authorities in Malaysia. (more…)

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KIC sues Volkswagen over emission scandal on behalf of S.Korea govt http://www.opalesque.com/SWF_Briefing/?p=20751 http://www.opalesque.com/SWF_Briefing/?p=20751#comments Wed, 05 Oct 2016 02:15:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20751 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20751>Article Link</a> Korea Investment Corporation (KIC), South Korea’s sovereign wealth fund, has lodged a lawsuit against Volkswagen on behalf of the South Korean government and the Bank of Korea over the German carmaker’ emissions cheating scandal, in its first legal action against a foreign company to seek damages, government sources said on Oct. 3. (more…)

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1MDB, Criminal Probe Separate Key Aide from Malaysia Tycoon’s Empire http://www.opalesque.com/SWF_Briefing/?p=20750 http://www.opalesque.com/SWF_Briefing/?p=20750#comments Wed, 05 Oct 2016 02:15:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20750 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20750>Article Link</a> Augustus Ralph Marshall, the trusted key aide to T. Ananda Krishnan – Malaysia’s second-richest man – has left all posts in the sprawling cross-media empire as of end September, several sources told the Asia Sentinel. (more…)

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ANZ has ‘no link’ to Malaysian 1MDB scandal – as it happened http://www.opalesque.com/SWF_Briefing/?p=20749 http://www.opalesque.com/SWF_Briefing/?p=20749#comments Wed, 05 Oct 2016 02:15:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20749 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20749>Article Link</a> Labor interrogates Shayne Elliott during hearings into the Timbercorp collapse, interest rates and remuneration structures that encouraged staff to offer poor financial advice. (more…)

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