My Anthem

Thursday, April 14, 2016


DEsi has been trying to access Malaysia Chronicle (many of my fRiends2!) BUT ALWAYS< it led to the "ERROR 404" banner. BUT today, more like YESTERDAY< all my troubles seem'd so far away!

HEY PRESTO! I was greATed by this fantastic news report writ by CNBC!:) SO "ENJOY" WHILE YOU CAN Cos the MCMC is super-efficient nowadays in BLOCKING OUT ALL ADVERSE2!MDB&CLUELSS WAN reports!-- YL< DEsi 

Wednesday, 13 April 2016 23:25 


Written by CNBC
Rate this item
(0 votes)
The trail of breadcrumbs from a troubled Malaysian state investment fund took another twist Tuesday when Swiss authorities said some of the money ended up in the movie business.
On Monday, an Abu Dhabi sovereign wealth fund, International Petroleum Investment Co. (IPIC), and its subsidiary Aabar Investments PJS, said that they never received $3.5 billion in payments from troubled 1Malaysia Development Berhad (1MDB).
The payments were related to a guarantee for a bond placed byGoldman Sachs.
Instead, the payments appear to have been sent to a nearly identically named firm registered in the British Virgin Islands (BVI), Aabar Investments PJS Ltd.
Switzerland's Office of the Attorney General said on Tuesday that as part of its criminal investigation of suspected embezzlement from 1MDB, it was extending its probe to two former officials in charge of Abu Dhabi sovereign funds.

"The Swiss authorities have elements in hand allowing them to suspect that the amounts paid in connection with this guarantee were not returned to the Abu Dhabi sovereign fund that supported the commercial risk," the Swiss statement said. "To the contrary, these funds would have benefited others, particularly two public officials concerned as well as a company related to the motion picture industry. A former 1MDB body, already indicted in the Swiss proceedings has also benefited from these amounts."
Earlier this month, the Wall Street Journal reported, citing global investigators, that much of the financing for the Leonardo DiCaprio movie "Wolf of Wall Street" originated from 1MDB. The investigators said that the movie's $100 million budget came from a company called Red Granite Pictures, which is led by Riza Aziz, the step-son of Malaysia's Prime Minister Najib Razak, the WSJ reported.


Additionally, the United Arab Emirates' central bank has ordered a freeze on the assets of Khadem Al Qubaisi, formerly the managing director of IPIC, and former Aabar CEO Mohamed Badawy, banking sources told Reuters last week. The reason for the freeze was unclear, Reuters said.
On Monday, 1MDB said in a statement that it was surprised by IPIC's statement denying ownership of Aabar BVI. 1MDB said its own records show "documentary evidence" of Aabar BVI's ownership, but the Malaysian fund didn't provide more detail beyond adding that the agreement was negotiated with Khadem and Badawy.
The 1MDB board is headed by Najib, who has been plagued by WSJ reports that as much as $700 million passed from 1MDB to his personal bank accounts. Najib has vociferously denied any wrongdoing.
In January, Malaysia's Attorney-General cleared Najib of any corruption or criminal offences, saying that $681 million transferred into Najib's personal bank account was not from 1MDB but was, in fact, a gift from a member of Saudi Arabia's royal family.

The fund remains at the center of several international investigations into its financial dealings.
Red Granite Pictures did not immediately return an email sent outside office hours requesting comment. The office of Malaysia's prime minister and 1MDB didn't immediately respond to emails requesting comment. -

Full article:
Follow us: @MsiaChronicle on Twitter


aMORE from Malaysia Chronicle using an report:~~~~~

Rate this item
(0 votes)
International investigations of 1MDB can result in the charging or extradition of anyone who is found to have committed offences, lawyer Syahredzan Johan said.
"If at the end of the day, they find evidence that persons have committed offences, then they can certainly bring charges.
"Even if those persons are not citizens of that country, just like if there are non-citizens here who commit offences, the authorities here can take action," Syahredzan explained, when contacted byMalaysiakini today.
If the persons are not within their jurisdictions, he said the international investigators would have to explore ways to secure the persons, which may include extradition.

Interpol red notice

Alternatively, fellow lawyer Andrew Khoo said that the international investigators could ask for international assistance to detain the persons and to send them to their jurisdiction through, for example, an Interpol red notice.
He also pointed out that there are two main issues with international investigations such as these.
The first issue is whether a country has the jurisdiction to charge for a particular offence, he said.
"In this day and age, especially for transboundary, international, cross border corruption or money laundering and things like that, most countries now do have the enabling legislation to give themselves jurisdiction to charge for these kinds of offences," he said toMalaysiakini.
A country would have jurisdiction to charge someone even if the person was not a citizen of the country, but the offence had been committed within the country, he said, such as if money transactions went through the country.
Some countries would also have jurisdiction to do so, he explained, if the situation was reversed, where the persons were citizens of that country, although the act was not committed within the country.
The second challenge then, he said, would be actually apprehending the person, even if they might have the jurisdiction to charge them.
"You may have jurisdiction over the crime, but can you get to the person?" he pointed out.
As such, this would require the cooperation of the law enforcement agency of the country where that persons actually are.
While he agreed with Syahredzan that extradition requests would depend on whether an extradition treaty exists between the country and Malaysia, he said that if there wasn't, the persons' lawyers will argue that there is no possibility of extradition without a treaty.
Immunity for heads of gov't
Asked what other steps the international investigators could do if faced with that situation, he said that they would have to wait till the persons travelled to a country that does have an extradition treaty with the country that wants to arrest them.
However, Khoo noted that some countries do grant immunity from arrest to existing heads of state or government.
"But once they step down from office, they lose their immunity," he added.
In response to one of Prime Minister Najib Abdul Razak's lawyers, Mohd Hafarizam Harun, questioning whether the jurisdiction of international investigators extends to a prime minister of Malaysia, Khoo stressed that a corrupt act is a corrupt act, regardless of who committed it.
"Unless that person is claiming sovereign immunity. Even if such an immunity exists in a country, it does not normally extend to acts of alleged corruption," he said.
1MDB is currently the focus of several international probes, including in Switzerland, Singapore, the US and Luxembourg, in relation to suspected misappropriation of funds from 1MDB and allegations of money-laundering.
Last month, the Swiss Attorney-General's Office (OAG) said it was in contact with Malaysia over its request for MLA in the criminal proceeding concerning 1MDB.
The OAG's communication specialist Anthony Brovarone had said that the OAG cannot provide further information on the matter but that they were satisfied with Malaysia's reaction.
Though 1MDB has consistently denied any wrongdoing, they have said that they remain committed to fully cooperating with any lawful authority and investigation. - M'kini

No comments: