SHAME ON 'SCUMNO'! As Singapore And Swiss Point Finger At Najib Once More
The latest story from Sarawak Report. In a series of yet more major moves on 1MDB the Singapore and Swiss authorities have now acted against the scandal-ridden Falcon Bank, made further arrests and named Jho Low and his father at the centre of their money-laundering investigations over 1MDB. Yet no one in KL will budge the Bugis Pirate who's handing round the stolen loot!....
12 October 2016
There were more shockwaves created by 1MDB on Tuesday with a series of coordinated announcements by Switzerland’s regulatory agency FINMA and the Monetary Authority of Singapore (MAS).
These included another banking shutdown; more arrests in Singapore; threatened arrests in Switzerland and for the first time the formal naming of Jho Low and his father in the BSI affair.
At the centre of all these charges and accusations lay the glaring, monster-payments, stolen from the Malaysian development fund and then channelled by these guilty parties into the KL bank accounts of Prime Minister Najib Razak.
The CEO of FINMA, Mark Branson, was quoted calling 1MDB:
However, as everyone in Malaysia knows, Najib’s UMNO party will claim that ‘no wrong-doing has been proven’ and that the Prime Minister ‘was not mentioned by name’ as the politically exposed person, described as having received $681 million into his bank account in March 2013 and then returned $620 million from KL to Singapore following the GE13 election (as admitted by Najib).
FINMA/ MAS Statements Decoded
As actions continue to be taken to clean up and punish the facilitators of Najib’s thefts officials have made little effort to disguise the transactions they are referring to.
Just last month SR had predicted that the sudden resignation of Falcon Bank CEO Eduardo Leemann signalled a chaotic situation at the bank, owned by Abu Dhabi’s Aabar fund, whose own top managers had been exposed as key collaborators in Najib’s removal of billions from Malaysia in the US Department of Justice suit of July 20th.
Today MAS shut down Falcon’s Singapore branch; fined the bank US$4.3 million for 14 separate breeches of money laundering regulations and sensationally announced that the Commercial Affairs Department had arrested its Swiss Manager Jens Sturzenegger.
There had been a repeated pattern of failings when it came to due diligence and Anti-Money Laundering procedures at the bank, MAS said, not only at branch level but Head Office in Switzerland.
It was then that MAS pointed its finger directly at the focal 1MDB case in this affair and at the Prime Minister’s relationship with the two Aabar fund bosses, Chairman Khadem Al Qubaisi and CEO Mohammed Al Husseiny, both arrested in Abu Dhabi on evidence of having conspired in the looting of 1MDB.
Al Husseiny was Chairman of the Board of Falcon during the period in 2013 when $681 million was passed into Najib’s KL account and then $620 million received back again a few months after the May election. And, according to MAS:
That customer (as any ‘idiot’ can tell, in the words of Rahman Dahlan) was Jho Low’s agent, Eric Tan, who was sending hundreds of millions of dollars to Najib Razak.
FINMA’s own parallel statement on Falcon Bank filled the gaps on MAS’s story. The Swiss said their own investigation covered the period from 2012 – 2015, identified by Sarawak Report as the period during which Aabar first assisted in the theft of billions from 1MDB, then the laundering of the money:
Not only has FINMA therefore fined Falcon CHF 2.5 million; banned the bank from entering into relationships with ‘foreign politically exposed persons’ for three years and threatened it will remove its banking licence at any further breech, the regulator also equally sensationally announced that it has launched ‘law enforcement proceedings against two of the bank’s former executive office holders’ back in Zurich.
Potential candidates for such a prosecution include the former CEO of the bank Eduardo Leemann, who had earlier lectured journalists that what the banking industry needed was less regulation not more:
The responsible Falcon top managers, FINMA explained, failed to take appropriate action over suspicious 1MDB transactions involving around $3.8 billion dollars, which triggered standard banking ‘red alerts’, even when asked by staff to do so [red alert points added in bold]
Again FINMA focused on the known transactions related to Najib, managed by a Malaysian agent of Jho Low, called Eric Tan.
Tan was also referred to in the US Department of Justice indictment in July as the stated beneficial owner of the Tanore Finance Corporation account in Singapore, which passed the US$ 681 million to Najib in March 2013.
According to FINMA:
Sarawak Report has identified the transactions referred to in this case as those linked to Tanore Finance Corporation, which passed money raised by a Goldman Sachs bond issue for 1MDB raised in March 2013 straight through to Najib’s KL bank account in one single day… ready to finance UMNO expenses for the election Najib was about to announce.
The Department of Justice has already detailed how the money raised by Goldman was transferred in the course of a single day – 21st March – through a complex financial path on to Najib. From Goldman it had been transferred to New York Mellon bank, then all on the 21st March $1.5 billion was sent to first BSI Lugano (now also closed by regulators owing to breeches linked to 1MDB); then distributed amongst three off-shore investment funds; then sent to Eric Tan’s Tanore Finance Corporation account at Falcon Bank in Singapore and then finally (all on the same day) forwarded to Najib’s AmBank account in KL
Staff at lower levels in Falcon Bank immediately raised the red alert with their senior management about this huge and suspicious transaction, says FINMA. But, their rightful protests were ignored at the highest levels in the bank, purely because of pressure from the Najib’s Aabar co-conspirators on the Board.
The DOJ indictment has already confirmed that both the Falcon Bank ex-Board Members involved, Aabar CEO Al Husseiny and Aabar Chairman Al Qubaisi received kickbacks from the 1MDB stolen money for utilising Falcon in this way. The banks Swiss management were willing to allow it, FINMA says.
Again, whilst all these parties are now facing the destruction of their careers, fines and far worse punishments, the author of the crime remains Najib Razak, protected by UMNO in KL.
Further major announcements point to Najib also
Further 1MDB related announcements the same day emphasised the criminal nature of the enterprise set up and orchestrated by Prime Minister/ Finance Minister Najib and managed through his agent Jho Taek Low.
In July Sarawak Report broke the news that UBS Bank had handled major transfers for 1MDB, through an account in the name of the fake off-shore Aabar PJS Investments Limited BVI, held in Singapore.
Sarawak Report illustrated how this UBS account was used to funnel hundreds of millions of dollars in fast transfers (often the money remained for less than one day in the account) of 1MDB related money – the purpose being to fool the fund’s accountants that money had been returned from a bogus Cayman fund investment of non-existent profits from 1MDB’s original PetroSaudi deal.
The Monetary Authority of Singapore has announced that as a consequence of its negligence, apparently over this ’round-tripping”, UBS has been fined US$1.3 million for 13 breaches of MAS Notice 626:
Also in the frame is the Singapore Bank, fined $10 million for ten similar breaches linked to 1MDB (Sarawak Report has yet to obtain the details).
The MAS made clear that it has yet to complete its findings on Standard Chartered Bank, which also acted as a clearing bank and receiving bank on a number of these deals and also hosted the vast Jho Low account for the bogus off-shore company Blackstone Asia Real Estate Partners, which funnelled large sums to Khadem Al Qubaisi’s Rothschild account in Luxemboug and into further kickbacks to Najib’s AmBank account, to Jasmine Loo and to Al Husseiny.
Jho Low and his Dad cited in further BSI arrests
For the first time also the welter of Singapore announcements included direct referrals to the lynch-pin Jho Low and his father’s roles in the 1MDB money-laundering system as two more arrests were also made relating to the now defunct BSI.
Yak Yew Chee, who has faced questioning for months and a colleague, Yvonne Seah Yew Foong were finally arrested, making the total of employees arrested from the former bank to four. They are charged with failing to alert to suspicious transactions on Low’s account and to forgery of references for Low.
The suspicious transactions related to the $700 million stolen from 1MDB’s joint venture from PetroSaudi, according to court papers. This was the money, which had been siphoned into Low’s Good Star account in RBS Coutts Zurich. Low and his father later transferred the money a number of times before using it to buy investments in the United States under the guise of ‘family’ money, according to the DOJ.
However, whilst authorities the world over are prosecuting in all directions over 1MDB’s vast web of stolen money, Najib remains in KL ‘cleared’ of all charges by his own appointed Attorney General and UMNO party stalwarts.
Much of Malaysia’s stolen money has been spent on keeping UMNO big wigs quiet, as this global scandal just grows and grows.