"ENJOY" the following EYE-OPENING scene from the next production of Wolves at Wall Street? DEsi wannts to be one of the scriptwritHers, cun? -- YL, Desi
Thursday, April 21, 2016
The most unclear man in Malaysia
This man is not clear about his origin.
This man is not clear who he is.
This man is the most unclear man in the history of Malaysia.
Today many Malaysians are unclear who the fuck he is.
I really pity the woman who gave birth to this unclear bastard.
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The Simple Question That Exposes 1MDB - Who Owned Good Star Limited?
What to make of the fact that the ‘cari makan’ chairman of the Public
Accounts Committee secretly removed just two sentences from their agreed
report on 1MDB just before publication?
Two sentences from some 150 pages of the report, illegally altered. Why?
The stupid manoeuvre has backfired,
of course, which is why every effort by 1MDB and their boss Najib to
put this particular genie back in the bottle has failed since Sarawak
Report first unleashed the PetroSaudi papersback in February of last year.
Now everyone has focused on what small portion of that report was so
crucial and dangerous that the powers behind this political place-man
made him remove it? And the answer is that it was the evidence that the
company Good Star Limited belonged to a person unrelated to the joint
venture between PetroSaudi and 1MDB.
This deadly confirmation, given by Bank Negara, proved to the PAC that
the US$700 million, which went straight from 1MDB’s Deustche Bank
account in KL to the Good Star Limited account at RBS Coutts in Zurich
on 30th September 2009, was deliberately siphoned out of the joint
venture, which had of course been the greedy intention all along.
Later, in 2011, a second direct payment was picked up by Bank Negara of
US$330 million, again direct from 1MDB to the same Good Star Limited
account. Thanks to the PetroSaudi papers we have a complete copy of the
original bank transfer and all the emails surrounding the dramatic
theft of nearly a billion dollars:
The central question is who owned this bank account?
No secret – Jho Low was the beneficial owner
This simple central issue to the whole 1MDB story was presented by
Sarawak Report on day one of our coverage of this scandal. The
PetroSaudi papers made clear way back on February 28th 2015 that Jho Low
owned this company and we made that point in our very first expose.
We also showed how Jho Low orchestrated every single move of the deal,
willingly assisted by his accomplices at PetroSaudi, in order to obtain
that outcome.
For the entire ensuing period of over one year the fugitive Low, 1MDB
and all the deniers of wrong-doing have avoided addressing this simple
point, as to whom did the money go?
Disguised as a loan
In order to find an excuse to get the money out of 1MDB the managers of
the fund (led by CEO Shahrol Halmi, who was working to the orders of
Najib and Jho Low) together with their willing co-conspirators at
PetroSaudi, fabricated a ‘loan’, supposedly owed by the PetroSaudi
subsidiary, 1MDB PetroSaudi (BVI), which entered the joint venture, to
its parent company, PetroSaudi International Holdings Cayman Limited
(Caymans) – this Cayman company was itself a subsidiary of the main
company PetroSaudi International.
The idea was that 1MDB would agree to repay this ‘loan’ at the outset of
the joint venture. PetroSaudi’s London lawyers came up with a nice
diagram to explain the plan as late as 21st September, just days before
the money was paid out.
The plan was drawn up on 21st September, just days before the whole heist was executed behind the back of 1MDB Board members
As PAC members noted in their report on all this shenanigans, the loan was nonsense.
Both the company which supposedly issued the loan, PetroSaudi
International Holdings Cayman Limited (Caymans) and the subsidiary
company which supposedly received it, 1MDB PetroSaudi Limited (BVI),
were created on the self same day of September 18th 2009.
The loan was then hastily issued by PetroSaudi’s lawyers between their
brand new holding company and brand new subsidiary on 25th September
less than a week before it was due to be ‘paid back’. There is no
evidence that any money actually transferred… in fact, the paper
companies of PetroSaudi Director Mr Obaid had no such assets in the
first place with which to issue such a monster ‘loan’.
Loan issued by Tarek Obaid to himself three days before he demanded 1MDB paid it back – Obaid signed for both companies
By 29th of September, the day after the joint venture was signed, Tarek
Obaid and PetroSaudi were issuing letters to 1MDB demanding the
repayment of this ‘loan’ to be made to a mysterious bank account number
at RBS Coutts, which cited no details of the name on the account.
Four days after the fictitious loan was issued Tarek was demanding it back from 1MDBHowever,
a mass of email evidence at the time makes clear that everyone from Jho
Low to Shahrol Halmi was aware that the account belonged to a
Seychelles based company called Good Star Limited. Anxious emails
flashed between Zurich and KL as the bankers at Coutts strived to learn
who was the beneficial owner of this company for which they were
receiving such an enormous sum of money.
1MDB CEO, Shahrol Halmi, told them it was Good Star Limited of the Seychelles.
However, the name of the company was not sufficient, the Zurich bankers
said in these interchanges between 29th September and 2nd October. Who
personally owned it?
These emails were forwarded to Jho Low, via the PetroSaudi email server,
by the company’s directors Patrick Mahony and Tarek Obaid. Low told
them via his Blackberry (see emails below) not to worry as the matter
would “soon be cleared” – as indeed it was.
The matter leaves Low’s contact at Coutts Singapore, his bank manager
HansPeter Brunner, in the clear firing line for questions over how this
unusual deal was finally pushed through the Zurich account. Brunner has
recently resigned his job and Low’s local relationship manager Yak Yew
Chee is being investigated by the Singapore authorities:
“Should be cleared soon” Jho Low told the PetroSaudi directors – see the email trail below
As the record shows, the matter was soon cleared and the money paid on
October 2nd. At this point hasty emails were sent around PetroSaudi in
London urging the directors to organise to send a letter to 1MDB to
confirm receipt of the money and close down the matter:
A letter was drafted and then sent, confirming that the US$700 had been paid:
But was it Mr Obaid who received the money?
With these formalities fulfilled Shahrol Halmi was in a position to tell
a furious 1MDB Board that he had ‘repaid’ the loan as part of the joint
venture agreement with PetroSaudi, when they met a day or so later.
As Malaysians now well know this was in total defiance of
the instructions he received from the Board just days earlier, which
was to wait on any payment or joint venture until proper due diligence
checks had been made.
However, as Halmi told the PAC, he had ignored the Board, because
it was overruled under the provisions of Section 117 of the articles of
the company, which gives the final say in all matters to the Minister
of Finance, Najib Razak.
Ed Morse of Citigroup made a killing out of a report that was completed in less than a week.
The justification dreamed up for this flash loan and repayment,
supposedly to the PetroSaudi parent company, was that PetroSaudi had
injected extremely valuable assets of US$2.9 billion into the joint
venture in the form of its ‘ownership’ of Argentinian oil wells and a
major oil field in Turkmenistan in the Caspian Sea. The cash, it was
apparently argued, would make up for the immense value of these assets
provided to the joint venture.
However, Sarawak Report has long since exposed these supposed assets to have been a sham and the valuation by the top US bankerEd Morse to
have been a rushed, made to order job, based solely on PetroSaudi’s own
data provided to Morse. Morse got US$100,000 for his day of rejigging
PetroSaudi’s own presentation and made sure to add a disclaimer that the
figures and ownerships all needed to be independently verified.
So, what of those assets that supposedly under-pinned the ‘loan’? Email
trails the very day after the joint venture deal was signed and the
money received shows that PetroSaudi moved swiftly, indeed immediately,
to close down a so-called ‘Farm in Agreement’ with a company called
Buried Hill, which actually owned the oil field in Turkmenistan.
PetroSaudi had merely been in the process of negotiating a possible
option to take part in their venture and did not own the asset at all.
By the time of the deal PetroSaudi had just five working days to pull
out of that option, explained its financiers at Ashmore Group, or it
would indeed have had to have bought into the venture. PetroSaudi
pulled out!
Does this explain the unseemly hurry to get this deal done by the end of September 2009?
So, there was no Turkmenistan asset injected into 1MDB!
Likewise, the Argentinian ‘asset’ was also largely funded by a loan from
Ashmore, which was where Director Patrick Mahony was officially still
working while he fixed up the PetroSaudi deal with 1MDB.
It means that PetroSaudi injected zero assets in return for their US$700
million ‘loan’, which was repaid in cash by 1MDB…. to a third party.
Clear conspiracy
It is for the above many reasons that PetroSaudi is proven to have
played the part of willing conspirators with Jho Low in the removal of
the US$700 million from 1MDB.
PetroSaudi lied about its assets and then immediately terminated the
‘farm in’ arrangement, which had provided a facade of involvement in the
Turkmenistan oil field (which is in fact in a disputed area and yet to
achieve legal status for drilling).
It is plain, as pointed out by the PAC report, that PetroSaudi also
conspired to provide a front for the receipt of the US$700 million loan,
when in fact it went to a person outside of the joint venture, namely
Jho Low.
PetroSaudi and their lawyers cooperated in the fabrication of the loan
arrangement and repayment demand – and then provided formal notification
of their receipt of the money, when in fact Good Star Limited belonged
to Jho Low.
In return, Tarek Obaid was paid US$85 million by Jho Low from Good Star
Limited itself on the very day of the receipt of the US$700 million. He
also received on the same day a further US$20 million payment from
another Jho Low company in Singapore, Acme Time. Shortly after Tarek sent US$33 million of that on to his colleague Patrick Mahony.
Seet Li Lin
The formal letter which accompanied the above payment to Obaid from Good
Star Limited detailed it as a “broker fee” to the Saudi businessman “in
respect of raising funds from the Middle East to invest in Malaysia”.
Nothing could have been further from the truth, since no money went
from the Middle East to Malaysia – on the other hand it leaves no doubt
as to which deal is being referred to in this payment.
Pay out number 1 from Jho Low’s Good Star itself
Also on 30th September Jho Low arranged another US$20 million payment to
Tarek through another of his Singapore companies Acme Time, which was
arranged by one of his key fixers Eric Tan.
Total of over US$100 million dollars to Tarek on the day the deal went through
On top of these inducements the shareholders of PetroSaudi also received
a vast cash injection into their company of US$300 million, enabling it
to develop into a serious player in the oil business for the first
time. PetroSaudi rapidly became involved in a lucrative venture in
Venezuela thanks to its ability to now invest in oil fields in the
region.
Sarawak Report believes that this criminal series of inducements (which
were not authorised by the 1MDB board) were what persuaded PetroSaudi to
fulfil its agreed role to “act as a front” for Jho Low.
Hence the crucial question over the real ownership of Good Star Limited.
If all the allegations against 1MDB had been false then these could have
been disproved on day one by those concerned with the simple production
of the official documents of Good Star Limited from the Seychelles
company registry. Likewise, the documents from Coutts showing the
beneficial ownership of the Good Star Limited account at the times
concerned.
If the owners had been PetroSaudi, as alleged, then the entire allegation of theft could have been simply swept away.
A year later that has not happened. PetroSaudi has hidden behind
lawyers and refused to answer the simple question over the ownership.
Dodging the question – PetroSaudi President Rick Haythornthwaite:
The PAC report complains also that persistent questioning of 1MDB failed
to produce any documents or proof as to the ownership of Good Star
Limited. The company merely offered to provide a ‘letter of assurance’
from PetroSaudi itself written in 2015, which the PAC dismissed as
laughable in terms of evidence.
In fact, as long ago as our original February 28th article, Sarawak
Report had established that the signatory and Chief Investment Officer
for Good Star Limited in its documents dealing with both Tarek Obaid and
Patrick Mahony was Jho Low’s deputy Seet Li Lin
Seet was the signatory on an agreement with Mahony also dated 29th September 2009
When Sarawak Report rang the above telephone number it was answered by Seet Li Lin.
Later information obtained by Sarawak Report from the Seychelles company
directory has confirmed that Jho Low was indeed the sole beneficial
shareholder of the now liquidated company.
And this was confirmed to the PAC, according to its original report, by
none other than Bank Negara when questioned. The bank officials told
the MPs that Good Star Limited had been confirmed as belonging to a
party who had nothing to do with the PetroSaudi 1MDB joint venture i.e.
neither PetroSaudi nor 1MDB.
“Datuk Hasan Arifin tried to defend his unilateral decision [to chop out two sentences of the report] by claiming that the statement “is unclear or being investigated”, hence “is something prejudicial”.The PAC Chairman should inform the Parliament and all concerned, what exactly is so unclear about Bank Negara’s findings that “the ultimate beneficiary of Good Star Limited is an individual unrelated to the Petrosaudi International Ltd”? [Tony Pua, PAC committee member]
It was this highly damaging key central issue that Najib clearly needed
to be removed from the report and he therefore directed his personally
appointed new Chairman of the Committee to break the rules and take out
those two crucial lines relating to the admission by Bank Negara that
Good Star Limited did not belong to PetroSaudi.
It means the money was indeed stolen by the agent of Najib, Jho Low….
unless, after a year of ducking and diving, PetroSaudi and 1MDB are able
to provide genuine documentation that show otherwise?
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