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Malaysia: Worlds Biggest Financial Scandal?

YongHoi

Well-known member
Joined
Apr 21, 2011
Messages
689
Over the last year or so a Financial Scandal of epic proportions has been slowly developing in Malaysia. It began when rumours leaked out about the misuse of funds from a Six Billion USD national investment fund (named 1MDB - One Malaysia Development Berhad). Accusations of massive corruption at the highest levels in Government were bolstered by a Wall Street Journal revelation that they had proof a personal bank account belonging to the Prime Minister (Mr.Najib) had an unexplained 681M USD deposit. Najib at first denied he had the money, then tried to explain it away as 'a political donation' (sound familiar?). He also threatened to sue the WSJ, but while the accusations continue to come out of that newspaper he has done nothing about it. Well - he did do something - he sacked the Attorney General who had begun investigating the case. A national anti-corruption body which also expressed interest was disbanded by him. The head of the Malaysian Central Bank (a woman of reputed integrity and independance) suddenly resigned in the midst of questions over Najibs money. A lacky has been appointed to the job.

Last week the US DOJ held a press conference where it revealed a massive fraud investigation was launched into 1MDB and certain Malaysian individuals who had come into possesion of up to 3.5 BILLION USD from the 1MDB fund. The money had (in part) been used to buy expensive luxury properties in the US (notably in NYC and LA), buy valuable artworks, a private jet, and to fund the production of a Hollywood movie (The Wolf Of Wall Street, a movie about financial corruption!).
The US DOJ has begun proceedings to seize these assets (including movie royalties and profits) with a view to reimbursing the Malaysian people.
One of the central characters/beneficiaries is the step son of the Prime Minister, Najib. He is the Producer of the Wall Street movie production company.
A 'high level official' in Malaysia was referred to as another beneficiary (everyone assumes it is Najib).
Here is a link to a YouTube summary video (just 90 secs long) which includes extracts from the DOJ Press Conference; https://youtu.be/56eQ4ikK8po
The full press conference is quite long but worth watching, and can be found easily on YouTube.

The US DOJ investigation is just one of the international investigations under way. The Swiss and the French are also conducting enquiries into money laundering from 1MDB.

The whole story is so convoluted it almost boggles the mind - but The Guardian did a really excellent bit of journalism last week. They produced an article which explains the whole mess from its very inception - the link is here, its a MUST READ: https://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

That article links the story to a UK Financier, a Saudi Prince, The Malaysian PM, his Stepson, his close personal advisor (a playboy Chinese Malaysian), Gordon Browns family (an investigative journalist named Clare Rewcastle Brown), a secret meetings on a Monaco yacht, Swiss banks, Brit Spooks and scammers, and the Bangkok prison. Its worthy of a movie in its own right.

I'm simply amazed this story seems to have received little attention on the global stage. Its incredible that a man linked to this could remain as PM of a nation.

There's a lot more to come from this story, especially when arrests start happening in the US (or extraditions to the US). Najib is tightening his grip in Malaysia, having only yesterday introduced new emergency powers which Amnesty International and the UN Human Rights group for Asia have condemned. Meanwhile the Malay party of Government (UMNO) are mostly falling in behind their corrupt leader, and declaring his detractors (mainly non Malay people) to be Anti Islamic - and the religious/racial split in the country is growing.

We know there is top level corruption everywhere, but this story makes CJH look like a choirboy by comparison.
 


Mad as Fish

Well-known member
Joined
Dec 6, 2012
Messages
24,449
Over the last year or so a Financial Scandal of epic proportions has been slowly developing in Malaysia. It began when rumours leaked out about the misuse of funds from a Six Billion USD national investment fund (named 1MDB - One Malaysia Development Berhad). Accusations of massive corruption at the highest levels in Government were bolstered by a Wall Street Journal revelation that they had proof a personal bank account belonging to the Prime Minister (Mr.Najib) had an unexplained 681M USD deposit. Najib at first denied he had the money, then tried to explain it away as 'a political donation' (sound familiar?). He also threatened to sue the WSJ, but while the accusations continue to come out of that newspaper he has done nothing about it. Well - he did do something - he sacked the Attorney General who had begun investigating the case. A national anti-corruption body which also expressed interest was disbanded by him. The head of the Malaysian Central Bank (a woman of reputed integrity and independance) suddenly resigned in the midst of questions over Najibs money. A lacky has been appointed to the job.

Last week the US DOJ held a press conference where it revealed a massive fraud investigation was launched into 1MDB and certain Malaysian individuals who had come into possesion of up to 3.5 BILLION USD from the 1MDB fund. The money had (in part) been used to buy expensive luxury properties in the US (notably in NYC and LA), buy valuable artworks, a private jet, and to fund the production of a Hollywood movie (The Wolf Of Wall Street, a movie about financial corruption!).
The US DOJ has begun proceedings to seize these assets (including movie royalties and profits) with a view to reimbursing the Malaysian people.
One of the central characters/beneficiaries is the step son of the Prime Minister, Najib. He is the Producer of the Wall Street movie production company.
A 'high level official' in Malaysia was referred to as another beneficiary (everyone assumes it is Najib).
Here is a link to a YouTube summary video (just 90 secs long) which includes extracts from the DOJ Press Conference; https://youtu.be/56eQ4ikK8po
The full press conference is quite long but worth watching, and can be found easily on YouTube.

The US DOJ investigation is just one of the international investigations under way. The Swiss and the French are also conducting enquiries into money laundering from 1MDB.

The whole story is so convoluted it almost boggles the mind - but The Guardian did a really excellent bit of journalism last week. They produced an article which explains the whole mess from its very inception - the link is here, its a MUST READ: https://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

That article links the story to a UK Financier, a Saudi Prince, The Malaysian PM, his Stepson, his close personal advisor (a playboy Chinese Malaysian), Gordon Browns family (an investigative journalist named Clare Rewcastle Brown), a secret meetings on a Monaco yacht, Swiss banks, Brit Spooks and scammers, and the Bangkok prison. Its worthy of a movie in its own right.

I'm simply amazed this story seems to have received little attention on the global stage. Its incredible that a man linked to this could remain as PM of a nation.

There's a lot more to come from this story, especially when arrests start happening in the US (or extraditions to the US). Najib is tightening his grip in Malaysia, having only yesterday introduced new emergency powers which Amnesty International and the UN Human Rights group for Asia have condemned. Meanwhile the Malay party of Government (UMNO) are mostly falling in behind their corrupt leader, and declaring his detractors (mainly non Malay people) to be Anti Islamic - and the religious/racial split in the country is growing.

We know there is top level corruption everywhere, but this story makes CJH look like a choirboy by comparison.
We all know by now that big finance is systemically corrupt and yet we still keep believing in a system that encourages it due to the system owning the means of propaganda. How to break that circle is the question.
 

Jack Walsh

Well-known member
Joined
Jun 26, 2015
Messages
9,711
And entirely predictable, Goldman Sachs all over this one like a rash.
Pulled $6 billion in fees out of the fund in just a few years.

Just think about it, $6 billion
For what, pressing a few buttons, executing some large transactions etc?

Nobody hands over $6 billion unless there is more to it than that, what unique service did Goldmans provide?
As usual we will probably never know but you can be sure it was murky and lucrative for all the pigs at the trough at the expense of countless suckers way down the pecking order.
 

YongHoi

Well-known member
Joined
Apr 21, 2011
Messages
689
Well there's a bloke called Mahoney and he isn't one of the good guys.
 

HereWeGoAgain

Well-known member
Joined
Aug 2, 2012
Messages
14,680
Well there's a bloke called Mahoney and he isn't one of the good guys.
Mahony was educated University College London, according to his Linkedin.
With a name like Mahony, he must have Irish connections.

He is currently

Chief Investment Officer
PetroSaudi Oil Services Ltd
2012 – Present (4 years)London, United Kingdom
As Chief Investment Officer, I am responsible for the general risk management and financial structuring of PSI’s investments as well as the sourcing, structuring and management of the Group’s transactions.
 

HereWeGoAgain

Well-known member
Joined
Aug 2, 2012
Messages
14,680
Over the last year or so a Financial Scandal of epic proportions has been slowly developing in Malaysia. It began when rumours leaked out about the misuse of funds from a Six Billion USD national investment fund (named 1MDB - One Malaysia Development Berhad). Accusations of massive corruption at the highest levels in Government were bolstered by a Wall Street Journal revelation that they had proof a personal bank account belonging to the Prime Minister (Mr.Najib) had an unexplained 681M USD deposit. Najib at first denied he had the money, then tried to explain it away as 'a political donation' (sound familiar?). He also threatened to sue the WSJ, but while the accusations continue to come out of that newspaper he has done nothing about it. Well - he did do something - he sacked the Attorney General who had begun investigating the case. A national anti-corruption body which also expressed interest was disbanded by him. The head of the Malaysian Central Bank (a woman of reputed integrity and independance) suddenly resigned in the midst of questions over Najibs money. A lacky has been appointed to the job.

Last week the US DOJ held a press conference where it revealed a massive fraud investigation was launched into 1MDB and certain Malaysian individuals who had come into possesion of up to 3.5 BILLION USD from the 1MDB fund. The money had (in part) been used to buy expensive luxury properties in the US (notably in NYC and LA), buy valuable artworks, a private jet, and to fund the production of a Hollywood movie (The Wolf Of Wall Street, a movie about financial corruption!).
The US DOJ has begun proceedings to seize these assets (including movie royalties and profits) with a view to reimbursing the Malaysian people.
One of the central characters/beneficiaries is the step son of the Prime Minister, Najib. He is the Producer of the Wall Street movie production company.
A 'high level official' in Malaysia was referred to as another beneficiary (everyone assumes it is Najib).
Here is a link to a YouTube summary video (just 90 secs long) which includes extracts from the DOJ Press Conference; https://youtu.be/56eQ4ikK8po
The full press conference is quite long but worth watching, and can be found easily on YouTube.

The US DOJ investigation is just one of the international investigations under way. The Swiss and the French are also conducting enquiries into money laundering from 1MDB.

The whole story is so convoluted it almost boggles the mind - but The Guardian did a really excellent bit of journalism last week. They produced an article which explains the whole mess from its very inception - the link is here, its a MUST READ: https://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

That article links the story to a UK Financier, a Saudi Prince, The Malaysian PM, his Stepson, his close personal advisor (a playboy Chinese Malaysian), Gordon Browns family (an investigative journalist named Clare Rewcastle Brown), a secret meetings on a Monaco yacht, Swiss banks, Brit Spooks and scammers, and the Bangkok prison. Its worthy of a movie in its own right.

I'm simply amazed this story seems to have received little attention on the global stage. Its incredible that a man linked to this could remain as PM of a nation.

There's a lot more to come from this story, especially when arrests start happening in the US (or extraditions to the US). Najib is tightening his grip in Malaysia, having only yesterday introduced new emergency powers which Amnesty International and the UN Human Rights group for Asia have condemned. Meanwhile the Malay party of Government (UMNO) are mostly falling in behind their corrupt leader, and declaring his detractors (mainly non Malay people) to be Anti Islamic - and the religious/racial split in the country is growing.

We know there is top level corruption everywhere, but this story makes CJH look like a choirboy by comparison.
Thanks for link YongHoi - I might well have missed this!
 

Draoi

Active member
Joined
May 11, 2015
Messages
268
And entirely predictable, Goldman Sachs all over this one like a rash.
Pulled $6 billion in fees out of the fund in just a few years.

Just think about it, $6 billion
For what, pressing a few buttons, executing some large transactions etc?

Nobody hands over $6 billion unless there is more to it than that, what unique service did Goldmans provide?
As usual we will probably never know but you can be sure it was murky and lucrative for all the pigs at the trough at the expense of countless suckers way down the pecking order.
There's no mystery here. It's a monstrous scam called usury, or 'interest', whereby those who have lots of money charge those who have less money a fee to temporarily borrow a sum of said money. 'Interest' is a means by which the rich are assured to grow increasingly wealthy, at the direct expense of the poor, making them increasingly poor. This is the natural outcome of a monetary system based on the concept of usury.

Many nations from ancient China to ancient Greece to ancient Rome outlawed loans with any interest. Ancient philosophers, such as Plato and Aristotle, condemned the practice. The Christian church in medieval Europe banned the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change), as did the various medieval Islamic Caliphates. It was universally destested and banned because it represents the essence of injustice.
 

Roisin3

Well-known member
Joined
Dec 12, 2009
Messages
18,428
And entirely predictable, Goldman Sachs all over this one like a rash.
Pulled $6 billion in fees out of the fund in just a few years.

Just think about it, $6 billion
For what, pressing a few buttons, executing some large transactions etc?

Nobody hands over $6 billion unless there is more to it than that, what unique service did Goldmans provide?
As usual we will probably never know but you can be sure it was murky and lucrative for all the pigs at the trough at the expense of countless suckers way down the pecking order.
How would GS get a $6 billion fee when the fund was $6 billion?
 

Burnout

Well-known member
Joined
Oct 7, 2009
Messages
7,276
Twitter
I have a life.
Do we have to pay for this as well....
 

GDPR

1
Joined
Jul 5, 2008
Messages
224,089
Let's see, theft, money laundering, commissions etc on a mind boggling scale is act one of ripping off a poor people. Act 2 is the debt now left as a result of said thievery, with said poor people footing the bill. These thieving, tax dodging scum, need to have the means of money laundering shut down, they give pirates a bad name such is the scale of their crime.
 

Who is John Galt?

Well-known member
Joined
Mar 15, 2010
Messages
6,259
There's no mystery here. It's a monstrous scam called usury, or 'interest', whereby those who have lots of money charge those who have less money a fee to temporarily borrow a sum of said money. 'Interest' is a means by which the rich are assured to grow increasingly wealthy, at the direct expense of the poor, making them increasingly poor. This is the natural outcome of a monetary system based on the concept of usury.

Many nations from ancient China to ancient Greece to ancient Rome outlawed loans with any interest. Ancient philosophers, such as Plato and Aristotle, condemned the practice. The Christian church in medieval Europe banned the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change), as did the various medieval Islamic Caliphates. It was universally destested and banned because it represents the essence of injustice.
The availability of credit has been one of the great boons to ordinary people over the last 70 years or so.
But don't let that interfere with your socialist nonsense.
 

Draoi

Active member
Joined
May 11, 2015
Messages
268
The availability of credit has been one of the great boons to ordinary people over the last 70 years or so.
But don't let that interfere with your socialist nonsense.
Excluding the last sentence, that post consisted entirely in objective facts.
 

Feckkit

Well-known member
Joined
Sep 6, 2011
Messages
5,889
The availability of credit has been one of the great boons to ordinary people over the last 70 years or so.
But don't let that interfere with your socialist nonsense.
There is nothing specifically 'socialist' about pointing out that trading imaginary money for profit is against almost everyone's interests
 

cyberianpan

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Joined
Jan 18, 2006
Messages
16,630
Website
www.google.com
It's serious all right

There's wheels within wheels ...and the aim is to take down a lot more than one or two bent Malaysian politicians

Also....what did Bertie give for his paltry digouts ? Ditto Lowry...why did Enda ring that bell ?

In Ireland...the return of investment seems low...

cyp
 

Wagmore

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Joined
Sep 17, 2015
Messages
12,373
It's serious all right

There's wheels within wheels ...and the aim is to take down a lot more than one or two bent Malaysian politicians

Also....what did Bertie give for his paltry digouts ? Ditto Lowry...why did Enda ring that bell ?

In Ireland...the return of investment seems low...

cyp
Context is everything-who knows exactly what the Bert trousered. What we do know is that both him and a few close to him won't have to work another day in their lives. At taxpayer's expense for the most part. Sounds like a decent return(if you're that way inclined) from where I'm toiling
 

cyberianpan

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Joined
Jan 18, 2006
Messages
16,630
Website
www.google.com
Context is everything-who knows exactly what the Bert trousered. What we do know is that both him and a few close to him won't have to work another day in their lives. At taxpayer's expense for the most part. Sounds like a decent return(if you're that way inclined) from where I'm toiling
Ireland lost tens of billions due to Bert

That would have funded many thousands of Berts to live like royalty

cyp
 

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