NEW EXCLUSIVE from Sarawak Report
New documents obtained by Sarawak Report show that in 2011 the company Good Star Limited, which is controlled by the businessman friend of the Finance Minister, Jho Low, received the entirety of a further USD$330 million ‘loan’ that had been authorised by the development fund 1MDB, supposedly in favour of its former joint venture partner PetroSaudi International.
Good Star Limited is based in the Seychelles, but incorporated in the Cayman Islands and it has a bank account in Zurich. A signatory is Seet Li Lin, who is Jho Low’s deputy.
Jho Low has repeatedly maintained that he has held no role in 1MDB and made no profit from its investment dealings.
Yet, Sarawak Report has already revealed that PetroSaudi Directors had agreed to “act as front” for Jho Low and that out of a total of USD1.5 billion already invested in PetroSaudi between Sept 2009 and Sept 2010, $860 million had been secretly siphoned into Good Star’s RBS Coutts account in Zurich.
Now, official investigators have ascertained that a further USD$330 million, which 1MDB had sought approval to lend to PetroSaudi in May 2011, also all went straight to Good Star Limited instead.
This money had been funded by “ringgit borrowing from offshore banks and the balance of the Sukuk Murabaha proceeds” said official investigators, reporting earlier this month to Malaysia’s regulatory authorities. Continue reading