HEIST OF THE CENTURY – How Jho Low used PetroSaudi as “A Front” to siphon billions out of 1MDB!

HEIST OF THE CENTURY – How Jho Low Used PetroSaudi As “A Front” To Siphon Billions Out Of 1MDB!

HEIST OF THE CENTURY – How Jho Low Used PetroSaudi As “A Front” To Siphon Billions Out Of 1MDB!

Having fun - tycoon Jho Low on a regular jaunt with Paris Hilton

Together with London’s Sunday Times newspaper, Sarawak Report has completed an in-depth investigation into the trail of the missing billions at the heart of Malaysia’s 1MDB (One Malaysia Development Berhad) financial scandal.

We have obtained access to thousands of documents and emails relating to transactions by 1MDB, including its initial joint venture with the little known oil company PetroSaudi International from 2009.

What the documents establish is that, in spite of copious official denials, the entire joint venture project was conceived, managed and driven through by the Prime Minister’s associate and family friend the party-loving billionaire tycoon, Jho Low.

The documents also prove that the USD$700 million so-called “loan” that was supposedly repaid to PetroSaudi as part of the joint venture agreement, was in fact directed into the Swiss bank account of a company called Good Star, which is controlled by Jho Low.

That money was then partly used to buy out Taib Mahmud’s UBG bank in Sarawak at a very advantageous price for the chief minister and his family, who had been failing to get a deal on the open market.

PetroSaudi had agreed to act as “a front” for Jho Low on such deals, according to the documents, and it was a subsidiary of PetroSaudi International registered in the Seychelles, which bought UBG, using money siphoned from 1MDB.

How Jho Low managed the 1MDB PetroSaudi Joint Venture deal

Brains behind PetroSaudi, Director Patrick Mahony

Among the email exchanges obtained by Sarawak Report are documents from an initial meeting that took place in New York on September 8th 2009, between the then Wynton Capital head, Jho Low and the UK businessman Patrick Mahony, who had been introduced a few days earlier by PetroSaudi’s CEO, Tarek Obaid.

Mahony worked for the investment group Ashmore, which was funding PetroSaudi’s main operation, an oil well in Argentina.

Also at the meeting were two of Jho Low’s close colleagues, Li Lin Seet and a UBG bank lawyer, Tiffany Heah.

In an email written to “Jho, Seet and Tiffany” the following day, Mahony made clear on behalf of PetroSaudi that the company was very willing to become involved in a series of deals proposed by Jho Low, which were expected to involve 1MDB and PETRONAS. Continue reading

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Man, 70, struggled to pay a $400k debt for 15 years, only to realize he has been scammed!

70-year-old Tan Soy Kiang from Singapore, had been paying off a debt over $400,000 he was told he owed from the Singaporean Government. Mr. Tan spent the last 15 years struggling, he took two jobs, borrowed money from neighbors and his elder sister just to pay his debt.

It was only just recently that it was discovered he doesn’t owe any debt, but a victim of a malicious scam perpetuated by two Singaporean women who took advantage of him knowing he was a simple-minded man living alone.

Old man scammed (2)

Fifteen years ago, two women approached and convinced Mr. Tan that he owes the government a huge debt which he should pay off immediately or else it would result to imprisonment. Tan trusted the women whom he had known for years and believed them. But he does not have that large sum, so he pleaded for consideration and end up in an agreement of paying the “non-existent debt” every payday. But he should make sure not to fail any payment or else he’ll be in serious trouble.

Old man scammed (1)

Afraid of the consequences the poor old man, who cannot even stand up straight due to a spinal injury, was forced to work as a street cleaner in the morning with a salary of $1,000 and doubles as a pump attendant from 4pm to 10.30pm earning another $1,000 monthly. Every month, one of the two women would wait near the petrol station on his pay-day or the next morning in Kim Keat Avenue to collect the money. Continue reading

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Lee Kuan Yew: The great leader who made Singapore

 
     
by Hazlan Zakaria

TRIBUTE: “And even from my sickbed, even if you are going to lower me into the grave, and I feel that something is wrong, I’ll get up,” – these popular last words best describe the iron will of the man, Lee Kuan Yew, who practically made Singapore what it is today.

His iron determination and shrewd calculations having led the once fledgling Island city state into an economic and regional power to be reckoned with.

All from the modest and humble beginnings of a city on an island forced to separate from the mainland that was its lifeline.

For at the time Singapore began, it was a captive of the British designed resource ecosystem so to speak, geared towards serving the resource extraction activities of the Malayan and then Malaysian peninsular.

Economically, Singapore’s first prime minister had driven his tiny nation out of the shadow of being geared to processing and trading goods from Malaysia into an international entreport empire that encompasses its current stature as a trading, financial services and manufacturing hub.

Militarily speaking, Lee oversaw the building of the country’s defences on the Israeli model to a respectable combatant in any regional conflict, if it were to occur.

And all throughout, Lee’s cunning at diplomacy also served him well as he bargained, negotiated and bludgeoned Singapore’s way into the favours of superpowers and build up the city-state’s global currency by clever diplomacy.

Some may argue that the price that Singapore paid under Lee was to have individuality stripped from the populace turning them into a homogeneous society of drones, but none can deny that he left behind a legacy of a perfectly ticking clockwork bureaucracy and efficient civil service.
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Kit Siang questions foul play among judges

By FMT Reporters

KUALA LUMPUR: Questionable dealings among judges were aired after a former judge resurrected a controversial 1995 dispute over company shares, prompting the DAP’s Lim Kit Siang to demand an explanation from the chief justice, Ariffin Zakaria.lksariffin

Lim asked whether a vengeful former chief justice, Eusoffe Chin, had twice blocked the promotion of an appeal court judge who stood up to him.

In a statement today Lim demanded an explanation from the current chief justice, Ariffin Zakaria, who heads the Judicial Appointments Commission, which decides on appointments to the three superior courts.

Lim said Ariffin should explain whether the controversial Ayer Molek v Insas case of 1995 was one reason for Justice Mohd Hishamudin Mohd Yunus being twice by-passed and denied elevation to the Federal Court.

Lim wanted to know if Justice Hishamuddin’s promotions were thwarted by Eusoffe Chin exacting vengeance on the judge, who had declared as invalid a decision by a superior three-man federal court bench headed by Chin. Continue reading

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PM must clarify report about his wealth

By FMT Reporters

najib2PETALING JAYA: DAP strongman Lim Kit Siang today demanded that Prime Minister Najib Abdul Razak clarify a statement given to the New York Times (NYT) about the sources of his wealth.

He said Najib must not remain silent in the face of “national and international controversy” following the February 9 NYT report, which quoted the Prime Minister’s Office as saying: “Neither any money spent on travel, nor any jewellery purchases, nor the alleged contents of any safes are unusual for a person of the prime minister’s position, responsibilities and legacy family assets.”

Lim noted that Najib’s four brothers, in a statement to the press yesterday, expressed concern that the controversy would tarnish the name of their father, Abdul Razak Hussein, who was Malaysia’s Prime Minister between 1970 and 1976.

Lim agreed with Najib’s brothers that Abdul Razak was known for his frugality. Continue reading

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How should a woman’s body be?

 
   
by Mariam Mokhtar

COMMENT: It is easy to conceal one’s insecurities; but it takes great courage to reveal some deep-seated fear and a very brave man to lay bare his soul, especially in a public confession. Lecturer and wannabe Malay, Ridhuan Tee Abdullah wrote in his column, that women’s bodies attract rapists. He caused outrage by blaming women for having alluring bodies, which aroused men.

Ridhuan’s remarks are revealing and most unusual. Does he feel uncomfortable in the presence of women? Has he great difficulty suppressing his sexual desires?”

Perhaps he has sexual issues and is confused about his sexuality. One person said, “Did his mother refuse to breastfeed him, as a baby?”

By far, the most common response to Ridhuan’s remarks was pity. Was he bullied, by his schoolmates? Was he teased for his walk, or his talk, his hairstyle or the way he dressed? Was he effeminate or had a squeaky voice or refused to play sport? Was he ignored? Are his controversial articles, merely attention seeking?

Whatever the reason, Ridhuan seems to have grown up with a “blame-the-woman-it’s-got-to-be-her-fault” attitude. He invited contempt when he said that women who were raped, despite their best efforts to cover their “aurat” and dress modestly, were fated to be raped.

Ridhuan

If Ridhuan were given the chance, how would he “reinvent” women’s bodies so that they were less alluring and did not cause arousal?

Curves make Ridhuan hot under the collar, or using the Malay expression, “stim”. In his mind, women should be more like snakes, cold, and shapeless, so that men have no bits to grasp, but the snake-like woman could curl tightly around him. Continue reading

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Brothers’ stand indicate rift in Najib’s family?

Prime Minister Najib Abdul Razak is not only facing pressure from his political opponents both within and outside of Umno. Things may not be so rosy on the family front as well.

Adding fuel into this cauldron of speculation was the rare statement issued by his four younger brothers, who expressed concern that their late father’s reputation is being soiled.

Hong Kong-based portal Asia Sentinel has earlier this month reported strained ties between Najib’s siblings and his wife, Rosmah Mansor, who since her husband came to power in 2009 has been the centre of a string of controversies surrounding her extravagant lifestyle.

Quoting a source, the report claimed that Najib’s brothers had openly criticised their flamboyant sister-in-law at dinner functions.

However, Umno bloggers later circulated a response purportedly from Rosmah, in which she denied the report and claimed that she would never cause a rift in her husband’s family.

Perhaps for Najib’s brothers, the Feb 9 front-page New York Times report was the final straw.
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