Tag Archives: 1MDB

July 24

Goldman Sachs, Malaysia agree to US$3.9b settlement over 1MDB

Malaysia on Friday said US investment bank Goldman Sachs has agreed to a US$3.9 billion (RM16.6 billion) settlement with the government over the multi-billion dollar 1MDB scandal. The deal includes a US$2.5 billion cash payout by Goldman and a guarantee by the bank to return at least US$1.4 billion in assets linked to 1MDB bonds, […]

October 23

‘Billion Dollar Whale’ author claims Jho Low developed taste for riches at prestigious UK school

Fugitive financier Low Taek Jho’s drive to embezzle billions from the 1Malaysia Development Board (1MDB) fund may have been inspired by his time as a student in one of the United Kingdom’s most prestigious boarding schools, said Tom Wright. The Malay Mail’s Jerry Choong reports: The Wall Street Journal’s Asian economics editor and co-author of […]

October 27

Another ‘investigative bang’?

CLARE Rewcastle-Brown’s need for an audience is obvious to anyone who reads her ranting about the Wall Street Journal’s brilliant book, Billion Dollar Whale. Rewcastle-Brown had survived because she was the lucky receiver of stolen files from PetroSaudi. But she was totally outstripped by the WSJ because they could understand and explain the material. Rewcastle […]

August 18

Jho Low says he will not surrender

A Malaysian financier wanted for his role in the multi-billion-dollar scandal at state fund 1MDB has said he does not expect to get a fair hearing anywhere and will not present himself to any country where his guilt has been predetermined. Reuters report: Low Taek Jho, better known as Jho Low, has been identified by […]

April 17

Indonesia court rules yacht seizure in 1MDB case invalid

An Indonesian court on Tuesday (April 17) ruled that the seizure of a luxury yacht linked to a US investigation into scandal-ridden state fund 1Malaysia Development Berhad (1MDB) was invalid and without legal basis. “We declare the confiscation by police as invalid and legally baseless,” Justice Ratmoho told the hearing at the South Jakarta District Court. […]

May 26

EPF appoints MRCB as Kwasa Damansara project delivery partner

The Employees Provident Fund’s (EPF) wholly-owned unit Kwasa Land Sdn Bhd appointed Malaysian Resources Corp Bhd (MRCB) as project delivery partner (PDP) to develop the Kwasa Damansara township’s main infrastructure. Kwasa Damansara is a future township within 932ha (2,330 acres) in Sungai Buloh, Selangor. The Rubber Research Institute Malaysia was formerly located there. In a […]

March 17

BritishIndia loses legal bid to remain on 1st floor of Suria KLCC

Home-grown lifestyle boutique BritishIndia lost its legal bid continue operating at its current premises on the first floor of Suria KLCC. NST’s Hidir Reduan reports: The High Court today ordered the brand’s owner BTC Clothier Sdn Bhd to vacate the premises following dismissal of the suit over the shopping mall’s alleged wrongful termination of a […]

February 02

Switzerland says Najib not a suspect in 1MDB probe

Prime Minister Datuk Seri Najib Razak is not one of the suspects in Switzerland’s criminal investigation on 1Malaysia Development Berhad (1MDB), the Swiss Attorney-General’s Office said. The MalayMail OnLine reports: Swiss Attorney-General Michael Lauber publicised Friday a request for Malaysia’s aid in his office’s probe on 1MDB that revealed suspected misappropriation of about US$4 billion […]

January 19

Lawyer Shafee to testify in defamation suit against Bar, 3 others, says counsel

Lawyer Tan Sri Muhammad Shafee Abdullah is expected to take the stand tomorrow when the High Court hears his defamation suit against the Malaysian Bar and three others for attempting to discuss his conduct at the Bar’s annual general meeting (AGM) last year. His lawyer, Datuk Kamarul Hisham Kamaruddin, said Shafee would be the first […]

November 01

Tony Pua backs down from the debate

Raja Petra Kamarudin tells us that Tony Pua has been advised to avoid any debate with 1MDB’s Arul Kanda because clearly he is going to be made to look like an idiot. Arul Kanda would be well prepared with documents and facts while all Tony Pua has are unfounded allegations with no evidence. Today, 1Malaysia […]

October 29

Justo to sue Edge owner Tong, 2 others over PetroSaudi data

Swiss national Xavier Andre Justo will sue the owner of the Edge Media Group and its top executive as well as the founder of Sarawak Report in the High Court in Singapore. Justo wants Tong Kooi Ong; Ho Kay Tat, group chief executive officer and Publisher of The Edge Communications Sdn Bhd; and Clare Rewcastle-Brown, […]

October 09

Bank Negara revokes 1MDB foreign transfers, orders RM7.5 billion sent home

Bank Negara Malaysia today said that its investigations showed troubled state fund 1Malaysia Development Berhad (1MDB) had secured permissions for investments abroad based on inaccurate or incomplete disclosure of information. In a statement, the central bank said it had revoked three permissions granted to 1MDB for investments abroad totalling US$1.83 billion (RM7.53 billion) and directed […]

September 08

Nazir Razak raises concern over 1MDB adviser’s resignation

The resignation of 1Malaysia Development Berhad (1MDB) adviser Tan Sri Dr Abdul Samad Alias has raised the concern of Datuk Seri Nazir Razak. “Respected, honest, professional appointed by the Govt and welcomed by the Chairman with fanfare. “But denied access to information by management. If this is true and tolerated, what message does it send […]

August 13

BNM says 1MDB probe completed, recommendations submitted to AG

Malaysia’s central bank has completed an investigation into troubled state fund 1MDB and submitted a report to the attorney general, the bank’s governor, Zeti Akhtar Aziz, told a news conference on Thursday. “The bank has submitted its investigation papers to the attorney general with the recommendation for the appropriate enforcement action,” she told reporters. The […]

August 10

Chief Secretary: MACC duo reinstated after explanations given

Ali confirmed that the two directors from the MACC who were issued transfer orders last week have been reinstated to their original posts in the agency. — Picture by Saw Siow Feng Chief Secretary to the Government Tan Sri Dr Ali Hamsa confirmed today that the two directors from the Malaysian Anti-Corruption Commission (MACC) who […]

July 22

Rafizi Ramli, Tony Pua barred from leaving country

PKR Secretary-General Rafizi Ramli has claimed that in addition to DAP’s Tony Pua, he too has been barred from leaving the country. “I was informed that Tony Pua was prevented from leaving the country due to his involvement in exposing information on 1Malaysia Development Berhad (1MDB),” he said, adding that he immediately checked his own […]

July 21

Lim Kok Wing ends stint as Najib’s adviser

Advertising wizard Lim Kok Wing has reportedly ended his stint as Prime Minister Najib Abdul Razak’s public campaign coordinator. Citing sources, The Malaysian Insider said Lim resigned from his post in the Prime Minister’s Office earlier this month. The resignation comes as Najib struggles to deal with the 1MDB scandal with calls for him to […]

July 12

And will there be a dawn raid to arrest the culprits?

Lessons never learnt, it would seem. Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz was clear on the issue of banking confidentiality when she said in 2012: “The confidentiality of customer information is clearly protected by the Banking and Financial Institutions Act 1989 (BAFIA). So when a Public Bank Berhad clerk from the […]

July 08

Legal letter despatched to Wall Street Journal

The publisher of the Wall Street Journal (WSJ) had been asked to state its position on two recent articles which alleged transfer of 1Malaysia Develop Bhd (1MDB)’s funds into the personal accounts of Prime Minister Datuk Seri Najib Razak. Najib had conveyed this to Dow Jones and Company Inc via a letter dated today from his law firm Hafarizam […]

July 08

Media plot against Najib may have begun shortly after he became PM

Conspiracies abound. The Rakyat Post reports that it is becoming quite apparent that a third media organisation could be part of a plot to undermine the authority of Prime Minister Datuk Seri Najib Razak, judging from recent reports. So far, Home Minister Ahmad Zahid Hamidi has named Sarawak Report and The Edge Media group as […]

July 04

A-G confirms raids on companies implicated in WSJ report

Authorities have raided three companies implicated in the alleged channelling of funds into the Prime Minister’s personal accounts. Attorney-General Tan Sri Abdul Gani Patail (pic) said a special taskforce had raided SRC International Sdn Bhd, Gandingan Mentari Sdn Bhd and Ihsan Perdana Sdn Bhd on Friday. “Documents were retrieved from the three premises,” he said […]

July 01

Thai police: Justo has admitted to blackmailing and attempting to extort from former boss

Thailand Royal Police are still in the process of investigating the case of former PetroSaudi International executive Xavier Andre Justo although he has admitted to blackmailing and attempting to extort his former employer. Thailand Royal Police spokesman Pol Lt Gen Prawuth Thavornsiri said Justo had admitted to allegations about blackmailing and attempting to extort his former employer. “Yes, he did […]

July 01

Home Ministry issues show-cause letter to The Edge over 1MDB coverage

The Home Ministry has issued a show-cause letter to The Edge over what Putrajaya deemed to be unverified news that was published by the business paper on debt-laden 1 Malaysia Development Berhad (1MDB). An official with the ministry confirmed that the letter was sent to the publication, but did not reveal further details. “We are […]

June 28

1MDB planning a walkout from PAC hearing?

Kit Siang ponders on why lawyer Shafee is so against Tony Pua making statements. Are top executives of 1Malaysia Development Bhd plotting with their lawyer to stage a walkout at hearings of the Public Accounts Committee? DAP veteran Lim Kit Siang raised this possibility today after criticism arose of Tony Pua, a member of the […]

June 27

The Edge pulls back after Zahid’s threat

Business weekly says it won’t rely on leaked emails for reports on 1MDB’s business deals Business weekly The Edge, facing a threat of government action against it, has announced it would no longer use leaked emails regarding the troubled government company 1Malaysia Development Bhd. In a statement today, it said: “We will defer to the […]

June 25

Who is Xavier Andre Justo?

THIS morning, New Straits Times readers woke up to images of a heavily tattooed foreigner surrounded by armed officers, held in the custody of the Thai police after a dramatic new development in the 1Malaysia Development Bhd (1MDB) story. The NST report in greater depth: Our exclusive report on the arrest of Swiss national Xavier […]

June 24

Swiss man accused of Najib smear plan

Police have arrested a Swiss national they claim leaked information of a Saudi-based energy company to a UK-based news website. Xavier Andre Justo, 49, was arrested at a house on Koh Samui on Monday with computers, hard drives and other data storage devices.  Wassayos Ngamkham of The Bangkok Post reports: Xavier Andre Justo, 49, was […]

June 24

Thai police nab PetroSaudi ex-staff over attempted extortion

Thai police have arrested a former official of PetroSaudi International Ltd, and charged him with attempting to blackmail and extort the company, Thai media said yesterday. Thai police chief Gen. Somyot Pumpunmuang told reporters that the Crime Suppression Division police had detained Xavier Andre Justo, a Swiss national, following the issuance of an arrest warrant […]

June 10

Dr Mahathir is behind crisis, says PM

Datuk Seri Najib Tun Razak has accused Tun Dr Mahathir Mohamad of being the cause of the current crisis with his “half-truths”, “misleading jokes” and “twisting statements”. Writing in his blog najibrazak.com, the Prime Minister said Dr Mahathir would continue to intervene in the country’s administration, even if he were to step down. “He can […]

May 24

1MDB shakeup proposal will be tabled to Cabinet

An IN-DEPTH report on the proposed restructuring of cash strapped 1Malaysia Development Bhd (1MDB) will be tabled to the Cabinet next week, as the last resort to save the strategic investment fund from collapsing. Malaysian Reserve’s P Prem Kumar reports: Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the government still believes a restructuring […]