malaysia (written by dr mahathir mohamad)

10/8/15 4:06 PMMalaysia ←

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9. Then 1MDB paid another US 700 million to settle debts incurred byPetro-Saudi to Petro Saudi International. Why should 1MDB pay. The JVshould pay.

10. But within 6 months of setting up the JV, it was dissolved. Had a gooddue diligence been done, this JV would not have been set up. Clearly itwas not a viable proposition!

11. The 1.7 billion US should now be returned to 1MDB. But No! It wasconverted into a loan (Murabahah) to Petrosaudi. This is extremelyunusual. If you could not work with Petrosaudi as a JV partner how couldyou give it such a huge loan.

12. Then the money seems to have disappeared. It was previouslyreported to be deposited in banks in Hong Kong and Seychelles, investedin something or other and was supposed to end up in the CaymanIslands.

13. Concerned Malaysians demanded that the money be returned toMalaysia. An announcement was made that a portion had been returnedto Malaysia but was used to pay debts and other expenses. Malaysiawanted more information especially as a 2 billion Ringgit interest onloans could not be paid. 1MDB just had no money. So where is the moneyfrom the Caymans. Why should Ananda Krishnan offer 2 billion Ringgitto help pay the interest. Government had to provide a stand-by loan ofRM900 million.

14. Things did not look right. Then 1MDB announced that the rest of themoney from Cayman Islands had been received in cash. Arul, the CEO,claimed he saw the money. The PM said the money was deposited in aSingapore Bank. It was not brought back to Malaysia because Bank



Negara would ask too many questions.

15. That seems to be an admission that something was not right with themoney.

16. But Singapore is a financial centre. As such it must be even morecareful that money brought in and deposited in its banks should beinvestigated, especially if the sum is large, running into billions.

17. And sure enough the Monetary Authority of Singapore stated publiclythat no 1MDB Malaysian money came into the country. The Swiss Bankwhich was named as the bank where the money was deposited denied1MDB had deposited money with it.

18. So where were the billions of Ringgits or Dollars that 1MDB claimed ithad brought back from the Caymans. Arul Kandasamy had openlyclaimed he saw the money.

19. Now the PM declared that it was not money. It was units. The bankwhere it was deposited was not named.

20. What units were these. Not units in Unit Trust Funds certainly. Noexplanation is forth coming. The billions of dollars have againdisappeared.

21. Then the Wall Street Journal reported that Dato Sri Najib hasUSD700 million in his account in the Arab Malaysian Bank in KualaLumpur. That is about 2.6 billion Ringgit. How did this huge sum ofmoney get into Najib’s Private Account. Where did the money comefrom!! How can the PM of Malaysia whose pay is only RM20,000 permonth have so much money in his private account?



22. Unable to deny the Wall Street Journal report which included theaccount number and other details, Najib claimed that it was a donation.

23. Who in the world would donate USD700 million to the MalaysianPrime Minister? Even Obama could not raise this amount for hisPresidential bid. It was suggested it was an Arab.

24. Arabs are generous, but not that generous. I could not raise even asingle dollar from them for the Malaysian International IslamicUniversity or for the Oxford Islamic Centre. This claim that Arabsdonated billions is what people describe as hogwash or bullshit. CertainlyI don’t believe it and neither can the majority of Malaysians if we go bythe comments on the social media. The world had a good laugh.

25. When asked, the PM said wait for the report on 1MDB by theAuditor–General and the Public Accounts Committee.

26. To the UMNO divisional leaders and assorted bedfellows the PM inclose-door meetings, claimed the billions were for the elections.

27. The 2 billion Ringgit plus for elections is absurd. I needed less than 10million for each of the five elections I presided over and I won them allwith more than 2/3 majority. Why do you need 2.6 billion plus or 2600million Ringgit. Is it to bribe politicians and civil servants, or to rig theelections. That would not be right , much less legal.

28. Whatever, to me 2 billion plus for elections in Malaysia by any partyis wrong even if no limit is put on election expenses.

29. Then there is this lavish life-style which no Malaysian Prime Ministerwould be able to afford on the RM20,000 per month he receives.



Engagement and weddings lavishness far surpassed those of the Rulerseven. Several ceremonies were held in Malaysia and also in Kazakhstan.Guests were loaded with gifts from the host. Clearly millions, tens ofmillions were spent, far beyond what a Malaysian PM can afford.

30. Then there is the son’s investment of hundreds of millions inproducing the film The Wolf of Wall Street. It is so pornographic that itcannot be shown in Malaysia. Where did the money come from!

31. The shopping in London, Paris and elsewhere is known to beenormous.

32. Clearly the PM and his wife have more money than the salaries andallowances paid to the PM.

33. After the Wall Street Journal reported on Najib’s 2.6 billion Ringgit inhis private account, it was closed. You cannot take all that money to keepwith you. It had to be transferred. Apparently it was transferred to aSingapore bank. Then the Singapore authorities froze it.

34. Public clamour about the origin of the money in Najib’s account wasso loud that a task force comprising the head of four governmentinstitutions was set up. The Attorney General headed this task force andthe members were the IGP, the Head of Bank Negara and the Head ofMACC, the Malaysian Anti-Corruption Commission.

35. Najib was clearly uncomfortable with the investigations carried out bythe task force. The members seemed to be too independent. Najib couldnot control them. The task force was apparently determined to seek thetruth about the 1MDB and the 2.6 billion Ringgit in Najib’s account.Najib’s claim that it was a donation was not convincing.



36. Then Najib decided to take action to stop all the investigations on1MDB and his private account.

37. First he announced that people should stop talking about 1MDB. Itwas not just a hint but an open statement that such talk would beregarded as undermining democracy and an attempt to overthrow anelected leader. This would attract police attention and investigation.

38. Immediately following that the A.G. was sacked. In Malaysia’s legalsystem the A.G. determines whether a case would be heard in a court ornot. The A.G. who seemed to be heading the task force would be in aposition to take to the courts if there was evidence of criminality inNajib’s possession of the billions in his account.

39. The A.G’s removal means that he could no longer make any decisionover the unprecedented wealth of Najib. A judge was made A.G. andclearly he is not interested in the task force and its investigations. Heseemed determined to clear Najib.

40. Then the DPM was dismissed and replaced by the Minister of HomeAffairs who unlike Muhyiddin, had never questioned Najib about 1MDB.

41. In the cabinet reshuffle four members of the Public AccountsCommittee including its chairman were made deputy ministers.Effectively, the PAC was paralysed and the work of investigating 1MDBstopped.

http://www.rasautara.com.my/



42. Then the chief and deputy chief of MACC, a member of the task forceof four were asked to go on leave. When some members of the staff ofMACC continued their investigations and wanted to query Najib on thesource of the money in his account, they were harassed by the police whoaccused them of leaking information. Then they were transferred to thePM’s department. That shut them up.

43. The Governor of the Central Bank, a member of the four-strong TaskForce is now rumoured to be investigated for corruption.

44. With the PAC, and the Task Force paralysed and the A.G. sacked,investigation work on the 1MDB and the 2.6 billion in Najib’s privateaccount grounds to a complete halt.

45. Najib is now safe from being charged with illegally amassing funds.His claim that it is to be used for the coming elections is half-true. He hadalways said that cash is king. With the huge funds at his disposal hewould be in a position to bribe his way to victory. He may also use themoney to rig the election.

46. What Najib is doing is unprecedented in Malaysia. The people are at aloss as to what to do. The prospect of Najib continuing to rule thiscountry is utterly depressing. The Malaysia where elections can even seeopposition parties winning whole states will be no more.

47. Democracy is dead. It is dead because an elected leader chooses tosubvert the institutions of Government and make them his instrumentsfor sustaining himself. There is no more democracy for anyone toundermine. Certainly talking about 1MDB will not undermine somethingthat no longer exist. If anyone should be questioned by the police, it isNajib.

malaysia (written by dr mahathir mohamad)

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