No overseas snoops

1MDB Group Executive Director Arul Kanda dispel the amongst the hopefuls about their diminished aspiration when he told Reuters today that none of the foreign investigators and/or law enforcement agencies are investigating the Malaysia Government strategic investment corporation.

NST story:

1MDB not contacted by foreign investigators: Arul Kanda

29 SEPTEMBER 2015 @ 9:04 PM

KUALA LUMPUR: Malaysia’s troubled strategic investment fund 1Malaysia Development Bhd (1MDB) has not been contacted by any foreign investigators over allegations of mismanagement and corruption, its president Arul Kanda told Reuters on Tuesday.

“In terms of the Swiss investigations or the Singaporean investigations or the FBI investigations, 1MDB has not been contacted by any of those authorities,” said Kanda, who was hired from Abu Dhabi Commercial Bank in January to conduct a strategic review of the state-owned fund, which owns mostly power and property assets.

The fund, which has Prime Minister Datuk Seri Najib Razak as chairman of its advisory board, has amassed debt of more than US$11 billion, engulfing Najib in a political storm amid allegations at home and abroad of graft and financial mismanagement at the fund. 1MDB has denied all the allegations.

Singapore’s police said in July they had frozen two bank accounts as part of an investigation linked to 1MDB.

“As far as I am aware, none of our accounts have been frozen,” Kanda, 39, said at his office when asked about its Singapore accounts.

Swiss authorities said at the end of August they had opened criminal proceedings against two 1MDB executives for suspected corruption and money laundering. The Swiss froze several tens of millions of dollars at Swiss banks in conjunction to the probe.

The growing controversy has battered Malaysian markets; the ringgit has lost a quarter of its value against the dollar this year, making it Asia’s worst performing currency, and Malaysia’s bonds have also fallen.

Ratings agencies have said they would be concerned if there were signs of broader policymaking being affected by the crisis, with Fitch warning it could downgrade the outlook on Malaysia’s sovereign debt. Kanda said some media reports had been politically motivated to undermine Najib.

“Clearly there are other agendas being pushed forward; it’s clear on the political front, of course, and I think that’s now very apparent what each different group is trying to achieve,” he said. Kanda, a trained barrister who has experience in restructuring and corporate finance, concluded early in his tenure that 1MDB should sell many of its assets to cut debt.

He said on Tuesday that process was on track. The selling of assets in power unit Edna Global Energy Bhd is a major plank of those efforts.

Kanda said asset sales planned in the coming weeks would put 1MDB in a positive cash position from early 2016. 1MDB was established in 2008 as the Terengganu Investment Authority with RM10 billion to manage oil royalty payments to the resources-rich northern state of Terengganu.

When Najib came to power in 2009 he renamed it 1MDB and turned it into a fully fledged investment fund. 1MDB expanded by purchasing power assets and large plots of land in the capital and other local regions, racking up debt until it plunged to a loss last year.

Abu Dhabi’s International Petroleum Investment Company (IPIC) agreed in May to provide 1MDB with US$1 billion in cash, allowing the fund to repay a US$975 million loan to a global banking syndicate.

The Abu Dhabi firm also agreed to assume US$3.5 billion of 1MDB debt and forgive an undisclosed amount of debt owed to IPIC by 1MDB, in exchange for assets that have not been named.

1MDB plans to use a US$1.4 billion deposit it placed with IPIC as collateral for the deal, Kanda said. — Reuters

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Two persons closely linked to Fourth Prime Minister, Khairuddin Abu Hassan and Matthias Chang, have been actively travelling abroad recently making all sorts of reports about allegedly white crimes committed within 1MDB.

They have also contributed to demonising Prime Minister Dato’ Sri Mohd. Najib Tun Razak for being involved in the same crimes. It is the clear objective that they are trying to achieve, which is to get Prime Minister Najib to resign or being toppled by pressures from the party and/or the anguished masses.

Movng goal posts

Movng goal posts

They have even casted the wrong perception about Prime Minister Najib would probably be arrested when he travels abroad, especially to the United Kingdom and United States and tried by International Criminal Court.

In the past ten days, Prime Minister Najib was on a working visit to London and was in New York, attending several engagements which include addressing the United Nations General Assembly.

All of these manipulations of half truths and lies are not adding to the right perception on efforts to resolve all financial woes and put 1MDB on the track of commercial principle of going concern.

Published in: on September 29, 2015 at 22:30  Comments (13)  

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13 CommentsLeave a comment

  1. Good of Arul to keep explaining, to keep justifying, to keep denying where relevant. Never mind if Najib’s detractors agree or not.

    There are those not on either side of the factional divide who want to get any and whatever answers they can get. Otherwise the communist belief that if things are said often enough, and no sufficient defence is provided, what is said becomes true.

    It cannot but be repeated again and again, that politics is perception, that politicians have to accept the occupational hazard of wrong or unacceptable perceptions, intended or implanted by political foes. And not blame those who got such perceptions but try to dissuade them from those by endless and sustainable explanations, sometimes called propaganda by the detractors.

    My interest is only that UMNO/BN continue ruling this country. Forever, if possible. Unless UMNO is incorrigible.

  2. There has been the perception often expressed in blogs that Najib not suing WSJ and NYT is telling. There have been 1-2 explanations that I have read. Frankly, I don’t mind listening or reading more of such. And I think so would many others.

    The same on the RM2.6 billion – the fact that Najib has up to now only said that he never took money for personal gain and that MACC saying only that it was a donation has not erased the questions in people’s minds.

    Blame me for saying those if anybody wants. But I have heard these said by people whose opinions have not been solicited or asked for. And they are solid, eligible voters who hate DAP and the jinbang of so-called Pakatan. My fear of these people ceasing to go to the polls out of disgust and UMNO/BN losing PRU14 by default is always on, believe me or not.

    And on this post, I’d like to say: suggestions of the PM being arrested are ridiculous. That the investigations on his step son and Jho Lo may lead to mention of the PM or his wife in any of the documents or correspondences are the ones that interest the public. Of course such information, if any, is kept confidential. Unless WSJ or NYT has “Deep Throat” kind of sources.

    • This is interesting – FMT says “Najib may sue WSJ if judgment can be enforced .. The Speech Act is an American Act that prohibits foreign court judgments being executed in the US”

      But why not sue in US? .

  3. I have seen the statements bla bla bla. Arul ni boleh pecaya ke?

  4. The Opposition so-called news portals like FMT continue to refer to the US Justice Department investigation on Rosmah’s son Riza and friend Jho Lo, using words like “involving” PM Najib.

    This morning BBC reporter interviewed 1MDB CEO Arul Kanda and the interview ended with Arul mentioning “politicians and former politician” but he is a businessman, a corporate guy.

    Umno Cheras Division Chief Syed Ali walloped Wan Azizah and Pakatan Harapan in his blog for urging Washington “to suspend talks with Malaysia to prevent conflicts of interest in view of the US Justice Department’s corruption probe that involves Prime Minister Najib Razak’s stepson and also his close associate Taek Jho Low.” Syed Ali said it was “a joke to call for a stall in trade deals and diplomatic ties based on mere assumptions and suspicion.” I agree with him.

    But it’s going to be endless calls for resolving the 1MDB and the RM2.6 billion cases. Tun Dr Mahathir yesterday said that since Khairuddin was arrested, he might be next. I think it will not be fair if he is arrested. He said he was not prepared to be arrested at his age etc. I agree with him, also on the grounds of his contributions to the country as PM for 22 years. .

  5. Talk on investigations involving Najib has lessened and the matter of 1MDB audited accounts is now on.

    1MDB has been granted by CCM a six-month extension to file its audited accounts, Arul Kanda told The Edge Financial Daily. The deadline was on September 30.

    Arul explained that in 1MDB’s case, the delay stems from key documents not with them – after raids and documents seized by the police and the special task force comprising BNM, the AG, the IGP and MACC regarding the RM2.6 billion.

    Its auditor Deloitte required original sets of documents to finalise the accounts but 1MDB were not in possession of the documents and accounts after the raids. Deloitte is cautious and seeking further clarification. Good that it does so now.

    Under those circumstances, the delay may be acceptable. The public is anxiously awaiting re-constitution of the PAC, tabling of the Auditor General’s Final Report to PAC/ Parliament.

    • I am anxiously awaiting announcement on the re-constitution of the PAC, tabling of the Auditor General’s Final Report to PAC/ Parliament.

      Meanwhile, good to hear that Salleh Syed Keruak keeps on trying to explain action taken to make people understand IMDB, including to businessmen abroad.

      But wonder why he appears still doing so a lot in his blog. Has he done so sufficiently in the various media channels especially TV, other than those deemed friendly to the Establishment?

      He wrote that PM Najib explained the 1MDB issue to American business leaders during his recent trip to the United States, denying allegations to the contrary.

      Salleh said Najib also informed the business leaders that there would be an announcement in the coming days regarding a significant reduction of 1MDB’s debts to the tune of RM16 billion.
      “Needless to say, none of this was carried by the local news portals, which seemed to want to avoid talking about any good news involving 1MDB,” he said.

      This is the crux of the matter. Has he, and if not, why doesn’t he attempt to have regular dialogue sessions with the local news portals? Surely, if he has sufficient facts and arguments, the news portals can’t be writing “half truths, twists, spins and slants” all the time?

      • Is he going to recommend to Najib to license the so-called news portals like Singapore did? That idea which his predecessor spoke about but fizzled out? I bet Najib won’t agree. He is a so-called liberal.

  6. I often wonder what the Bar Council has really been doing. Now the President saying the police must release Khairuddin immediately and accusing them of misusing of SOSMA. Isn’t it clear that the Police has the power to retain SOSMA suspects for 28 days? Are they trying to hinder the Police from doing their work for whatever undeclared objective they may have? Politics, maybe?

    Whatever is their role in the charter for the creation of a Bar Council, shouldn’t they avoid being seen as playing politics like they have been accused of for so long now? When they take a confrontational stand against the Establishment, don’t people become weary of them?

    Yes, defend Khairuddin all you want but do so in court. Why issue statements that make you appear as a political body? Resign whatever position you have in the Bar Council and form a new or join existing political parties and whack the establishment for all the public cares. Surely that’s the right ting to do, and you’ll be respected that way.

    Quoting sections of the Penal Code and alleging all sorts of wrongs the Police do, what purpose do they serve? The Police have their SoP built up and impoved over 100 years since British colonial times and carry out their work the best they know how. As esteemed lawyers or whatever they are, if hey are not satisfied, they can go to the court, why make noise in the mass media causing irritation and consternation among members of the public?

    And I don’t know anybody in the Police Force but want to say my piece in the interest of fair play and peace and order.

    • Funny this Bar Council people. Want to be active in politics, be in Bersih and street demo committees but don’t want to join the political parties, keep the Council respectable and non-political.

      I support those wanting to set up an alternative Bar Council mooted out some time back.

  7. As it’s not likely that the Government would respond, those supporting DS Najib should do so on former Special Branch deputy director Abdul Hamid Bador saying Government leaders have been accused of trying to divert public attention from 1MDB with talk of a plot to overthrow the government.

    He said those in power were willing to do anything to ensure that 1MDB investigations were stopped. “In line with that effort, they are confusing the public with a stale script of a supposed conspiracy to topple the government,” he was quoted as saying in an open letter released to the press.

    Hamid said the talk of the plot did not make sense and described it as wicked. “Who wants to topple the government? Supposedly it’s the Chinese who are taking power?,” he said. “So wicked is the diversionary tactic used by these robbers – from criminal breach of trust to a racial issue.”

    He noted that the public merely wanted an explanation from the prime minister, Najib Razak, about 1MDB and whether it had borrowed RM4 billion from the civil service pension fund.

    Another news report says he is calling on the former AG, Gani Patail, to come out and reveal the circumstances prior to his sudden removal from office.

  8. […] The focus had always been using 1MDB as the excuse for these global law enforcement agencies been conducting all sorts of investigations against crimes like theft, corruption, abuse of power, unlawful movement of ones and worse still, money laundering. The truth is that there is none of these said international investigations. […]

  9. […] clarifying on these ‘foreign agencies’ investigations last September, till present day none of these investigations ever contacted 1MDB, AGC nor the Police to […]

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