Wednesday, May 10, 2017

Wang Jianlin 's Dalian Wanda may want Bandar Malaysia,,but CREC-IWH has the right to freeze that ambition with something called caveats

by Ganesh Sahathevan



Wang Jianlin, president of Dalian Wanda. Photo: Bloomberg

Wang Jianlin



While Wang Jianlin and his Wanda Dalian empire may be anointed the new master developer of the Bandar Malaysia project by PM Najib Razak's government, the China Railway Engineering Corporation (CREC) - Iskandar Waterfront Holdings (IWH) consortium from whom the project has just been removed has the right to place caveats over all and any parcels of land connected to the project.That would be the simple ,logical thing to do,and it can result in the project  being frozen for very many years to come.

The CREC-IWH Consortium insists that is has paid over some RM 741 Million , AND, it wants to proceed with the project as planned.Given its claims, it would be well worth its while placing caveats and taking the matter to court. While this writer is not known to have any regard for Malaysia's judiciary,  it is that unreliability that can  result in decisions going all over the place, resulting in unending hearings from one court to another.

END 





Reference




IWH-CREC statement




KUALA LUMPUR, 5 MAY 2017 – On 3rd May 2017, IWH CREC Sdn Bhd (ICSB) received a letter from TRX City Sdn Bhd (TRX) informing that the Share Sale Agreement (SSA) dated 31st December 2015 entered into between parties, has lapsed on the ground of non-fulfilment of the conditions precedent.


After a detailed and thorough review of ICSB’s and TRX’s respective obligations under the SSA including the agreed process/milestones with regard to fulfilment thereof, and relevant records, ICSB is of the view that TRX’s allegation that the SSA has lapsed, runs contrary to the conduct of the parties in progressing the SSA towards its completion in accordance with the spirit of the SSA thereof.

Prior to ICSB’s receipt of the TRX letter, TRX was aware that ICSB has complied with the conditions precedent and accordingly the SSA has become unconditional.

ICSB has officially requested TRX for Completion of the SSA. To-date, ICSB has fulfilled all the required payment obligations under the SSA on its part towards TRX.

ICSB has sufficient financial resources and capabilities to ensure the smooth and successful execution and implementation of the development of Bandar Malaysia.

ICSB has written to TRX to express that TRX’s unilateral declaration that the SSA has lapsed is unacceptable. ICSB reserves all its rights in this matter.


Najib & Rosmah conducted 1MDB business on their own :Why not seize the assets of Low Hock Peng,Vincent Tan ,and Bustari Yusof who were also present ?


Tuesday, May 9, 2017

Najib & Rosmah conducted 1MDB business on their own :Why not seize the assets of Low Hock Peng,Vincent  Tan ,and Bustari Yusof who were also present ?


by Ganesh Sahathevan


Image result for larry low hock peng

Larry Low Hock Peng 


Image result for bustari yusof vincent tan





Cardiff City owner Vincent Tan

The IPIC "settlement" seems shaky,and the China "rescue" seems to have fallen apart.
A realistic avenue for the recovery of Malaysian taxpayers' money lost in the 1MDB debacle is needed, and while the US DOJ has an action to do so in play, Malaysians really ought to be helping themselves.

One possible solution may be the seizure of all and any assets held by Low Hock Peng (head of the Low Family,and father of Jho) ,Vincent Tan( head of the Berjaya Group of companies,  father of Robin  Tan) and Datuk Bustari Yusof of Sarawak.

As reported previously on this blog and by Sarawak Report, PM Najib and wife Rosmah illegally conducted 1MDB business with PetroSaudi on their own.It was also reported that those present during those dealings included  Jho Low, Robin Tan,and Bustari Yusof. Arguing that Jho and Robin's presence had nothing to do with their families' business interests would be akin to splitting what  hairs one might find on  Arul Kanda's head, which seems to be in danger of being axed.

It is more likely than not that all three were parties to the business that was conducted,despite not having anything to do with 1MDB.
It follows then that the assets of all three, who represent their families, could be seized as a means of recovering what has been lost from 1MDB.

There are likely to be a number of legal means that might be relied on for the purpose, but Vincent Tan and family,  and Bustari Yusof both are recipients of very lucrative government concessions that may be withdrawn at any time. These could be seized, placed in some form of public trust, and the proceeds used to recoup the 1MDB losses.
As with regards Larry Low Hock Peng and family, is it not time to drop the pretence that they are  "old money" philanthropists? The same may be said of PM Najib, whose own brothers rejected his claim of "legacy family assets".





END





by Ganesh Sahathevan 





























The photo above obtained by Sarawak Report shows PM Najib, wife Rosmah and Petrosaudi's Prince Turki Abdullah and Tarek Obeid in discussion, on board a yacht somewhere off the coast of the south of France.









Clearly visible in the photo are three sets of documents,which appear to be some form of prospectus (using that term in its broadest sense). Interestingly, Rosmah Mansor has her own copy. Obviously, this was no friendly holiday chat over drinks while taking in the sea breeze; detailed business matters were being discussed.


In its own words, PetroSaudi's business dealings in Malaysia have been with 1MDB,and hence it is hard to see that the above discussion did not concern 1MDB. 

The implications for Najib are obvious. To begin with the photo belies the(in any case idiotic) claim made by his  lawyer that his  "signature on 1MDB documents (is)a formality, doesn’t mean he decides or knows all." Consequently this photo adds to the existing evidence that puts him at the very centre of the 1MDB theft. 

Then , the apparent involvement of Rosmah in 1MDB's affairs does seem to confirm the allegations regarding  her, and her son Riza's dealings in 1MDB's cash assets.It is hard to see how Najib , or Rosmah can justify her being involved in discussions concerning 1MDB.
END 









"Innocent Owner" Riza Aziz Attended Yacht Meeting Before Good Star Heist - EXCLUSIVE

"Innocent Owner" Riza Aziz 

Attended Yacht Meeting Before 

Good Star Heist - EXCLUSIVE

Last week in California the Prime Minister’s step-son, Riza Aziz, filed a notice to
 dismiss the US Department of Justice’s seizure of his properties on the grounds that
 he was the “innocent owner” and could not be held responsible for the fact the money was stolen from 1MDB.
Motion to dismiss by Riza's lawyers
Motion to dismiss by Riza’s lawyers
Those properties include a Beverly Hills mansion, the film production company Red Granite’s future earnings from Wolf of Wall Street, a London Belgravia town house and a New York penthouse.
What this defence contends is that Riza had simply no idea that the hundreds of millions that suddenly started coming his way was not stolen, but thought it was a gift. For this reason he reckons he should be allowed to hang on to all the items bought with Malaysia’s stolen development money (money which the Malaysian tax payer is now faced with paying back to the original lenders at high interest rates).
Yet Sarawak Report has established new evidence that Riza was in from the very start on the 1MDB heist, in that he was invited to attend the meeting where the first ‘joint venture’ was cooked up between Jho Low, the Prime Minister and company PetroSaudi on the super-yacht Tatoosh in August 2009.
A trip manifest reveals that the jaunt, which took place between 15-20th August, was organised by a “high-end boutique concierge company” named Baroque, of which Jho Low was a member. According to the note made by the representative for Baroque, Sahle Ghebreyesus, the trip was in fact commissioned by his client Jho Low (whom he describes on the manifest as “my guy”). In March the following year Tarek Obaid also joined Baroque, which is an agency designed to pamper the super-rich:
high-end
High-end boutique concierge company that organised the rental of Tatoosh
Photographs later obtained by Sarawak Report show the main players behind the theft of the first billion from 1MDB through the PetroSaudi ‘joint venture’, which was strategised during this super-yacht meeting.
However, we can now confirm that Riza Aziz also joined the party, along with Najib’s key financial cronies Bustari Yusof and Robin Tan.  Robin Tan is the son of Vincent Tan, long associated with BN political funding, and Bustari is the Sarawak PPB party treasurer cum billionaire, who was handed the ‘turnkey contract’ for the Pan Borneo Highway project and whose brother Fadillah has now been appointed Minister for Public Works.
This gives the Bustari brothers control over all the big contracts handed out by the Government, in Malaysia’s notoriously corrupted procurement process and Bustari has rarely strayed from Najib’s side in recent months.
'My guy" Jho Low fixed the trip. "innocent owner" Riza Aziz was also on board
‘My guy” Jho Low fixed the trip. “innocent owner” Riza Aziz was also on board
Did Riza have simply no idea what was going on as these guys did the business which was soon to send money streaming his way?
It was just a few short months later that he went on to launch his production company Red Granite Pictures at the most lavish launch party ever seen at the Cannes Film Festival in 2010.
And over the next two years Jho Low was at Riza’s side at every major film event involving Red Granite Pictures, including Wolf of Wall Street, which was funded by yet more money stolen from 1MDB, thanks to the later ‘Power Purchase Loan’ manoeuvres also organised by Jho Low.
According to the New York Times, Low was furthermore directly involved in the purchase of both of Riza’s US properties in Hollywood and New York. Did Riza simply fail to realise what was going on?
There can only be two conclusions. Either Riza is lying and he did know or Riza is a sad and stupid creature, who was merely used as a front and proxy by the players behind the scandal, which included his friend Jho Low and step-dad Najib.
He is therefore EITHER innocent OR the owner.  He cannot be the “innocent owner”!
left to right - Tarek Obaid, Prince Turki and Najib Razak - the three named Shareholders of the 1MDB PetroSaudi Joint Venture meeting a month before the deal on the yacht Tatoosh.
left to right – Tarek Obaid, Prince Turki and Najib Razak – the three named Shareholders of the 1MDB PetroSaudi Joint Venture meeting a month before the deal on the yacht Tatoosh.
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 makers, who seek to use this site as their resource for commercial 
projects such as books and documentaries give full credit to this blog, acknowledge copyright and do not seek to apply for awards, 
commissions etc without so doing.

Friday, May 5, 2017

IPIC bonds fell in price by 20% in just a day.Was this 1MDB related ,and should not a class action follow,even if UK regulators remain silent?

by Ganesh Sahathevan


Chart

IPIC GMTN 5% GMTN NTS 15/11/20

On 10 February 2017 IPIC bonds fell from $ 108.905  to $ 85.30,approximately 20% in just a day.
It then recovered to $ 108.75 over a period of seven days and the price has essentially plateaued.


Given the issues including illegality and money laundering surrounding the settlement reached with 1MDB ,announced on 24 April 2017, it is probable that insiders started dumping the bonds in early February.The price recovery was probably due to "stabilization" efforts.

IPIC bonds are listed on the LSE ,and this type of manipulation has obviously caused significant losses to bondholders who are located all over the world. While UK regulators appear to be looking the other way, a class action is not unlikely.
END

Wednesday, May 3, 2017

China fails to deliver financing for Belt & Road Malaysian hub-Confirms suspicion that China cannot finance the project without local government assistance

by Ganesh Sahathevan 

Map of Belt and Road


In what looks like an abrupt about turn the Chinese Government has failed to deliver promised financing for what was meant to be the Malaysian hub of Belt and Road initiative.The Wall Street Journal reported:

A deal for a Chinese state-owned company to help bail Malaysia out of a multibillion-dollar financial scandal fell apart Wednesday after the Chinese government refused to authorize the investment.
China Railway Engineering Corp. and a local Malaysian partner had agreed in December 2015 to take a 60% stake in Bandar Malaysia, a major residential and commercial real-estate project in Kuala Lumpur that originally was being developed by 1Malaysia Development Bhd., a Malaysian state fund.
An internal Malaysian Finance Ministry document on problems with the sale, viewed by The Wall Street Journal, said a major reason for its failure was that China’s government declined to give the green light for China Railway to make the investment. A person familiar with the matter confirmed this.


This failure to provide funding under a deal that both countries declared is  an important component in China's One Belt One Road initiative confirms fears that China is not really able to finance the project. 

END

References

The Belt and Road Initiative

Tuesday, May 2, 2017

Hadi vs Sarawak Report: The main event will be RPK in the witness box, talking about Altantuya, Scorpenes ......

by Ganesh Sahathevan

Malaysian Insight reported:

IN suing Sarawak Report’s Clare Rewcastle-Brown for libel in the High Court in London, PAS president Abdul Hadi Awang wants to stub out the allegation that he received a massive bribe from Prime Minister Najib Razak to compromise the Islamic party’s independence.

Hadi will rely on a number of Malaysians living in England to support his assertion that his reputation was seriously damaged in England and Wales.
Among them are:

* Raja Petra Raja Kamarudin, blogger. He has been a resident in the UK since 2009.

Being a witness, RPK can be cross-examined on a whole range of matters, including his sworn statutory declaration (even if he later contradicted it) and his story on the commissions paid by DCNS on the Malaysian Scorpene submarine deal.
These matters can be brought up in a variety of  way, but suffice to say that these are likely to be the main event (even if not the main issue).
END



 
My informer states that Acting Colonel Aziz Buyong was the person who placed the C4 on various parts of Altantuya’s body while being witnessed by Datin Seri Rosmah Mansor and Norhayati.
NO HOLDS BARRED
Raja Petra Kamarudin 
"It's mindboggling!" – That's how Raja Petra Kamarudin's statutory declaration alleging that Deputy Prime Minister Najib's wife was at the murder scene of Mongolian national Altantuya Shaariibuu was described today.
An aide to Najib Abdul Razak also said they were aware of this latest claim made by Raja Petra, who also runs the 'Malaysia Today' website.
"At the moment, we are looking into it. This is a very mind-boggling statutory declaration," said the aide when contacted.
The latest allegation hurled at Rosmah Mansor was made by well-known blogger Raja Petra Kamarudin via a statutory declaration (below) signed at the Kuala Lumpur High Court on Wednesday.
The aide however refused to comment if any action could be taken against Raja Petra.
rosmah mansor najib wife 261004Najib and Rosmah (left) have repeatedly denied they are linked to the killing of Altantuya, describing the widely-known allegations was nothing more than ‘slander and concocted stories’.
In his latest bombshell, Raja Petra accused Rosmah as among three individuals who were present when Altantuya was murdered on October 19, 2006.
"I have been reliably informed that between about 10pm on October 19, 2006 and early hours of the following day, the night Altantuya Shaariibuu was murdered, three other people were also present at the scene of crime," he said, according to his two-page statutory declaration.
He named the two other individuals as one acting colonel Aziz Buyong, who is described as ‘a C4 expert’ and the latter’s wife, known only as Norhayati, who is also said to be Rosmah’s aide de camp.
‘A crime not to reveal’
Altantuya’s body is alleged to have been blown up with C4 explosives at a secondary forest in Puncak Alam, Shah Alam. The murder trial is currently ongoing at the Shah Alam High Court.
"My informer states that Aziz was the person who placed the C4 on various parts of Altantuya’s body witnessed by Rosmah and Norhayati," Raja Petra claimed in the document.
"I make this statutory declaration because I have been reliably informed about the involvement of these three people who have thus far not been implicated in the murder nor called as witnesses by the prosecution in the ongoing trial at the Shah Alam High Court.
"I also make this statutory declaration because I am aware that it is a crime not to reveal evidence that may help the police in its investigation of the crime," read the document, which was first posted on the bigdogdotcom blog run by another blogger.
umno selangor najib muhyiddin event anti pak lah banners 160408 05Raja Petra, contacted by Malaysiakini, has confirmed the content of the document.
He further alleged that he has also been ‘reliably informed’ that Prime Minister Abdullah Ahmad Badawi knows of Najib's (right) wife alleged involvement.
"[…] Abdullah has received a written report from military intelligence confirming what I have revealed and this report was subsequently handed over to his son-in-law Khairy Jamaluddin for safekeeping," he said.
Apart from Abdullah and Khairy, Raja Petra claimed "one of the (Malay) Rulers" has also been briefed about the matter and is fully aware of the allegation.
He said he has agreed not to reveal their names other than mention that the prime minister and his son-in-law have been given a copy of the military intelligence’s report.
Police inaction over report
"The purpose of this statutory declaration is to urge all these parties who have been duly informed and have knowledge of this matter to come forward to reveal the truth so that the police are able to conduct a proper and thorough investigation into the murder of Altantuya.
"And I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declaration Act, 1960," he said in his declaration.
altantuya razak baginda mongolian murder case 030907In the phone interview, Raja Petra explained why he did not lodge a police report on the latest allegation which could lead to a fresh police probe on the Altantuya (left) murder.
The blogger said since there was no action over a police report he had lodged in a separate case in 2001 when he was allegedly beaten up by a high-ranking policeman, "I am not bothered in making a police report".
When asked why the document was posted elsewhere instead of his own 'Malaysia Today' site, he retorted: "Why must it be published on my site?"
Raja Petra was called in for police questioning early last month over an article titled ‘Let’s send the Altantuya murderers to hell’ in which he implicated Najib and Rosmah in the high-profile murder case.
A close aide to Najib, political analyst Abdul Razak Baginda and two police special operations force personnel have been charged with the murder of the Mongolian national.
All three have pleaded not guilty for the ongoing trial. They face the death sentence should they be found guilty. (MALAYSIAKINI.COM)
STATUTORY DECLARATION
I, RAJA PETRA BIN RAJA KAMARUDIN (IC No: 500927-71-5257), a Malaysian citizen of legal age residing at No. 5, Jalan BRP 5/5, BuKit Rahman Putra, 47000 Sungai Buloh, Selangor Darul Ehsan, do solemnly and sincerely affirm and say as follows:-
1.    I have been reliably informed that between about 10 p.m. on 19th October 2006 and early hours of the following day, the night Altantuya Shaariibuu was murdered, three (3) other people were also present at the scene of the crime;
(a)    Datin Seri Rosmah Mansor, wife of the Deputy Prime Minister of Malaysia, Dato’ Seri Najib Tun Razak
(b)     Acting Colonel Aziz Buyong (then Lt. Col.) a C4 expert
(c)     Acting Colonel Aziz’s wife, Norhayati (one of Rosmah’s ADC)
2.    My informer states that Acting Colonel Aziz Buyong was the person who placed the C4 on various parts of Altantuya’s body while being witnessed by Datin Seri Rosmah Mansor and Norhayati.
3.    I make this Statutory Declaration because I have been reliably informed about the involvement of these three people who have thus far not been implicated in the murder nor called as witnesses by the prosecution in the on going trial at the Shah Alam High Court. I also make this Statutory Declaration because I am aware that it is a crime not to reveal evidence that may help the police in its investigation of the crime.
4.    I have further been reliably informed that Prime Minister, Dato Seri Abdullah Ahmad Badawi has received a written report from the Military Intelligence confirming what I have revealed above and that the report was subsequently handed over to his son-in-law, Khairy Jamaluddin, for safe-keeping.
5.    I have also been reliably informed that one of the Rulers has been briefed about this matter and His Highness is fully aware of what I have revealed above.
6.    I have knowledge of who has informed me of this matter plus I have knowledge of the Ruler who has been briefed and is aware of the matter but I have agreed that I shall not reveal this information other than mention that the Prime Minister and his son-in-law have been handed a written report confirming what I have revealed.
7.    The purpose of this Statutory Declaration is to urge all these parties who have been duly informed and have knowledge of this matter to come forward to reveal the truth so that the police are able to conduct a proper and thorough investigation into the murder of Altantuya Shaariibuu.
And I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declaration Act, 1960.
SUBSCRIBED and SOLEMNLY DECLARED                             )
by the abovenamed RAJA PETRA BIN RAJA KAMARUDIN    )
at Makhamah Tinggi Kuala Lumpur                                              )
this 18th day of June 2008                                                              )
                        Before me,
 

SD1


The Deputy Minister of Defence lied to the Malaysian Parliament when he said the commission was paid by the French 

According to sources cited by the plaintiffs, it was not the company Armaris that paid 114 million euros to Perimekar, but rather the Malaysian government, "with the sole purpose of circumventing the OECD Convention."
Rue89
Translated from: Sous-marins malaisiens : la piste des rétrocommissions se précise
In the string of "suspicions over corruption relating to arms deals" a new case is about to join those that followed the sale of frigates to Taiwan and submarines to Pakistan: French submarines sold to Malaysia.
Further legal action is due to be initiated in the next few days, with Suaram, a Malaysian NGO dedicated to the fight against corruption and member of the International Federation for Human Rights (FIDH), applying to join proceedings as a civil party, which already applied for a judicial review in November 2009.
Suaram would thereby have access to the details of the investigation, which is also a way to force the prosecution service to contact an examining magistrate, the last step before a trial that could last for years.
As was the case for contracts won by the DCN for submarines to Pakistan and frigates to Taiwan, there are increasing suspicions of retrocommissions to French political parties (See following graph). This case concerns the sale of two Scorpène submarines and an Agosta submarine to the Malaysian government. A contract worth approximately one billion euros, that was signed in 2002 with the Malaysian DCNS (former DCN, Department of Naval Construction) and Thalès.
A model’s body blown up with explosives
Sex, murder, bribery, and suspicions rocommissions: the cocktail is explosive. It all started with the 2006 murder of Altantuya Shaaribu, a young model, interpreter and also an intermediary in this contract. Her body was found in the Malaysian jungle after being blown apart with explosives.
The young woman appears to have been assassinated for having loudly demanded her share of the commission in an arms deal, in which the other parties involved were her lover, Abdul Razak Baginda, a friend and adviser of the other person involved, Rajib Nazak, then Malaysia’s Minister of Defence and now the country’s prime minister.
However, this shady affair hides another, which the French courts took note of. In December 2009, Suaram filed an initial suit against X at the Paris court for “active and passive corruption, trading of favours and abuse of corporate assets".
The state prosecutor Jean-Claude Marin then opened a preliminary investigation.
At the time, it was suspected that a bribe of 114 million euros had been paid by the company Armaris (a subsidiary of DCNI and Thalès) to the Prime Minister Najib Razak and his entourage, through the company Perimekar.
This company, which was officially established to "coordinate" the sale of the three submarines, had Abdul Razak Baginda's wife as its majority shareholder.
France in violation because of the OECD Convention
However, in the suit filed in December 2009, the plaintiffs argued, that in light of the way the company operated:
"There is no doubt that this legal entity [Perimekar] was created with a single goal: to organise the payment of commission and distribute the amount amongst the different beneficiaries – Malaysian officials and/or Malaysian or foreign intermediaries."
However, this contract was signed after the OECD Convention came into force in France in 2000, which punishes corruption of foreign public officials with ten years' imprisonment and a 150,000 euro fine. Following this complaint, a preliminary investigation was conducted by prosecution: the hearings were made and searches were made at the premises of DCNS and Thalès.
Revealed in September 2008, the note books of Gérard-Philippe Menayas, former chief financial officer ofthe DCN, who was indicted in the Karachi Case, also confirm the suspicions of hidden commissions. In his memorandum (PDF), Menayas mentioned the Malaysian submarine contract as follows:
"Since the entry into force of the OECD Convention regarding the fight against corruption in September 2000, only two contracts have been signed; the first with India, and the second with Malaysia in 2002. These two contracts are the result of commercial actions undertaken prior to the OECD Convention. Furthermore, they are both suspected of non-compliance with this Convention. I have evidence to support this”.
At the time of the contract’s signature Alain Richard was the Minister of Defence, in Lionel Jospin’s government (socialist party).
Three commissions instead of one for the sale of submarines
With the forthcoming indictment, and the revival of this case, new items have been contributed to the case by the plaintiffs.
First, according to sources cited by the plaintiffs, it was not the company Armaris that paid 114 million euros to Perimekar, but rather the Malaysian government, "with the sole purpose of circumventing the OECD Convention."
This is a true revelation, while the Malaysian Minister of Defence ended up "confessing" to the payments made by foreign companies to Perimekar ...
Where did this money go? Were there retrocommissions to French politicians?
Secondly, there does not appear to have been a single commission, but rather three. In addition to that of114 million euros, there are two further instalments:
• one paid by the DCNI to the commercial networks of Thalès, for over 30 million euros, corresponding to "commercial fees relating to the negotiation and execution of the contract";
• the other for 2.5 million euros.
However, according to Gerard Philippe Menayas:
"Until the OECD Convention against corruption came into force in France, no contract for the sale ofdefence equipment to an emerging country could take place without the payment of commissions to policy makers (euphemistically called "commercial fees for exports" or "FCE")."
The second commission was paid by Thalès to a recipient, who remains unknown, in order to convince the Malaysian government of the need to conduct additional work.
Finally, according to the complaint filed by the firm Bourdon, Suaram’s lawyer, the company Gifen, which was established by Jean-Marie Boivin in Malta, intervened in the negotiations "so as to facilitate the money transfers in this case", and particularly finance the trips of Baginda and Altantuya.
The "catch" is that Jean-Marie Boivin is also cited in the Karachi case... for his role in the system for supplying slush funds to political parties.