1MDB saga: Global financial system to blame too

Source: FMT News

Professor Hamilton-Hart says the failure of financial institutions to take immediate action against potential trouble involving 1MDB dealings indicates a systemic problem in the way global finance works.

Professor Hamilton-Hart says the failure of financial institutions to take immediate action against potential trouble involving 1MDB dealings indicates a systemic problem in the way global finance works. Pic taken from FMT News.

KUALA LUMPUR: Global financial institutions share blame in the 1MDB saga of debt, mismanagement and corruption, according to an academic.

Professor Natasha Hamilton-Hart of the Department of Management and International Business at the University of Auckland suggests the problem is systemic, and that arresting a few rogue bankers or closing some loopholes may not entirely resolve the problem.

She notes that regulators in global financial centres failed to take significant action when they were first made aware of potential problems involving 1MDB.

An insider, she says, had reportedly told the British authorities as early as 2008 that the Swiss bank BSI – against which action has since been taken in Singapore and Switzerland – was offering services that could facilitate tax evasion and money laundering.

“But the authorities took no public action over the financial-secrecy services that the bank was providing – and there was no indication that they took any private action,” she writes in an article in East Asia Forum. Read more

MO1 is Najib, but why didn’t DOJ name him, asks Rahman Dahlan

Source: Malaysiakini

Putrajaya has officially confirmed that the Malaysian Official 1 (MO1) mentioned 36 times in the US Department of Justice (DOJ) civil suit related to 1MDB is Prime Minister Najib Abdul Razak.

“I’ve said it openly. Obviously, if you read the documents, it is the prime minister,” Umno minister Abdul Rahman Dahlan was quoted by British media network BBC as saying today.

“But, I have also said, why didn’t the DOJ name him by his proper name? That’s because he is not part of this investigation.

“There have been other people who are named… and the Department of Justice will take this to the courts and the courts will decide,” Rahman (photo) told BBC.

However, the minister in the Prime Minister’s Department said Najib should not take responsibility for the failure of the state investment fund.

“He has taken responsibility by putting a new team in place at 1MDB.

“But just because a few NGOs and the opposition are calling for him to vacate his seat, he shouldn’t do that. That’s too much,” said Rahman, who is also BN strategic communications director. Read more

Health Ministry confirms Klang woman is first Zika case in Malaysia

Source: The Malay Mail Online

The first confirmed case of Zika in Malaysia involved a woman who had returned from Singapore with her husband on August 21, 2016 after a three-day. — MMO File pic

The first confirmed case of Zika in Malaysia involved a woman who had returned from Singapore with her husband on August 21, 2016 after a three-day. — MMO File pic

KUALA LUMPUR, Sept 1 — Malaysia confirmed today the first case of the Zika virus infection in the country involving a Selangor woman who had visited Singapore.

Health Minister Datuk Seri Dr S. Subramaniam said the first confirmed case of Zika in the country involved the woman who had returned from Singapore with her husband on August 21 after a three-day visit to their adult daughter there.

“This patient is a 58 years-old woman residing in Bandar Botanic, Klang, Selangor and is the mother of a female confirmed with Zika infection in Singapore,” he said in a statement today, noting that the ministry received report of this first-ever case yesterday.

According to Subramaniam, the doctor at a private clinic had on August 30 diagnosed this patient as a “suspected case of Zika” after she sought medical attention for her rashes since August 28 — one of the symptoms of Zika.

The diagnosis was also due to her recent travel to Singapore and her daughter being confirmed as having Zika virus infection on August 30.

The woman tested positive for Zika virus based on the result yesterday of her urine test while her blood test result is still pending, he said. Read more

Court orders Rafizi to enter defence over OSA leak

Source: The Malay Mail Online

KUALA LUMPUR, Sept 1 — PKR’s Rafizi Ramli has been ordered to enter his defence for unauthorised possession and exposing confidential 1Malaysia Development Berhad (1MDB) documents.

Sessions court judge Zulqarnain Hassan said that based the evidence presented so far, including the publishing of the document page on Rafizi’s website, Facebook page and the fact that he had the document page on his mobile phone, and that this was sufficient in establishing a prima facie case.

“In my opinion, the prosecution has presented a prima facie case,” the judge told the court.

“Among the reasons is that the accused, Yang Berhormat Rafizi has been proven to be in possession and had exposed page 98 of the report,” he added.

September 27 has been set for the continuation of the trial. Read more

Who is ‘Malaysian Official 1’? Case closed

Source: BBC News

Caricatures of Mr Razak and his wife have been displayed by protesters. Image drawn from BBC News website.

The allegations shocked the world. In July, the US Department of Justice filed a lawsuit to seize the assets it says were bought with more than $3.5bn stolen from Malaysian national wealth fund 1MDB.

US Attorney General Loretta Lynch laid the case out clearly: “Unfortunately, sadly, tragically, a number of corrupt officials treated this public trust as a personal bank account.”

The lawsuit alleged that those named in the suit were responsible for the fraud. But it also mentioned a “Malaysian Official 1” more than 30 times, and alleged that this official received some $681m of the stolen money, and returned most of it.

From the details in the suit, it was widely understood that “Malaysian Official 1” is Malaysian Prime Minister Najib Razak, but it was never officially confirmed.

But in an interview with me [, Abdul Rahman Dahlan, a senior government minister in Mr Najib’s cabinet, has confirmed that “MO1” is none other than Mr Razak.

“I’ve said it openly. Obviously if you read the documents, it is the prime minister,” he said.

“But I have also said, why didn’t the DOJ name him by his proper name. That’s because he is not part of this investigation. Read more