Thursday, January 10, 2019

1 MDB story yet unrevealed

Malaysiakini - Puzzles over minutes of 1MDB deals with China by P Guansegaram (extracts):

The Wall Street Journal (WSJ) report on the link between China and 1MDB comes long after there was already strong evidence within the government itself that China was complicit in hiding and ameliorating the 1MDB problem of the previous administration to curry favour with it.

Still, the report has unearthed new evidence, including minutes of meetings between Malaysian and China officials which clearly acknowledge that China offered to help Malaysia to bail out 1MDB in return for lucrative and overpriced contracts.

It also included the previously reported blatant and criminal overpricing of contracts, especially the RM55 billion (now RM81 billion) East Coast Rail Link or ECRL project, and the RM10 billion pipeline-to-nowhere project.

Both of these involve some RM30 billion in overpricing, which was to be used eventually to buy worthless assets from 1MDB to cover the shortfall of funds in 1MDB caused by the theft of borrowed money from the so-called national development company.

It will be interesting to find out where the WSJ sourced these minutes from, some eight months after Pakatan Harapan took over as the new government. Finance Minister Lim Guan Eng has said that he has no knowledge of the minutes, which is curious because 1MDB was a company wholly owned by the Finance Ministry.

How is it that the Harapan government has no knowledge of the minutes, when all the records for 1MDB were within its control from May 2018? If those responsible for 1MDB previously had secreted away these minutes, why would they hand it over on a platter for WSJ to review now?

Who are the people who are really investigating 1MDB in Malaysia, besides the actual criminal probe itself? Who has physical possession of all of 1MDB’s records? Why has there been no forensic audit involving accountants, lawyers and other professionals launched as yet?

What is the status of the report by the committee that was appointed under the Council of Eminent Persons and tasked with investigating 1MDB and making its recommendations?

Why is the finance minister yet to make public the situation audit for 1MDB, which will set out its financial position, more than five months after it has been submitted by auditors PricewaterhouseCoopers (PwC)? (The situation audit is not a forensic audit, which is aimed at uncovering exactly what happened and how it happened, including apportioning blame.)

Is there another cover-up at 1MDB, especially regarding China’s role and complicity in this crime? As I had written in my last column, the government, given the circumstances, should not even think about continuing with the ECRL project because it is already heavily tainted.

I hope Guan Eng or even Maddy will tell us more - I'm getting very curious.


  1. no worry, 1mdb is cbmf lge bread n butter, he can talk 3 days 3 nights, its one of the subject he knows apart from najib, umno n mca.

    1. Exactly liken to yr farts about dap & lge's showcases!


      Oooop… tak jadi. Mana bolih semua ditentu olih anjing rabun.

      Too one sided le!

    2. i have a penchant for high horse hypocrite cum racist, u know who they r.

    3. I too have a penchant for high horse hypocrite cum closet yankephile, both of which like to pigeonholing its opponents when exposed!

    4. so whats the feeling u always fighting yr ownself? tis is how u achieve orgasm?

    5. Wakakakakaka…

      Is that yr best excuse for soliloquy?

  2. It is a fact of life in business that halfway done negotiating proposals that do not reach to conclusion may remain as verbal offers and not get documented.

    This is especially so if one or both sides understand that what is being discussed is possibly or definitely on the improper side.

    So I am not surprised if the Pakatan Government did not find any formal written records of such offers.

    1. But the ECRL deal was concluded at the inflated rate, and construction was ongoing at full speed, until GE14.

      Were there TWO agreements, one for public consumption, kept in Putrajaya, and the other, the REAL one, signed and kept outside Malaysia?

  3. Finally, a blog on 1MDB......I was beginning to think there was a parallel universe.

    The source of the ECRL "minutes" is probably the same source that Sarawak Report exposed in 2016:

    Remember, this was back in 2016.

    What is happening now to Clare Rewcastle-Brown is a repeat of what happened with her book on 1MDB, which was overshadowed by The Whale book by the WSJ authors. They got all the credit. Now the WSJ journalists are claiming this ECRL "expose" as theirs, when it was actually Clare that made the scoop in 2016. Poor woman.

    1. It is all in the way things are marketed, hehe. Claire RB could do with some paper-back, racy style of writing if her aim is to appeal to the masses and make millions this way. Since one just can't change their way/style of writing, the next best option for her is to collaborate with some pulp writers ( RPuKi Botak Liar comes to mind, wakakakaka ).

    2. Here's another possible spin in shuzheng's disclosure.

      "Tom Wright, the Anglo Boy Who Fooled the World"

      A goldmaG Sachs' desperate salvage operation!

  4. Why is P Guna so naive...?

    Guanee has refrained from making unnecessary statements on 1MDB as charges have now been made. Why give the defence more ammunition and reveal what the prosecution already knows from the PwC audit and further investigations? Make the PwC audit public and Shafee will scream sub-judice.

    Why is the finance minister yet to make public the situation audit for 1MDB, which will set out its financial position, more than five months after it has been submitted by auditors PricewaterhouseCoopers (PwC)?

  5. That Fat boy sure knows how to get everyone in trouble. His wheeling and dealing has caused so many embarrassing casualties which everybody tries to cover up from being exposed. His victims have included:

    1. A PM of a country and his party to fall from power and all the top Govt. officials, heads of agencies, banks, GLCs, GLICs, sovereign funds etc.

    2. Overseas film stars, rock stars, tycoons, ambassadors, bankers, lawyers, lobbyists etc.

    3. Some of the worlds most established banks, investment houses, sovereign funds, companies etc

    And it ain't even finish cos the last victims are at the very top which includes Heads of foreign Govt. which deals via their proxies and never directly but it is slowly unravelling.

    Even the USA has to distant their present and past President from the scandal and now China is also covering up their Premier and High party officials from being exposed in their involvement.

    I wonder whether how long more the Fat Boy can survive before being assasinated one day by any one of those countries involved when it is deemed necessary he does not go on trial and the court and start opening up all the secret deals he made.

    You wonder whether it was worth the fame and money he and his family craved for?

    1. Can I be the fat boy? Nostro piggy

    2. Definitely Worth the lucre for the beneficiaries.
      Just ask Ah Mok.

    3. I defer to you, Maddy's utmost dedak-makaner

    4. Still at it ke, Ah Moc ? Thief yelling " pencuri, pencuri ! "....sudah basi la. Such tactic ain't working, wakakakaka. Have you checked up with your Sifu lately....his dedak rewards sekarang still way ahead of yours or.....has the disciple overtaken the Sifu. Due time to ditch the old Botak...he's like a leaking balloon la....quite pathetic...all his choirboys deserting him in droves, his spews so laughable that even Najib and his husband Rosmah must be shaking their heads....WTF