Marked “For Internal Use Only” an Appendix to a Term Sheet due to be approved by the Malaysian Cabinet tomorrow (27th July) lays out in detailed figures how Najib plans for over US$7 billion in accumulated 1MDB/Jho Low company debts to be wiped out by taxpayers in a secret deal between his Ministry of Finance and the Chinese state company CCCC (China Communications Construction Company).
The scandal surrounding Malaysia’s state development fund 1MDB has gripped the country for years. Now the US has said it is moving to seize more than $1bn (£761m) in assets, ranging from plush properties to a private jet, from people connected to the country’s Prime Minister Najib Razak. The asset seizure by the US would be the largest ever by the Justice Department’s anti-corruption unit. This is how the story has played out so far.
Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1 billion in assets bought with money stolen from a state fund he oversaw. The U.S. Justice Department lawsuits filed in a federal court on Wednesday did not name Najib, instead referring to “Malaysian Official 1.” Some of the allegations against this official were the same as those in a Malaysian investigation into a $681 million transfer to the premier’s personal bank account.
Tim Leissner was at one time the golden boy of Wall Street titans Goldman Sachs. After working his way from an associate to vice president at JP Morgan, the 45-year-old German jumped ship to Lehman Brothers, a decade before financial giant collapsed under the weight of its worthless asset-backed securities in 2009.
FAQ About 1MDB
Q1. Is 1MDB a sovereign wealth fund?
No. 1MDB is a strategic development company, wholly owned by the Government. However, unlike sovereign wealth funds, which are funded by and act as investment holding arms of the Government, we raise and invest our own capital.
1MDB’s mission is to drive the sustainable long-term economic development and growth of Malaysia by forging strategic global partnerships and attracting foreign direct investment into the country. 1MDB also participates in strategic sectors that ultimately help drive the country’s socio-economic growth.
Kuala Lumpur – Malaysian Prime Minister Datuk Seri Najib today says that MACC has cleared him on corruption charges over a $700 USD million or RM 2.6 billion that was transfered to his personal account over an UMNO division meeting at Bandar Tun Razak Today.
PUTRAJAYA – Certain individual or group in some places in Malaysia has created the negative perception on 1Malaysia Development Berhad (1MDB), and this had become the reason behind the public suspicions about the state investment arm said by Prime Minister of Malaysia, Datuk Seri Najib Tun Razak. The perception spread via the social media has made Datuk Seri Najib felt upset on the news.
Kuala Lumpur: The Malaysian Anti-Corruption Commission (MACC) today stated that investigation revealed that the money deposited directly into Najib’s account did not come from investment arm 1MDB.”Investigations have found the RM2.6 billion which was allegedly deposited into the prime minister’s accounts is the contribution of donors and not from 1MDB funds,” said the commission in a statement. The statement came after hints from BN leaders recently that the money may be from donation sources. The investigation on SRC International Sdn Bhd which involves the sum of RM 4 billion is still ongoing.