Today is April Fools Day. A day I never really find funny when someone supposedly 'fooled' someone into believing something. Sometimes with tragic consequences as the other person or persons believed that to be true. So, I never did like it.
"World's top banks in US government cross-hairs over dealings with 1MDB - CNA 01 Apr 2016
KUALA LUMPUR: US Department of Justice officials have asked Deutsche Bank AG and JPMorgan Chase & Co to provide details on their dealings with 1MDB, as global investigations into the troubled Malaysian state fund widen.
US Department of Justice officials also traveled to Kuala Lumpur to speak to senior bankers and other people with close links to the state fund, three people with direct knowledge of the matter told Reuters. They said JPMorgan and Deutsche were not the target of investigations at this stage, but had only been asked to provide details.
Deutsche Bank and JPMorgan declined to comment. The Department of Justice also declined to comment.
The US move marks the latest development in a wide-ranging global investigation across three continents into possible corruption and money-laundering at 1MDB, whose advisory board is chaired by Prime Minister Najib Razak.
Najib has denied any wrongdoing and said he has not taken any funds for personal gain, but opposition leaders and government critics have stepped up calls for him to resign.
The sources spoke on condition of anonymity as they were not authorised to speak to the media. It was unclear how long the U.S. officials were in Kuala Lumpur, or whether they had completed their visit.
A team of lawyers for Deutsche Bank are in Kuala Lumpur preparing the report they intend to submit to the Department of Justice, one of the sources said.
Malaysia's Attorney General, who was hand-picked by Najib, cleared him of all criminal offences in January, declaring that $681 million that were deposited into his personal bank accounts were a gift from Saudi Arabia's royal family.
The Wall Street Journal reported in March that more than US$1 billion was deposited in Najib's account and global investigators believe much of it originated from 1MDB.
The fund has consistently denied these claims and repeated again on Thursday that no 1MDB funds went into the prime minister's personal accounts.
The US government is already reviewing Goldman Sachs' relationship with the Malaysian fund. A Federal Bureau of Investigation team specialising in "international kleptocracy" is leading the bureau's inquiries, a person familiar with the matter told Reuters last year.
Goldman came under fire for the fees it charged for helping 1MDB raise funds through bond offerings. The fund racked up borrowings of about 42 billion ringgit (US$11.5 billion), before selling off assets in 2015 to pay down debt. Goldman has declined to comment.
Other international banks that have dealt with the fund are also facing questions.
Singapore's central bank said on Friday it had asked financial institutions to provide details of any transactions linked to 1MDB, without identifying any lenders by name.
The burgeoning 1MDB scandal has rocked Najib's government as public outrage over the alleged mismanagement and corruption grows. The scandal has fuelled a sense of crisis in a country under economic strain from slumping oil prices and a prolonged slide in its currency last year.
Along with the United States and Singapore, other countries are conducting investigations.
On Thursday, Luxembourg's state prosecutor launched a judicial inquiry into allegations of money laundering involving hundreds of millions of dollars against 1MDB.
This follows a similar inquiry by Swiss prosecutors, who said earlier this year they had identified four cases of alleged criminal misconduct in the suspected misappropriation of about US$4 billion from Malaysian state companies.
Malaysia's central bank also said it would pursue administrative action against 1MDB for missing a deadline to submit documents on its finances abroad."
It is perhaps INCONVENIENT to comment too much on this 'our neighbour issue'. Suffice to say: This very much may go the way of 'how the deeply corrupted FIFA scandal was FINALLY properly investigated and exposed!'. With the US government involved, the CHANCE of revealing MORE truth may be higher.
May the be justice and may the corrupted, if proved so, be punished for the deeds. If the 'suspect' is cleared, may he become even stronger, morally!!
"World's top banks in US government cross-hairs over dealings with 1MDB - CNA 01 Apr 2016
KUALA LUMPUR: US Department of Justice officials have asked Deutsche Bank AG and JPMorgan Chase & Co to provide details on their dealings with 1MDB, as global investigations into the troubled Malaysian state fund widen.
US Department of Justice officials also traveled to Kuala Lumpur to speak to senior bankers and other people with close links to the state fund, three people with direct knowledge of the matter told Reuters. They said JPMorgan and Deutsche were not the target of investigations at this stage, but had only been asked to provide details.
Deutsche Bank and JPMorgan declined to comment. The Department of Justice also declined to comment.
The US move marks the latest development in a wide-ranging global investigation across three continents into possible corruption and money-laundering at 1MDB, whose advisory board is chaired by Prime Minister Najib Razak.
Najib has denied any wrongdoing and said he has not taken any funds for personal gain, but opposition leaders and government critics have stepped up calls for him to resign.
The sources spoke on condition of anonymity as they were not authorised to speak to the media. It was unclear how long the U.S. officials were in Kuala Lumpur, or whether they had completed their visit.
A team of lawyers for Deutsche Bank are in Kuala Lumpur preparing the report they intend to submit to the Department of Justice, one of the sources said.
Malaysia's Attorney General, who was hand-picked by Najib, cleared him of all criminal offences in January, declaring that $681 million that were deposited into his personal bank accounts were a gift from Saudi Arabia's royal family.
The Wall Street Journal reported in March that more than US$1 billion was deposited in Najib's account and global investigators believe much of it originated from 1MDB.
The fund has consistently denied these claims and repeated again on Thursday that no 1MDB funds went into the prime minister's personal accounts.
The US government is already reviewing Goldman Sachs' relationship with the Malaysian fund. A Federal Bureau of Investigation team specialising in "international kleptocracy" is leading the bureau's inquiries, a person familiar with the matter told Reuters last year.
Goldman came under fire for the fees it charged for helping 1MDB raise funds through bond offerings. The fund racked up borrowings of about 42 billion ringgit (US$11.5 billion), before selling off assets in 2015 to pay down debt. Goldman has declined to comment.
Other international banks that have dealt with the fund are also facing questions.
Singapore's central bank said on Friday it had asked financial institutions to provide details of any transactions linked to 1MDB, without identifying any lenders by name.
The burgeoning 1MDB scandal has rocked Najib's government as public outrage over the alleged mismanagement and corruption grows. The scandal has fuelled a sense of crisis in a country under economic strain from slumping oil prices and a prolonged slide in its currency last year.
Along with the United States and Singapore, other countries are conducting investigations.
On Thursday, Luxembourg's state prosecutor launched a judicial inquiry into allegations of money laundering involving hundreds of millions of dollars against 1MDB.
This follows a similar inquiry by Swiss prosecutors, who said earlier this year they had identified four cases of alleged criminal misconduct in the suspected misappropriation of about US$4 billion from Malaysian state companies.
Malaysia's central bank also said it would pursue administrative action against 1MDB for missing a deadline to submit documents on its finances abroad."
It is perhaps INCONVENIENT to comment too much on this 'our neighbour issue'. Suffice to say: This very much may go the way of 'how the deeply corrupted FIFA scandal was FINALLY properly investigated and exposed!'. With the US government involved, the CHANCE of revealing MORE truth may be higher.
May the be justice and may the corrupted, if proved so, be punished for the deeds. If the 'suspect' is cleared, may he become even stronger, morally!!
No comments:
Post a Comment