If there’s a need, the Prime Minister and Finance Minister should institute appropriate action against the Penangite, says DAP's Tony Pua.
FMT
KUALA LUMPUR: Prime Minister Najib Abdul Razak, also as Finance Minister, must confirm if he has given the go-ahead for the 1Malaysia Development Berhad (1MDB), the government-owned strategic investment company, to extend an additional USD500 million loan to PetroSaudi International Limited’s wholly-owned subsidiary.
For the very first time, said Petaling Jaya Utara MP Tony Pua, emails exposed by the Sarawak Report on the 1MDB scandal have implicated Najib. “There’s possible involvement on his part in the PetroSaudi International (PSI) collaboration fiasco.”
Pua, also the DAP National Publicity Secretary, was referring to a messaging conversation during which Patrick Mahony, CEO of PSI, expressed grave concern over approval by Bank Negara Malaysia (BNM) for a fund transfer from 1MDB to the PSI subsidiary.
The messaging showed that flamboyant Penangite Jho Low had insisted that only the Ministry of Finance approval for the loan was required, and that the loan had already been signed by the Prime Minister, who was also the Finance Minist er.
This exposed conversation, added Pua, raises several pertinent issues and questions.
Firstly, and perhaps most importantly, did Najib approve the loan which was signed between 1MDB and the PSI subsidiary?
1MDB had mysteriously converted their USD1 billion shares in the 1MDB PetroSaudi Limited joint venture (JV) on the last day of the 31 March 2010 financial year, into a USD1.2 billion (RM4.3 billion) loan in the form of Murabaha Notes to the company.
“The messaging refers to an additional USD500 million (RM1.8 billion) which was extended to the PSI subsidiary on 8 September 2010,” pointed out Pua.
Did the Finance Minister give his approval for these loans?
Secondly, the conversation exposed Jho Low’s intimate involvement in the operations of 1MDB to the extent that perhaps Shahrol Halmi, who was the CEO of 1MDB then, was a mere puppet.
“Together with the evidence exposed by the Sarawak Report earlier, Jho Low was involved from putting together the JV, to laying down the terms of the JV agreement and dictating all the relevant financial transaction sums on behalf of 1MDB, well before the 1MDB senior management were even involved,” said Pua.
Finally, warned Pua, should Najib choose to deny his knowledge or involvement as claimed by Jho Low, immediate action must be taken against the latter for his actions to defraud 1MDB by abusing the name of the Prime Minister.
“The Prime Minister must file a police report demanding an urgent investigation of Jho Low for his false claims,” said Pua. “In addition, he should also initiate a civil suit against Jho Low, not only for misrepresentation but also for tarnishing the image and reputation of the Malaysian Prime Minister.”
Najib may have allowed a major infringement to take place.
If Najib fails to take concrete actions against Jho Low, continued Pua, then he cannot blame Malaysians for speculating on his complicity and involvement in the whole 1MDB-PetroSaudi rip-off.
“We already know that out of the initial USD1 billion invested by 1MDB into the JV, USD700 million was immediately siphoned out to a Swiss Bank account belonging to Good Star Limited, controlled by Jho Low and his associates,” said Pua. “For the subsequent USD500 million loan to PSI, only USD340 million went to the PSI subsidiary while the balance of USD160 million was again deposited with Good Star Limited.”
Najib must explain how the national strategic investment company, stressed Pua, with an initial endowment of RM5 billion became a plaything for the then 27-year-old wheeler-dealer in 2009.
As the Finance Minister and the man who kick-started 1MDB, how did he allow such a major infringement to take place?
FMT
KUALA LUMPUR: Prime Minister Najib Abdul Razak, also as Finance Minister, must confirm if he has given the go-ahead for the 1Malaysia Development Berhad (1MDB), the government-owned strategic investment company, to extend an additional USD500 million loan to PetroSaudi International Limited’s wholly-owned subsidiary.
For the very first time, said Petaling Jaya Utara MP Tony Pua, emails exposed by the Sarawak Report on the 1MDB scandal have implicated Najib. “There’s possible involvement on his part in the PetroSaudi International (PSI) collaboration fiasco.”
Pua, also the DAP National Publicity Secretary, was referring to a messaging conversation during which Patrick Mahony, CEO of PSI, expressed grave concern over approval by Bank Negara Malaysia (BNM) for a fund transfer from 1MDB to the PSI subsidiary.
The messaging showed that flamboyant Penangite Jho Low had insisted that only the Ministry of Finance approval for the loan was required, and that the loan had already been signed by the Prime Minister, who was also the Finance Minist er.
This exposed conversation, added Pua, raises several pertinent issues and questions.
Firstly, and perhaps most importantly, did Najib approve the loan which was signed between 1MDB and the PSI subsidiary?
1MDB had mysteriously converted their USD1 billion shares in the 1MDB PetroSaudi Limited joint venture (JV) on the last day of the 31 March 2010 financial year, into a USD1.2 billion (RM4.3 billion) loan in the form of Murabaha Notes to the company.
“The messaging refers to an additional USD500 million (RM1.8 billion) which was extended to the PSI subsidiary on 8 September 2010,” pointed out Pua.
Did the Finance Minister give his approval for these loans?
Secondly, the conversation exposed Jho Low’s intimate involvement in the operations of 1MDB to the extent that perhaps Shahrol Halmi, who was the CEO of 1MDB then, was a mere puppet.
“Together with the evidence exposed by the Sarawak Report earlier, Jho Low was involved from putting together the JV, to laying down the terms of the JV agreement and dictating all the relevant financial transaction sums on behalf of 1MDB, well before the 1MDB senior management were even involved,” said Pua.
Finally, warned Pua, should Najib choose to deny his knowledge or involvement as claimed by Jho Low, immediate action must be taken against the latter for his actions to defraud 1MDB by abusing the name of the Prime Minister.
“The Prime Minister must file a police report demanding an urgent investigation of Jho Low for his false claims,” said Pua. “In addition, he should also initiate a civil suit against Jho Low, not only for misrepresentation but also for tarnishing the image and reputation of the Malaysian Prime Minister.”
Najib may have allowed a major infringement to take place.
If Najib fails to take concrete actions against Jho Low, continued Pua, then he cannot blame Malaysians for speculating on his complicity and involvement in the whole 1MDB-PetroSaudi rip-off.
“We already know that out of the initial USD1 billion invested by 1MDB into the JV, USD700 million was immediately siphoned out to a Swiss Bank account belonging to Good Star Limited, controlled by Jho Low and his associates,” said Pua. “For the subsequent USD500 million loan to PSI, only USD340 million went to the PSI subsidiary while the balance of USD160 million was again deposited with Good Star Limited.”
Najib must explain how the national strategic investment company, stressed Pua, with an initial endowment of RM5 billion became a plaything for the then 27-year-old wheeler-dealer in 2009.
As the Finance Minister and the man who kick-started 1MDB, how did he allow such a major infringement to take place?
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