Fugitive financier Low Taek Jho (Jho Low), the alleged mastermind of the 1Malaysia Development Bhd (1MDB) scandal, obtained US$1.42 billion from three bond transactions that Goldman Sachs Group Inc arranged for the Malaysian wealth fund. This is from the FBI.
The former Malaysian prime minister Datuk Seri Najib Razak secured US$756 million of the US$6.5 billion raised in the bond offerings, while his stepson, Riza Aziz, pocketed US$238 million.
Khadem al-Qubaisi, a former managing director of Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC), which guaranteed the 1MDB transactions, received US$472.8 million. And another Abu Dhabi official who worked with IPIC’s subsidiary received US$76.6 million. Aziz invested at least US$60 million of his 1MDB money to produce The Wolf of Wall Street. Aziz was a friend of Jho Low.
Red Granite Inc production company agreed to pay US$60 million to settle US claims that Wolf was financed with stolen 1MDB money. In 2020, Aziz resolved a separate government suit by agreeing to drop claims to tens of millions of dollars in US and UK real estate without admitting wrongdoing. Ng got US$35.1 million from two of the three bond transactions, while Leissner received US$73.4 million during the scheme.
At the time of his 2018 plea, Leissner agreed to forfeit just US$43.7 million which the US said was the money he earned in the scheme. It’s unclear why Leissner is forfeiting a lesser amount.
Najib was convicted in Malaysia and sentenced to 12 years in prison and is appealing.
Meanwhile, Al-Qubaisi was sentenced in Abu Dhabi in 2019 to serve 15 years in prison and ordered along with the other IPIC executive to repay US$336 million, according to The Wall Street Journal.
This not the only scandal (shit) to “hit the fan” in Malaysia. We have more than our fair share compared to other countries in the region – Maminco, BMF, Perwaja, MARA, Tabung Haji, MAS and the list goes on. When can we stop this? When we have a leadership that is committed to integrity, honesty and service to the people; when people involved are held accountable; when the checks and balances do work? Is that too much to ask?
Reference:
FBI agent tells court how Jho Low stole US$1.4b of 1MDB money and Najib received US$756m, Patricia Hurtado (Bloomberg), TheEdge CEO Morning Brief, March 16, 2022
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