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Mahathir: Loose laws allowed Najib to hide stolen USD$1 billion in SIngapore

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
PETALING JAYA: Former premier Tun Dr Mahathir Mohamad has accused Prime Minister Datuk Seri Najib Tun Razak of not telling the complete truth when he told Parliament that money held by government investment arm 1Malaysia Development Berhad (1MDB) is being kept in Singapore.

“No money was banked into BSI Bank in Singapore. It is clear from the amendment to his first answer that it was not US$1.103bil (RM3.6bil) in cash that was being kept with BSI but in the form of documents. It is unclear what is in the documents, but it is clear it is not cash,” said Dr Mahathir in a blogpost on Sunday.

In January, the Finance Ministry said 1MDB had deposited the funds it had redeemed from its offshore account in the Cayman Islands into BSI Bank, with the amount held in US dollars.

On Mar 10, it confirmed in a written reply to PJ Utara MP Tony Pua that the funds were held in the Singapore bank in the form of cash.





The Government said last week that the funds were not in the form of cash, but assets.

Finance Minister II Datuk Seri Husni Hanadzlah then clarified last Thursday that 1MDB might have misinterpreted the investment of US$1.103bil in BSI Bank (Singapore) Ltd.

“There’s a mistake. They (1MDB) had the impression that there was cash when they redeemed the funds. Actually, that is a saving,” said Husni.

He did not elaborate on the assets when asked but stressed that the saving was in the form of “units”.

Husni said the units were backed by sovereign wealth funds and the Government hoped it could repatriate the funds as soon as possible.

However, in his blog post, Dr Mahathir pointed out several issues with the documents in BSI Bank.

“BSI Bank has stated that the documents that state savings have been made by ‘Brazen Sky’, a subsidiary company of 1MDB, are false and not from them. Therefore, the second written reply from Najib to Parliament saying what is kept by them are documents is untrue. BSI Bank has filed a report with the Monetary Authority of Singapore that no 1MDB money is kept with them,” said Dr Mahathir.

The former premier added that normally, the Monetary Authority of Singapore would report such information to Bank Negara.
“It is clear from the admission that the report is governed by principles of international secrecy and the wish for secrecy under the Anti Money-Laundering Act. From this it is clear that Bank Negara has received the Monetary Authority of Singapore report. The intent of keeping it a secret is because there is something that is not right, or deception when Najib said the money was with BSI Singapore,” he said.
 

tun_dr_m

Alfrescian
Loyal
Corrupt Loong and Whore Jinx would surely have a cut of commission from this. They are both dirty bastards, they have to pay politically for this. LHL & Najib.
 

syed putra

Alfrescian
Loyal
Corrupt Loong and Whore Jinx would surely have a cut of commission from this. They are both dirty bastards, they have to pay politically for this. LHL & Najib.

Not really. Its was straits times that reported the collateral is not in the form of cash deposit after BSI banks gave a statement regarding the issue.that went back to najib as he had told Parliament that deposit was cash held in BSI bank.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Corrupt Loong and Whore Jinx would surely have a cut of commission from this. They are both dirty bastards, they have to pay politically for this. LHL & Najib.

Correct. There is no way in the world USD$1billion get deposited in any bank in singapore without the MAS being notified, and hence WHore Jinx and Gay Loong will also be informed. Mahathir say it was cash deposit which Najib confirmed, and then later Najib say it was not cash but in the form of documents. So, the question is how much money did Whore Jinx, Gay Loong, and Ravi Menon take to magically prepare some documents to give to the Malaysian govt saying that it was not cash but some other instrument?

No banks can accept anything for deposit unless its a financial instrument or legal tender. A piece of paper saying I own $1 billion is not accepted for deposit. Usually, it can be bearer bonds, wire transfer, certificate of deposits, etc. but all are considered liquid and can be sold to attain the $1 billion equivalent value. Why is Najib saying the money is not there?
 

lifeafter41

Alfrescian (Inf)
Asset
Correct. There is no way in the world USD$1billion get deposited in any bank in singapore without the MAS being notified, and hence WHore Jinx and Gay Loong will also be informed. Mahathir say it was cash deposit which Najib confirmed, and then later Najib say it was not cash but in the form of documents. So, the question is how much money did Whore Jinx, Gay Loong, and Ravi Menon take to magically prepare some documents to give to the Malaysian govt saying that it was not cash but some other instrument?

No banks can accept anything for deposit unless its a financial instrument or legal tender. A piece of paper saying I own $1 billion is not accepted for deposit. Usually, it can be bearer bonds, wire transfer, certificate of deposits, etc. but all are considered liquid and can be sold to attain the $1 billion equivalent value. Why is Najib saying the money is not there?

Husni said the units were backed by sovereign wealth funds and the Government hoped it could repatriate the funds as soon as possible.

Seems to be some sort of financial instrument, eg, bonds.

BSI Bank Limited Singapore ("BSI Singapore") is a wholly owned subsidiary of BSI AG, Lugano, Switzerland.
Established in Lugano, the southern and Italian speaking part of Switzerland in 1873 under the name of Banca della Svizzera Italiana, BSI stands out for its client orientation centred on expertise, trust and discretion. In 1998 Banca della Svizzera Italiana became wholly owned by Assicurazioni Generali SpA and changed its name to BSI SA.
BSI AG focuses its banking activities on the wealth management area offering services to private and institutional clients in the management of financial assets.
Assicurazioni Generali SpA is the largest Italian insurance group and ranks amongst one of the largest insurance groups in the world with investment assets exceeding EUR 250 billion; its shares are listed on the Italian Stock Exchange, the German Electronic Stock Exchange and the London Stock Exchange. Generali has a worldwide network of 180 offices and a firm presence in Asia since the early 80's.
BSI Singapore focuses on wealth management and benefits of the experience, professional competence and international network of the BSI Group.
BSI Singapore is regulated by the Monetary Authority of Singapore.
 

KuanTi01

Alfrescian (Inf)
Asset
There's no smoking gun without fire! Hopefully, the in house CSI team will reveal more. The corrupt and wicked cannot hide forever. The truth will be out including who was really behind Altanthuya's murder.
 

laksaboy

Alfrescian (Inf)
Asset
A country with a prostitute mentality will welcome dirty money, just like a real prostitute who will not discriminate as long as the customer pays.

"What's wrong with collecting more money?"
1380665_574152045984945_576413111_n.jpg



http://www.nandazhan.com/zb/lihuapo3.htm

Singapore has always been a money laundering hub... this tradition goes as far back as the Vietnam War. It's just more sophisticated nowadays.
 

dr.wailing

Alfrescian
Loyal
Corrupt Loong and Whore Jinx would surely have a cut of commission from this. They are both dirty bastards, they have to pay politically for this. LHL & Najib.

Najib is now at the mercy of LHL who in turn is at the mercy of the United Stasi of A.
 

halsey02

Alfrescian (Inf)
Asset
Correct. There is no way in the world USD$1billion get deposited in any bank in singapore without the MAS being notified, and hence WHore Jinx and Gay Loong will also be informed. Mahathir say it was cash deposit which Najib confirmed, and then later Najib say it was not cash but in the form of documents. So, the question is how much money did Whore Jinx, Gay Loong, and Ravi Menon take to magically prepare some documents to give to the Malaysian govt saying that it was not cash but some other instrument?

No banks can accept anything for deposit unless its a financial instrument or legal tender. A piece of paper saying I own $1 billion is not accepted for deposit. Usually, it can be bearer bonds, wire transfer, certificate of deposits, etc. but all are considered liquid and can be sold to attain the $1 billion equivalent value. Why is Najib saying the money is not there?

No lah!, you bodoh, the letter say, I Najee!, owe ass loony, US$1 billion .....that is what the document must have said..... ha ha ha. You deposit money with the bank, IRAS will straightaway knows, you deposit US$1 billion.....M.A.S. will say... "I don't know"??? unless BSI is such a special bank that the customer, can open a private banking account & make deposit with a letter that says, "to whom, it may concern....this ______ have US$1 billion..."...wow!...some special bank!

Malaysia really boleh!...their dramas more complicated that the K dramas, HK dramas, Dallas or whatever dramas that are out their..stay tune!...more twist & turn will appear..

stay tune!...the missing plane will turn up too...after they had sacked the entire MAS working staff... ha ha ha
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
There's no smoking gun without fire! Hopefully, the in house CSI team will reveal more. The corrupt and wicked cannot hide forever. The truth will be out including who was really behind Altanthuya's murder.

I don't care about some mongolian slut's murder. I care how much familee pocketed from this transaction
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Why Dr M likes to disturb all his successors ?

If only sinkie politicians have the same balls. I would have like to see Devan Nair disturb Old Bastard. Also Goh Keng Swee after he was forced out. But unfortunately, they were balless.
 

dr.wailing

Alfrescian
Loyal
Yeah, still waiting for PAP to sue Mahathir. His remarks certainly impugned the integrity of MAS.

You can wait long, long.

Pinky has accepted a huge commission for helping Najib. Bite the hand that feeds you?

MAS has already lost credibility when it refused to acknowledge that SIBOR had been rigged and no criminal actions taken against those currency manipulators.
 
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