Sunday, April 26, 2015

Jho Low Earns Big Bucks from 1MDB

The 1MDB horror stories continue. 
 
Whistleblower site Sarawak Report is claiming that a $330 million (RM1.18 billion) loan 1MDB had issued to PetroSaudi International in 2011 was actually deposited into the account of Good Star Limited, Jho Low’s company. Citing documents from official investigators, the money was transferred in four separate tranches into Good Star Limited’s RBS Coutts, Zurich account.
 
However, approval was granted by the regulators for 1MDB to lend the money to their former JV partner, PetroSaudi, on the basis that it was to “finance on-going overseas investment in the oil and gas sector”. No mention was made of the company Good Star Limited in the loan application and neither was approval granted for the money to be sent to it.
 
The investigation also revealed that this $330 million, which was sent to Good Star Limited, was officially reported to Bank Negara as having been paid to the PetroSaudi company 1MDB PetroSaudi.
 
Sarawak Report rightly asked: "The question now is who was responsible for providing this misleading information that Good Star Limited was a subsidiary company of PetroSaudi International"? And "Also, why did none of the banks involved in any of these transactions ever see fit to file a suspicious transaction report?"
 
According to the website's calculations, $1.19 billion of the $1.93 billion that 1MDB lent to PetroSaudi ultimately went to Good Star Limited. This included the $700 million Good Star allegedly siphoned from 1MDB's now-ended joint venture with PetroSaudi, which was orchestrated by Jho Low.
 
Obviously that was not enough for the money grabber because Good Star Limited had also received an additional $160 million from a Murabaha Loan agreement signed between PetroSaudi and 1MDB, which was also masterminded by Low. On Thursday, Sarawak Report said Good Star Limited was found to have transferred over $500 million to one of the businessperson’s bank accounts at BSI Bank Limited in Singapore in 2011 and 2012.
 
Greed knows no limits.
 
In the EPL match on Saturday between Liverpool and West Brom, the former paid for lack of firepower in this goalless draw with the latter. What a ho-hum game.
 
In the end it was a game that confirmed to Brendan Rodgers what he already knew. With Luis Suárez long gone and Daniel Sturridge absent once again, Liverpool are unrecognizable from the team that swept opponents aside last season and it is easy to see why the manager talked on the eve of this match about signing a consistent goal scorer who can perform “at a top level every week”. Is he finally admitting he had erred with his signings? Wouldn’t it be better if he spares us more pain by “unsigning” himself and leave Liverpool FC for good?

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