Saving Pirate Najib – China To Solve Stolen Money Dispute Between 2 Muslim Nations

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Dec 08 2016
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This is indeed very embarrassing to two nations that were supposed to be Muslim brothers. Malaysia and United Arab Emirates (UAE), both Muslim countries and members of OIC (Organization of Islamic Cooperation), are fighting over US$6.5 billion gone missing – or rather stolen – in the world’s biggest “Ponzi Scheme” allegedly committed by a head of state.


Coming from the mouth of Financial Times, it’s hard for the Government of Malaysia to rubbish the explosive revelation like they normally would, so they didn’t beat around the bush this round. Instead, all top officials reporting to Prime Minister Najib Razak, the person at the centre of the 1MDB scandal, play the “I don’t know” card when approached for comments.


Mr. Najib’s “Ponzi Scheme“, disguised under 1MDB (1Malaysia Development Berhad), has accumulated debt of more than RM50 billion this year. His scheme, however, didn’t only involve Malaysia but stretches around the globe from Singapore to Switzerland, Australia, Hong Kong, U.S., UK, Luxembourg, British Virgin Islands and Abu Dhabi.


Of course, Abu Dhabi isn’t a country but the wealthiest and largest of the UAE’s seven emirates. Do you know that Dubai is actually a bankrupt emirate and if not for Abu Dhabi who keeps pumping money to his little brother, Dubai would not have known for its luxury shopping, ultramodern architecture and a lively nightlife scene, let alone Burj Khalifa?


Abu Dhabi is so rich that it accounts for about two-thirds of the roughly US$400 billion UAE economy. And it was because of its massive wealth that the emirate didn’t realize it had been scammed of its money until it was too late. The man who dragged Abu Dhabi into the 1MDB scandal was none other than Khadem Al Qubaisi, former managing director of IPIC.


But it was only after the filing of lawsuits by U.S. Department of Justice to seize assets that it said were the result of US$3.5 billion that was misappropriated from 1MDB that Abu Dhabi authorities moved in to arrest Mr. Khadem, the person entrusted with running IPIC (International Petroleum Investment Company), Abu Dhabi’s US$80 billion sovereign-wealth fund.


Khadem Al Qubaisi, who was working hand-in-glove with partner-in-crime Jho Low (Low Taek Jho), received at least US$470 million of money siphoned from 1MDB. Jho Low is presently in the process of trying to stop the U.S. from seizing US$650 million in real estate and business investments the U.S. government claims were acquired with funds stolen from his home country – Malaysia.


After his 1MDB scheme was exposed, PM Najib has been fire fighting and running around like a headless chicken to cover multiple holes of debt. Among saviours approached to bailout 1MDB was Abu Dhabi’s IPIC. In return for unspecified amount of assets from 1MDB, IPIC agreed to lend US$1 billion to 1MDB and assume payments on US$3.5 billion of the Malaysian fund’s debt.


It is believed that one of the assets sought by Abu Dhabi in the debt-for-asset-swap exercise was Bandar Malaysia. Of course, that didn’t materialize because Mr. Najib has “secretly sold off Bandar Malaysia” to somebody else. Perhaps Mr. Najib thought he could give something else to Abu Dhabi as replacement. After all, what was “Muslim Brotherhood” for if not to be taken for a ride?


Bandar Malaysia has now become “Bandar China” after Najib sold 16-plots of extremely valuable Sg. Besi land to China Railway Engineering Corporation (CREC), whom together with Iskandar Waterfront Holdings (IWH) forms a consortium (40:60 basis) and paid RM7.41 billion for a 60% stake in Bandar Malaysia.


Naturally, the Abu Dhabi fund claims 1MDB and Malaysia’s Ministry of Finance (of which PM Najib is the minister) failed to perform their contractual obligations under the bailout deal. 1MDB said in a statement in April that it had been “surprised” by IPIC’s comments. The Malaysian fund said that it “unequivocally asserts that it has attempted to meet all its obligations to IPIC”.


After IPIC took the dispute to arbitration, 1MDB said it was “confident in its legal position” and had even submitted a “robust” response through legal counsel. Once hailed as a “strategic partnership” between Abu Dhabi and Malaysia, the relationship has gone sour. The Emirati firm claimed in April that 1MDB had not repaid the US$1 billion advance and applied for arbitration in London.

Najib Declare 700 Million As Donation - Obama Laugh

If the Saudi royal family could give away US$700 million to Najib – without any strings attached – as the Malaysian prime minister has been singing, why can’t the wealthy UAE just write off the “missing US$1 billion” in the name of Muslim Brotherhood? Apparently not, because in reality, the Arabs aren’t that generous, as Najib would like the ignorant Malay Muslims to think.


If you’ve been doing business with these guys, you will understand how calculative they are. The Arabs actually think they’re first class Muslims on planet Earth. Muslims from other regions such as Africa and Asia, including Malaysian and Indonesian are considered second class. In fact, they would rather go to war for losing face after being scammed in the 1MDB scheme.


That’s why suddenly now the Chinese from mainland China, the same race and country which UMNO Malays used to ridicule and mock as “Communist Tongsan”, is being approached and begged to help settle the US$6.5 billion (RM28.7 billion) dispute over an alleged breach of contract – between 2 Muslim nations – Malaysia and UAE.


Wait a minute, why should Mr. Najib even think about swapping “more unknown national assets” so that he could get money to pay back Abu Dhabi if his 1MDB was innocent in the first place? Didn’t his administration bravely scream at IPIC – “See You in Court!!”? The only explanation – the US$1 billion had indeed gone to someone else, NOT IPIC. So, where had the money gone to?


Chances are, the money could have had ended up in the pocket of Khadem Al Qubaisi, Jho Low, Najib’s family or even shared among all of them. Otherwise, why would Najib’s 1MDB so terrified of fighting the case in an international court? After selling Bandar Malaysia to China, it appears Najib has another trick up his sleeve – to sell more national treasures to China.


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