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Congrats Najib, You’ve Just Admitted China Had Scammed RM9.4 Billion & Colluded In 1MDB Scandal



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Jun 06 2018
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Imagine you’ve engaged and awarded a contractor to renovate your office. For some strange reasons, you agreed to pay the contractor according to “calendar dates” instead of the project’s progress. In other words, you had agreed to generously pay even if the contractor does zero work. The job was supposed to be completed in 3 years.

 

Yet, a year later, you had paid 88% of the total cost. The best part was the contractor had only delivered 13% of the renovation jobs. In what situation do you agree to such arrangement? Both the office and money were not yours, of course. You were just the manager who conspired with the contractor to make handsome profits from the project.

 

So, one fine day, the corporate office sent an auditor to audit your account and found out the outrages hidden project. It was hidden because you had categorised it under “red files”, meaning only you and your secretary can access it. When the flabbergasted auditor asked for explanation, you simply answered that all laws and relevant procedures were complied.

Ex-Prime Minister Najib Razak - World Biggest Crook

You also tried to beat around the bush by throwing some big names, possibly with an intention to intimidate the auditor. You said the renovation project was negotiated directly with a foreign company. You claimed that the foreign contractor agreed to purchase some goods from your company therefore, it’s alright for them to take 88% of your money but only delivered 13% of the jobs.

 

That pretty much summarises how scandal-plagued Najib, the disgraced ex-prime minister of Malaysia, responded to Lim Guan Eng after the finance minister revealed another shocking corruption and money laundering committed by the previous government. The new government has highlighted how 2 pipeline projects were hatched to possibly siphon money to 1MDB.

 

And thanks to Mr. Najib, he has officially dragged Beijing into the 1MDB (1Malaysia Development Berhad) scandal. Mr Lim said at a press conference – “We are strongly suspicious this is all part of the 1MDB scam. The attorney-general’s chambers have also confirmed that these contracts were signed despite numerous unanswered questions and red flags raised.”

1mdb-scandal-najib-selling-national-assets

Former Prime Minister Najib Razak, who was the Chairman of 1MDB, has denied any involvement in the scandal although he was caught with his hand in the cookie jar – a whopping US$681 million in his private banking accounts. Instead, Mr. Najib has claimed that the money was donations from Saudi royal family, a claim that could not be substantiated.

 

Najib’s wife, Rosmah Mansor, was also exposed to have had purchased a 22-carat pink diamond necklace – worth a stunning US$27.3 million – using money siphoned from 1MDB. According to U.S.-DOJ investigations, Jho Low had arranged for jewellery designer Lorraine Schwartz (also known as “Jewish Queen of Oscar Bling”) for the pink diamond on June 2, 2013.

 

The two latest projects – hidden under “red files” – unveiled by the Ministry of Finance are a RM5.35 billion (US$1.35 billion; £1 billion) oil pipeline connecting the towns of Malacca and Port Dickson to Jitra in northern Peninsula Malaysia, and a RM4.06 billion (US$1 billion; £762 million) gas pipeline in the state of Sabah, linking the Kimanis Gas Terminal to the cities of Sandakan and Tawau.

Red Files - Najib Razak Pipeline Projects with China - 1MDB Scandal

Both the pipeline projects, with a total value of RM9.4 billion (US$2.4 billion; £1.76 billion), were 85% funded from the Export-Import Bank of China and were awarded to China Petroleum Pipeline Bureau (CPPB). CPPB is a subsidiary of the China National Petroleum Corporation, state-owned Chinese oil and gas corporation.

 

Besides throwing big names such as China and Chinese Premier Li Keqiang, Najib also claimed that China committed to importing goods worth US$2 trillion (RM8 trillion; £1.5 trillion) over the next 5 years from Malaysia, and investing up to US$150 billion in Malaysia, not to mention offering 10,000 places for training and studies in various institutes in China.

 

Using Mr. Najib’s logic, can Mahathir administration demands that China pays 88% of the committed US$2 trillion of imports from Malaysia in 2 years, in exchange for delivery of only 13% of the goods? Yes, asks Beijing to pay Kuala Lumpur US$1.76 trillion (RM7 trillion; £1.3 trillion) cash in exchange for US$260 billion worth of palm oil.

Felda Palm Oil Workers

According to statistic from Matrade (Malaysia External Trade Development Corporation), the total export value for financial year 2017 was RM935.38 billion. Even if you average the RM8 trillion of import commitment from China, the figure doesn’t make sense. Does Najib expect the people to believe China will import an average RM1,600 billion of goods each year when the 2017 total export was merely RM935.38 billion?

 

In his haste to defend his 1MDB “Ponzi Scheme“, Najib appears to have gone mad. That’s the problem when he didn’t finish his education at University of Nottingham, UK, but womanising. Not only the son of Razak is the world’s most corrupted (former) head of state, he has proven to be the stupidest and most idiotic Thief-in-Chief.

 

Lim Guan Eng was just trying to bait Najib Razak and the self-proclaimed Bugis warrior swallowed the hook, line and sinker. Without realizing his moronic remarks, Najib has just implied that the Chinese government had colluded with the Malaysian government in corrupt practices. Mr. Lim was just asking the strange payment arrangement and Mr. Najib spilled the beans.

Najib Razak and Chinese Premier Li Keqiang - 1MDB Scandal

At the end of the day, Najib cannot explain why the pipeline projects, if indeed they were so noble and clean as claimed, had to be kept secret and hidden among the “red files”. It will be fun to see if Beijing dares to boldly commit to the new government of Malaysia – via press conference – that China will indeed import RM8 trillion (that’s RM8,000 billion) of goods from the country over the next 5 years.

 

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Comments

Mr. Ponzi has been defeated.

Dear Writer,
It would be better for you to do research on Project Management before you start pointing fingers.

Progress Payments are not necessary calculated on percentage of workdone. There are the physical progress and financial progress.

Seek a Quantity Surveyor to get a better insight on why payment was made on 88% of development cost and not on 13% of physical progress.

Since I have been to Kimanis and have seen the site in progress, I can say you are WRONG.

So please get a QS to brief you on project management.

Thank you

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