FinanceTwitter http://www.financetwitter.com Money Finance Economy Business Invest News Wed, 23 May 2018 05:28:09 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.5 Taxpayers’ Money Secretly Used To Bailout 1MDB – Here’s Why Snake Oil Salesman Arul Should Be Jailed http://www.financetwitter.com/2018/05/taxpayers-money-secretly-used-to-bailout-1mdb-heres-why-snake-oil-salesman-arul-should-be-jailed.html http://www.financetwitter.com/2018/05/taxpayers-money-secretly-used-to-bailout-1mdb-heres-why-snake-oil-salesman-arul-should-be-jailed.html#respond Wed, 23 May 2018 05:28:09 +0000 http://www.financetwitter.com/?p=26987 Our previous article showed how the disgraced former Prime Minister Najib Razak mismanaged the country and plundered the national coffers to the brink of bankruptcy. After Prime Minister Mahathir Mohamad expressed his displeasure, the new Finance Minister Lim Guan Eng has confirmed that Malaysia is indeed saddled with over RM1 trillion debts.

 

One of the tricks deployed by Mr. Najib, who was also the then-finance minister, to hide the reality that RM1 trillion debts had been breached was to exclude the government-guaranteed debts. And 1MDB is a classic example of how government-guaranteed debts were being hidden and wrapped and protected under OSA (Official Secrets Act).

 

The declassified 1MDB audit report said the scandal-tainted firm had debt commitments totalling RM74.6 billion, inclusive of interest and borrowing costs, from November 2015 to 2039. But the best part of the scandal was reserved for Lim Guan Eng. The finance minister was shocked when he discovered that taxpayers have been bailing out 1MDB since April 2017.

FBI Department of Justice DOJ - Najib Razak and Rosmah Mansor - inset Riza Aziz

Mr. Lim said – “I have been informed by Deputy Treasury-General Siti Zauyah Mohd Desa that among the most urgent items to be resolved during my first days of office is the payment of interest for 1MDB borrowings. This is because the amount of RM143.75 million is due to be paid by 1MDB on May 30.” Heck, why on earth does the government need to pay for 1MDB’s debt?

 

Apparently, under Najib regime, the government had signed a back-to-back guarantee over 1MDB debt. What this means is in case of failure to pay its debt, 1MDB has nothing to worry because the guarantor – Government of Malaysia – would pick up the bill. In essence, taxpayers (that’s you, dude) will have to pay the billions of ringgit of debt accumulated by 1MDB.

 

So far, it was revealed that the finance ministry, under Najib Razak, had paid RM6.98 billion on behalf of 1MDB. The sum includes payments made to IPIC as part of a settlement agreement amounting to RM5.05 billion. Last year, then-Prime Minister cum Finance Minister Najib Razak reportedly had difficulty paying US$600 million of debt to IPIC.

1MDB and IPIC Debt - Najib Razak with Rosmah Mansor

Flashback – all hell breaks loose after the Malaysian fund (1MDB) defaulted on its bonds in 2016, sparking a dispute with IPIC, which asked a London court to arbitrate a claim totalling some US$6.5 billion. 1MDB claimed initially that it was “confident in its legal position” and had even submitted a “robust” response through legal counsel. Of course, 1MDB failed to prove its innocence.

 

The long and short of the infamous 1MDB scandal is this. The 1MDB was part of a “Ponzi Scheme“, which is the subject of money-laundering investigations in at least six countries, including the United States, Switzerland and Singapore. When the scheme was discovered and exposed, the bubble burst. It had accumulated debt of more than US$50 billion as of 2016.

 

The guy who has been running around telling all and sundry that 1MDB was in good health was none other than 1MDB President and CEO Arul “Anaconda” Kanda Kandasamy. The snake oil salesman is now caught with his pants down when Lim Guan Eng has instructed him to brief and clarify if 1MDB is able to pay the RM143.75 million due next week.

Arul Kanda - Snake Oil Salesman - 1MDB Scandal

Even if Mr. Arul could pay the amount, which is unlikely, another chunk of RM810.21 million worth of interest is due between September and November this year. Of course, the snake oil salesman who is currently barred from leaving the country is nowhere to be seen, let alone speaks out against the bombshell that 1MDB has actually no money at all to pay its debts.

 

If Najib was guilty of secretly bailing out his “Ponzi Scheme” project by hiding it under “red files”, accessible only to certain parties, Arul was guilty of deceiving and misleading investors and financial markets by lying through his teeth. As far back as 2015, Mr. Arul had lied about the cash in the state investment firm’s BSI Singapore bank account.

 

He updated the 1MDB Board that the balance of US$939,874,085 had been redeemed and had been held as “cash” since 31st December 2014. On March 11th 2015, Mr. Najib himself confirmed that the remaining US$1.103 billion had already been “redeemed” from Brazen Sky’s alleged off shore fund in the Cayman Islands – stating that it was now being “kept in US currency” at BSI Bank Limited, Singapore.

1MDB Scandal - Brazen Sky Limited BSI Singapore Signboard - No Cash

In reality, not only there was no “CASH”, but documents supplied by 1MDB relating to its Brazen Sky Limited account in Singapore were false bank statements. After exposed by Sarawak Report, Arul Kanda, with his pants down, made a series of retractions before clarified that the assets held by BSI were in the form of “units” instead of “cash”.

 

Arul conveniently blamed it on “miscommunication”, when he had proudly telling all and sundry that 1MDB owned assets worth RM50 billion versus RM42 billion in liabilities. As it turned out, the so-called US$1.103 billion cash had been pledged to guarantee another loan by Deutsche Bank. Essentially, Arul knew that a new hole was dug to cover another hole of debt.

 

Snake oil salesman Arul, together with crook Najib, also trumpeted about TRX (Tun Razak Exchange). The Exchange 106 tower will be the tallest tower in Malaysia upon completion in 2018, says them. But after the stunning loss of his boss Najib in the 14th general election, it was revealed that TRX City Sdn Bhd “did not see a single cent” of funding worth US$3 billion (RM11.9 billion) raised in 2013.

1mdb-stars-lodin-wok-kamaruddin-l-arul-kanda-najib-razak

The fact remains that since he came on board, not a single 1MDB annual reports has been released. If the company was indeed in the pink of health, there was no compelling reason not to publish its annual reports. Even during the May 9th election campaign, Arul was actively hitting the road, continued to scam and con people that 1MDB scandal was over.

 

This bald Arul boldly fooled the people that the 1MDB debt problems have been solved. What he didn’t tell the people was that the government has been bailing out the company; diverting taxpayers’ hard-earned money to cover gigantic debts accumulated after the “Ponzi Scheme” was discovered, exposed and burst. Arul Kanda “Anaconda” Kandasamy deserves to be jailed, and the keys thrown away.

 

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This Chart Shows How Najib Drove The Country To RM1 Trillion In Debt http://www.financetwitter.com/2018/05/this-chart-shows-how-najib-drove-the-country-to-rm1-trillion-in-debt.html http://www.financetwitter.com/2018/05/this-chart-shows-how-najib-drove-the-country-to-rm1-trillion-in-debt.html#respond Tue, 22 May 2018 05:22:15 +0000 http://www.financetwitter.com/?p=26983 We wish to say “I told you so” again. But to hear it from the horse mouth – Mahathir – is equally satisfying. Yes, Malaysia has already breached the RM1 trillion marks, for the wrong reason. Speaking for the first time to staff of the prime minister’s office, Mahathir revealed the troubling debts accumulated, thanks to 9 years of corrupt Najib administration.

 

When Mahathir resigned in 2003 after ruling for 22 years (1981 to 2003), the debt was only about RM190 billion. After he passed the baton to Abdullah Badawi, the sleeping head doubled the nation’s debt to about RM380 billion. But after Najib Razak took over the country, he tripled it to RM1 trillion in debts. In short, Najib doubled the debt in 4 years what Badawi would have done in 8 years.

 

During the 14th election campaign, Najib Razak conveniently used the national debt as a weapon to attack his opposition. He warned the people that a victory for the opponent coalition Pakatan Harapan’s would cause debt to skyrocket. He claimed that the opposition’s promise to abolish GST (goods and services tax) and road toll collection would increase national debt to RM1.1 trillion.

Malaysia Government Gross Debt 1990-2017 Q1 - Finance Minister Performance

Najib, of course, didn’t want the people to know that his regime had already clocked the RM1 trillion figures. By first quarter of 2017, the country was already burdened with RM916.12 billion. Since Najib came to office in 2009, Malaysia’s debt has grown at an average of 10% a year. Hence, if you look at the government gross debt chart, the first number of debt figure will jump – every year (get the picture?).

 

The worst part is this – despite abolishing subsidies for petrol, diesel, sugar, cooking oil, electricity tariffs, water and whatnot, Najib regime somehow still couldn’t find the money to run the government efficiently. The son of Razak was practically stealing rice from a beggar’s bowl when he introduced 6% GST (goods and services tax) on 1 April 2015.

 

Do you need more proof that the despicable and corrupt Najib had been stealing from the people to live lavishly? The clearest proof of excessive spending, and even corruption for that matter, can be found in this chart – the yearly allocation for the Prime Minister Office (PMO). In his first year as prime minister, the budget for the PMO breached RM10 billion for the first time in the history.

budget-2017-malaysia-prime-minister-office-pmo-allocation-2000-2017

The yearly budget for the PMO continued to climb and reached the climax when it hit the RM20 billion in 2016. Now we know why a small nation with 32-million populations need to pay RM20 billion for the operation of Najib’s office. After the stunning defeat of Barisan Nasional coalition government, it is discovered that a whopping 17,000 “political appointees” were hired by the previous government.

 

Prime Minister Mahathir Mohamad, shocked, said the contracts for the highly paid 17,000 “political appointees” will be axed. This will reduce the expenditure. Assuming each of them was paid a conservative RM5,000 every month, the annual expenses would hit RM1 billion already. When Mahathir resigned in 2003, the PMO was allocated merely RM3.5 billion.

 

However, paying top dollar for 17,000 “political appointees” to boost Najib’s image wasn’t the only wastage policy adopted by the former prime minister. His wife, Rosmah Mansor, was the biggest beneficiary from the massive yearly budget to the PMO. Auntie Rosie’s pet project – Permata Programme – was allocated RM100 million and RM111 million in 2010 and 2011 Budget respectively.

Najib Razak Rosmah

When Najib presented the 2013 Budget, the so-called pre-school education programme was allocated a whopping RM1.2 billion. The amazing part about the “Permata” programme is that nobody knows how the money was being used. In fact, the programme has been such a cash-cow to Rosmah that even after his husband has lost, she insisted the new government to retain the project.

 

Najib’s previous government operated without transparency. As the finance minister himself, he spent excessively and lavishly without thinking about the source of income. His answer to lack of funding was to borrow money. One of Najib’s tricks in hiding the RM1 trillion debts accumulated over the years – exclude the government-guaranteed debt.

 

Based on statistic from Bank Negara Malaysia (Central Bank), the debt guaranteed by the Federal Government is at eye-popping RM238 billion. And thanks to the declassification of 1MDB audit report after Najib was defeated in the 14th general election, it has been revealed that the state investment fund was drowning in debt. Now, where is that Arul “Anaconda” Kanda guy when you need him the most?

1MDB Scandal - How Najib Becomes A Billionaire and Fund His Wife’s Diamonds

According to the audit report – assuming there are no new loans after October 2015 – it was estimated that RM42.26 billion was needed to pay the principal and interest that will be due between November 2015 and May 2039. 1MDB also needs a minimum of RM1.52 billion every year for 10 years from November 2015 to May 2024 just to pay back its loans.

 

In short, the declassified report said the scandal-tainted firm had debt commitments totalling RM74.6 billion, inclusive of interest and borrowing costs, from November 2015 to 2039. That’s about RM3 billion of debt commitment every year – for the next 25 years. This is what going to make the country in serious trouble, if billions of dollars plundered by Najib is not recovered.

 

Now, do you understand why newly sworn-in finance minister Lim Guan Eng is roped in to clean the shit left by the former Thief-in-Chief Najib Razak? Based on his track record in managing Penang finances, only Mr. Lim has the ability to fix the problem. Crooked Najib was essentially driving the country to the brink of bankruptcy, had he not stopped in time.

Najib Razak and Rosmah Mansor - Sad

 

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Like Hillary Clinton, Najib Razak Is Blaming Everyone & Everthing – Except Himself & Witch Wife http://www.financetwitter.com/2018/05/like-hillary-clinton-najib-razak-is-blaming-everyone-everthing-except-himself-witch-wife.html http://www.financetwitter.com/2018/05/like-hillary-clinton-najib-razak-is-blaming-everyone-everthing-except-himself-witch-wife.html#respond Mon, 21 May 2018 04:42:40 +0000 http://www.financetwitter.com/?p=26980 What does Hillary Clinton and Najib Razak has in common? They are terrible sore losers. Back in November 2016, the Reuters / Ipsos States of the Nation project gave Clinton a 90% chance of defeating Trump, seeing her on track to win 303 Electoral College votes out of the 270 needed, to Trump’s 235. Like Clinton, the whole world had predicted Najib would win Malaysia’s 14th general election.

 

In fact, Bookmaker Betfair reported US$140 million worth of bets were placed – with Clinton having 83% of winning, even higher than Obama’s 76% chance in 2012. The Hillary campaign was so bloody sure of winning that they had prepared a 2-minute long fireworks display along the Hudson River in New York. Suddenly, at the eleventh hour, they informed the U.S. Coast Guard to cancel it.

 

Donald Trump, often mocked and ridiculed by liberal mainstream media, stunningly won the 2016 Presidential Election. Hillary Clinton and her army of over-confident and arrogant news media paid the price for ignoring the super huge crowd that Trump managed to attract to his talks. Similarly, Najib and his bootlickers paid the price for belittling the incredible crowd glued to the opposition rally.

Najib Razak's 1MDB Scandal - Hillary Clinton's Email Scandal - Denials

When Associated Press officially called Trump’s victory at 1:30 a.m. EST on that faithful night, Hillary Clinton was dumbfounded and speechless. Similarly, when Malaysian Election Commission refused to update the results as one strong constituency after another of Najib’s Barisan Nasional coalition collapsed, Najib Razak was stunned and speechless, before trembling and panicking.

 

Hillary Clinton declined to immediately give a concession speech. She was only willing to call Trump, not a public concession speech, to congratulate the newly crown President-elect. Even then, Hillary made that call to Donald after being persuaded by President Barack Obama on election night. Clinton was so dejected that she was nowhere to be seen until the following day.

 

Likewise, Najib declined to immediately give a concession speech. But unlike Hillary, he didn’t call the Prime Minister-elect Mahathir Mohamad. He called Anwar Ibrahim instead for advice – twice. He could have had forgotten that Anwar was a prisoner thanks to him when he made that call. And like Clinton, Najib was so depressed that he was nowhere to be seen until the following day.

hillary-clinton-lost-unexpectedly-to-donald-trump-cried

Rumours spread that Clinton had a violent temper tantrum upon learning she had lost. She was said to be in a “psychotic drunken rage” and had became “physically violent” towards her staffs, including her campaign chairman John Podesta. The next day, in her first public remarks since her stunning defeat, Hillary reluctantly urged millions of supporters to “accept this result.”

 

Upon learning he had lost, which Najib still had problem believing, he was practically in mental breakdown. Najib was so devastated that, luckily, he did not manage to launch a physical violent towards his staffs. The next day at 11am, in his first public remarks since his stunning defeat, Najib tried to mislead the Agong (king) that no party had won the election, while blaming others but himself for the loss.

 

Subsequently, sore loser Hillary Clinton blamed FBI Director James Comey, the Russian, the White Americans, the women and basically everyone and everything under the Sun except herself. Similarly, Najib Razak has embarked on the same journey like Hillary Clinton 2 years ago – blaming everyone and everything, including hamsters, except himself.

Sore loser ex-prime minister Najib has since returned to his constituency Pekan, Pahang, probably trying to convince himself that there are still a bunch of (ignorant) people who appreciate his thievery. In his maiden speech in Pekan since the humiliating loss of his Barisan Nasional government, Najib still denies stealing from the country’s coffers.

 

Amusingly, about 500 of his gullible supporters screamed “We love you Datuk Seri!” when he insisted he was neither a thief nor a crook. That despite raids by the police at his family members’ luxury condominium, and has confiscated an eye-popping 284 designer handbags and 72 suitcases containing cash and jewellery, reportedly to the tune of RM100 million plus 100kg of gold.

 

The son of Razak also blames YouTube for having diverted Malaysians away from his previous government-controlled television channels. He calls YouTube revelations about the lavish spending of his wife – Rosmah Mansor – as nothing but nonsense and slander. He, of course, has blamed his coalition opponent (Pakatan Harapan) of launching smearing campaign against him.

corrupt-first-lady-imelda-marcos-and-rosmah-mansor

The out-of-touch corrupt and arrogant Najib also cries and bitches about opponent Pakatan Harapan making promises that cannot be fulfilled. In actuality, he should blame the Election Commission (EC) for trying too hard to kill off the opposition coalition. The EC deliberately fixed Wednesday, a day in the middle of the week, for the polling in an attempt to frustrate and stop overseas voters from voting.

 

The EC also childishly cut the photo of 93-year-old Mahathir Mohamad from campaign board, an insult that anger many ethnic-Malay who regarded such action as rude. The EC deliberately dragged their feet at polling stations during the voting process, obviously trying to drive away people from voting, as unbelievable number of voters turned up in force on May 9th.

 

Najib spoke as if YouTube and social media such as Facebook, Twitter and WhatsApp were tools belonging to the opponent Pakatan Harapan. Did he not realize that as the caretaker of the government, those social media platforms were consistently bombarded with advertisements from his coalition Barisan Nasional, so much so that the propaganda was overkilled and irritated?

Mahathir Photo Cut From Billboard - Election 2018

The defeated Najib has the cheek to complain about smearing campaign by the coalition opponent when in reality; his paid cybertroopers, propagandists and bloggers had launched campaign based on racism and religion. He must be really retarded for not knowing that his pet project – GST – has been abolished and to be scrapped effective next month – June 1st.

 

The GST (government and service tax), which was introduced by the incompetent Najib has a more meaningful message now – “Government Sudah Tukar (government had changed). What grass has he been smoking since his ill-gotten wealth been seized? Which part of Mahathir fulfilling promises – within 1 week – that Najib doesn’t understand?

 

Yes, not only the world’s oldest Prime Minister Mahathir has scrapped the GST within 1 week of taking over the federal government, the former prime minister of 22 years (1981 to 2003) has also fixed the price of fuel / petrol to prevent unnecessary fluctuation that affects the cost of doing business, not to mention the burden of spiking cost of living.

Najib and Rosmah Boarding Private Jet - Happy GST Everyone

The best part of Najib’s babbling and bitching was when he pointed out how he had given up his powers in the aftermath of the general election without fuss. In return for his kindness, he actually expects to be treated “well”. Apparently, he was upset for not being able to fly again so he had to travel by road back to his constituency Pekan, to lick his wound in peace.

 

Like Hillary Clinton, the thick-skinned and boastful Najib Razak hadn’t thought that he would lose the election, let alone imagined his RM100 million cash and 100kg gold would be discovered and confiscated. Had he been humbled and prepared for the rainy days, there’s little doubt that Najib could have had declared an emergency rule on the night of May 9th – and rule indefinitely.

 

However, unlike Hillary Clinton, the world’s biggest crook Najib Razak is looking at the prospect of spending some precious time in prison. Perhaps he can write a book or two while serving his jail sentence. As Najib is still clueless how he had lost, perhaps he can write a second version of Hillary Clinton’s bestseller book – “What Happened?” (that question-mark is Najib’s trademark).

Sore Loser Najib Razak - What Happened Book by Hillary Clinton

 

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China Agrees To Reduce Trade Imbalance, But Disputes U.S.’ Claim Of $200 Billion Deficit Cut http://www.financetwitter.com/2018/05/china-agrees-to-reduce-trade-imbalance-but-disputes-united-states-claim-of-200-billion-deficit-cut.html http://www.financetwitter.com/2018/05/china-agrees-to-reduce-trade-imbalance-but-disputes-united-states-claim-of-200-billion-deficit-cut.html#respond Sun, 20 May 2018 15:12:39 +0000 http://www.financetwitter.com/?p=26977 China has no choice but to agree to fix the problem of trade imbalance between the kingdom with the United States. The trade imbalance, which President Donald Trump calls unfair, hit a record US$375 billion in 2017. After rounds of talks and meeting between both countries, the U.S. and China have agreed to “substantially reduce” the trade imbalance.

 

Hence, the Chinese has agreed to significantly increase import from the U.S., hoping it will reduce its US$347 billion trade deficit with America. China does not want a global trade war, if they can help it. But neither did they commit any figure. They cannot announce to the world how much China is ready to commit for obvious reason.

 

If China commits a small figure, President Trump would send a tweet threatening a trade war. If China commits a large figure, President Xi Jinping would come under fire from his own people for being submissive to the Americans. Likewise, Trump needs a big win from this bilateral trade talks in order to boast the Republicans before the mid-term election.

China vs United States - President Xi Jinping vs President Donald Trump

So when White House Economic Advisor Larry Kudlow told all and sundry that China has offered to reduce its trade surplus with the U.S. by “at least US$200 billion”, therefore fulfilling Trump’s demands, all hell breaks loose. He said – “China’s come to trade; they are meeting many of our demands. I believe they want to make a deal.”

 

The Wall Street Journal reported that China’s delegation rebuffed American demands to commit to an exact deficit reduction figure, and the two sides bickered all night over the statement’s language. Chinese foreign ministry official has posted on Chinese state social media accounts disputed reports that Chinese officials had offered the US$200 billion reduction.

 

The trade negotiation is no longer about trade imbalance. It has now become a political subject because Trump eagerly wants to capitalize on the talks to score political points. It would reassert the U.S. dominance over China. More importantly, Trump can tell his supporters at rallies that his administration has won the trade war, something which his predecessors failed to achieve.

China vs America - Dragon arm wrestling Eagle

A US$200 billion reduction in the U.S. trade gap with China by 2020 was on a list of demands the Trump administration made earlier this month. The U.S. president badly needs to win this trade war if he decides to go for a re-election in 2020. A US$200 billion cut is more than half the US$347 billion trade deficit America is suffering now.

 

Obviously, President Xi Jinping cannot afford to be seen as the chicken in this game. The Chinese can only promise to boost its purchases of U.S. goods but not be seen as bending over. While the U.S. wants the Chinese to commit a number, the Chinese prefers to be vague about the whole thing as the rising economic power must not be seen as weak.

 

Perhaps the Americans have mistaken the Chinese culture. Perhaps Economic Advisor Larry Kudlow has misunderstood the real meaning when China says they will consider reducing the trade imbalance when he presented President Trump’s demand for the US$200 billion reduction in the U.S. trade gap with China by 2020. It was merely a polite way of rejecting such outrages demands.

United States and China Trade War - Ships

 

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Najib & Rosmah Strike Back – Accuse Police Of Eating Kid’s Chocolate & Leak Details Of Valuables, RM100 Million Cash & 100kg Gold http://www.financetwitter.com/2018/05/najib-rosmah-strike-back-accuse-police-of-eating-kids-chocolate-leak-details-of-valuables-rm100-million-cash-100kg-gold.html http://www.financetwitter.com/2018/05/najib-rosmah-strike-back-accuse-police-of-eating-kids-chocolate-leak-details-of-valuables-rm100-million-cash-100kg-gold.html#comments Sat, 19 May 2018 18:23:29 +0000 http://www.financetwitter.com/?p=26974 Finally, Rosmah Mansor, the so-called ex-FLOM (First Lady of Malaysia), has spoken. Unfortunately, the wife of defeated ex-prime minister Najib Razak has shown – again – that she spoke without putting her thinking cap. At critical moment like now, it’s wise that she keep her mouth shut. She should stop torturing prison wardens with the perception that a hippo is on her way there.

 

As her corrupted and disgraced hubby complained about police officers helping themselves to food and chocolate from the refrigerator of their children’s home, where the authorities were busy “checking” for luxurious items, Rosmah burst into anger and has complained about photographs from police raids being shared on social media.

 

On Friday, Royal Malaysia Police confiscated 284 handbags, some bearing the Hermes-Birkin brand, and 72 suitcases containing cash and jewellery in an operation at three luxury condominium – Pavilion Residences – located along Jalan Raja Chulan, Bukit Bintang. The haul was arguably the biggest of its kind in the history of Malaysia.

Pavilion Residences - Police Raid Najib and Rosmah Resident- Boxes of Handbags, Cash Jewellery Loaded To Truck

Apparently, Rosmah was extremely upset about details of valuable items confiscated being published on social media. But it wasn’t just being shared on social media. International media have already published the eye-popping valuables seized from the corrupt leader. In Mr. Najib’s private home, 15 Chanel boxes containing handbags were found in the prayer room.

 

Yes, it’s quite amazing that designer handbags bought with ill-gotten money were stored in the prayer room. Clearly Najib and Rosmah have no issue praying together with all those handbags. Another 35 handbags were found in the storeroom where designer brands such as Versace, Gucci, Oscar De La Renta, Prada, Michael Kors, Valentino, Dolce & Gabbana, Piana Clerico, Loewe and Louis Vuitton were stored.

 

In one of Najib’s children bedroom, luxury watches were confiscated – 10 Rolexes, Patek Philippe Geneve, Richard Mille and Hublot has been seized. In the same bedroom, a staggering RM537,000, £2,700 and 2.87 million Sri Lankan rupees cash were discovered, much to the delight and surprise of the Commercial Crime Investigation Department (CCID).

Najib Razak RM120,000 Audemars Piguet Royal Oak Offshore Carbon Watch

Riosmah Mansor Watch - Roger Dubius Velvet and Hublot BB Black Magic

But those were just loose change found in Najib and Rosmah’s private home. What was discovered from Tower-A of Pavilion Residences, believed to have been either plundered or stolen by the former leader of Malaysia is more jaw-dropping. More than 100kg of gold bars and more than RM100 million in cash were reportedly seized. Still, this is just the tip of the iceberg.

 

Malaysian Jho Low and Najib Razak were caught stealing, laundering and siphoning as much as US$4.5 billion from 1MDB, disguised under a joint venture with PetroSaudi International Ltd. The US Department of Justice confirmed the deal was merely a “pretence” for “the fraudulent transfer of more than US$1-billion from 1MDB to a Swiss bank account” controlled by Low.

 

Ex-Prime Minister Najib Razak, who was the Chairman of 1MDB (1Malaysia Development Berhad), 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.

1MDB Scandal - How Najib Becomes A Billionaire and Fund His Wife’s Diamonds

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.

 

Instead of worrying how to justify their mind-boggling assets, Najib and Rosmah appear to have gone bonkers with their silly accusations. The Hermes Birkin handbags alone would be too difficult for them to justify.  One such handbag can cost as much as 3 times the former prime minister’s annual salary of US$120,000. And we haven’t talk about luxury watches, jewels and cash.

 

By urging and demanding the police to stop the leaks by police officers, Rosmah has essentially admitted the confiscated 284 handbags and 72 suitcases containing cash and jewellery were hers. Do Najib and Rosmah actually think people are going to believe that 5 truckloads of RM100 million cash, 100kg of gold, jewels, watches, handbags and whatnot were donations?

Rosmah Mansor - Hermes Birkin Store

What was Rosmah hoping the police should do during the raid operation? Wrap them up nicely like a birthday present to hide the Hermes-brands handbags? In case Auntie Rosie hadn’t figured it out, this is a police raid from the Commercial Crime Investigation Department (CCID), not a birthday party thrown for their spoilt children or Jho Low or Paris Hilton.

 

Rosmah spoke as if she should be accorded VVIP treatment because she was a former  First Lady. She has started behaving like the notorious Imelda Marcos of Philippines, who remained arrogant despite having looted at least US$10 billion during the Dictator President Ferdinand Marcos’ rule from 1965 to 1986.

 

Perhaps Rosmah and Najib thought they are still in power and control the Kangaroo Court. After taking photo with his aged mother, perhaps Najib thought he could walk away scot free because he’s the son of Razak. Perhaps he thought people would be up in arms against Mahathir administration because police officers ate his children’s stupid chocolate.

Najib and Rosmah - Sombre

Perhaps Rosmah thought her story about saving from young can still sell. Perhaps she thought the people, especially the Malay folks are too dumb to differentiate between RM100 million and RM100. Perhaps she thought by telling the police to hide the massive handbags from social media, nobody will know about her lavish spending habit.

 

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BOOM!! Oil Hits $80 – Fortunately Thief-in-Chief Najib Razak Lost The Election http://www.financetwitter.com/2018/05/boom-oil-hits-eighty-dollar-fortunately-thief-in-chief-najib-razak-didnt-win-the-election.html http://www.financetwitter.com/2018/05/boom-oil-hits-eighty-dollar-fortunately-thief-in-chief-najib-razak-didnt-win-the-election.html#respond Fri, 18 May 2018 17:09:14 +0000 http://www.financetwitter.com/?p=26969 Brent crude oil, the international benchmark for oil prices, breached US$80 a barrel on Thursday for the first time since 24th November 2014. However, the contract eased back to below US$80. Trading at US$79 now, it appears the commodity is looking for excuse to breach the US$80 again. And it’s President Trump’s fault.

 

Last week, President Donald Trump announced that he would withdraw the United States from the Iran nuclear deal and restore wide-ranging sanctions on Iran. Essentially, all companies have between 90 to 180 days to wind down business with Iran. However, things get tricky because China and key U.S. allies in Europe still support the nuclear deal.

 

That probably explains why the crude oil prices pull back immediately after it topped US$80 a barrel. Traders quickly took profits off the table as they doubt Trump could wreck havoc to Iran the same way North Korea was threatened. But even if Trump will be able to disrupt Iran’s crude oil export, analysts believe the sanctions would do little damage to Iran.

Donald Trump Anti Iran

Brent Crude Oil Prices Chart - 18May2018

While some said Trump’s sanctions could wipe 1 million barrels per day of Iranian crude off the market, others said the impact would be limited to fewer than 500,000 barrels a day only. Furthermore, OPEC members can replace any supplies lost from Iran, not to mention that the U.S. is pumping at record level – more than 10.7 million barrels a day, according to the latest reading from EIA.

 

There’s one country which is fortunate because they had successfully overthrown their government. Malaysia, after being ruled by Barisan Nasional coalition government for the last 61 years since its independence from the British, has been attracting world attention since its 14th general election on May 9th. Former Prime Minister Najib led the coalition to its disastrous defeat.

 

There’s a new sheriff in town. Mahathir Mohamad, a former prime minister who ruled for 22 years from 1981 to 2003, has returned – as the country’s prime minister for the second time. He also created a new Guinness Record as the world’s oldest prime minister. At 93, he is older than Morarji Ranchhodji Desai, whom was appointed Prime Minister of India from 1977 to 1979.

Mahathir Mohamad - World’s Oldest PM - 1981 to 2003 and 2018 to Current

One of Mahathir’s policies is to throw away the weekly fuel price adjustments architected by former premier Najib Razak. Since 30th March, 2017, 32-million Malaysians pay for their fuel based on weekly system, which is calculated based largely on the benchmark prices determined by Mean of Platts Singapore (MOPS).

 

The Malaysian Parliament was dissolved on 7th April 2018, while the Polling Day was on 9th May. When the RON95, RON97 and diesel prices were first fixed at RM2.20, RM2.45 and RM2.18 per litre respectively on 22th March, Mr. Najib deliberately and artificially set them lower than expected, knowing he was going to call for the dissolution of the Parliament 2 weeks later.

 

On the week leading to 22th March, the crude oil jumped from about US$64 to US$77 on the polling day – an increase of 13 US dollars. Today, it’s close to US$80 a barrel – an increase of 16 US dollars. Had Najib Razak won the election, not only would he become a dictator, his 1MDB scandal would be swept under the carpet – forever.

Malaysian Prime Minister Najib Razak - Speech

Had Najib won, the world would not know how his family have been living luxuriously. In what appeared to be the biggest seizure in the history of the country, the Royal Malaysian Police seized 284 boxes of designer handbags and 72 bags of cash and jewellery last night from luxury condominiums belonging to Najib and his spendthrift wife Rosmah.

 

But more importantly, had Najib won the 14th election; the 32-million populations of Malaysia would today pay a high price for petrol / gasoline. We had earlier estimated (before the polling day) that the fuel prices for RON95 and RON97 could easily jump by RM0.20 a litre after the election based on the crude oil price appreciation – from US$64 to nearly US$70 a barrel.

 

At US$80 a barrel today, Najib would not think twice about raising the fuel prices for RON95 and RON97 by at least RM0.50 a litre – pushing the RON95 and RON97 to RM2.70 and RM2.95 respectively for every litre. Fortunately the former Thief-in-Chief had lost. Prime Minister Mahathir has simply maintained the fuel price at the same rate it was artificially set by Najib.

Petrol Station - Unleaded 95 Pumping Fuel

It’s unknown if Mahathir government is subsidizing the fuel prices at this moment because the formula to calculate the price is a guarded secret. But even if it’s being subsidized, the government can afford to do so because the nation’s oil and gas company – Petronas – is making huge profit thanks to high crude oil, of which its dividend to the government can be used to offset fuel subsidy.

 

Sure, some may argue that the subsidy mentality should be discarded entirely. However, Mr Najib had provided a good example of how disastrous the cost of living will be without subsidy, especially to the medium-class and lower-class people. Like it or not, Malaysians still need subsidy on essential goods because their purchasing power aren’t strong enough.

 

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Oh My Hermes Birkin Handbags!! – Najib & Rosmah’s 284 Boxes Of Handbags, 72 Bags Of Cash & Jewellery Seized http://www.financetwitter.com/2018/05/oh-my-hermes-birkin-handbags-najib-rosmah-284-boxes-of-handbags-72-bags-of-cash-jewellery-seized.html http://www.financetwitter.com/2018/05/oh-my-hermes-birkin-handbags-najib-rosmah-284-boxes-of-handbags-72-bags-of-cash-jewellery-seized.html#respond Fri, 18 May 2018 05:04:06 +0000 http://96.125.168.142/~financg7/?p=26956 It would take 5 trucks to load an unbelievable amount of luxury handbags, jewellery and cash in what appears to be the biggest confiscation in the history of the country. Malaysia former Prime Minister Najib Razak is in such deep trouble that he had resorted to taking a photo with his aged mother, the widow of second Prime Minister Abdul Razak, to gain sympathy.

 

Mr. Najib who lost the 14th general election on May 9th had tried to flee under the pretext of spending time with family. But Prime Minister Mahathir Mohamad, who is now in charge of the country for the second time after ruling the country from 1981 to 2003, knew all the tricks and had barred the corrupt Najib from leaving the country.

 

As locksmiths continue to crack open a stubborn safe in Najib’s house at Jalan Langgak Duta, Taman Duta, where the entrance and exit points were cordoned off days ago, the Royal Malaysia Police have a very successful catch of the day elsewhere. Luxury condominium – Pavilion Residences – has attracted curious onlookers since midnight.

Pavilion Residences - Police Raid Najib and Rosmah Resident- Handbags, Cash Jewellery Seized

Pavilion Residences - Police Raid Najib and Rosmah Resident- Boxes of Handbags, Cash Jewellery Loaded To Truck

The police operation, which concurrently have raided 6 premises since Wednesday around the capital of Kuala Lumpur and Putrajaya – including the Prime Minister’s Office – saw truck after truck being brought to the loading bay of Pavilion Residences. The luxury condominium was one of the three premises at the Pavilion Residences Apartment being “checked” by the police.

 

An eye-popping 284 boxes containing handbags, believed to be belonging to Rosmah Mansor, have been confiscated. During a press conference at the luxury condominium where the operation by Commercial Crime Investigation Department (CCID) was carried out, its director Amar Singh has confirmed that Hermes Birkin is one of many luxurious brands of handbags being seized.

 

On top of the hundreds of designer handbags, the police was also flabbergasted at the total value of the seizures which also included 72 luggage and carrier bags of cash and jewellery stored in the condominium unit. Mr. Amar Singh said – “This is one of the three premises at the Pavilion Residences Apartment being checked by the CCID. We don’t have the details on the total amount. A lot!!”

Pavilion Residences - Police Raid Najib and Rosmah Resident- Commercial Crime Investigation Department CCID Director Amar Singh

While confirming the cash seized was of various currencies, the CCID director, however, refused to comment when asked if the jewellery includes gold bars. There are speculations that the safe in Najib’s residence probably contains gold bars and diamonds, including the 22-carat pink diamond necklace worth a staggering US$27 million bought using money stolen from 1MDB.

 

Najib’s lawyer Harpal Singh Grewal has claimed the key to the safe in Najib’s residence has been misplaced. The raid at Najib’s house is being conducted based on the Anti-Money Laundering Act 2001. CCID director Mr. Amar Singh confirmed that the raids on the premises are related to an investigation into 1MDB (1Malaysia Development Berhad) scandal involving Najib.

 

Two days ago, there were reports of government-owned trucks being misused to transport “mysterious boxes” to the same luxury condominium along Jalan Raja Chulan. Those boxes could be the same boxes of designer handbags being seized during the latest operation. What this means is Rosmah was desperately trying to hide her collection of Hermes Birkin handbags.

Pavilion Residences - Police Raid Najib and Rosmah Resident - Police Brings Notes Counting Machine

Rosmah Mansor - Hermes Birkin Store

There were also reports of police forced to bring in a machine to count money, suggesting the cash seized is substantial. While former premier Najib Razak is known to practice “cash is king” policy, his wife Rosmah Mansor has in many occasions proudly displayed her Hermes Birkin handbags together with expensive watches and gems.

 

Najib’s taste for expensive watches included RM3.5 million Grisogono, RM120,000 Audemars Piguet Royal Oak, RM165,000 Hublot Big Bang King Power Red Devils Manchester United, RM97,500 Harry Winston Project Z2 and RM50,000 Hublot BB Black Magic Black Ceramics (arguably his cheapest watch in his collection), among others.

 

Rosmah, on the other hand, has been seen wearing expensive watches such as RM2.03 million Roger Dubius Velvet Haute Joaillerie, RM1 million Jacob & Co. Mystery Diamond Baguette, RM648,000 Richard Mille, RM207,000 Chanel J12, RM188,000 Franck Muller Master Square 18K and RM101,000 Hublot Black Pink Bang, just to name a few.

Najib Razak RM120,000 Audemars Piguet Royal Oak Offshore Carbon Watch

Riosmah Mansor Watch - Roger Dubius Velvet and Hublot BB Black Magic

As far back as 2012, The Sydney Morning Herald reported that Rosmah spent about AUD100,000 at Sydney fashion designer Carl Kapp boutique. After dropping the money for 61 dresses, pants and tops, she became Kapp’s biggest customer and was awarded “First Lady Of Shopping” by the boutique. Kapp said – ”She was absolutely gracious and very easy to deal with.”

 

Celebrity Victoria Beckham is said to own as many as 100 of Hermes Birkin handbags. She was perhaps the first celebrity to own the mega-expensive Hermès Birkin Himalayan crocodile handbag, before Kim Kardashian follows the footstep. Other celebrities – Pamela Anderson, Lady Gaga, Catherine Zeta-Jones, Julia Roberts – are some of Hermès Birkin fans.

 

But after the confiscation of Rosmah’s collection of Hermes Birkin handbags by the police, there’s a good chance that Malaysia’s former First Lady could snatch the title from celebrities as the biggest owner of Hermes. Selling at more than US$20,000 a pop for the cheapest range, Birkins are the most sought after bag in the world, due to its investment value.

Most Expensive Hermès Birkin Bag - Himalayan Crocodile Birkin - Kim Kardashian and Victoria Beckham

Rosmah Mansor - Auntie Rosy - Hermès Birkin Bags - 5

Last year, a matte white Himalaya Niloticus crocodile diamond Birkin 30 handbag was sold in Hong Kong for over US$377,000 – a new world record. Auction house Christie’s said the Hermes bag, which boasts 18 karat white gold and diamond hardware, was purchased by an “unidentified buyer” after 15 minutes of “intense” bidding.

 

Himalayan Birkins are considered the rarest, most sought-after handbags in the world. While Hermes won’t say how many they make, Christie’s believe only one or two are produced each year due to the painstaking and lengthy hours in its dyeing process. Even if you have the money, buying one is extremely difficult. The auction house said there is a 6-year waiting list to buy a new one.

 

You can’t simply walk into a store to buy a Birkin. You have to have a purchase history at the store to just get started. Even then, Hermès Birkin needs to “interview you”, assess how serious you are about spending, and then you go on their list. It would be interesting to see if the seizure of designer handbags from Rosmah’s collection include Himalayan Birkins.

Rosmah Mansor - Auntie Rosy - Hermès Birkin Bags - 2

Rosmah Mansor - Auntie Rosy - Hermès Birkin Bags - 4

Rosmah’s collection of designer handbags, on top of Hermes Birkin, are believed to be from Chanel, Versace, Gucci, Oscar de la Renta, Prada, Michael Kors, Dolce Gabbana, Louis Vuitton, Loewe and Piana Clerico, among others. Designer watches of various brands, not to mention gems, stones and whatnot.

 

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Ex-Police Chief Khalid In Trouble – The Traitor Who Tipped Off A.G. Gani’s Charge Papers On Najib http://www.financetwitter.com/2018/05/ex-police-chief-khalid-in-trouble-the-traitor-who-tipped-off-attorney-general-gani-charge-papers-on-najib.html http://www.financetwitter.com/2018/05/ex-police-chief-khalid-in-trouble-the-traitor-who-tipped-off-attorney-general-gani-charge-papers-on-najib.html#respond Thu, 17 May 2018 13:17:28 +0000 http://www.financetwitter.com/?p=26948 Khalid Abu Bakar was one of the most arrogant and corrupted police chief under Najib administration. After retired as IGP (Inspector-General of Police) on Sept 4, 2017, he was rewarded with the chairmanship of Prasarana, which owns public transport operators such as RapidKL. Two months ago, he was appointed as a director of Apex Equity Holdings Bhd.

 

But his luck is running out. Mr. Khalid is among those who have been blacklisted from leaving the country. Others include Arul Kanda “Anaconda” Kandasamy (1MDB CEO), Shahrol Azral Ibrahim Halmi (former 1MDB CEO), Ismee Ismail (former 1MDB director), Apandi Ali (Attorney General), Irwan Serigar Abdullah (former treasurer-general), Dzulkifli Ahmad (former MACC chief).

 

Those who had been aiding or abetting their crooked boss Najib in the 1MDB scandal will either get demoted or paraded – in court. It’s safe to presume all the people whose names are on the no-fly list will be punished, one way or another. It’s not sure how Prime Minister Mahathir plans to skin former IGP Khalid, whose pastime hobby was using Twitter to get his job done.

1MDB Scandal - Gani Patail, Zeti Akhtar, Khalid Abu Bakar, Abu Kassim

Unlike others, he has been suspected to be the traitor among the top 4 guns – former Bank Negara (Central Bank) Governor Zeti Akthar Aziz, former Attorney General Gani Patail, former MACC chief Abu Kassim and former IGP Khalid Abu Bakar – who were part of a task force involved in the investigation of 1MDB scandal back in 2015.

 

Mahathir had hinted that one of the four top guns had betrayed the other three in an attempt to bring Najib Razak to face justice. Mahathir said that if not for the alleged act of betrayal, the corrupted prime minister would have had faced action. Pro-Najib bloggers had claimed 3 of them – Zeti, Gani and Kassim – had betrayed Najib, suggesting that Khalid was indeed the traitor.

 

In July 2015, the then-Attorney General Gani Patail was sacked ahead of his retirement date in October, while the special task force was busy probing the scandal. He was replaced by Najib-friendly Apandi Ali as the new attorney general, despite the fact that not only he was already retired (aged 65), but was also a former Kelantan UMNO treasurer.

Altantuya-Shaariibuu Murder - Najib Razak and Razak Baginda Inset

Coincidently, Mr. Apandi also headed a three-member Court of Appeal in 2013 which released two policemen from charges of murdering Mongolian Altantuya Shariibuu, who was killed in 2006 in a high-profile case linked to a submarine deal involving Najib’s former personal aide (Razak Baginda). Najib himself was exposed of having had anal-sex with Altantuya.

 

After Gani was stunningly fired, it was later revealed that he was actually in the middle of preparing charge sheets (warrant arrest) against Najib Razak. The MACC (Malaysian Anti-Corruption Commission) investigation papers on SRC International (involving RM42 million) concluded there are at least 37 separate charges that could be made against Najib.

 

And Khalid is believed to be the disgraced traitor who tipped off Najib, leading to the former attorney general Gani being axed. Had the former police chief not betrayed the task force, Najib would have been booted and precious lands and assets would not have been sold to China, not to mention billions of dollars of external loans made by the former regime.

Najib Razak Arrest Warrant Draft - Sarawak Report - 1MDB Scandal

Indirectly, Mr. Khalid could be responsible for the murder of deputy public prosecutor Kevin Morais because he is believed to be the key prosecutor on the case and the source of the leak of the original charge sheets prepared by Mr. Gani. If a new and independent investigation is opened on the murder case, there’s likely to be finger prints of Mr. Khalid all over the place.

 

Clearly one of Najib bootlickers, Khalid was instrumental in cracking down on dissent, including cartoonist critical of Najib regime. He often used his Twitter account to issue warnings to government critics and to order his subordinates to track and investigate dissenting voices, including cartoonist Zunar (Zulkiflee Anwar Ulhaque).

 

Khalid infamously vowed to search every “wormhole (lubang cacing)” for sex blogger Alvin Tan Jye Yee until the wanted Malaysian was found. Alvin had since sought asylum in the United States to escape UMNO and the police force threats after he was slapped with multiple charges over his now-defunct sex blog and controversial Hari Raya greeting involving pork dish “bak kut teh”.

1MDB Scandal - Money Trail Into Najib Razak Private Account - Transferred Back

But the answer as to why the former police chief had chosen to betray the task force became clearer when his daughter – Juwiza Khalid – was exposed as the owner who runs a firearms company called Nilai Arms and Ammunitions. Gun permits are issued by state police chiefs and since they were subordinates of the IGP, “conflict of interest” obviously existed.

 

The Royal Malaysia Police is one of the most corrupt, if not the most corrupt institution, in Malaysia. If Mahathir wishes to, he is spoilt with tons of corruption charges to be slapped on Khalid Abu Bakar, even if the former IGP hadn’t abetted and aided Najib Razak. But with his involvement in protecting the former prime minister, he has had practically dug his own grave.

Former IGP Khalid Abu Bakar

 

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First Prime Minister To Be Imprisoned – Najib Razak To Be Arrested & Charged, As Soon As This Week http://www.financetwitter.com/2018/05/first-prime-minister-to-be-imprisoned-najib-razak-to-be-arrested-charged-as-soon-as-this-week.html http://www.financetwitter.com/2018/05/first-prime-minister-to-be-imprisoned-najib-razak-to-be-arrested-charged-as-soon-as-this-week.html#comments Wed, 16 May 2018 05:26:30 +0000 http://www.financetwitter.com/?p=26937 Former Prime Minister Najib Razak is toast; in case there’s anyone out there who still think he can rise again. In fact, his situation is worse than initially thought. Newly sworn in 7th Prime Minister of Malaysia – Mahathir Mohamad – is not only going to roast him, but will publicly humiliate him to send a message to potential enemies trying to conspire to bring him down before his time is up.

 

The 93-year-old Mahathir, the world’s oldest prime minister, said he plans to remain in power for one of two years. Interestingly, Daim Zainuddin, one of 5 members of Mahathir’s “council of the elders”, has fired a warning shot at Anwar Ibrahim – don’t foolishly try to become prime minister immediately after his released, scheduled today. We’ll reserve this topic for another article for another day.

 

Since he took office 6 days ago, Mahathir has done so many things that it’s hard to keep up with the latest development. Between GST (goods service tax) and 1MDB (1Malaysia Development Berhad), two primary issues which contributed directly to the downfall of Mr. Najib, the new prime minister’s priority is clearly 1MDB scandal.

Mahathir Mohamad - World’s Oldest PM - 1981 to 2003 and 2018 to Current

Since morning yesterday, people who were summoned to Perdana Leadership Foundation (Mahathir’s office post-retirement) have raised eyebrows as it included judiciary top guns such as Chief Justice Raus Sharif, Court of Appeal president Zulkefli Ahmad Makinudin, former Attorney-General Abdul Gani Pattail and former Federal Court judge Gopal Sri Ram.

 

The prime minister also met Inspector-General of Police Mohamad Fuzi Harun, former Bukit Aman Special Branch deputy director Abdul Hamid Bador (who criticised Najib’s 1MDB and was transferred to the Prime Minister’s Department in 2015), Bukit Aman Commercial CID director Amar Singh Ishar Singh and Bukit Aman Special Branch director Mokhtar Mohd Shariff.

 

In his first formal interview via video conference with The Wall Street Journal, Mahathir revealed that he would not offer Najib freedom in exchange for reclaiming the missing funds plundered by him. And he said criminal charges will be filed against his protégé-turned-rival. And if our source is correct, Najib will be arrested and charged – as soon as this week.

Najib Razak and Rosmah Mansor - Raining Money

There’s a reason why Mahathir personally handles 1MDB scandal. The people are hungry for blood. They are willing to wait more than 100 days for GST to be cancelled. But they cannot wait for more than 10 days to see tyrant Najib being arrested and charged in court. After suppressed, oppressed, bullied and intimidated by the former premier for nearly a decade, people need to release their steam.

 

As a master strategist, Mahathir understands how to leverage on the sentiment of the people to boost his rating. Like the ancient Indian epic Ramayana – the divine prince Rama against demon king Ravana – Mahathir is set to play the role of the hero against the villain Najib. His popularity is expected to hit the roof when the bad guy Najib is finally paraded in court to be charged.

 

Yes, it’s a popularity contest between Mahathir and Anwar to see who will make it to the history books as the hero who defeated and imprisoned the country’s and world’s biggest crook. For that reason alone, Mahathir is not going to let prime minister-in-waiting Anwar steals the thunder. An extremely popular Mahathir will make it harder for Anwar to grab power, if the latter wishes to.

Election 2018 - Mahathir and Anwar Banner

1MDB, which has been classified as a “Ponzi Scheme” by the Swiss Attorney General is not any common thievery. 1MDB is the world’s biggest financial scandal. In fact, the U.S. Department of Justice acknowledges the 1MDB represents the largest action brought under the Kleptocracy Asset Recovery Initiative, involving stolen money of more than US$4.5 billion.

 

Former Prime Minister Najib Razak, who was the Chairman of 1MDB (1Malaysia Development Berhad), 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.

1MDB Scandal - How Najib Becomes A Billionaire and Fund His Wife’s Diamonds

Prime Minister Mahathir had personally ordered travel restrictions on Mr. Najib last Saturday after news spread that the latter was about to fly off to Jakarta for a short break. It appears that former Federal Court judge Gopal Sri Ram will most likely play a major role in the 1MDB case involving Najib Razak’s corruption and money laundering.

 

With the declassification of 1MDB audit report by Auditor-General Madinah Mohamad yesterday, which corroborates with U.S.-DOJ findings, sending Najib to prison looks like a walk in the park. Mahathir administration also receives a boost when the Office of the Attorney-General of Switzerland (OAG) has expressed interest to exchange investigation papers between both countries in the 1MDB scandal.

 

It’s a matter of time before the U.S. Department of Justice and other countries investigating the same scandal approach the Prime Minister Office for cooperation. Without his diplomatic immunity as head of state, Najib Razak is a sitting duck. It’s up to Mahathir how he wishes to skin him. There will be very few who would have sympathy toward Mr. Najib.

Najib Razak Praying - 1MDB - Handcuffs

While Mahathir and Lim Kit Siang read the “Sun Tzu Art Of War”, Najib read “Blue Ocean Strategy”. Obviously, Najib’s cash is king didn’t work anymore, and his ship is sinking into the blue ocean faster than he could pack his ill-gotten treasure. Poor Najib, if only he had taken Mahathir’s deal to resign and refused to listen to his toxic wife about fighting the old man.

 

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Done Deal – Trump Keeps His Promise, U.S. Embassy Officially Moved To Jerusalem http://www.financetwitter.com/2018/05/done-deal-trump-keeps-his-promise-united-states-embassy-officially-moved-to-jerusalem.html http://www.financetwitter.com/2018/05/done-deal-trump-keeps-his-promise-united-states-embassy-officially-moved-to-jerusalem.html#respond Tue, 15 May 2018 04:45:17 +0000 http://www.financetwitter.com/?p=26932 It would take 69 years after Israel declared Jerusalem as its capital, that the U.S. formally opened its embassy in the city. Even after 23 years since the U.S. Congress passed a law authorising that Washington move its embassy there, no U.S. president had dared do so – until the emergence of President Donald Trump. On Monday, it’s a done deal.

 

Arab nations and Palestinian officials have warned of dire consequences if the United States recognizes Jerusalem as Israel’s capital, including potential unrest and an end to the peace process. Saudi Arabia also disagreed – “Any U.S. announcement on the status of Jerusalem prior to a final settlement would have a detrimental impact on the peace process and would heighten tensions in the region.”

 

Donald Trump, the billionaire businessman whose anti-Muslim prejudice is legendary, had enough of past U.S. presidents’ cowardice. He decided not going to sign a waiver every 6  months – as provided in the 1996 Jerusalem Embassy Act Congress – that allows the U.S. to delay a move of the U.S. Embassy from Tel Aviv to Jerusalem on national security grounds.

donald-trump-and-israeli-prime-minister-benjamin-netanyahu

So in Dec last year, he refused to be intimidated and declared that the U.S. will go ahead and move the U.S. Embassy to Jerusalem from Tel-Aviv. And there’s nothing the Arab world can do. In reality, the United States isn’t the first country that recognises Jerusalem as the capital of Israel. The Russians recognized West Jerusalem as the capital of Israel earlier than the Americans.

 

As the U.S. formally opened its embassy in the city on Monday afternoon, Prime Minister Benjamin Netanyahu called the move “courageous” and “momentous”. He told about 800 applauding crowd – “President Trump, by recognizing history, you have made history. All of us are deeply moved. All of us are deeply grateful.

 

In a video address to the assembly via satellite, U.S. President Donald Trump said the move was “a long time coming,” and that Israel, like all sovereign nations, has a right to name its own capital. He said – “The US will always be a great friend of Israel and a partner in the cause of freedom and peace. We extend a hand in friendship to Israel, the Palestinians and to all of their neighbors.”

US Embassy in Jerusalem Israel - Road Sign and Banner

Trump sent his favourite daughter Ivanka and son-in-law Jared Kushner to the city on his behalf for the ceremony. Kushner said – “By moving our embassy to Jerusalem, we have shown the world once again that the U.S. can be trusted. We stand with our friends and our allies, and above all we’ve shown that the US will do what’s right, and so we have.”

 

Other members of the U.S. delegation included Deputy Secretary of State John Sullivan and Treasury Secretary Steven Mnuchin, as well as Republican billionaire donor Sheldon Adelson and his wife Miriam. Israeli cabinet members, party heads – including opposition leaders – lawmakers and other officials were also present.

 

The conventional and boring arguments against Trump’s decision to move the U.S. Embassy haven’t materialized. The Arab street hasn’t exploded in a serious way. The West Bank, surprisingly, has been relatively quiet and peaceful. Arab capitals haven’t erupted in outrage. In fact, Saudi Arabia, the big brother of the Arab world, is more concern about Iran than Palestinians.

Saudi Crown Prince Mohammed bin Salman Visits Israel

After Israel declared its independence as a sovereign nation in 1948, it also declared Jerusalem as its capital – which is the right of any sovereign state. Strangely, when even North Korea, Iran and Cuba get to decide their own capital, Israel is the only country in the world that can’t. Amusingly, the world recognizes Israel as an independent nation by virtue of admitting the country to the United Nations.

 

The only serious clashes were in Gaza, the region ruled by military group Hamas, the radical Islamist group which has been fighting fellow Palestinian Fatah group in the famous “Palestinian Civil War”. So far, at least 52 Palestinians have been killed and 2,400 wounded by Israeli troops, as the Hamas provoked the Palestinians to protest the U.S. new embassy in Jerusalem.

 

Israeli military said 40,000 Palestinians had taken part in “violent riots” at 13 locations along the Gaza Strip security fence. Palestinians reportedly hurled stones and incendiary devices while the Israeli military used snipers, as black smoke poured from burning tyres. Israel says the protests are aimed at breaching the border and attacking Israeli communities nearby.

US Embassy in Jerusalem Israel - Ivanka Trump

 

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