Wednesday, 22 June 2016
Saturday, 11 June 2016
Thursday, 9 June 2016
This is from the Singapore Straits Times:
(BLOOMBERG) - S'pore's shut down of scandal-plagued BSI reverberating
Spore's clampdown on BSI over ties to 1MDB
Swiss-based BSI set up shop in Singapore in 2005
MAS on May 24 ordered BSI to shut
penalties of US$10 million for money-laundering
also referred six senior BSI execs to public prosecutor
Swiss action against BSI related to money flows from 1MDB.
most stringent action in three decades
regulators determined to root out money laundering
BSI's penalties in S'pore linked to 1MDB
1MDB centre of money laundering, embezzlement investigations around world
direct referral of BSI executives to prosecutors
indicates officers personally accountable for money laundering
- BSI introduced 1MDB to Cayman fund that received a US$2.32 b investment
- That investment and transactions are subject of criminal probes
- including those conducted in Singapore.
BSI said it cooperated fully with 1MDB investigations by Singapore and Swis
actions against BSI far exceeded previous punishments for money laundering
In 2014, financial penalties on six financial institutions
In 2013, five institutions fined between S$12,000 and S$450,000.
clear message that industry needs to ensure soundness of AML compliance
anti-money laundering, terrorist financing, bribery, corruption will intensify
MAS move last week cause banks to increase their compliance spending
costs to curb money laundering reach record US$1.5 b in Asia this year
Asia's US$1.5 trillion private-banking industry
more spending to keep watch for illicit flows
Singapore only Asian country among the 10 least - corrupt nations
Transparency International's 2015 Corruption Perceptions Index.
Singapore No 8 ranking
Malaysia 54, Indonesia 88 among 168 countries
My comments : Singapore has not enough water, they have no natural resources other than a natural harbour. In this scheme of things they only have themselves - their human resources which they value ever so highly. Hence the only statement (from the above news report) that matters is this : Singapore No 8 ranking in the world corruption index.
They will go to substantial lengths to protect their integrity and their reputation.
Few people will know the Singapore president's wife's phone number.
Saturday, 7 May 2016
Wednesday, 4 May 2016
Friday, 22 April 2016
Thursday, 21 April 2016
Saturday, 16 April 2016
Is the Donation Issue Really Over?
A Kadir Jasin
AS far as Saudi Arabian Foreign Minister, Adel bin Ahmed Al-Jubeir, is concerned the issue pertaining to “donation” to Prime Minister, (Datuk Seri Mappadulung Daeng Mattimung Karaeng Sanrobone), Mohd Najib Abdul Razak is closed.
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In a brief three-sentence in Istanbul quoted by Bernama on April 15 Al-Jubeir said:
“We are aware of donation and it is a genuine donation with nothing expected in return. We are also fully aware that the Attorney-General of Malaysia has thoroughly investigated the matter and found no wrongdoing.
“So, as far as we are concerned, the matter is closed.”
The statement was made to Malaysian reporters and, according to reports, no follow-up questions were asked.
There are three elements in his statement namely it was a donation, it was genuine and the donor did not expect anything in return.
Also it is hard to accept this latest statement unconditionally because just over two months ago the same person said it was not a donation but an investment.
Either he had made a mistake with his first statement or was lying with his second.
On Mohd Najib’s part, if it was a donation and a genuine one with no string attached, why did he return a large chunk of it?
The BBC last January 27 reported that the donation was authorised from the very top - from Saudi Arabia's late King Abdullah - with funds coming from both his personal finances and state funds.
Attorney-General Mohamed Apandi Ali had, on Jan 26, cleared Najib of any wrongdoing in relation to investigations into the SRC International Sdn Bhd and the RM2.6-billion alleged to have been deposited into the prime minister’s bank accounts.
Apandi said the investigations revealed that the amount deposited was RM2.08 billion, and it was a personal donation from the Saudi royal family in 2013, of which RM2.03 billion was returned to the contributor the same year.
At a glance, Al-Jubeir’s about-turn appears favourable to Mohd Najib. He was not lying about the donation. At least that is what Al-Jubeir's Istanbul statement implies. But upon closer analysis it does little to vindicate the Prime Minister.
Why did he return most of the donation from a fellow Muslim ruler no sooner after receiving it? Was it not an affront to the donor?
He could have kept the money and channel it to worthy religious causes at home and abroad.
With so many Muslims in Malaysia and the region living in poverty, the Arab donation would have come handy. There are so much welfare activities that could have been carried out with the money.
With our country sheltering tens of thousands Muslim refugees from Burma and elsewhere, the Arab donation was Allah’s blessing.
But for a very curious reason Mohd Najib returned the donation. Why did he return the money?
The case might be closed as far as Al-Jebeir is concerned, but the legality of the Prime Minister putting the money in his private account is still very much an issue.
On top of it, the April 7 report of the Public Account Committee (PAC) had raised many questions about his direct and indirect involvement in the business affairs of 1MDB.
The Saudi might have helped him to get off the hook with the new version of the donation story, but many more jurisdictions are investigating his conduct and the conduct of his associates in particular Jho Low.
They are exchanging notes, freezing accounts and interviewing people and companies implicated in the 1MDB money trail.
So it's not yet time for Mohd Najib and his supporters to celebrate and demand apologies whom the entire human race.