The Truth : 20 Facts About Najib 1MDB Scandal With Singapore Lee Hsien Loong That Singapore Government & MDA Do Not Want You To Know - The Coverage
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The Truth : 20 Facts About Najib 1MDB Scandal With Singapore Lee Hsien Loong That Singapore Government & MDA Do Not Want You To Know

Instead of having peace you end up pick to have a battle

The Singapore official denied that Najib Razak signed two unfair deals – one that gives a heavily-discounted water price 15 times below the rate fellow Malaysian state Melaka is paying, and another one for the Kuala Lumpur-Singapore High Speed Rail project – in exchange for laundering tens of billions in Singapore state banks.

1. At a media interview by Switzerland’s Attorney General Michael Lauber in July this year, the Swiss AG said that 1MDB funds have been used to bribe both foreign and local officials:

“We think it was a pretext, it was kind of a Ponzi scheme. It was used for bribery of foreign officials, it was used for paying interest, it was used for motivating new officials to run against the legal requirements or it was just simply to reward them.”

This is correct considering that Singapore has been a key beneficiary of Najib Razak’s deliberately-made poor decisions on the water agreement in Jan 2018 and High Speed Rail contract in 2013, when at the same time from 2011 to 2015, tens of billions were swimming and weaving between numerous banks account under eight Singapore banks.

Given Singapore government’s stringent financial controls and reputation as a global financial capital, there only a few reasons how the billions of corrupted money swam around unnoticed. The high chances are the Singapore government knowingly turned a blind eye to the money laundering carried out by Najib Razak.

Source : STA

2. Tens of billions flowed into Singapore banks with the government’s knowledge

For the 4 years between 2011 and 2015, eight Singapore banks received and processed funds transfers amounting to US$3.5 billion, according to the US Department of Justice. According to anti-money laundering regulations in Singapore, all transactions that are “large and frequent” are labelled as suspicious transactions and the authorities would be notified. The existing bank regime at that time should have flagged the S$3.7 billion worth of transactions over 4 years, and if it doesn’t, it only proves that Singapore is a money laundering hub in practice or it deliberately shut an eye to the transactions.

I merely linked the events that happened at the four-years – 2011 to 2015 – and delivered a reasonable theory explaining to people “look its all linked, Singapore getting 1500% discount is not a coincidence, the High Speed Rail is not a coincidence, and the stolen funds from Malaysia 1MDB funds flowing into eight Singapore banks is definitely not a coincidence.”

Let’s think the other way: if the events are unrelated, could anyone reasonably explain each event by itself? Why did Najib Razak agree to give Singapore a huge discount, and Lee Hsien Loong who was privy to the water treaty discussion did not raise an issue? Why did Najib Razak agree to the High Speed Rail with Singapore, knowing he could not afford it? And the most important question of all: how did the billions of stolen 1MDB funds get into Singapore, considering that the banking system is now fully digitalised? Everything is recorded, every transaction has a time stamp, and how did over S$3 billion get transferred without the government knowing is just a huge mystery. – Singapore Herald

3. Lee Hsien Loong administration has been accused of dragging its feet in the 1MDB scandal.

It wasn’t until the F.B.I opened investigation papers and Switzerland dropped the bombshell that a criminal investigation into 1MDB (1Malaysia Development Berhad) had revealed that about US$4 billion appeared to have been misappropriated from Malaysian state companies, that Singapore was forced to act aggressively in early 2016. – Finance Twitter

4. The plausible possibility that the Government of Singapore was the “hidden hand” behind the blackmailing of Swiss national Xavier Andre Justo to change his story has since gotten The Straits Times extremely worry. – Finance Twitter

5. Of all the countries involved in the 1MDB scandal – U.S., U.K., Hong Kong, Singapore Switzerland – obviously Singapore would be the biggest beneficiary if they agreed to “scratch Najib Razak’s back” in return for business deals in favour of Singapore. After all, didn’t Singapore happily facilitate stashing of dirty cash from Sarawak former Chief Minister Taib Mahmud as exposed by Global Witness? – Finance Twitter

6. Amusingly, in 2013 alone, the U.S.-Department of Justice’s investigation shows at least US$2.89 billion stolen from 1MDB was laundered through Falcon Private Bank in Singapore.

Did the authorities proactively take actions? Nope. But when the scandal finally exposed beyond cover-up, Singapore authorities conveniently claimed that they were aware of “suspicious activities”. – Finance Twitter

7.  The Singapore Straits Times on its persistent misreporting on 1MDB

Hence, I’m stunned by the ST reporting standards when both the writer and its editors failed to read and understand the legal-financial statement by IPIC. At the very least, they should have obtained legal or financial advice from those who did. Or alternatively, they could have contacted the Malaysian Ministry of Finance for clarifications.

What I’m particularly curious about however, is the fact that the above aren’t the first time the ST has misreported. ST wrote that “Malaysians are shrugging off the 1MDB scandal” on 28 April. It was ST who broke the story on 9 May 2017 that “Datuk Seri Najib Razak has all but tied up the deal with Dalian Wanda” on the sale of Bandar Malaysia – which turned turkey because the then Malaysian Prime Minister didn’t even walk away with a perfunctory Memorandum of Understanding (MoU) with Wanda. – Tony Pua

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8. Here’s how Singapore banks are involved in the 1MDB scandal

DBS entered into various transactions that link it to 1MDB’s shenanigans.

Malaysia’s Prime Minister, Datuk Seri Najib Razak, has been embroiled in the financial wrongdoings committed by 1Malaysia Development (1MDB), his country’s investment fund.

According to investigators, a sum of US$3.5 billion has been siphoned off from the government-owned company, with US$1 billion finding its way into Najib’s private bank accounts.

DBS entered into various transactions that link it to 1MDB’s shenanigans. – SBR

9. How is Singapore involved?

Swiss private bank BSI has been accused of being directly connected to the money laundering of the amounts illegally diverted from 1MDB’s coffers. The Monetary Authority of Singapore (MAS) announced in July that it had withdrawn BSI’s status as a merchant bank.

Even Singapore banking heavyweight DBS entered into various transactions that link it to 1MDB’s shenanigans.

Other financial institutions involved are Standard Chartered Bank’s Singapore branch, UBS of Switzerland and Falcon PBS, another Swiss bank.

Malaysia’s Prime Minister, Datuk Seri Najib Razak, has been embroiled in the financial wrongdoings committed by 1Malaysia Development (1MDB), his country’s investment fund.

According to investigators, a sum of US$3.5 billion has been siphoned off from the government-owned company, with US$1 billion finding its way into Najib’s private bank accounts. – SBR

10. The Inside Story of The 1MDB Expose : 1MDB Funds Stashed In HK & Singapore – “Secret Deals” Were Done In Singapore

Sarawak Report editor Clare Rewcastle-Brown predicts that more information will soon emerge on 1MDB and claims that money taken from the state investment fund was hidden in Hong Kong and Singapore.

Rewcastle-Brown, who was in Hong Kong this week to promote her book, “The Sarawak Report: The Inside Story of the 1MDB Expose”, said she believed “secret deals” were done in Singapore, one of several countries currently investigating the fund.

Details of the millions that former prime minister Najib Razak and his wife allegedly took from the 1Malaysia Development Berhad (1MDB) sovereign wealth fund and hid in Hong Kong and Singapore will soon emerge in the widening investigations on how billions were looted from Malaysia’s national coffers, said investigative journalist Clare Rewcastle Brown.

“I think there are still secrets to come out of Singapore on 1MDB, and probably Malaysians will want to prise them out,” she said.

Official Opening of Marina One and DUO developments by Malaysian Prime Minister Najib Razak and Singapore Prime Minister Lee Hsien Loong, on Jan 15, 2018. // Group photo (from left) Rosmah Mansor, wife of Najib Razak, Malaysian Prime Minister Najib Razak, Singapore Prime Minister Lee Hsien Loong, Mrs Lee, and Tan Sri Azman Yahya, Chairman of Board of Directors, M+S. Photo: Nuria Ling/TODAY

Singapore Government Ban States Times Review & The Coverage Malaysia : Lee Hsien Loong Shaken By Article Linking Him With Najib & 1MDB

11. So when States Times Review website published an article titled “Lee Hsien Loong Becomes 1MDB’s Key Investigation Target”, the Singapore premier goes ballistic and all hell breaks loose.

The article (published on Nov 5th) apparently alleged that Malaysia (under previous corrupted and scandal-plagued Najib regime) had signed several unfair agreements with Singapore, in exchange for Singapore banks’ assistance in laundering 1MDB (1Malaysia Development Berhad) funds. Such agreements included the Singapore-Malaysia High Speed Rail.

Reproduced across the causeway by “The Coverage”, the High Commission of the Republic of Singapore in Malaysia slammed the news article as fake news and clearly libellous. Strangely, the Monetary Authority of Singapore was the one – not Lee Hsien Loong – who filed a report with the Singapore Police Force against the author, claiming the article to be fake and malicious. – Finance Twitter

12. Lee Hsien Loong Took Advantage of Fake News To Shut Critic 

Like what disgraced ex-PM Najib Razak had done to websites critical of him when he was in power previously, the Singapore IMDA (Infocomm Media Development Authority) eventually flexed its muscle – blocking access to the States Times Review and The Coverage Malaysia website. And like the Najib regime, Lee government quickly took advantage of the issue and proposed anti-fake news laws.

Calling it the dictatorship’s favourite legal weapon, Alex Tan said Singapore’s Law Minister K Shanmugam threat of using “criminal defamation” was clearly an intimidation to silence and suppress critics. Criminal defamation carries a 2-year jail term and a fine in Singapore. Instead of refuting the allegations like a true democratic leader, PM Lee chose to abuse all the heavy machineries behind him.

As proven in Malaysia, using anti-aircraft guns to shoot a mosquito is absolutely a dumb move. It would eventually backfire, giving a perception that PM Lee Hsien Loong – often ridiculed on social media as “Mr. Pinky” – has everything to hide. He should calmly debunk allegations published, not shutting and threatening every single critic, as if Singapore is a communist country.

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Phil Robertson, Asia’s deputy director of Human Rights Watch, said the Singapore government was engaged in bullying tactics against States Times Review website – “If a story is inaccurate, Singapore should refute it with facts, not shoot the messenger. Actions like these show that when it comes to media freedom, Singapore is no better than repressive regimes like Vietnam or Laos.” – Finance Twitter

Like his former best friend Najib Razak, Lee Hsien Loong immediately invoked his favourite term “fake news” when criticism goes viral. “Fake news” is his first line of defence, but it is also a porous one.

In a democratic society with an independent judiciary, a legal proceeding for libel would seek to establish line by line, which allegation is untrue.

13.Singapore Media Development Authority Cheat The Coverage To Delete Article Related To Lee Hsien Loong – After Taking Down They Block Access To The Site

 

Already comply and deleted and end up still being blocked.

Can Singapore Media Development Authority Still Be Trusted ?

14. Singapore also went bonkers, whining and bitching to Facebook, demanding the tech giant to bring down the so-called fake article. 

Facebook Rejected Singapore Government Request To Remove Post On Article Linking Lee Hsien Loong With Najib & 1MDB

Facebook Reply To Singapore Government : We Delete Falsehoods, Not Alleged Falsehoods

In a response to state media Straits Times over their decision to decline the Singapore dictatorship’s request to ban States Times Review, a Facebook spokesperson clarified that the social media company deletes only proven falsehoods, not alleged falsehoods:

“We have a responsibility to handle any government request to restrict alleged misinformation carefully and thoughtfully, and that this is consistent with its approach to government requests elsewhere. Facebook does not have a policy that prohibits alleged falsehoods, apart from in situations where this content has the potential to contribute to imminent violence or physical harm.”

15. Singapore Lee Hsien Loong Becomes 1MDB’s Key Investigation Target – Najib Razak Signed Several Unfair Agreements With Lee Hsien Loong

At an interview with Malaysia media, the editor of Sarawak Reports, Clare Rewcastle, revealed that Singapore is one of the key investigation targets, alongside Switzerland and United States. The fugitive-turned-heroine writer who has since returned to Malaysia after corrupted former Prime Minister Najib Razak lost the election, said the 1MDB investigation is going to get bigger and that several major government organisations are going to be implicated:

“The big moral of all this is what was going on in Malaysia. A corrupt local politician was being facilitated and assisted by major global institutions and the whole financial system. And that was wrong. We need to address that, so that people like former prime minister Najib Razak, who were getting away with stuff in countries all over the world, should not be assisted by major banks and all the rest…1MDB was not a Malaysian scandal, it was a global scandal. My message is to tell people that the 1MDB saga has not ended. It is going to get bigger.”

Malaysian investigators are now trying to find the secret deals between the two corrupted Prime Ministers of Singapore and Malaysia when Najib was still in power. It is believed that Najib Razak signed several unfair agreements with Singapore’s Lee Hsien Loong, like building the Singapore-Malaysia High Speed Rail when the country was in a trillion RM debt and a grossly under-priced water sale agreement, in exchange for Singapore banks’ assistance in money laundering 1MDB’s billions.

If found guilty, Lee Hsien Loong and Singapore may be sanctioned internationally.

Singapore was forced to reopen the 1MDB investigation after the Najib Razak dictatorship was voted out of power, despite closing it a year ago in May 2017. After Malaysians voted in a new government, the Singapore government was immediately summoned for questioning in Kuala Lumpur. According to a source closed with the dictator, Lee Hsien Loong refused to be personally interviewed.

The Truth

A. Najib Razak signed an unfair water treaty

The new water treaty in January 2018 sees Singapore paying 3 sen (S$0.01) per thousand gallons, or more than 15 times cheaper than what Malaysia state Melaka is paying at 50 sen (S$0.16) per thousand gallons. The water treaty is unfair as confirmed by the newly-elected Malaysian Prime Minister Mahathir Mohamad

B. Najib Razak signed for the exorbitant High Speed Rail contract in 2013 despite knowing his country’s debt

It is already an established fact that the High Speed Rail has been postponed due to Malaysia’s trillion RM (S$333 billion) national debt. The then-Prime Minister overstretched Malaysia’s finance to please Lee Hsien Loong, who proposed the rail project. Link the dots and think what is the return for Najib Razak then.

C.  Tens of billions flowed into Singapore banks with the government’s knowledge

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For the 4 years between 2011 and 2015, eight Singapore banks received and processed funds transfers amounting to US$3.5 billion, according to the US Department of Justice. According to anti-money laundering regulations in Singapore, all transactions that are “large and frequent” are labelled as suspicious transactions and the authorities would be notified. The existing bank regime at that time should have flagged the S$3.7 billion worth of transactions over 4 years, and if it doesn’t, it only proves that Singapore is a money laundering hub in practice or it deliberately shut an eye to the transactions.

D.Singapore government delayed investigations between 2011 and 2015 to assist Najib Razak

According to the Singapore investigators, BSI bank was flagged for suspicious transactions as early as 2011. The Singapore government only start monitoring the bank in May 2015, after being notified by the Swiss police. BSI was shut down by the Singapore government in 2016, only after the Swiss authorities gathered evidence confirming the bank’s role in laundering 1MDB funds.

16. Let’s think the other way: if the events are unrelated, could anyone reasonably explain each event by itself?

Why did Najib Razak agree to give Singapore a huge discount, and Lee Hsien Loong who was privy to the water treaty discussion did not raise an issue? Somebody just did you a huge favour and you don’t ask “what’s the catch? what do you want me to do for you in return?”

Why did Najib Razak agree to the High Speed Rail with Singapore, knowing he could not afford it? And the most important question of all: how did the billions of stolen 1MDB funds get into Singapore, considering that the banking system is now fully digitalised?

Everything is recorded, every transaction has a time stamp, and how did over S$3 billion get transferred without the government knowing is just a huge mystery. They knew about it, they kept quiet until they got called out in 2015. – Singapore Herald

17. Bloomberg : The Goldman Lunch In Singapore Taste Paradise Restaurant That Set The Scene For 1MDB Probe – Private Dining Room Named After Qin Shi Huang

IN a private dining room at Singapore’s Taste Paradise restaurant, over a meal of abalone and suckling pig, two Goldman Sachs Group Inc bankers were explaining a US$1.75bil bond offering to six executives of a Swiss bank.

It was early 2012, and joining Goldman bankers Roger Ng and Tim Leissner that day were a young Malaysian financier named Low Taek Jho and an official from state investment fund 1Malaysia Development Bhd, known as 1MDB, which had hired the New York bank to underwrite the bond sale.

Now, people familiar with the matter say, investigators from Singapore to the United States are looking more closely at the roles of Ng and Leissner, who’ve both left Goldman.

And they’re asking what happened in that private dining room named after the first emperor of a unified China, Qin Shi Huang.

The lunch, previously unreported, brought together the key parties in what has become the biggest financial scandal in Malaysia’s history, involving the alleged misappropriation of US$4.5bil of 1MDB funds.

It was the culmination of numerous conversations as BSI bankers and compliance officials sought clarity on the deal. The BSI account belonged to a British Virgin Islands entity known as Aabar Investments PJS Ltd, which US court documents say was used to siphon off about US$1.4bil from two 2012 bond sales, including the offering discussed at the lunch.

18. Eight Singapore Banks Is Involved In 1MDB Scandal

These eight banks have been fined S$29.1 million in total, while two of them – BSI Bank and Falcon Bank – have been ordered to close in Singapore.

19. Journalist who played key role in uncovering 1MDB scandal ‘briefly detained’ by Singapore authorities

The woman who played a major role in the exposé of Malaysia’s 1MDB scandal found herself detained in Singapore on Saturday morning thanks to a mysterious blacklisting she was apparently placed in.

British investigative journalist Clare Rewcastle Brown — editor of Malaysian whistleblower site Sarawak Report — had been in Johor Bahru for the launch of her book The Sarawak Report: The Inside Story of the 1MDB Expose. In it, she details her experiences about uncovering corruption in Malaysia, including how she was harassed, blacklisted and faced attempts to arrest her throughout the process.

The Sarawak-born British citizen had her site blocked in Malaysia thanks to former prime minister Najib Razak, but the ban has since been lifted since his political party Barisan Nasional crumbled in the general election earlier this year.

Things were cleared up after she clarified her involvement in the 1MDB exposé, and she was free to leave. “(ICA) suggested she raise the problem of the ‘mystery blacklisting’ with the authorities,” wrote Sarawak Report. From the picture uploaded, it would appear to be that she was detained in an ICA land checkpoint bordering Johor and Singapore. – Coconuts

20.  The US Department of Justice filed a lawsuit to seize the assets it says were bought with more than $3.5bn stolen from Malaysian national wealth fund 1MDB.

The US alleges that $3.5bn in 1MDB money was misappropriated, and laundered through accounts in Singapore, Switzerland and the US. – BBC

Singapore Media Development Authority Cheat The Coverage To Delete Article Related To Lee Hsien Loong – After Taking Down They Block Access To The Site

 

 

 

1 Comment

1 Comment

  1. bc

    November 16, 2018 at 02:22

    LKY would turn over in his grave – knowing now how his first born LSL acted so dishonourably in the 1MDB affair.

    Only the matter of whether LSL benefited personally remains open

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