KedahTimes siarkan penulisan asal dari Matthias Chang. Nak alih bahasa, takut lari dari maksud asal penulis.
The Jho Low/1MDB Crime Syndicate Master-Plan A Carbon Copy Of The Goldman Sachs/Global Too Big To Fail Banks’ Template
By Matthias Chang – Future Fast-Forward
All robbers and crooks have a method or master-plan on how to rob a bank or break into a bullion bank’s vault. In any criminal investigation, the police will analyse the clues to determine for example, how the robbers circumvented the security system, the way they penetrated the so-called unbreakable vault doors to get their hands on the gold bars and cash, their getaway plans etc.
The Jho Low/1MDB criminal syndicate likewise has a master-plan. But, not being clever and original, they borrowed the time-tested financial robbery template (i.e. Master-Plan) from banks such as Goldman Sachs, J.P. Morgan, Deutsche Bank, UBS etc.
The template is rather simple. Use internationally accepted legal covers, instruments and conduits to illegally siphon off monies so as to escape and circumvent international anti-money laundering laws.
But, there is never any fool-proof master-plan! There is always a chink in the armor which exposes the robbers and crooks to detection and prosecution. At times, they may have inadvertently left clues that give away their most intricate plans.
Let me illustrate by analyzing the first transaction of 1MDB’s joint venture with the Arabs.
This is the classic template by the very best in international high stakes financial con-job or scam which involves a government or a government controlled entity. When it involves a government or a government controlled entity, it is usually employed to financially rape the target country (a method favored by dictators, corrupt governments and or financial institutions) and it is very difficult to uncover the crimes because of the resources deployed to cover up the crimes by the various enforcement and regulatory agencies, abusing their enormous powers. But, God works in mysterious ways!
Sometimes, it involves the collaboration of two corrupt governments who have a common agenda. The military dictatorships of South America and the Absolute Monarchs of the Middle East and their Intelligence Services use such templates to finance wars and enrich the members of their Oligarchies. It may also involve international drug cartels. In this type of financial rape, US$ Trillions are siphoned off! Every dirty option on the table would be used.
However, all the above actors can never pull off the scam and or the financial rape of a country without the active and conscious participation of global banks, international accounting firms and lawyers specializing in such cross-borders deals using shell companies registered in tax havens.
THIS IS NOT A SPIN or a fairy tale! Just Google “financial fraud and manipulation of markets by global banks” and you will get all the details. Established names such as Goldman Sachs, HSBC, Deutsche Bank, JP Morgan etc. will come out. And, these are the so-called reputable global banks. But, they are all criminal enterprises! I have done extensive research on these scams and even wrote a book on this – “The Shadow Money-Lenders”!
I am willing to pay US$1 Million to anyone who can show me that none of these banks were indicted for criminal activities, such as selling fraudulent financial products and money-laundering and the blatant manipulation of LIBOR (interest rates), currency, commodities and gold markets etc. But, if you take up the challenge and fails to prove me wrong, you need only pay me US$250,000.00. If you think these are good odds, take up the bet.
Honest people like you and I will never commit such a scam and even if we dare entertain such a thought, it would be close to impossible without access to the people who wields actual ultimate political power or their inner circles.
It takes two to tango!
Now let’s recap the 1MDB-PetroSaudi Ltd Joint Venture.
The whole scam was implemented by Jho Low and his “Malaysian Associates” within 1MDB and his Arab counterparts in the PetroSaudi group of companies headed by the “Chief Arab Crook” Tarek Obaid with the knowledge and approval of the Prime Minister cum Finance Minister.
Step 1: On 18th September, 2009 a JV Company called 1MDB-PetroSaudi Ltd, was incorporated in the British Virgin Islands by the crime syndicate. This was even before the JV agreement was entered into and signed by 1MDB.
Joint ventures are legal and legitimate business transactions when two partners want to do business together. But, the give-away in this case was that it was registered in a tax haven, the British Virgin Islands. Not all businesses registered in a tax haven are criminal enterprises, but invariably all are trying to avoid paying taxes and to keep the prying eyes of honest government authorities looking too deeply into their affairs.
Step 2: On 25th September, 2009 a loan was extended by a company called PetroSaudi Holdings (Cayman) Ltd amounting to US$700 Million to the JV Company 1MDB-PetroSaudi Ltd. This loan was stated to have been made to the JV Company to acquire the entire paid-up share capital of a company called PetroSaudi International Ltd (also registered in the Cayman Islands) which allegedly owned some oil and gas assets. But, at all material time, no such assets were owned by this company, PetroSaudi International Ltd or any other PetroSaudi companies. The issued and paid-up share capital of this company was only US$1. A freaking 1US Dollar company!
It must be freaking madness to borrow US$700 Million to buy a 1US Dollar company.
This was done before the signing of the JV agreement. But, the loan was a fictitious loan.
Giving loans is another legitimate business, but in this case, the loan was to cover a non-existing transaction i.e. that PetroSaudi International Ltd (Cayman) had acquired assets and wants to sell to the JV Company. The fact that these assets were non-existent was never questioned by 1MDB officials or the Board of Directors which indicates that some of 1MDB officers were aware of this fraud i.e. there were no assets. There were valuation reports of the assets but no indication that PetroSaudi International Ltd owned the assets.
By analogy, what is the use of knowing the value of a property if you do not know the actual owner as indicated in the title and the same duly entered in the Land Office’s Registry? Would you buy a property from Mr. Arab if you have not checked whether Mr. Arab is the registered owner? Only a fool would do that. This is what 1MDB’s management did. And this was also approved by the Prime Minister cum Finance Minister. So, why would the Prime Minister approved such a transaction?
Step 3: On September 28, 2009 the JV agreement was signed between 1MDB and PetroSaudi Holdings (Cayman) Ltd. 1MDB’s obligation was to pay US$1 Billion for 1 Billion shares in the JV Company. The Filthy Arabs were to inject the so-called assets worth US$2.5 Billion to be entitled to 2.5 billion shares as they wanted majority control.
Since there were no assets worth US$2.5 Billion that were injected into the JV Company, 1MDB – PetroSaudi Ltd, the Arab Crooks acting in concert with Jho Low and his associates would be getting 2.5 billion free shares. However, 1MDB must pay US$1 Billion cash for sham shares in a company with no assets.
This is how the crooks in 1MDB with their Arab partners used legal means and covers to get the US$1 Billion out of Malaysia on the false pretext that it was for an overseas investment through a joint venture company.
Step 4: All of a sudden, on 29th September, 2009 the JV Company was asked to settle the said loan, a mere four days after it was granted.
Is it not strange that no one asked why a loan given on the 25th September, 2009 must be repaid almost immediately. According to the JV agreement, the loan must be repaid on or before the 30th September, 2009.
Therefore, without the complicity and direct knowledge at all levels of 1MDB’s management and the Ministry of Finance, the fictitious loan of US$700 Million would not have been repaid. Had 1MDB’s management checked whether there were actual assets owned by PetroSaudi International Ltd, they would have discovered that it was a sham and that there were no assets. But, they did not check because they were all part of the scam to cheat Malaysia and this was done with the knowledge and approval of the Prime Minister.
Step 5: 1MDB repaid the said loan of US$700 Million on 30th September, 2009. The money was not paid directly into the JV Company’s bank account but was directed to be paid by the Arab crooks via the US bank, JP Morgan Chase which in turn remitted the said US$700 million to RBS Coutts in Zurich for the account of Good Star Ltd, a company controlled by Jho Low and his associates.
By normal and proper procedure, if the JV Company actually borrowed the US$700 million to purchase actual assets then it is only right that the money (US$700 Million) be paid into the JV bank account to reflect that 1MDB had made part payment for the 1 billion shares. 1MDB must pay US$1 Billion for 1 billion shares. Then the JV Company can show that it has used part of the “share capital” (monies) to repay the outstanding loan. But, it was paid to a company that has nothing to do with the JV Company. It was paid to a company controlled by Jho Low and his associates.
Therefore, we can now see very clearly how good clean money from Malaysia was siphoned off for a legitimate investment as a cover but ended up in the accounts of the Jho Low/1MDB crime syndicate.
The balance of US$1 Billion i.e. US$300 million was paid into JV Company to defray alleged JV expenses etc. Again, this was not properly vetted and or accounted for. Likewise, part of this sum of US$300 Million was distributed to the members of the criminal syndicate.
Step 6: The Arab crooks did not inject the US$2.5 Billion assets because at all material times, they were not owners of the assets. It was a big lie. The entire JV was a sham and a con-job to get US$1 Billion out of Malaysia for an ulterior purpose.
So the entire US$1 Billion was siphoned off from Malaysia under the cover of a legitimate business but, subsequently siphoned off for illegal purposes. Steps 1 to 6 illustrate the Template and Methodology of the financial scam practiced by sophisticated international con-men and women! 1MDB management was part of the scam. And the Prime Minister approved all the transactions.
From day 1 of the inception of the idea to set up 1MDB to its implementation, the objective of the entire exercise was criminal. 1MDB was and is a criminal enterprise to fleece Malaysia of US$1 Billion.
Step 7: The JV agreement was terminated in March 2010, a mere six months after the full US$1 Billion was paid by 1MDB. What kind of JV is this? Have you ever heard of a JV approved by a Prime Minister of Malaysia (i.e. the last five Prime Ministers) which was then terminated within 6 months because the JV partner had no assets worth US$2.5 Billion to be injected to the JV Company?
PM Najib is the first Prime Minister to do such a deal. Why?
When all the monies have been siphoned off by the crooks, the legitimate business is closed down to hide all traces of illegality and money trails.
Step 8: The crooks would then create another legitimate transaction to cover the previous transaction. In the case of 1MDB-PetroSaudi Joint Venture, they used the cover of an Islamic Financial Loan called the Murabahah Facility amounting to US$2.5 Billion (consisting of two tranches, the first being US$1 Billion, and the 2nd US$1.5 Billion) of which US1.83 Billion was siphoned off as a cover to hide the previous scam of US$1 Billion. Having being cheated of US$1 Billion,
1MDB agrees to grant a loan (via a Islamic financial facility - “Murabahah”) to the Arabs allegedly to refund the US$1 Billion and an additional US$1.5 billion for other “investment” purposes, of which US$830 Million was drawn down.
Therefore, the total amount siphoned off is US$1.83 Billion.
What logic compels a company controlled by the Prime Minister who paid US$1 Billion for a shell company and then lend another US$1.5 Billion (total US$2.5 Billion) unless it is to cover the fraud as explained above? The Murabahah Financial Facility replaces the Joint Venture.
We need not analyse this 2 nd part of the scam as very few of you understand Islamic finance but, it is enough for the purpose of this article and exposé that all you need to understand is the first part of the scam – how the crooks with the knowledge and approval of the Prime Minister cum Finance Minister siphoned off US$1 Billion from Malaysia from this first transaction of 1MDB.
It is important that you understand the template and or methodology of the crime as otherwise you would be misled by the Prime Minister’s spin doctors and sycophants that no monies were lost and that the Prime Minister and the Jho Low/1MDB crime syndicate were innocent of any crimes.
They committed the heinous crime of financially raping the country!
And they must be sent to jail for their crimes.
How US$1.83 Billion Was Shared By The Criminals
This much we know!
1. Tarek Obaid “Chief Arab Crook”
Out of the US$1.83 Billion, the Chief Arab Crook was paid the following sums on diverse dates:
US$85 Million on October 5th, 2009 as “brokerage fees” i.e. went to his pocket;
US$10 Million on October 28th, 2009 went to his pocket;
US$ 5 Million on November 18th, 2009 went to his pocket;
US$68 Million on January 13th, 2010 as conduit for onward transmission;
US$ 6 Million on March 4th, 2010 as conduit for onward transmission;
US$ 5 Million on March 14th, 2010 went to his pocket;
US$50 Million on May 5th, 2010 as conduit for onward transmission;
US$5.5 Million on August 9th, 2010 as conduit for onward transmission;
US$25 Million on September 13th, 2010 as conduit for onward transmission; and
US$300 Million on September 16th, 2010 as conduit for onward transmission.
The total = US$559.5 Million. However, US$105 Million went specifically to Chief Arab Crook’s pocket. The balance was used to implement partner-incrime Jho Low’s more audacious schemes. Please see below.
2. HRH Prince Turki
US$77 Million on diverse dates, in different amounts went to his pocket.
Prince Turki bin Abdullah Al Saud (born 21 October 1971) is a member of the House of Saud and the seventh son of late King Abdullah, the ruler of Saudi Arabia then. He served as deputy governor of Riyadh Province from 2013 to 2014 and as governor of Riyadh Province from 14 May 2014 to 29 January 2015.
Why was he paid US$77 Million?
3. Patrick Mahoney
US$33 Million on October 20th, 2009 went to his pocket. Why was he paid this sum?
4. Jho Low
The balance of the US$1.83 Billion amounting to approximately US$1.160 Billion (i.e. US$1.83 Billion less US$559.5 Million, less US$77 Million, less US$33 Million) went to two companies controlled by Jho Low and his associates, namely Good Star Ltd (Seychelles) and Abu Dhabi Kuwait Malaysia Investment Corporation (British Virgin Islands) which were then applied to various “investments” in Malaysia and overseas under various companies for himself and for his Ultimate Crime Boss.
Part of the balance sum was also disbursed through the JV Company 1MDBPetroSaudi Ltd, even though the Joint Venture was terminated. The sum of US$830 Million via the Murabahah Islamic Facility was distributed through this corporate conduit.
The Prime Minister must explain to the entire country why he participated in this sordid affair!
The above is but a summary of how the crime was perpetrated so as to enable you to have a macro view of the whole scam.
The entire amount of US$1.83 Billion is tainted as it was applied for purposes other than approved by Bank Negara. When it was disbursed and distributed via a web of various conduits (through individuals as well as corporations), it was money-laundering pure and simple. And any gains/profits derived from such “laundered activities” would be tainted as well.
The Prime Minister by authorising and approving all the transactions relating to the 1MDB-PetroSaudi Joint Venture and the subsequent Murabahah Financing has thereby participated in money-laundering.
This is a more serious crime than the receipt of RM2.6 Billion by way of an alleged donation to his personal accounts.
The Prime Minister has brought utter shame to the office of the Prime Minister as well as the country.