Wednesday 9 September 2015

Dr M returns but not United Arab Emirates' billions

Tun Dr Mahathir Mohamad returned home today after a working visit to Jordan and UK. The statesman's arrival, earlier than the scheduled 12.30pm ETA, at the Subang Sky Park terminal was welcomed by hundreds of supporters and well-wishers.

On another note an Abu Dhabi investment fund, linked to scandal-ridden Malaysian investment fund 1MDB, has alleged that USD1.4 billion (approximately  RM6billion at current exchange rate) of their money has NOT RETURNED. 

Once again The Wall Street Journal has this eye-opener for many blind Malaysians. 

The corruption scandal around an economic-development fund in Malaysia is spilling beyond the country’s borders, as officials at a United Arab Emirates state investment vehicle raise questions about more than a billion dollars in money that they said is missing.
Abu Dhabi has long been a source of support for the fund, 1Malaysia Development Bhd., which was set up six years ago by Malaysian Prime Minister Najib Razak to develop new industries in the Southeast Asian country. Now, as 1MDB tries to fend off a cash crunch, its backers in Abu Dhabi are asking what happened to a $1.4 billion payment the fund said it made but which they never received, two people familiar with the matter said.
The dispute comes as Mr. Najib is battling a separate scandal linked to 1MDB. Malaysian investigators are examining the transfer of hundreds of millions of dollars into the prime minister’s alleged private bank accounts through entities linked to 1MDB. The disclosures have sparked a political crisis and set off a handful of investigations around the world, destabilizing the government and damaging confidence in Malaysia’s economy.
Mr. Najib has denied wrongdoing and said he didn’t take money for personal gain.
The U.A.E. is trying to sever its ties to the fund and restructure the entity that provided it with financial support, the people said. 
More here in the WSJ

1 comment:

Anonymous said...

The WSJ story ties together some threads neatly.

The smart money for the "donation, ha ha" has always been on an Aabar "lu tolong gua" kickback in 2013.

The timeline makes it so obvious.

Welcome home, Tun.

PS: That is one red shirt I can live with!