The Malaysian Insight

GRASSROOTS Umno members no longer make noise about 1Malaysia Development Berhad (1MDB) as they now understand that it was only a tool used by the opposition to demonise the party and its president, said Umno treasurer Salleh Said Keruak.

“Umno members understand this. It was only a political agenda.

“1MDB is a government-owned company, and the Public Accounts Committee has conducted investigations into 1MDB.”

On allegations by Pakatan Harapan chairman Dr Mahathir Mohamad that Attorney-General Mohamed Apandi Ali had lied in the statements he made relating to the 1MDB investigations, Salleh said Dr Mahathir should have faith in the judicial system.

“Just because you do not like the outcome, it does not mean that it is wrong. The problem with Dr Mahathir is that it has to be done according to what he wants (‘ikut selera dia’).”

1MDB is a brainchild of Umno president and Prime Minister Najib Razak, who has denied wrongdoing in a case that has triggered probes abroad over the misappropriation of funds.

Singapore is one of the countries that have launched investigations into 1MDB.

It was the first country to punish those guilty of wrongdoing in relation to 1MDB funds. Last week, banker Yeo Jiawei, a wealth planner with BSI Singapore, was sentenced to four and half years in jail after he pleaded guilty to money laundering and cheating.

Previously, four bankers received jail sentences and fines for similar offences in Singaporean courts.

The city-state has also closed the branches of two foreign banks for moving 1MDB-linked money.

Singaporean prosecutors have claimed that US$1 billion (RM4.3 billion) in 1MDB funds meant for a joint venture with Arab firm Petro Saudi International Ltd had made its way into the bank accounts of Malaysian financier Low Taek Jho, better known as Jho Low.

Singapore’s latest conviction follows the third forfeiture suit filed by the United States Department of Justice, which seeks to recover an additional US$540 million that had been allegedly stolen from 1MDB and used to buy prime real estate, artwork, a yacht, jewellery and more.

Besides Singapore, the US, the United Kingdom, Hong Kong, Switzerland and Luxembourg have started investigations into how money allegedly misappropriated from 1MDB had flowed through their banks and been used to buy assets. – July 23, 2017.