Low Yat 2: In Honour Of A Thief

By Ho Kit Yen. Published by FMT News on 5 April 2017.

A youth who was found guilty of stealing a RM800 smartphone at Low Yat Plaza two years ago, failed in his appeal to set aside his conviction for theft. High Court Judicial Commissioner Ab Karim Ab Rahman ruled that the Magistrate’s Court did not make any error in finding Shahrul Anuar Abdul Aziz guilty of stealing the phone. “The accused had failed to raise a reasonable doubt to the prosecution’s case. “Therefore, the court finds him guilty under Section 379 of the Penal Code for theft instead of Section 380, which was the original charge,” he said.

Shahrul initially claimed trial on July 14, 2015, under Section 380 for phone theft. Section 380 relates to any theft committed inside a building premise. Karim also dismissed the prosecution’s appeal to increase Shahrul’s 4-month jail sentence. “The Magistrate’s decision to impose a jail term of four months is sufficient,” he added…

Last year, he was jailed four months and fined RM1,000 by the Magistrate’s Court for stealing a Lenovo smartphone at Low Yat Plaza. Shahrul paid his RM1,000 fine. His alleged actions had resulted in a much-publicised racial riot outside the mall, with Malay NGOs claiming discrimination and cheating by traders.

Link: http://www.freemalaysiatoday.com/category/nation/2017/04/05/youth-in-low-yat-phone-theft-case-loses-appeal/

Published by Today Online on 11 August 2015.

Minister Ismail Sabri Yaakob became the latest to moot a Malay-only gadget mall similar to Low Yat Plaza today (Aug 11), suggesting that the MARA building in Jalan Raja Laut be converted for the purpose.

In a report by news portal Astro Awani, the rural and regional development minister suggested for the third floor of the building to be opened for Malay gadget traders before the whole building is renovated for what he dubbed “Low Yat 2”.

“We will develop the floor as soon as possible and we will give space especially to Malay traders,” Mr Ismail told reporters after an event with Majlis Amanah Rakyat (MARA). “We will make it as ‘Low Yat 2’ and we will gather as many as possible major distributors (sic) in this building.”

The minister said the existence of an alternative technology mall at the other side of the city will be able to fulfil public demand that has been concentrated in Low Yat Plaza in Bukit Bintang.

“We target for 100 per cent of the traders to be from Malays. There has never been any distributor from the Malays, so we have to give them some leeway,” he added.

Last month, United Malays National Organisation (UMNO) Youth information chief Jamawi Jaafar urged Putrajaya to create an information technology and digital industry hub for bumiputeras in order to reduce dependency and check monopoly of “certain parties” in the telecommunications products business.

The suggestion came following a riot which erupted outside Low Yat Plaza earlier in July, after a 22-year-old man was reportedly handed to the police for allegedly stealing a mobile phone, after which his accomplice contacted their friends who then assaulted workers from a mobile phone store and caused an estimated RM70,000 (S$24,574) in damage.

Rumours had spread on social media after the alleged theft that the Chinese trader had sold the Malay man a counterfeit phone, leading to calls for boycotts of “cheating” Chinese traders and the complex itself.

Editors of UMNO-owned newspaper Utusan Malaysia then claimed that Low Yat Plaza is a “bomb waiting to explode” if authorities do not tackle the purported counterfeiting, gangsterism and corruption that is associated with the traders there.

In February, Mr Ismail Sabri had courted controversy by calling for Malays to boycott Chinese traders whom he claimed were profiteering.

Link: http://www.todayonline.com/world/asia/minister-wants-low-yat-2-tech-mall-specifically-malays

#1MDB: U.S. Seeks to Recover Approximately $540 Million Obtained From Corruption Involving Malaysian Sovereign Wealth Fund

15 June 2017

The Justice Department announced today the filing of civil forfeiture complaints seeking the forfeiture and recovery of approximately $540 million in assets associated with an international conspiracy to launder funds misappropriated from a Malaysian sovereign wealth fund. Combined with civil forfeiture complaints filed in July 2016, seeking more than $1 billion, and civil forfeiture complaints filed last week seeking approximately $100 million in assets, this case represents the largest action brought under the Kleptocracy Asset Recovery Initiative. Assets now subject to forfeiture in this case total almost $1.7 billion.

Acting Assistant Attorney General Kenneth A. Blanco, Acting U.S. Attorney Sandra R. Brown of the Central District of California, Assistant Director Stephen E. Richardson of the FBI’s Criminal Investigative Division, and Deputy Chief Don Fort of the IRS-Criminal Investigation (IRS-CI) made the announcement.

According to the complaints, from 2009 through 2015, more than $4.5 billion in funds belonging to 1Malaysia Development Berhad (1MDB) was allegedly misappropriated by high-level officials of 1MDB and their associates. 1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment, and its funds were intended to be used for improving the well-being of the Malaysian people. 

“The Criminal Division is steadfast in our efforts to protect the security, safety, and integrity of the American financial system from all manner of abuse, including by kleptocrats seeking to hide their ill-gotten or stolen wealth,” said Acting Assistant Attorney General Blanco. “Today’s complaints reveal another chapter of this multi-year, multi-billion-dollar fraud scheme, bringing the total identified stolen proceeds to $4.5 billion. This money financed the lavish lifestyles of the alleged co-conspirators at the expense and detriment of the Malaysian people. We are unwavering in our commitment to ensure the United States is not a safe haven for corrupt individuals and kleptocrats to hide their ill-gotten wealth or money, and that recovered assets be returned to the victims from which they were taken.”

“These cases involve billions of dollars that should have been used to help the people of Malaysia, but instead was used by a small number of individuals to fuel their astonishing greed,” said Acting U.S. Attorney Brown. “The misappropriation of 1MDB funds was accomplished with an extravagant web of lies and bogus transactions that were brought to light by the dedicated attorneys and law enforcement agents who continue to work on this matter. We simply will not allow the United States to be a place where corrupt individuals can expect to hide assets and lavishly spend money that should be used for the benefit of citizens of other nations.”

“Today’s filing serves as a reminder of the important role that the FBI plays in rooting out international corruption. When corrupt foreign officials launder funds through the United States in furtherance of their criminal activity, the FBI works tirelessly to help hold those officials accountable, and recover the misappropriated funds,” said Assistant Director Richardson. “I applaud all my colleagues and our international partners who have worked to help recover an immense amount of funds taken from the Malaysian people, who are the victims of this abhorrent case of kleptocracy.”

“Today’s announcement is the result of untangling a global labyrinth of multi-layered financial transactions allegedly used to divert billions of dollars from the people of Malaysia and fund the co-conspirators’ lavish lifestyles,” said Deputy Chief Fort. “The IRS is proud to partner with other law enforcement agencies and share its world-renowned financial investigative expertise in this complex financial investigation. It’s important for the world to see, that when people use the American financial system for corruption, the IRS will take notice.”

Read more here: https://www.justice.gov/opa/pr/us-seeks-recover-approximately-540-million-obtained-corruption-involving-malaysian-sovereign

By Justin Baer, Aruna Viswanatha and Bradley Hope. Published by The Wall Street Journal on 15 June 2017.

The lawsuits also allege that Mr. Low had given $8 million worth of jewelry to Ms. Kerr from New York jeweler Lorraine Schwartz, including an 11.72 carat heart-shaped diamond on Valentine’s Day in 2014. Mr. Low and Ms. Kerr were dating at the time, according to a person who knows them. Ms. Kerr was married last month to Snap Inc. co-founder Evan Spiegel.

Most of the assets in the lawsuits belong to Mr. Low, a flamboyant Malaysian deal maker who is a central figure in the alleged misappropriation of funds from 1MDB, according to the Justice Department. His yacht was sighted Thursday off the coast of the Cambodian island of Koh Rong, according to ship-tracking site MarineTraffic.

The lawsuits allege Mr. Low used money siphoned from 1MDB to buy jewelry worth $200 million from companies around the world between April 2013 and September 2014. Some of that was given to Ms. Kerr, and nearly $30 million was given to Rosmah Mansor, the wife of Mr. Najib, according to the suits.

Ms. Rosmah received in early 2014 a 22-carat pink diamond necklace from Lorraine Schwartz worth $27.3 million, allegedly arranged by Mr. Low and paid for with money stolen from 1MDB, according to the suit. Later that year, Mr. Low arranged for Ms. Rosmah to get a further $1.3 million worth of gold necklaces from Lorraine Schwartz. A spokesman for Ms. Rosmah didn’t respond to requests for comment.

Read more here: https://www.wsj.com/articles/u-s-targets-540-million-of-new-assets-in-1mdb-fraud-case-1497539922?mod=e2twa

Published by The Malaysian Insight on 16 June 2017.

HOLLYWOOD actor and Oscar-award winner Leonardo DiCaprio has surrendered an Oscar statue originally won by Marlon Brando to the US government as part of the Department of Justice’s (DoJ) probe into allegations of corruption in Malaysia’s state investment fund, 1Malaysia Development Berhad (1MDB).

The statue was allegedly given to DiCaprio by Red Granite, the production house co-owned by Prime Minister Najib Razak’s step son Riza Aziz which financed the movie ‘The Wolf of Wall Street’ in which DiCaprio played the leading role.

Red Granite apparently gave DiCaprio the Oscar as a thank-you gift after work on ‘The Wolf of Wall Street’ wrapped up. He voluntarily handed the statue over prior to the latest filing, according to a report by Hollywood entertainment site Vanity Fair.

Read more here: https://www.themalaysianinsight.com/s/5213/

Di Mana Mereka? Where Are They?

Pastor Joshua Hilmy and wife, Ruth; Pastor Raymond Koh; and Amri Che Mat had two things in common – they were all religious workers helping the poor and needy. The other similarity among the four is more ominous – they have all disappeared without a trace. The first to disappear was Amri on November 24 last year, followed by Hilmy and wife several days later on November 30 and Koh on February 13 this year. And it is their disappearance, which has raised concerns among their families, civil society and religious bodies, who want answers from the authorities. Below are details of the missing four:

Pastor Raymond Koh

The 62-year-old was abducted after a group of well-trained men stopped his silver Honda Accord along Jalan SS4B/10 in Petaling Jaya. CCTV footage of Koh’s abduction went viral on social media, showing a professionally executed abduction involving more than 10 men in three black SUVs. Police had previously arrested 31-year-old Lam Chang Nam, who was later charged with blackmailing Koh’s son, Jonathan. But police said he was not involved in the abduction of Koh. There has been no ransom demand made for Koh’s release. His family have offered a RM100,000 reward for information on his whereabouts. Local media reported that Koh and his NGO, Haparan Komuniti, were accused of proselytising Muslims, following a raid by the Selangor Islamic Religious Department (Jais) at a thanksgiving dinner in 2011. Church groups have been rallying around Koh’s family in a show of support.

Pastor Joshua Hilmy and Ruth

Hilmy’s disappearance was first highlighted in an Australian website, xyz.net.au, on February 23, 10 days after Koh’s abduction. It was reported that the pastor of Malay descent, who was also a former Muslim, went missing on November 30, 2016. The article stated that Hilmy had received threatening phone calls prior to his disappearance. It said Hilmy’s car was also missing. Petaling Jaya police chief Mohd Zani Che Din had told TheSun daily that police didn’t have enough information on the background of Hilmy and his wife Ruth, who is believed to be missing, too. Police, however, confirmed that a report was lodged by a man who claimed to be a close friend of Hilmy and his wife on March 6. Zaini told TheSun that the report was lodged in Klang but the case was referred to PJ police, as the complainant said the missing duo lived in Kampung Tunku, Petaling Jaya. The case was classified as a missing persons’ report.

Amri Che Mat

Amri’s case resurfaced after opposition leader Dr Wan Azizah Wan Ismail held a press conference on March 23, highlighting the disappearance of the 43-year-old social activist from Perlis. Amri, who was part of the 1997 Mount Everest Malaysian expedition team, went missing on the night of November 24, 2016, after he reportedly told his eldest daughter that he was going out. His wife, Norhayati Ariffin, 43, who lodged a police report the next day, said there were cars and bikes parked near their house when her husband left home. The vehicles had their lights off despite having occupants. Amri’s car was found about 20km away from his house, near an abandoned sports school. Norhayati said her husband did not receive any threatening calls and there were no abnormal transactions in his bank accounts. 

Read more here: https://www.themalaysianinsight.com/s/1347/

#1MDB Saga: Venezuela Investigations

Published by The Edge Markets on 13 March 2017. By Chester Tay.

UK-based Parker Randall International, which replaced Deloitte Malaysia as auditor of 1Malaysia Development Bhd (1MDB) in January this year, has yet to decide whether to re-audit the troubled strategic development company's accounts for the financial years ended March 31, 2013 and 2014 (FY13 and FY14) that have been disavowed by Deloitte Malaysia, said the Ministry of Finance (MoF).

"Any decision on whether to re-audit 1MDB's audited financial statements again will be made after further discussions with the new auditor," MoF said in a written reply to a parliamentary question dated March 7 by Petaling Jaya Utara member of Parliament Tony Pua Kiam Wee.

MoF also said 1MDB has obtained extension from the Companies Commission of Malaysia until the end of this month to call for an annual general meeting to approve its financial statements for FY15 and FY16.

In July last year, 1MDB announced that Deloitte was resigning and the company was seeking a replacement, without giving a reason for the departure. It also said then that its audited financial statements for FY13 and FY14 shouldn't be relied on after US prosecutors said more than US$3.5 billion was misappropriated from the fund during a period that included those years.

Deloitte echoed that view, saying in a separate statement that if the information in the US complaint had been known during the FY13 and FY14 audits, it would have impacted the financial statements and audit reports Deloitte signed off on for those years.

Deloitte was 1MDB's third auditor after Ernst & Young, whose contract was terminated before the auditor could complete the audit on 1MDB's accounts for FY10, and KPMG — which handled 1MDB's statements for FY10, FY11 and FY12, but was terminated in December 2013.

Read more here: http://www.theedgemarkets.com/my/article/1mdb-auditor-yet-decide-re-audit-fy13-fy14-financial-statements#.WMY-zyRKqbc.twitter

Published by Channel News Asia on 13 March 2017.

The Monetary Authority of Singapore (MAS) on Monday (Mar 13) issued a 10-year Prohibition Order (PO) against former Goldman Sachs director Tim Leissner for 1MDB-related breaches. 

The local financial regulator said in its press release that it served notice of its intention to issue a PO against Mr Leissner last December, and invited him to submit written representation why it should not be done. 

It said Mr Leissner was found to have issued in June 2015 an unauthorised letter to a financial institution based in Luxembourg, and to have made false statements on behalf of Goldman Sachs (Asia), without the firm’s knowledge.

Following careful consideration of the representations made by Mr Leissner and the relevant facts, MAS has decided to issue a PO, and the banker will be barred from performing any regulated activity under the Securities and Futures Act, and taking part, directly or indirectly, in the management of any capital market services firm in Singapore for 10 years.

MAS has also served notice of its intention to issue POs against three others convicted for 1MDB-related matters. 

These include former branch manager of Falcon Private Bank Jens Fred Sturzenegger and former BSI Bank employees Yak Yew Chee and Yvonne Seah Yew Foong.

Read more here: http://www.channelnewsasia.com/news/singapore/mas-bars-former-goldman-sachs-banker-from-trading-in-singapore/3590964.html?cid=twtcna

By Bradley Hope & Anatoly Kurmanaev. Published by WSJ on 15 March 2017.

While the Venezuela investigations are unrelated to continuing probes in six countries over 1MDB’s missing fortune, they focus on the decision by Petróleos de Venezuela SA, or PdVSA, to lease a ship that PetroSaudi financed with a portion of the funds in the joint venture with 1MDB.

The Justice Department says $700 million meant for the joint venture was instead diverted to a company called Good Star Ltd. in the Seychelles, which distributed money to several beneficiaries of the alleged fraud.

Part of the remaining $300 million was used by PetroSaudi to finance the purchase of the Neptune Discoverer drillship working in Venezuela in 2009, according to financial records and people familiar with the transaction. The rig was then rented to PdVSA.

PetroSaudi was founded in 2005 by a Saudi citizen, Tarek Obaid, and a member of the Saudi royal family, Turki Bin Abdullah Al Saud. The Discoverer and the subsequent purchase of the Songa Saturn drillship in 2010 were among the biggest investments PetroSaudi made and constituted a major part of the company’s operations.

Read more here: https://www.wsj.com/articles/petrosaudi-used-funds-from-1mdb-venture-to-finance-venezuela-project-1489570206?mod=e2tw

Malaysia vs North Korea: There Is No Such Thing As FOC

Published by The Malay Mail on 13 March 2017. 

Malaysia will count on its international allies if the diplomatic situation with North Korea goes south, Datuk Seri Hishammuddin Hussein said today.

The defence minister said Malaysia may not have enough military assets compared to Pyongyang if the two countries went to war, but it has other ways to counter the reclusive state which has nuclear weapons in its arsenal.

“We will deal with it when the time comes, but don’t think we are only dependent on our own assets,” the minister told the press at the Parliament lobby.

Hishammuddin said Malaysia has its own allies thanks to cordial bilateral relationships with many countries, pointing at the help it received from 26 countries during the search for the missing flight MH370.

See more at: http://www.themalaymailonline.com/malaysia/article/malaysia-will-count-on-allies-if-n.-korea-wants-war-says-defence-minister#sthash.uDa5HJ5K.dpuf

Published by The Star Online on 8 March 2017.

The Government spent about RM456mil in the search for MH370, which disappeared exactly three years ago today.

Transport Minister Datuk Seri Liow Tiong Lai said the underwater sweep over 120,000 sq km of the southern Indian Ocean involved Malaysia, Australia and China. The search was suspended on Jan 17 this year.

"The decision to suspend the operations is in line with the Ministerial Tripartite Meeting between Malaysia, Australia and China which was held in July 2016.

"Through the meeting, the three countries agreed that unless there are new clues or credible evidence available, only then a further search operation will be considered," Liow told William Leong (PKR-Selayang) in Parliament.

Leong had asked to state the costs incurred in the MH370 search, and if a report providing the full information and data will be released.

Read more at: http://www.thestar.com.my/news/nation/2017/03/08/parliament-mh370-search-cost-rm456mil-says-liow-tiong-lai/#suy4QVmfyotvkz6e.99