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RCI to expose more of world’s biggest kleptocrat Najib ‘1MDB’ Razak a far-fetched call
KUALA LUMPUR, March 20, 2024: Kampar MP Chong Zhemin (PH-Kampar) in Parliament today urged the Government set up a royal commission of inquiry (RCI) into the agreement inked between Putrajaya and Goldman Sachs in 2020 for the recovery of 1MDB assets.
“An investigation must be launched into how such a ‘one-sided’ agreement could be signed, resulting in a reduction of the agreed settlement amount to US$3.9 billion. Subsequently, only US$2.5 billion was paid,” he added.
With the Madani Unity Government (UG)’s support for the partial pardon of the world’s biggest kleptocrat, the disgraced and shameless former premier Najib “1MDB” Razak, what do you think are the chances of that happening?
Is the UG interested to expose more misdeeds of Najib and 1MDB?
No News Is Bad News reproduces below a news report on the RCI proposal on the matter:
Set up RCI on ‘vague’ agreement for 1MDB asset recovery, govt told
-20 Mar 2024, 01:21 PM
An MP says an investigation must be launched into how such a ‘one-sided’ agreement could be entered into with Goldman Sachs.
The government has reportedly paid RM48.06 billion in debts incurred by 1MDB. (AP pic)
KUALA LUMPUR: An MP has urged the government to set up a royal commission of inquiry (RCI) into the agreement inked between Putrajaya and Goldman Sachs in 2020 for the recovery of 1MDB assets.
Chong Zhemin (PH-Kampar) said an investigation must be launched into how such a “one-sided” agreement could be signed, resulting in a reduction of the agreed settlement amount to US$3.9 billion. Subsequently, only US$2.5 billion was paid.
“I hope we can all agree to set up an RCI so that we can launch a full investigation into how such a one-sided agreement could be entered into,” he told the Dewan Rakyat while debating the supplementary supply bill.
He claimed that Malaysia should be able to recover at least US$4.5 billion, referring to the amount allegedly stolen from 1MDB.
Chong also called for Muhyiddin Yassin (PN-Pagoh) to be “100% accountable” as he had been prime minister when the agreement was signed in 2020.
On March 1, 1MDB asset recovery task force chairman Johari Ghani said a lack of clarity in the agreement was allowing Goldman Sachs to evade the full extent of its responsibilities to the government in the recovery of 1MDB assets.
He said the New York-based investment bank was taking advantage of ambiguities in the document to sidestep a US$1.4 billion asset recovery guarantee given to the government, Bernama reported
“In 2020, we signed an agreement where we were paid US$2.5 billion and were promised another US$1.4 billion (in the form of recovered assets). However, the agreement was not clear.
“It (Goldman Sachs) took advantage by refusing to pay the US$1.4 billion because it said that we had collected, through AmBank, a fine of US$640 million. Then, we received about US$430 million from the US Department of Justice,” he was quoted as saying.
The US$2.5 billion was paid to Malaysia in September 2020.
Chong also said that to give Malaysians closure on the 1MDB scandal, a bounty of at least US$1 million should be placed on Low Taek Jho, or Jho Low, in efforts to track down the fugitive financier.
“If Osama bin Laden can be found after (almost) a decade, (why not Jho Low)? If we can find Jho Low, then we can find out what really happened in the 1MDB scandal,” he said.
Yesterday, the Dewan Rakyat was told that the government had paid RM48.06 billion in debts incurred by 1MDB.
Second finance minister Amir Hamzah Azizan said this included US$3 billion (RM14.2 billion) paid last March with funds from the 2023 budget.
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