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FLASHBACK: Anwar and Najib (Abang-Adik) … Najib visits Anwar in hospital, wishes him a speedy recovery. For image info, go to https://www.malaysiakini.com/news/402380
Luxembourg bank fined €25m (RM123m) for 1MDB fraud
KUALA LUMPUR, May 31, 2025: A Luxembourg court on Thursday (May 22) fined Edmond de Rothschild bank €25 million (US$28 million/RM123 million) ) for its role in a money-laundering scandal in which a Malaysian sovereign wealth fund (SWF) lost billions of dollars.
While foreign countries like the US and in Europe are fining and jailing the 1Malaysia Development Berhad (1MDB) thieves, Malaysia is doing the opposite.
The Madani Unity Government (UG) has not only halved the former and shameless prime minister Najib “1MDB” Razak from 12 years to six years and slashed his court fine from RM220 million to only RM50 million, it is now considering “freeing”.
It is now in the works to have the former Umno president ,who stole millions, if not billions, of Ringgit from the rakyat dan negara (people and country) to be freed under house (in Najib’s case bungalow) arrest or what is deemed as “backdoor freedom”.
And, Najib is still facing 25 charges of abuse of power and money laundering.
So, that is how committed Malaysia’s 10th Prime Minister (PMX) Anwar Ibrahim and his UG are in reforms and the fight against corruption, working with the racial and religious bigoted and corrupt Umno.
No News Is Bad News reproduces below news reports of the Luxembourg bank being fined and previous reports:
Luxembourg bank fined over Malaysian 1MDB fund scandal
The logo of Edmond de Rothschild bank on a building in Lausanne, on Aug 19, 2020. (Photo: AFP/Fabrice Coffrini)
23 May 2025 10:23AM(Updated: 23 May 2025 10:31AM)
LUXEMBOURG: A Luxembourg court on Thursday (May 22) fined Edmond de Rothschild bank €25 million (US$28 million) for its role in a money-laundering scandal in which a Malaysian wealth fund lost billions of dollars.
"This is the first time that a Luxembourg banking establishment has been convicted in a money laundering case," the Grand Duchy's judicial authorities noted following the punishment in the so-called 1MDB affair, which involved the misappropriation of money from 1Malaysia Development Berhad (1MDB).
The fund, created in 2009 as then Prime Minister Najib Razak set out to modernise Malaysia, soon found itself embroiled in corruption allegations, leading to a swathe of investigations notably in Switzerland, Singapore and the United States.
"A very large portion of the funds raised by 1MDB was siphoned off ... particularly between 2009 and 2013, by the prime minister, Malaysian officials, and others," the court stated.
In Luxembourg, which hosts the European subsidiary of Switzerland's Edmond de Rothschild bank, dozens of accounts opened at the establishment by an Emirati national in the name of a slew of different companies were used to divert money away from the fund.
The investigation, which opened in the Grand Duchy in 2016, "established that through complex international financial flows, funds from 1MDB were ultimately credited to the bank accounts of several of these entities".
Before arriving in the accounts, the cash moved through a number of different financial jurisdictions, including Caribbean tax havens, the court said.
The bank stressed in a statement that the events had taken place "15 years ago" and had led to the "implementation of a comprehensive remediation plan ... completed in 2019".
"The employees involved are no longer part of the organisation," the statement read.
Najib, 71, who served as prime minister until 2018, was found guilty two years later of abuse of power and misappropriation of funds - a case that essentially cost him the 2018 elections.
Malaysia's 1MDB files legal claim against Amicorp Group alleging over $7 billion in fraud
Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/Files
23 Dec 2024 11:50AM(Updated: 23 Dec 2024 12:11PM)
KUALA LUMPUR: Scandal-hit Malaysian state fund 1Malaysia Development Berhad has filed a legal claim against corporate services provider Amicorp Group and its CEO alleging it facilitated over US$7 billion in fraudulent transactions, 1MDB said on Monday.
The claim was filed in the British Virgin Islands against eight Amicorp entities and its Chief Executive Officer Toine Knipping, alleging that they played a vital role in enabling the sovereign wealth fund to be defrauded between 2009 and 2014, 1MDB said in a statement. It estimates the value of the claim at over US$1 billion.
Amicorp Group did not immediately respond to a request for comment.
Source: Reuters
Malaysia drops 1MDB-linked charges against ex-PM Najib, treasury official
FILE PHOTO: Former Malaysian Prime Minister Najib Razak walks out from the Federal Court during a court break, in Putrajaya, Malaysia August 23, 2022. REUTERS/Lai Seng Sin/File Photo
27 Nov 2024 12:38PM(Updated: 27 Nov 2024 01:47PM)
KUALA LUMPUR: A Malaysian court on Wednesday (Nov 27) allowed corruption charges linked to the multibillion-dollar 1MDB scandal filed against jailed former prime minister Najib Razak and the former treasury chief to be dropped, their lawyers said.
Najib and former treasury secretary-general Irwan Serigar Abdullah were charged in 2018 with six counts of criminal breach of trust involving government funds worth 6.6 billion ringgit (US$1.48 billion), which officials have said were related to a settlement agreement between 1MDB and Abu Dhabi state fund International Petroleum Investment Company.
The pair consistently denied wrongdoing.
The Kuala Lumpur High Court granted their bid for a discharge not amounting to an acquittal, due to procedural delays and the failure of the prosecution to disclose key documents, their lawyers said.
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"The court correctly exercised its jurisdiction to discharge our client of the charges, consonant with the law," Najib's lawyer Muhammad Farhan Muhammad Shafee said in a text message.
A discharge not amounting to an acquittal means the prosecution will not prosecute the accused for the offence for the time being but can do so in the future.
The judge said that the court's decision did not “prejudice” the prosecution as they could recharge Najib and Irwan.
”This case was registered in 2018 but the trial cannot proceed even when trial dates have been set many times. This is an inordinate delay,” he ruled.
Najib had sought to obtain a permanent stay on the proceedings of the case, reported The Star.
However, this was dismissed by the judge as there was no formal application from the former prime minister's lead counsel.
Najib, who helped found 1MDB when he was premier in 2009, was found guilty of corruption and money laundering in a case linked to the scandal and sentenced to 12 years in prison in 2022, though the term was later halved by a pardon's board chaired by Malaysia's king.
He last month apologised for his role in mishandling the 1MDB scandal, although he maintained he had no knowledge of any illegal transfers from the state fund.
Najib has also been pushing to serve the remainder of his sentence under house arrest, and has filed a case to compel the government to confirm the existence of a royal order that he says would allow him to do so.
Anwar's government said last month it would introduce a law allowing house arrest for some offences next year, although it denied that was aimed at getting Najib or other politicians accused of corruption out of jail.
Source: Agencies/rl
Thursday, 29 May 2025
Still believe in the tale of Arab donations in Najib’s 1MDB case?
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Still believe in the tale of Arab donations in Najib’s 1MDB case?
https://www.youtube.com/watch?v=CmkcvwBSlCE
1MDB - Press Statement from US Department Of JUSTICE (2)
25,984 views 21 Jul 2016
The United States - Department of Justice (Wednesday, July 20, 2016) United States Seeks to Recover More Than $1 Billion Obtained from Corruption Involving Malaysian Sovereign Wealth Fund Attorney General Loretta E. Lynch announced today the filing of civil forfeiture complaints seeking the forfeiture and recovery of more than $1 billion in assets associated with an international conspiracy to launder funds misappropriated from a Malaysian sovereign wealth fund. Today’s complaints represent the largest single action ever brought under the Kleptocracy Asset Recovery Initiative. Attorney General Lynch was joined in the announcement by Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Eileen M. Decker of the Central District of California, FBI Deputy Director Andrew G. McCabe and Chief Richard Weber of the Internal Revenue Service-Criminal Investigation (IRS-CI). According to the complaints, from 2009 through 2015, more than $3.5 billion in funds belonging to 1Malaysia Development Berhad (1MDB) was allegedly misappropriated by high-level officials of 1MDB and their associates. With today’s complaints, the United States seeks to recover more than $1 billion laundered through the United States and traceable to the conspiracy. 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. Instead, as detailed in the complaints, 1MDB officials and their associates allegedly misappropriated more than $3 billion. “The Department of Justice will not allow the American financial system to be used as a conduit for corruption,” said Attorney General Lynch. “With this action, we are seeking to forfeit and recover funds that were intended to grow the Malaysian economy and support the Malaysian people. Instead, they were stolen, laundered through American financial institutions and used to enrich a few officials and their associates. Corrupt officials around the world should make no mistake that we will be relentless in our efforts to deny them the proceeds of their crimes. ” “According to the allegations in the complaints, this is a case where life imitated art,” said Assistant Attorney General Caldwell. “The associates of these corrupt 1MDB officials are alleged to have used some of the illicit proceeds of their fraud scheme to fund the production of The Wolf of Wall Street, a movie about a corrupt stockbroker who tried to hide his own illicit profits in a perceived foreign safe haven. But whether corrupt officials try to hide stolen assets across international borders – or behind the silver screen – the Department of Justice is committed to ensuring that there is no safe haven.” “Stolen money that is subsequently used to purchase interests in music companies, artwork or high-end real estate is subject to forfeiture under U.S. law,” said U.S. Attorney Decker. “Today’s actions are the result of the tremendous dedication of attorneys in my office and the Department of Justice, as well as law enforcement agents across the country. All of us are committed to sending a message that we will not allow the United States to become a playground for the corrupt, a platform for money laundering or a place to hide and invest stolen riches.” “The United States will not be a safe haven for assets stolen by corrupt foreign officials,” said Deputy Director McCabe. “Public corruption, no matter where it occurs, is a threat to a fair and competitive global economy. The FBI is committed to working with our foreign and domestic partners to identify and return these stolen assets to their legitimate owners, the Malaysian people. I want to thank the FBI and IRS investigative team who worked with the prosecutors and our international partners on this case.” “Today’s announcement underscores the breadth of the alleged corruption and money laundering related to the 1MDB fund,” said Chief Weber. “We cannot allow the massive, brazen and blatant diversion of billions of dollars to be laundered through U.S. financial institutions without consequences.” As alleged in the complaints, the members of the conspiracy – which included officials at 1MDB, their relatives and other associates – allegedly diverted more than $3.5 billion in 1MDB funds. Using fraudulent documents and representations, the co-conspirators allegedly laundered the funds through a series of complex transactions and fraudulent shell companies with bank accounts located in the Singapore, Switzerland, Luxembourg and the United States. The - United StatesDepartment of Justice https://www.justice.gov/opa/pr/united...
KUALA LUMPUR, May 30, 2025: Former Goldman Sachs banker Tim Leissner was yesterday jailed two years by a judge in New York court after playing a key role in a multi-billion dollar scandal involving Malaysia’s sovereign wealth fund (SWF) 1MDB (1Malaysia Development Berhad).
Malaysian and US authorities estimated US$4.5 billion (RM20 billion) was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others.
So, does the racial and religious bigoted Umno, Taliban-like PAS and Perikatan Nasional-Bersatu still believe that the multi-million Ringgit funds found in the disgraced and shameless former prime minister Najib “1MDB” Razak were donations from an Arab royalty?
Still want Najib to be freed or given a backdoor freedom called house (in Najib’s case bungalow) arrest.
No News Is Bad News reproduces below news reports of the 1MDB case in New York and the outstanding French submarine deal that is also linked to the cops killing Mongolian French-transaltor Altantuya Shaariibuu:
Ex-Goldman banker Leissner sentenced to two years in prison in 1MDB case
The former Southeast Asia chairman of the US bank offers his sincere apology to the Malaysian people, expressing deep regret.
Former Goldman Sachs banker Timothy Leissner (left) arrives at US district court in New York for sentencing hearing. (AFP pic)
NEW YORK: Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia’s sovereign fund 1MDB.
Malaysian and US authorities estimated US$4.5 billion was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others.
Leissner, a former Southeast Asia chairman for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal.
Leissner’s conduct was “brazen and audacious,” judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said.
“First and foremost, I offer my sincere apology to the people of Malaysia,” Leissner, 55, told the hearing, his voice breaking as he read a statement. “I deeply regret my actions.”
Goldman helped sell US$6.5 billion of bonds for 1MDB, which former Malaysian prime ninister Najib set up with the help of Low to promote economic development.
Some of the funds were diverted to offshore bank accounts and shell companies linked to Malaysian financier Jho Low, who is now a fugitive.
Leissner became a US government witness in the case after his arrest in 2018. He was allowed to remain free after he agreed to help the government in the investigation and testified against former banking colleague Roger Ng.
Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. The former head of investment banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in prison, but transported to Malaysia in 2023 to assist probes there.
Leissner met with the government on dozens of occasions, reviewing countless documents and communications he received related to the 1MDB scheme and other matters, according to a filing by prosecutors.
“We respect the court’s decision today and Mr Leissner is prepared to serve his sentence and continue his future life of good works and care for his family,” said his lawyer Henry Mazurek, a partner at Meister Seelig & Fein PLLC.
Prosecutors requested the court impose a sentence below the applicable guidelines range due to Leissner’s cooperation in the probe.
Only criminal case against Goldman
Leissner told the court that he had lost his freedom, family and financial independence in the wake of the scandal. The former executive said his health also suffered, and that he took pills and lost the will to live.
Goldman said in a letter to the court on May 21 that Leissner deceived his colleagues for years, culminating in the only criminal case filed against Goldman in its 156-year history.
Goldman in 2020 paid a record US$2.9 billion fine in the US and arranged for its Malaysian unit to plead guilty in US court. It also clawed back US$174 million in executive compensation.
Malaysia’s former prime minister Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad.
Malaysia’s top court in 2022 upheld a guilty verdict against Najib, sentencing him to 12 years in prison. The sentence was later halved by a pardons board chaired by Malaysia’s former king.
The former premier is currently in prison and is pursuing a legal bid to compel authorities to entitle him to serve the remainder of his sentence at home.
Keeping Najib At Kajang Was Anwar’s Plan All Along? – Blocked Any Full Pardon & Deny The Existence Of Addendum
27 May, 2025
Anwar Ibrahim most probably feels little love for Najib Razak. It was under Najib that Anwar had his acquittal for sodomy reversed by an aggressive public prosecutor on appeal, where he served a second jail term. At the time it appeared to have destroyed Anwar’s political career, which happened to provide Najib an electoral advantage.
So most probably, Anwar would be one of the last people who would want Najib released or even allowed to serve out his term in home detention. Politically, a free Najib would become a political menace to Anwar. Najib is probably one of the only people who could rebuild UMNO, that is held hostage by Ahmad Zahid Hamid into a strong political force again, where Najib could make a valid claim for the prime ministership.
For Anwar, Najib is better off in jail.
However, Anwar owes Zahid of UMNO big time for abandoning Perikatan Nasional (PN) and Muhyiddin Yassin at the last minute to throw his ailing UMNO behind Anwar for prime minister.
This support came at a large cost for Anwar. First leniency for Zahid in his criminal cases, which led to a DNAA, a deputy prime ministership, and then a pardon for Najib.
The issue of the pardon for Najib has weighed down on Anwar. Anwar wants Najib where he is now in Kajang, but a substantial proportion of influential people inside UMNO want him free, no matter the optics. The problem didn’t go away. UMNO kept pushing the point.
Anwar blocked any full pardon by suggesting a commutation of his sentence from 12 years to 6 years. This seemed to solve everything, Najib had gone in front of the pardons board, and was still in jail. There was public outrage, but Anwar could wear it.
That was until the addendum to Najib’s sentence reduction surfaced. Anwar and his lieutenant Saifuddin Nasution Ismail had to deny the existence of document all last year, until they were forced to admit its existence after the former YDPA’s office confirmed there was an addendum.
This has caused some consternation between Anwar and Zahid. Anwar is seen as the man preventing Najib’s release. However, technically, Anwar enabled Najib to jump the queue with his pardon application, and he could blame the board for the decision made. He made Zaliha Mustafa federal territories minister, who when it comes to the subject of pardons can’t seem to put a sentence together in public.
Keeping Najib at Kajang was Anwar’s plan all along
Anwar knew that Najib still faces a number of trials. One is going on now in the High Court. Najib faces 25 criminal charges, being 4 counts of abuse of power, and 21 counts of money laundering alleging RM 2.3 billion was taken from 1MDB.
The potential penalties, if Najib is found guilty under Section 23 of the MACC Act 2009 is a maximum of 20 years imprisonment for each count of abuse of power, and a fine of 5 times the amount involved. That is RM 11.3 billion per charge. For money laundering, conviction allows a maximum of 7 years imprisonment, and a fine at the court’s discretion.
This could mean a total jail time of 80 years for abuse of power and 147 years for money laundering. However, its unusual for anyone to be given more than 20 years on such charges in Malaysia.
Anwar knows how to play them out and they dont even know it.
If Najib is found guilty and given an additional prison sentence. Najib’s current sentence is due to be served on August 23 2028. His new sentence might be consecutive, but most likely be served concurrently. In any case, any conviction is most likely to add years to Najib’s prison sentence.
That’s why in Anwar’s latest 101 East interview Anwar kept saying, “He is in prison”. Anwar doesn’t intend to see Najib released anytime soon. Najib will probably be in jail longer than Anwar is prime minister.
Source : Murray Hunter
Remus Chong
When Anwar won the election with the help of BN.
Most know already that they will do whatever it takes to free him as part of the pact.
It is expected for Najib to be in politics again and maybe likely through a pardon he would be out in no time.
He now has to be seen as doing some sentence.
In his air-condioned bungalow.
In this country there will always be 2 standards.
Only depends if you're born previleged or not only.
Cooperate with French probe on 2002 submarine deal, govt urged
Anti-graft group C4 urges Putrajaya to initiate its own investigations if necessary.
Malaysia purchased two French-designed Scorpene submarines in a controversial deal in 2002. (Bernama pic)
PETALING JAYA: The Center to Combat Corruption and Cronyism (C4) has urged the government to fully cooperate with French authorities probing the 2002 submarine deal allegedly linked to former prime minister Najib Razak.
C4 cited a Bloomberg report quoting French prosecutors as alleging that, as the then defence minister, Najib had attended meetings to arrange contracts for the Scorpene submarine deal.
It said the report also quoted a source as claiming that Putrajaya had not cooperated with the French probe all these years.
C4 said this development demanded action from the government, especially its alleged lack of cooperation with French authorities.
“While the French authorities have seen significant breakthroughs in uncovering and publishing facts on this matter, there have been no public updates from the Malaysian Anti-Corruption Commission (MACC).
“The silence calls into question Malaysia’s commitment to anti-corruption and justice, France has made their commitment clear, while Malaysia has not.
“C4 strongly urges the Malaysian government to cooperate fully with French authorities in their prosecutions, as well as to initiate their own investigations and, if need be, legal proceedings against individuals involved in this scandal,” it said in a statement.
Bloomberg previously reported that French financial prosecutors alleged last year that Najib attended meetings with defence company executives to arrange contracts ahead of the Scorpene submarine deal in 2002.
They claimed the contracts were structured to benefit local decision-makers, including Najib’s then-adviser, Abdul Razak Baginda. A classified document cited in the report asserted that the contracts were designed to remunerate Najib and others.
Bloomberg also quoted a source as saying that it was virtually impossible for French investigators to gather evidence needed to summon Najib for questioning and possibly charge him due to “a lack of cooperation from Malaysia”.
Najib’s legal team has always denied that the former prime minister benefitted from the submarine deal or played any unlawful role in its negotiation.
They also dismissed the claim that French investigators were blocked by Najib’s “influence”, saying subsequent federal administrations since 2018 have had full access to the defence ministry’s records, yet no documents implicating him have ever surfaced.
Monday, 21 April 2025
Najib just a common thief who stole from the rakyat dan negara
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A common thief who is now languishing in Kajang Prison for stealing from the rakyat dan negara. - Facebook image
Najib just a common thief who stole from the rakyat dan negara
https://www.youtube.com/watch?v=N2KSMvsx2rE (Shafee Abdullah's press conference on Najib's 1MDB case)
1,690 views Premiered 12 hours ago
Full press conference by former Prime Minister Najib Abdul Razak's lawyer, Muhammad Shafee Abdullah on the 1MDB trial at the Palace of Justice, Putrajaya, today.
KUALA LUMPUR, April 22, 2025: It is just disgusting to hear what Najib “1MDB” Razak’s lawyer, Shafee Abdullah, is trying to spin for Malaysia’s No.1 thief.
The disgraced and shameless former prime minister is just like any common thief, except that he is a kleptocrat who stole millions, if not billions of Ringgit, from the rakyat dan negara (people and country).
And that is why the former corrupt Umno prersident is currently serving his jail sentence in Kajang Prison.
As much as we hate to say, former prime minister Dr Mahathir Mohamad had the guts to see to it that justice is served on Najib.
And Najib is still facing multiple charges of abuse of power and money laundering charges involving RM2.27 billion.
So, whatever and however Shafee spins the news and facts, Najib is just a common thief, and a thief is always a thief.
Najib was the prime minister, Finance Minister and the boss of 1Malaysia Development Berhad (1MDB), so he is responsible and accountable to public funds under his charge. Period.
No News Is Bad News reproduces above a video link on how Shafeee is trying to spin Najib’s case to blame others for the theft of millions or billions of Ringgit from the rakyat dan negara.
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