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Wednesday, May 25, 2016

Its Denying Bangladesh MOU All Over Again, Petronas' Denial Makes Russian Minister Look Stupid.

Remember our Minister went to Dhaka in Bangladesh to sign that MOU with the Bangla government to import 1.5 million Bangla worker (or 500,000 Banglas x three years).  Then it was revealed that Zahid Hamidi's brother would be involved in importing the Banglas. Zahid threw a tantrum and made the announcement that no Banglas would be imported. Period.

That flip-flop also caused severe embarrassment for the Bangla government. The Dhaka Press went to town criticising their government over the knee jerk by Zahid Hamidi.

In similar fashion Petronas has denied any negotiations to sell any of its oil and gas assets to the Russians.  

This again will severely embarrass the Russian Energy Minister Alexander Novak who made a lengthy statement about the same subject at the sidelines of the most recent ASEAN - Russia summit in Sochi in Russia.  

"Last Friday, Russian state news agency TASS reported Energy Minister Alexander Novak as saying state-controlled Zarubezhneft was in talks with Petronas regarding the purchase of its assets."

That news about the Russians negotiating to buy out Petronas' assets has gone viral. The local print media has gone quite predictably quiet on the issue.

So Petronas has denied everything.  Very good. Mission accomplished. So our oil assets are safe. They will not be sold to the Russians.
Just to clarify some things.

Here is some compiled stuff about this :

1.  A reminder about Zarubezhneft  :
Zarubezhneft is a Russian state-controlled oil company that specializes in exploration, development and operation of oil and gas fields *outside of Russian territory.*

If Petronas tries to spin this that Zarubezhneft is looking to acquire Petronas' share of *Russian* assets, it will be a lie. 
  • Zarubezhneft deals in oil and gas that is not within Russia. 
  • Zarubezhneft undertakes foreign Oil & Gas investments, outside Russia.


Zarubezhneft would not buy shares of Russia's Rosneft, because Zarubezhneft deals with non-Russian O&G. 

This Rosneft sale is NOT what Tass was referring to. 

My comments : Zahid's flip flop on the 1.5 million Bangla workers (24 hours after signing an MOU with Bangladesh)  embarrassed the Bangla government.

Now Petronas' denial about selling assets to Russia will likewise embarrass the Russians, especially their Energy Minister Alexander Novak.

Our name will really stink as a country that cannot be trusted. That the gomen can sign MOUs, negotiate deals etc and then just deny everything overnite.

Malulah Malaysia.

No Compromise (Even with Najib) : The Full Media Statement From MAS Singapore

BSI Bank to shut down in Singapore

Singapore, 24 May 2016…The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff.

2   In addition, MAS has referred to the Public Prosecutor the names of six members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences.

3   BSI Bank has been operating as a merchant bank in Singapore since November 2005 where it offers private banking services.  It is a wholly-owned subsidiary of BSI SA, a bank founded in 1873 and headquartered in Switzerland.

Assurance for customers of BSI Bank

4   Clients and customers of BSI Bank are assured that the Bank is solvent and has assets in excess of its liabilities and commitments.  It also has the full support of its parent bank, BSI SA, in Switzerland.  MAS is working closely with the Swiss Financial Market Supervisory Authority (FINMA), the home regulator of BSI SA, to oversee an orderly closure of BSI Bank in Singapore.

5   MAS notes that FINMA has approved the acquisition of the entire BSI Group by EFG International, a bank authorised by FINMA and headquartered in Switzerland. In the interest of the customers of BSI Bank, MAS will allow the transfer of the Singapore subsidiary’s assets and liabilities to the Singapore branch of EFG Bank AG or to the parent entity, BSI SA. 

Withdrawal of merchant bank status

6   In 2011, MAS inspected BSI Bank and found policy and process lapses at the front office and weak enforcement by control functions.  The lapses were rectified. 

In 2014, MAS inspected the bank again and uncovered serious shortcomings in its due diligence checks on assets underlying the investment funds structured for the bank’s customers. Given repeated findings of weaknesses in its control regime, MAS instructed BSI Bank’s management to increase scrutiny of the bank’s risk management processes and internal controls. 

A more intrusive third inspection by MAS in 2015 revealed multiple breaches of anti-money laundering regulations and a pervasive pattern of non-compliance.

7   MAS’ decision to withdraw BSI Bank’s status as a merchant bank takes into account the repetitive lapses as well as the 2015 inspection findings which revealed:   
  • widespread control failures which led to numerous serious breaches of various anti-money laundering regulations
  • poor and ineffective oversight by the senior management of BSI Bank
  • unacceptable risk culture, with blatant disregard for compliance and control requirements as well as MAS’ regulations
  • numerous acts of gross misconduct by certain staff

8   Specific regulatory lapses include the processing of multiple unusual transactions which were essentially pass-through trades often without economic substance. 

Approvals of such transactions were based purely on faith of client representations despite deficient documentation and concerns raised by the bank’s compliance officers.
9   This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work.

Referral of BSIS senior management and staff to the Public Prosecutor
10   MAS found considerable evidence of gross dereliction of duty and failure to discharge oversight responsibilities on the part of BSI Bank’s senior management.  Their ineffective governance led to a poor risk culture, which prioritised questionable customer demands ahead of compliance with anti-money laundering regulations and the bank’s own internal controls.
11   Several of the bank staff also committed wilful acts of misconduct, such as:  
  • making material misrepresentations to auditors
  • abetting improper valuations of assets; and
  • taking instructions from persons other than customers’ authorised representatives on matters relating to customers’ accounts

12   The severe lapses and failings in BSI Bank, which led to MAS’ decision to withdraw the bank’s status as a merchant bank, were the result of the actions or omissions of these individuals.

13   MAS has referred to the Public Prosecutor the names of the following six members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences:
  1.  Mr Hans Peter Brunner, former CEO
  2.  Mr Raj Sriram, former Deputy CEO
  3.  Mr Kevin Michael Swampillai*, Head of Wealth Management Services
  4.  Mr Yak Yew Chee, former Senior Private Banker
  5.  Mr Yeo Jiawei**, former Wealth Planner; and
  6.  Ms Seah Yew Foong Yvonne, former Senior Private Banker

* Mr Swampillai is currently suspended by the bank.
** Mr Yeo is currently in remand and has been charged by the Public Prosecutor for various offences.

Imposition of financial penalties

14   MAS has also served BSI Bank notice to impose financial penalties amounting to S$13.3 million for 41 breaches of MAS Notice 1014 - Prevention of Money Laundering and Countering the Financing of Terrorism. The breaches include failure to perform enhanced customer due diligence on high risk accounts, and to monitor for suspicious customer transactions on an ongoing basis.

MAS’ expectations of financial institutions

15   MAS requires financial institutions in Singapore to comply strictly with its regulations on anti-money laundering and countering the financing of terrorism.  Like all major international financial and business centres, Singapore faces an inherent risk of being used as a conduit for illicit financial flows. Financial institutions operating in Singapore are therefore expected to have rigorous systems and processes to thwart this risk, including high standards of vigilance in on-boarding clients and monitoring transactions.

16   Mr Ravi Menon, Managing Director, MAS, said, “BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector. It is a stark reminder to all financial institutions to take their anti-money laundering responsibilities seriously. Controls need to be robust, surveillance vigilant, and the management culture must emphasise professional integrity and risk consciousness.”

17   MAS is conducting supervisory reviews of several other financial institutions and bank accounts through which suspicious and unusual transactions have taken place.  MAS will not hesitate to take actions against these institutions if they are found to have breached regulations or fallen short of expectations.

18   Mr Menon said, “MAS is absolutely committed to safeguarding the integrity and reputation of Singapore’s financial centre.  On this, there can be no compromise.

Tuesday, May 24, 2016

To Yak Yew Chee, Jho Low, Eric Tan & The Bad Guys : Yeo Jiawei is going to cut a deal. Read this.

I received this from Singapore :

TOLD U, Yeo gonna cut a deal, he as 48 hours.....then game over, they will focus on YAK to confess..........
Here is today's news from Singapore :
SINGAPORE: Two additional charges were levelled against former private banker Yeo Jiawei, who has been accused of money laundering and cheating offences allegedly linked to a probe into Malaysia's troubled 1MDB, on Tuesday (May 24).

The 33-year-old now faces a total of nine charges, including that for money laundering and cheating involving millions of dollars, and for perverting the course of justice.

His latest charges are for allegedly concealing a portion of the fees he received from deals between his employer, Switzerland's BSI Bank, with two companies, Pacific Harbor Holdings (PHH) and Devonshire Capital Management (DCM). 

He is accused of receiving part of the fees through Bridgerock Investment, an entity owned by himself, for the deals that took place in 2013 - thereby inducing BSI to enter into the agreements with PHH and DCM on Aug 28, 2013 and Feb 21, 2013 respectively.

BSI Bank was separately shut down by the Monetary Authority of Singapore on Tuesday over “serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”.

In court on Tuesday, Second-Solicitor General Kwek Mean Luck urged the court to deny Yeo bail, saying this is the first time a bank has been shut down in Singapore and that the prosecution believes Yeo “is central to the activities that have led to MAS’ response”.

Mr Kwek highlighted Yeo’s "significant" role in masking the nature of illicit financial transactions and argued that there is an immediate risk that he will tamper with witnesses. “Releasing him on bail will jeopardise ongoing investigations, and (also) investigations into other individuals named (by) MAS”, he said.

Yeo’s lawyer Harry Elias called his client’s 38-day remand “simply unacceptable”. It is the longest time any single accused person has been remanded for an investigation Mr Elias said. 

He accused the prosecution of attempting to prolong Yeo’s remand by tendering fresh charges against him in piecemeal fashion and said the two additional charges for cheating brought against Yeo are “nothing new”. 

Tuesday marks the fourth time Yeo has faced new charges since he was remanded in April this year.

The prosecution, led by Mr Kwek, said the defence’s response “overly dramatizes” the situation.

“The reason why we’re taking these unusual steps is because Yeo himself as taken very unusual steps”, Mr Kwek told the court. “In most cases, you do not have an accused person who is actively tampering with witnesses”, he added, revealing that Yeo has interfered with at least five witnesses so far.
Yeo’s immediately family is also being investigated for money laundering offences.
District Judge Christopher Goh is expected to decide on Yeo’s bail application on Thursday afternoon

My comments : Let me repeat what the sender said :  "TOLD U, Yeo gonna cut a deal, he as 48 hours.....then game over, they will focus on YAK to confess.........."

Thank you  for this insight. So far the things you have said about the Singapore end of things have come true.  Lets see what happens by Thursday,

Singapura Batal Lesen Bank Yang Salurkan Duit Skandal 1MDB

May 24, 2016
Monetary Authority of Singapore (MAS) withdraws BSI Bank's status 
serious breaches of anti-money laundering rules.
Singapore ordered BSI in the city-state to close
Swiss started criminal proceedings against BSI
biggest int'l crackdown wrt troubled (1MDB)

first time in 32 years such action against a bank.
MAS also reviewing transactions of other banks in S'pore 
MAS conducting reviews of financial institutions and accounts 
suspicious and unusual transactions have taken place
referred six current and former BSI senior staff to public prosecutor 
BSI is worst case of control lapses and gross misconduct in S'pore 
S'pore action “a shot across the bow to the industry
strong signal to any institution they could also face these issues

MAS did not explicitly name 1MDB 
Swiss FINMA said BSI committed breaches of money laundering regulations
business and transactions linked to corruption surrounding 1MDB.
1MDB founded by Najib being investigated for money-laundering in six countries

1MDB cast unwelcome spotlight on S'pore

BSI Chief resigns :   BSI CEO Stefano Coduri stepped down immediate effect

Swiss AG opened criminal proceedings against BSI in connection with 1MDB.

AG suspects deficiencies in internal organization of BSI bank 
bank unable to prevent offences in criminal proceedings relating to 1MDB
Swiss investigation into 1MDB revealed US$4 b misappropriated from M'sia
Swiss seizing (US$96 million) of profits from BSI – Reuters

My comments :  Folks, the Singaporeans, the Swiss and others are acting in concert. 

As I was informed this morning, please see my earlier post, the Singapore public prosecutor has slapped one more charge on Yeo Jiawei in Singapore.

And today the Singapore central bank (the MAS) has kicked out Aabar BVI's money laundering bank BSI. BSI can no longer operate in Singapore.

The RM2.6 billion in Najib's account was channelled through this bank.

Can Zeti Akhtar Aziz  confirm that Bank Negara Malaysia okayed the remittance of RM2.6 billion into Najib's personal account at AmBank from this same money-laundering bank in Singapore?  Malu lah Malaysia.

Saudi Royal Family "donates" RM20 million ONLY to Hillary Clinton !!

Someone sent me this. Thank you. This is from here :

  • Saudi family with close ties to royal family and history of violence 
  • donated millions to Clinton foundation 
  • Nasser Rashid, top 5 wealthiest man and adviser to Saudi royal family
  • donated US$1m-$5m to Clinton Foundation
  • making him one of foundations’ top donors
  • same category as Barclays Capital or Anheuser-Busch
  • Rashid’s children donated US$600k to Democrats over past years
  • including son guilty of assaulting wife
My comments : America is the largest superpower in the world. Saudi Arabia is a puppet of the United States. Without America there is no such thing as Saudi Arabia.  The Saudis depend on America for their defense, for producing their oil and selling their oil.
Yet the Saudi Royal family "donated" only US$5 million (RM20 million) to Hillary Clinton's election campaign. 

And some morons think they can fool people with a story that the Saudis donated RM2.6 Billion to a certain crappy Third World tin-pot dictator !

Berita dari Singapura : Eric Tan Kim Loong is the Arab sheikh ??

The omnipotent Internet. At light speed from some one in Singapore.  This person has got things right before.

Later today, I suspect end of the day, Singapore will be interesting.

Yeo Jia Wei, after 35 days on remand, (which is serious), with no bail - the court will learn of more charges against him ? 

And charges against his wife's parents ? Or someone else? 

AND prosecution will again bid for NO BAIL.

Lets see what happens.....either way it will be a major step to some more charges and getting closer to a Red Notice request to Interpol for Eric Tan Kim Loong.

And we know what that means........they may indict Jho Lo and Red Notice him at the same time.

BUT we are guessing ERIC will get it first, if they can find him, and get his confession(s)......let him repent.

Over in KL expect the new BNM governor to say he knows nothing about approval for a US600m "donation". 

ZETI to distance herself too.

Eric Tan Kim Loong  set up TANORE - this is already a fact before the Singapore prosecutors. 

The fake sheikh that came out only later and very suddenly actually refers to TANORE - which became  that "royal Saudi"  haha.   

But we know Tanore is the remitter of the money - after receiving the money from Aabar BVI  (the impostor Aabar).

Of course the Singapore authorities know all this. 

Aabar BVI receives US$3.5 bill,  Riza gets US$250 mill.

R----h's private account somewhere gets US$250mill.

Boogey via Tanore gets the US$625mill, etc etc 

US$5 bill stolen, and proven stolen yet Twitter and Dobi do not even question a single soul under caution  :) YET !!!     

Their hands will be twisted very soon or they face prosecution themselves, likely anyway and surely since  they remain dumb! 

Aabar BVI  took US$ 3.5bill and Goodstar took US$ 1.5bill.  

Expect IPIC to throw a fit today or tomorrow. 

Plus some Bloomberg news that since the US$3.5 bil was stolen, so IPIC did not receive it, meaning IPIC is off the hook ......its just money stolen :)

My comments : Wow !!  Imagine if a Red Notice request is issued for Eric Tan Kim Loong and Jho Low !! Jho Low must buy himself a submarine and dive very deep in the Mariana Trench.

Well if it is presented in any Court of Law that the US3.5 bil was stolen, then of course it should absolve IPIC from their guarantee obligations. IPIC will not be legally obliged to guarantee 1MDB anymore. 

That will trigger the default issue all over again. If IPIC's guarantee is not there anymore, and 1MDB cannot pay the interest plus principal it will be kaput.

It became a totally embarrassing incident when our kampong boys requested Interpol for a Red Notice over Clare Rewcastle Brown. Interpol threw the stupid request into the garbage - where it belonged.

Wouldnt it be even more embarrassing for Malaysia if Interpol grants Singapore's requests for Red Notices for Eric Tan Kim Loong and Jho Low  ? 

Bebudak kita akan  nampak lagi bodoh.   Because in Malaysia no one has been investigated, arrested or charged over this largest money stealing  crime in the history of the world.  

The money was ours. The stealing happened here in Malaysia. Yet it is another country - Singapore that has so far pressed charges in Court and is prosecuting the theft.

Bukan Malaysia pula !!