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Thursday, August 25, 2016

DON'T WORRY MALAYS, WE WON'T COLONIZE YOU: INVESTMENTS IN 1MDB WON'T THREATEN SECURITY - CHINA ENVOY

China's investment in 1MDB will not compromise Malaysia's national security, assured the Chinese ambassador to Malaysia, Huang Hui Kang.
Rather, it would help Malaysia in stabilising financial volatility, resulting in a win-win situation for both countries, Huang said today at the Utar student financial aid awards ceremony in Sungai Long, Selangor.
"Whether investment and cooperation, it is all based on mutual benefit. It's all transparent and according to Malaysian law. China is not taking anything back to China. Rather, it is about helping Malaysia stabilise its financial situation and contribute to its success," he explained.
Asked if China was investing in 1MDB in exchange for Malaysia's silence on certain issues, such as South China Sea disputes regarding sovereignty, Huang rebutted the question.
"No, it has nothing to do with other issues. It's only about economic cooperation," he said.
Chinese companies won 1MDB's projects by beating companies from other countries with its own advantages in bidding, he said.
Citing Bandar Malaysia, Huang pointed out that the Malaysian government owned up 40 percent of the total shares while Malaysian private companies took up half of the rest of 60 percent.
"Secondly, Edra… China invested almost two billion dollars in Malaysia to build a very large-scale power plant to make sure Malaysia will, in future, have sufficient electricity," he said.
China is Malaysia's largest trading partner
The trade relationship between the two countries has also been beneficial, Huang said, with China being Malaysia’s largest trading partner eight years in a row. Malaysia is China’s largest trading partner in Asean.
And, after China began promoting its "One road, one belt" campaign, Huang added, more and more Chinese companies invested in Malaysia, including state-owned and private companies.
International Trade and Industry Minister II Ong Ka Chuan said that only until recent years has China ventured overseas to make investments.
"If they did not come to Malaysia, they would have gone to another counrty(and Malaysia would have lost all this investment)," Ong said.
Last December, 1MDB sold 60 percent of Bandar Malaysia's shares to IWH-CREC Consortium, a Johor-based Iskandar Waterfront Holdings and China Railway Engineering Corp joint-venture.
This March, 1MDB sold Edra to Chinese nuclear conglomerate China General Nuclear Power Corporation (CGN) at the price of RM9.8 billion.
China's investment in 1MDB will not compromise Malaysia's national security, assured the Chinese ambassador to Malaysia, Huang Hui Kang.
Rather, it would help Malaysia in stabilising financial volatility, resulting in a win-win situation for both countries, Huang said today at the Utar student financial aid awards ceremony in Sungai Long, Selangor.
"Whether investment and cooperation, it is all based on mutual benefit. It's all transparent and according to Malaysian law. China is not taking anything back to China. Rather, it is about helping Malaysia stabilise its financial situation and contribute to its success," he explained.
Asked if China was investing in 1MDB in exchange for Malaysia's silence on certain issues, such as South China Sea disputes regarding sovereignty, Huang rebutted the question.
"No, it has nothing to do with other issues. It's only about economic cooperation," he said.
Chinese companies won 1MDB's projects by beating companies from other countries with its own advantages in bidding, he said.
Citing Bandar Malaysia, Huang pointed out that the Malaysian government owned up 40 percent of the total shares while Malaysian private companies took up half of the rest of 60 percent.
"Secondly, Edra… China invested almost two billion dollars in Malaysia to build a very large-scale power plant to make sure Malaysia will, in future, have sufficient electricity," he said.
China is Malaysia's largest trading partner
The trade relationship between the two countries has also been beneficial, Huang said, with China being Malaysia’s largest trading partner eight years in a row. Malaysia is China’s largest trading partner in Asean.
And, after China began promoting its "One road, one belt" campaign, Huang added, more and more Chinese companies invested in Malaysia, including state-owned and private companies.
International Trade and Industry Minister II Ong Ka Chuan said that only until recent years has China ventured overseas to make investments.
"If they did not come to Malaysia, they would have gone to another counrty(and Malaysia would have lost all this investment)," Ong said.
Last December, 1MDB sold 60 percent of Bandar Malaysia's shares to IWH-CREC Consortium, a Johor-based Iskandar Waterfront Holdings and China Railway Engineering Corp joint-venture.
This March, 1MDB sold Edra to Chinese nuclear conglomerate China General Nuclear Power Corporation (CGN) at the price of RM9.8 billion.
- M'kini

A PRIME MINISTER GONE ROGUE: OBAMA WARNED NAJIB DURING NOV VISIT BUT NAJIB STUCK TO HIS 'SAUDI DONATION' FAIRY TALE

A PRIME MINISTER GONE ROGUE: OBAMA WARNED NAJIB DURING NOV VISIT BUT NAJIB STUCK TO HIS 'SAUDI DONATION' FAIRY TALE
Justice Dept. Rejects Account of How Malaysia’s Leader Acquired Millions
BANGKOK — A United States Justice Department complaint filed in federal court this week directly contradicts repeated assertions by the Malaysian prime minister, Najib Razak, about the origins and purpose of hundreds of millions of dollars that ended up in his personal bank accounts.
While Mr. Najib and other Malaysian officials have insisted that the money was a gift from an unidentified Saudi donor, the Justice Department said that it was stolen from a Malaysian government investment fund that Mr. Najib oversaw. Mr. Najib has said he never received any money from the fund.
The court filing, one of several complaints filed Wednesday in a federal money-laundering investigation, provides the first official public documentation of transactions that challenge Mr. Najib’s version of events in a scandal that has battered his government for the past year.
The revelations could undermine his credibility and give new ammunition to a movement to force him from office. However, he maintains firm control over his governing party and has successfully stifled opposition with the firing of critics from party posts, the closing of online news outlets and the criminal prosecution of social media detractors and political opponents.
Prime Minister Najib Razak of Malaysia in Kuala Lumpur on Thursday. A spokesman said he had not changed his position that the hundreds of millions in his personal accounts came from an unidentified Saudi donor, not a government investment fund that he oversaw. Credit Mohd Rasfan/Agence France-Presse — Getty Images
Mr. Najib, who has acknowledged receiving the money but said he broke no laws and took nothing for personal gain, told reporters on Thursday that his government would “fully cooperate” with the Justice Department action.
“Allow the process to take its course,” he said, “but I want to say categorically that we are serious about good governance.”
A spokesman for Mr. Najib, reached late Thursday, said that the prime minister had not changed his position that the money he received was a gift from a Saudi donor and that he gave most of it back because he did not need it.
Towers of Secrecy: Piercing the Shell Companies
From Manhattan condominiums to California mansions to gentrifying neighborhoods in Brooklyn, shell companies are increasingly pervasive in the world of real estate. These articles explore the people behind the opaque deals.
Singapore Cites Three Banks in Inquiry Into Malaysia’s 1MDB Fund JUL 21
U.S. Targets $1 Billion in Assets in Malaysian Embezzlement Case JUL 20
The Justice Department complaint alleges in 136 pages of blow-by-blow detail that huge sums were diverted from the government fund, routed through bank accounts in various countries and then spent on high-end real estate, artwork, gambling and various luxury goods by Mr. Najib’s stepson, friends and associates.
Justice Department Complaint on 1MDB Assets
The Justice Department filed a complaint on Wednesday in federal court in California to seize $1 billion dollars in assets said to be stolen from Malaysia's sovereign wealth fund. Here is the complete court filing.
The court filing seeks to recover more than $1 billion in assets bought with money that prosecutors say was stolen from the fund, known as 1Malaysia Development Berhad, or 1MDB.
Those assets, Attorney General Loretta E. Lynch said Wednesday, “are just a portion of the more than $3 billion that was stolen from 1MDB and laundered through American financial institutions in violation of United States law.”

The case, she said, should be seen as a sign of the country’s “firm commitment to fighting international corruption” and the department’s determination “to protect the American financial system from being used as a conduit for corruption.”
The United States is among several governments, including Malaysia, Singapore and Switzerland, that have investigated 1MDB. The inquiries began last year after an investigative report in The New York Times traced the purchases of about $150 million in residential properties and artwork in the United States to relatives or associates of Mr. Najib.
While the federal complaint does not identify Mr. Najib by name, it cites $731 million in funds that came from 1MDB that were deposited into accounts belonging to a government official identified as “Malaysian Official 1.”
However, Mr. Najib is clearly recognizable in the descriptions and actions attributed to that official.
Large transactions by “Malaysian Official 1” described in the complaint are identical to those previously acknowledged by Mr. Najib. The complaint describes the official’s role in managing the fund, which matches Mr. Najib’s role. And it says “Malaysian Official 1” is a relative of Riza Aziz, Mr. Najib’s stepson.
A person with knowledge of the case, who spoke on the condition of anonymity because he was not authorized to speak publicly, confirmed that “Malaysian Official 1” was Mr. Najib.
The complaint does name Mr. Aziz, and a family friend, Jho Low, who played a key role in establishing the fund. Both are cited as possessing assets bought with money stolen from 1MDB.
Mr. Najib’s advisers have said Mr. Najib received about $1 billion in 2013, most of it donations from a member of the Saudi royal family to help him fight a tough election campaign that year.
That explanation of a Saudi gift was repeated by Mr. Najib’s attorney general, Mohamed Apandi Ali, who closed a government investigation into the money in January saying that he had found no evidence of wrongdoing.
On Thursday, Mr. Apandi issued a statement asserting that no investigation had found evidence that 1MDB funds had been misappropriated. He said he had “strong concerns at the insinuations and allegations” against Mr. Najib in the Justice Department complaint.
The Saudi gift was also confirmed by Saudi Arabia.
Foreign Minister Adel al-Jubeir told reporters in April that Mr. Najib had received a “genuine donation” from a Saudi donor. He did not specify the amount or provide any details.
A Saudi Foreign Ministry spokesman did not respond Friday to requests for comment.
The Justice Department complaint mentions no such gift.
The complaint says that $681 million transferred to Mr. Najib in 2013 came from a Singapore bank account held in the name of Tanore Finance Corporation. It says the money originated from $3 billion in bonds underwritten for 1MDB by Goldman Sachs.
The Singapore account was controlled by Tan Kim Loong, also known as Eric Tan, an associate of Mr. Low, the complaint says.
Four months after receiving the $681 million, Mr. Najib transferred $620 million back to the same Tanore account, according to the complaint.
The complaint offers no explanation for why the prime minister received the money, held it for four months, then returned part of it. It is also unclear what happened to the $61 million he kept, although advisers have said he needed money for parliamentary elections that year.
Loretta E. Lynch, the United States attorney general, announcing the filing of complaints seeking more than $1 billion in assets bought with money prosecutors say was stolen from a Malaysian government investment fund. Credit James Lawler Duggan/Reuters
Mr. Low and Mr. Tan used money from the Tanore account to buy expensive artwork and an interest in the Park Lane Hotel, a luxury hotel overlooking Central Park in Manhattan, the complaint says.
The complaint also says that “Malaysian Official 1” received $20 million in stolen 1MDB funds in 2011. The money, the first he received from the fund, was transferred from an account held in the name of a Saudi prince, the complaint says. It does not identify the prince.
He received $30 million in 1MDB money in 2012 from a separate account, the complaint says.
The prime minister’s office did not respond to inquiries about those two deposits.
The two transactions bring to $731 million the amount of money Mr. Najib is said to have received from the government fund he oversaw.
Mr. Najib created 1MDB in 2009 to promote Malaysia’s economic development. He oversaw the fund as chairman of its advisory board, a position he recently relinquished, and as finance minister, a position he still holds. The fund is wholly owned by the Finance Ministry.
The fund’s goal was “improving the well-being of the Malaysian people,” Ms. Lynch said in announcing the civil action. “But unfortunately, sadly, tragically, a number of corrupt 1MDB officials treated this public trust as a personal bank account.”
The F.B.I. and the Internal Revenue Service took part in the investigation and relied in part on bank transfer data, 1MDB memos and internal emails. Special Agent Darryl Wegner, chief of the F.B.I.’s International Corruption Unit, said that leaders of the Malaysian Anti-Corruption Commission showed “tremendous courage” in pursuing the investigation.
The Malaysian Anti-Corruption Commission’s investigation was shut down by Malaysia’s attorney general.
In Washington, the White House spokesman Josh Earnest said Thursday that President Obama had discussed the scandal with Mr. Najib during a visit to Malaysia last fall.
“The president reiterated how important it is, particularly for a fast-growing country like Malaysia, to be transparent, to demonstrate a commitment to fair play and good government and a business climate that will allow that country’s economy to continue to succeed,” Mr. Earnest said.
- http://steadyaku-steadyaku-husseinhamid.blogspot.my/

CONFIRMED: NAJIB'S 1MDB STOLEN BILLIONS USED TO FUND NIGHT-CLUB HAKKASAN & WORLD'S 5TH LARGEST SUPER YACHT

CONFIRMED: NAJIB'S 1MDB STOLEN BILLIONS USED TO FUND NIGHT-CLUB HAKKASAN & WORLD'S 5TH LARGEST SUPER YACHT
Khadem Al Qubaisi Owned Hakkasan (HKK) Entertainment Empire As Part of the Vasco Trust Web Of Companies
On 24th October 2013 a team of lawyers from the New York law firm Greenberg Traurig (‘gtlaw’) emailed the Abu Dhabi based New Zealand lawyer, Jim Sullivan, at the time a Board Member of the wealth fund IPIC and also of its subsidiary Falcon Bank.
The CEO of IPIC, of course, was Khadem Al Qubaisi (KAQ), who is currently under arrest in Abu Dhabi and the subject of extensive anti-money laundering investigations in a number of countries.
The subject of the email was the purchase of a $50 million penthouse in New York’s Walker Tower, one of the properties subject to a seizure notice by the US Department of Justice, owing to the fact that it was purchased through KAQ’s Vasco Investment Services SA (manager of his Vasco Trust in Luxembourg), which received over half a billion dollars stolen from Malaysia’s development fund 1MDB.
Jim Sullivan was a Board Member and legal counsel of Hakkasan throughout 2013 until he resigned in May 2014
Jim Sullivan was a Board Member and legal counsel of Hakkasan throughout 2013 until he resigned in May 2014
Significantly, Sullivan was emailed regarding this purchase in his further capacity as a Board Member of the private US entertainment and nightclub chain Hakkasan, which was at that very time enjoying a massive expansion of its businesses in the US, particularly in Vegas.
Addressed to “ jsullivan@hkkhospitality.com” the email says:
“Jim, Attached for H.E.’s [His Excellency/KAQ] signatures please find execution versions of the Purchase Agreement, Rider to Purchase Agreement and Side Letter….  As discussed, please let me know when the wire for the $15,000,000 deposit has been sent to GT [Greenberg Traurig]. Below are GT’s wire instructions….”
Attached to a copy of the document obtained by Sarawak Report are indeed the contracts ready for signing by KAQ to take ownership of the Walker Tower penthouse flat.  Signing off the $15 million deposit on behalf of Vasco Investments SA is the beneficial owner, Khadem himself:
Hakkasan Board Member and legal counsel Jim Sullivan managed the purchase of the Walker Tower Flat for KAQ
Hakkasan Board Member and legal counsel Jim Sullivan managed the purchase of the Walker Tower Flat for KAQ
The involvement of Sullivan in his capacity as a representative of Hakkasan in the purchase of his IPIC boss’s New York flat with money acquired from 1MDB is symptomatic of the close knit web of operations between KAQ related companies, which were all run by the same handful of key operators.
These were in particular Sullivan himself; Hakkasan’s CEO, Neil Moffitt, and Marc Ambroisien, then CEO of Edmond de Rothschild Bank in Luxembourg (BPERE), the manager who had originally agreed to accept the suspicious payments from 1MDB.
As pointed out in the DOJ court filing naming Khadem Al Qubaisi, Moffitt was also involved in the Walker Tower deal, registering himself as the manager of this and other KAQ properties:
“Moffitt manages or managed several properties on behalf of QUBAISI. On March 9, 2015, $158,664.71 was transferred from the Vasco Account to an account at J.P. Morgan Chase maintained by Moffitt. Payment details on the wire read: “WALKER TOWER COMPLETE EXPENSES ” [Section 477-9 DOJ indictment]
Moffitt has since stated that this was a perfectly acceptable arrangement and he has insisted that any involvement by himself in the now frozen properties does not mean that the Hakkasan Group received any money from the same sources, ie the Vasco Trust Group of companies.
He has widely threatened to sue any media that suggests otherwise.
“Hakkasan claims none of the money came from illegal funds, and their VP of Legal Affairs Brandon Roos, who had previously sent this publication threatening emails, claims that their own “internal investigation” proves it.” (Pace Vegas)

How Edmond de Rothschild Bank proved KAQ’s ownership

Hakkasan lawyers have also on occasion denied that either KAQ or the company Tasameem own Hakkasan and they have indicated that all their investment came instead from a separate sovereign wealth fund in Abu Dhabi, suggested to be none other than IPIC’s Aabar.
Yet not only were the roles of key directors in Hakkasan clearly intermingled with the distribution of KAQ’s ill-gotten 1MDB money, the entertainment group also availed itself of the same company of lawyers when conducting its expansion within the United States during the same period:
Greenberg Traurig also represented Hakkasan
Greenberg Traurig also represented Hakkasan
None of this was coincidence, as Sarawak Report can now demonstrate, because we have obtained further documents, including bank statements and structural diagrams provided by BPERE which contradict the claims by Hakkasan that there was no overlap between the companies.

Vasco & Tasameem are part of the same web of KAQ companies as ‘HKK’

HKK - no prizes for understanding that this referred to KAQ's Hakkasan interest
‘HKK’ – no prizes for understanding that this referred to KAQ’s Hakkasan interest
These papers show that the nightclub company formed a major part of KAQ’s Vasco-related investments
And they further prove that in late 2012, at the time Hakkasan was being launched in the US, at least $10 million dollars was directly paid by the tainted Vasco Investments SA to the named corporate shareholder of Hakkasan, Tasameem Real Estate Company LLC.
The Vasco and Tasameem Groups of companies, according to this information from BPERE, were all owned by KAQ in 2013 and were linked in a complex web with clear transfers of cash between them.
Tellingly the Vasco and Tasameem companies also shared the same roles.  For example, bank statements show that both Vasco Investment Services SA and Tasameem Investment SA were involved in the financing of one of the world’s largest super-yachts, Topaz.
Edmond de Rothschild's BPERE Luxembourg bank confirmed the VASCO network, which included Tasameem Investment SA
Edmond de Rothschild’s BPERE Luxembourg bank confirmed the VASCO network, which included Vasco Strategic Fund, later renamed Tasameem Strategic Fund2
The structure of this group of companies was confirmed in a letter (above) sent 9th October 2013 by BPERE to KAQ with an accompanying diagram listing the various entities and their relationships.
The letter made clear KAQ’s ownerships included a subsidiary Vasco Strategic Fund SPC, which Sarawak Report has already demonstrated was later renamed Tasameem Strategic Fund – a clear link to the corporate shareholder of Hakkasan, Tasameem Real Estate Company LLC, which was also owned by KAQ, who remained Chairman of Hakkasan until he resigned on April 29th.
A diagram of this web of companies, also provided by the bank, shows how Khadem Al Qubaisi topped a network of parallel concerns, including Tasameem (labelled with the function of “yacht financing”), Vasco and also the owner of HKK, a vehicle named Grimaud.
What the Vasco money funded
Web of Vasco and Tasameem companies with accounts managed through BPERE
Under the Vasco Fund (fuelled by 1MDB), were a line up of companies controlling real estate in Spain and Morocco, a Formula One racing team in Italy, two aircraft and a string of properties in France.

Yacht financing

Topaz was financed through Tasameem and also Vasco!
Topaz was financed through Tasameem and also Vasco!
The yacht financed by Tasameem, according to bank statements viewed by Sarawak Report, is the 5th largest in the world, Topaz.
It is regarded as being owned by KAQ’s boss at IPIC, Sheikh Mansour, however KAQ was financing payment every month to the tune of over $7 million, paid to the builder Oceanus Maritime Limited.
Financing Topaz from money received from 1MDB
Financing Topaz from money received from 1MDB
Significantly, however, not all the payments for the yacht were made from the company Tasameem Investment SA.
Some were directly handled by none other than Vasco Investment Services, the management company for the trust which received half a billion from Jho Low’s Blackstone Asia Real Estate Partners from 1MDB.
Vasco and Tasameem companies were interchangeable when paying for KAQ's yacht expenses
Vasco and Tasameem companies were interchangeable when paying for KAQ’s yacht expenses
So, although Hakkasan’s Neil Moffitt has said his ‘internal review’ has proved there was no link between 1MDB’s flow of money to Vasco Trust and the corporate shareholder of Hakkasan, Tasameem Real Estate Company, these entities appeared to be interchangeable from KAQ’s point of view when it came, for example, to the financing of his yacht.
We have even shown how he changed the names of a key subsidiary from Vasco Strategic Fund SPC to Tasameem Strategic Fund:
In November 2015 Marc Ambroisien remained a Director of Tasameem Strategic Fund, linked directly to the trust which received hundreds of millions from 1MDB
In November 2015 Marc Ambroisien remained a Director of Tasameem Strategic Fund, formerly Vasco Strategic Fund, which received hundreds of millions from 1MDB
Was it just a question of diverting money from where it was available at the time to target different projects from the point of view of this single owner?  This would certainly appear to be the case.

More Questions for the Luxembourg investigation of Rothschild Bank

Tax avoidance expert - did these lawyers also advise on KAQ's extensive French property as well?
Tax avoidance expert – did these lawyers also advise on KAQ’s extensive French property as well?
Likewise, Khadem’s key assistants also appear to have held interchangeable roles, including BPERE’s CEO Marc Ambroisien and the IPIC/Falcon Bank/Hakkasan Board Member Jim Sullivan, who were available to work on different sections of this sprawling empire.
Indeed, the documents futher show how BPERE’s bankers worked together with French tax lawyer Philippe Delattre from Degroux-Brugere to give extensive and detailed support and advice to KAQ on how to set up a complex off-shore structure, in order to disguise the extent of his financing of the $50 million Walker Tower flat.
Most of the cash injection should be dressed up as an outside ‘loan’ from a separate foreign entitity, counselled these trust experts, in order to lower the value of the US investment as much as possible and to avoid tax on any gains.
"introduction of a NZ trust allows for a higher degree of confidentiality"
Degroux-Brugere provided a handy diagram to explain the system to their client – according  to Philippe Delattre the “introduction of a NZ trust allows for a higher degree of confidentiality”
The French lawyer even advised KAQ to charge himself “a quite aggressive renumeration” for the bogus loan “with an interest rate of 7 or 8% for instance”. That way he would reduce any capital gains tax on a resale.
KAQ’s ruse provides further insight into how the off-shore system of companies (and secretive on-shore states like Delaware) assist the mega-rich in hiding the often criminal sources of their wealth, while at the same time avoiding the taxes which the less well-off are forced to pay.
The French lawyer suggested New Zealand as a good place to locate the bogus “grantor trust” because of “a higher degree of confidentiality” available.  It is therefore of little surprise that several firms belonging to the family of KAQ’s 1MDB co-conspirator, Jho Low, are also located in New Zealand.

When will France take action against King Khadem of St Tropez?

The KAQ group of companies, managed by BPERE’s former CEO Marc Ambriosian until just a few days ago, also includes numerous top properties in Paris and St Tropez, where KAQ’s bespoke sports cars are often seen lined up in fleets outside.
Co-owned with '3rd parties'?
Co-owned with ‘3rd parties’?
Sarawak Report therefore asks when will France announce that it is also investigating possible laundering of money from 1MDB?

Vasco Investment Services paid $10 million to Hakkasan shareholder Tasameem Real Estate Company LLC

Beneficiary Vasco Investment Services
Transfer documents show that the beneficiary of the Blackstone payments was Vasco Investment Services SA
As if all this evidence were not sufficient to prove that Hakkasan and its corporate shareholder Tasameem Real Estate Company are by no means ring-fenced from the stolen sources of 1MDB entering Vasco Trust, Sarawak Report has obtained yet further documents which show that a direct payment was made of at least $10 million in 2012 from Vasco to none other than Tasameem Real Estate Investment LLC.

Trail from 1MDB to Hakkasan shareholder

The money trail begins with transfer documents showing how 1MDB’s stolen money was paid by Blackstone Asia Real Estate Partners and other Jho Low controlled companies into the account of Vasco Investment Services SA, part of the Vasco Trust.
Bank statements available to the FBI and Luxembourg authorities further confirm the cash flow.  For example a payment of $158,000,000 made from Blackstone Asia Real Estate Partners to Vasco Investment Services on 29th May 2012:
One of the payments from 1MDB stolen money from Jho Low's Blackstone BVI
One of the payments from 1MDB stolen money from Jho Low’s Blackstone BVI
That money was sent just days after KAQ’s company Aabar Investements PJS BVI had assisted Jho Low in diverting $577 million from 1MDB’s first power purchase loan of $1.75 billion raised by Goldman Sachs, according to the DOJ:
“Between approximately May 29, 2012, and November 30, 2012, four wires totalling $472,750,000 were sent from the Blackstone Account to an account at Bank Privee Edmond de Rothschild (“Bank Rothschild”) in Luxembourg maintained in the name of Vasco Investments Services SA (“Vasco Account”). Vasco Investments Services SA is a BVI entity affiliated with QUBAISI, and QUBAISI is the beneficial owner of the Vasco Account. QUBAISI used a portion of the $472,250,000 transferred into the Vasco Account from Blackstone to acquire real property in the United States worth roughly $100 million, [Section 181-3 DOJ court filing]
That leaves $372,000,000 of the Blackstone money still unaccounted for by the DOJ investigators, plus other 1MDB related payments to Vasco, including from Jho Low’s Good Star Limited, raising the total to over half a billion dollars which flowed from 1MDB to Vasco Investment Services SA.
The destination of that money is still being reviewed, leaving Hakkasan very much in the frame according to the evidence. Not least because the BPERE statements also show that at least one $10 million dollar payment was later made in October 2012 from Vasco Investment Services SA direct to Tasameem Real Estate LLC, the Shareholder of Hakkasan.
Ring-fenced?  Evidence of payments of 1MDB money from Vasco Strategic Services to Hakkasan's shareholder and key lender, Tasameem Real Estate Company LLC
Ring-fenced? Evidence of payments of 1MDB money from Vasco Strategic Services to Hakkasan’s shareholder and key lender, Tasameem Real Estate Company LLC
In total the Hakkasan accounts filed in the UK show that Tasameem as shareholder has altogether passed on a total of $566 million to the company in ‘shareholder loans’ since the rapid expansion of the nightclub chain began in Vegas in late 2012.
Hakkasan CEO Moffitt (top centre) posing with Hakkasan DJs and 'crowd' - posted today on Facebook
Hakkasan CEO Moffitt (top centre) posing with Hakkasan DJs and ‘crowd’ – posted today on Facebook
How could Hakkasan cash be ring-fenced from Vasco’s 1MDB money which was flowing into the same group of companies owned by the same shareholder – especially when payments of millions of dollars were being transferred from Vasco to Tasameem Real Estate Company?
Recent reports in the United States have in fact confirmed that the DOJ investigations into the origins of Hakkasan’s cash investments are on-going, despite the denials of Neil Moffitt.
Witnesses are still being questioned on these matters, Sarawak Report has also learnt.
And there is clearly plenty more evidence to be obtained from the Luxembourg and DOJ enquiries into Edmond de Rothschild Banque Privee before investigators announce where they believe the as yet unaccounted for remaining $372,000,000 that KAQ received from 1MDB exactly went.
- SARAWAK REPORT