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Bloggers continue to debate on 1MDB

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KUALA LUMPUR – Nov 11, 2015: It has been months since the controversies surrounding 1Malaysia Development Berhad (1MDB) shook the nation, yet it continues to be a favourite topic of discussion in the Malaysian blogosphere.

Several prominent bloggers had over the past few days went into further details about 1MDB, emphasising on the ‘legitimacy’ of the strategic development company and its conducts.

Blogger Lim Sian See who wrote at ‘LSSReport’ blog presented ‘verifiable hard facts’ that he said the people should know about 1MDB.

In the first of what he said going to be series of postings on the matter , he pointed that the joint venture between 1MDB and PetroSaudi was reported to be initiated within a short time after a July 2009 meeting between Saudi Arabia’s King Abdullah, Prince Turki and Prime Minister Najib Razak.

Debunking others’ claims on the illegitimacy of the 1MDB’s joint venture with PetroSaudi, Lim summarised that the joint venture was verified to be made with a Prince who was a governor of Saudi Arabia’s capital city, and son of the monarch of oil-rich country.

“He is not a so-called ‘minor’ prince among dozens – as alleged by Sarawak Report. By all accounts, he was a favoured son of the King and was made deputy governor and eventually, the governor of the Riyadh province – the second largest province in terms of both area and population,” Lim wrote.

Lim also pointed out that Saudi Arabia is the world’s largest oil producer and exporter with a GDP more than twice the size of Malaysia, and has FOREX reserves of USD280 billion.

“Saudi Arabia and their Royal family are not hard-up for money at all. Think carefully, do you think the absolute monarch of oil-rich Saudi Arabia would like world-wide headlines to scream ‘Blood son of Saudi Arabia King Abdullah cheats Malaysia government out of USD1 billion’?

“It would be quite ridiculous that PetroSaudi owner the future governor of Riyadh, Prince Turki, the seventh blood son of the then King Abdullah – the custodian of the two holy mosques and the absolute ruler of Saudi Arabia – would want to pakat (work together) with Jho Low to cheat Malaysia of USD1 billion,” Lim wrote.

Lim also summarised that the entire amount of 1MDB’s investment of USD1.83 billion was returned with USD300 million in dividends, plus USD2.32 billion of fund units.

The blogger wrote, these units are fully guaranteed by the Abu Dhabi government, and the valuation of these units is confirmed multiple times by one of the largest auditor company in the world, Deloitte.

Additionally, Lim added that these units have been redeemed and the money used with Abu Dhabi government paying USD1 billion cash for the remaining units held in BSI Singapore.

In time, Lim ended the posting by requesting 1MDB critics to show the chain of money trail showing that the money is lost or stolen.

Meanwhile, prominent Najib critic, anonymous blogger Jebat Must Die takes another swipe at 1MDB in his latest posting, illustrating on how middleman Jho Low and PetroSaudi’s scheme were allegedly set to steal money from Malaysians through 1MDB.

In his posting, the blogger reproduced a recap report “Saving Prince Turki: UK regulator looks away in matter involving Turki Abdullah Al-Saud”, which was published in The Terror Finance Report.

Subsequently, the blogger reproduced ten key points illustrating the ‘scheme to defraud Malaysia’ stating that PetroSaudi Holdings never owned the Turkmenistan assets that were supposed to be injected into the joint venture company. These ten key points were originally published in The Edge.

“Those assets were owned by Buried Hill Energy (Cyprus) Co Limited. PetroSaudi was only in negotiation to buy the assets from Buried Hill. They signed a negotiation agreement on July 4, 2009 and this was eventually terminated on Nov 23, 2009.

“PetroSaudi Holdings committed fraud by selling assets which it did not own into the joint venture company. Basically, 1MDB entered into a business with a company without any track records or assets!” Jebat added.

In the report, the blogger pointed out that the whole scene involves international money laundering where 1MDB transferred US$700 million to the Good Star – the company that Jho Low controlled.

The blogger further stressed that “there is no limit to greed, even when you’re supposed to be an Arab prince flushed with Arab money”.

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About the author

Amira Nutfah Zulkifli

Amira Nutfah Zulkifli

A budding journalist. Aside of struggling to understand Malaysian political scenario, she is inspired to study and fight for women's emancipation. Above the rest; she simply loves her nation.