blogtunm.blogspot.com Tun M
1Malaysia Development Berhad Money
1. 1MDB is about money. It was set up as “Sovereign Wealth Fund”. But it is not. It is not because the 42 billion Ringgit was borrowed. And borrowed money cannot be regarded as wealth.
2. Money today takes many form. Originally it came as coins made of precious metal. It later is represented as currency notes, then as cheques, credit cards, debit cards and now as pin numbers.
3. Whatever form that money takes, it cannot be moved without some written records. These records may be as receipts for payment, bills, cheques and cheque stubs, entries in account books of traders and banks, records of electronic transfers etc.
4. The names of the owners or recipient must be in these records, especially when large transactions are involved.
5. If it is claimed that some generous Arab had given the USD 681 million, there must be plenty of records. The donor must have records of the money deposited in his bank, from which he must have given the money. He cannot have that amount of money as cash in his house. His donation must have been recorded in the bank or banks.
6. The bank will have the name of the owner, when he received the money, from whom, to whom, in current account, or fix-deposit, in one lump sum or in drip and drab, currencies used, deposited as cash or cheques or electronic transfer etc.
7. And when the money is donated to the lucky recipient, what form did it take; as cash or cheques or electronic transfer, from whom to whom, account number, entries in books, the bank where the money is held, the cheques or cash drawn and transferred, the electronic transfer, the recipient banks, the records in the recipient banks’ books, the cheques drawn on the bank, payment made, to whom, statement in bank account etc etc.
8. Clearly money, especially large sums of money cannot be moved within a country or across borders without a whole series of reports or notes being made in banks and cheques and the account books as to who paid the recipient for goods or services etc etc.
9. Merely declaring that the money is a donation for whatever purpose or a letter from the alleged donor is not enough. A declaration by the A.G. that there was nothing wrong with the transaction is also not enough.
10. Let us see all the records and the documents including the business of the ultra rich donor who had donated easily the biggest sum of money in the history of human charity. Let us see the cheques drawn or the money in the Arab Malaysian Bank.
11. Let an independent body have sight of all the documents and swear as to the truth of their findings.
12. Until then we can only accept the report of the Department of Justice of America (DOJ) as God given truth, that 1MDB money has been stolen by the people responsible for its management, i.e. by the Chairman of the Advisory Board of 1MDB, that Jho Low still has most of the billions and that the money can be used to bribe, particularly in the PRU 14.
13. I wonder who advised the all-powerful Attorney General not to talk to the press, not to explain “No Further Action (NFA)” does not mean no further action but means further action can be taken. Is his “consent to Bank Negara” to issue a letter of administrative compound to 1MDB not a consent but is a denial of agreement to what Bank Negara was legally required to do.
14. Or is “no wrongdoing” an admission that there was wrongdoing by Najib.