Chitchat What does 1MDB asset seizure by US / S'pore means?

For a start it does not mean that the US and Singapore gets to keep the assets. The supposed victim - 1MDB can apply to have the funds repatriated. And all of it. They are indeed the rightful owner. For Najib it just means that his attempt to plunder state assets is partially successful. He will probably find another way to steal again. He of course can only be removed politically.

So who faces the music?

It will all those facilitated the laundering - bankers, middlemen etc.

What about Najib's family such as his son in law and cronies?

Malaysia has the habit of issuing diplomatic passports to relatives and cronies. It was prevalent even during Mahathir's time. Those implicated will be deported and barred from entry.

So why are people delighted by the news of the seizure?

Because they have no idea how these things work.

Is there any justice in all these?

Yes and no. Bankers and middlemen would face justice. Malaysians however would lose financially and reputation wise. Sadly Najib and Rosmah will continue to plunder the country.

scroobal said:

Sadly Najib and Rosmah will continue to plunder the country.

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Well one thing is certain, they did it with style under glaring spotlights while Pinky and HC hide behind curtains.

tyudm said:

Well one thing is certain, they did it with style under glaring spotlights while Pinky and HC hide behind curtains.

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Yeah but all pinky has to do in order to ensure 70% or more in the next election is to tell his MPs to organise more durian excursions and all will be well.

70% Sinkies don't care how the leadership behaves as long as they get good durians and speedy clearance through customs and immigration.

tyudm said:

Well one thing is certain, they did it with style under glaring spotlights while Pinky and HC hide behind curtains.

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kudos to u.. you are able to see and put things in proper perspectives.

It was bold, brazen and very open. The email trails from 1MDB shows that their staff whether Indian, Chinese or Malay and having professional tertiary qualification such as accountancy were taking instruction directly from JLow to transfer funds. Interestingly the person from 1MDB challenging the instructions as well the PetroSaud involvement was a Malay chap. So it was not all a Malay adventure.

He however can take lessons from HC and the PAP government. When HC lost $600million in Micropolis, Dhanabalan praised her for having the courage to cut the losses quickly. What Najib can do is follow the PAP way of milking the taxpayers by legislating and thereby legalising any action that enriches a select few. But he also needs to create a climate of fear and instant retribution in the event it is not covered by a legal framework. For instance no one has questioned how a Minister that has no cabinet portfolio responsibility and accountability can remain in office and the Istana for 25 years till he died. There is absolutely no legal basis to allow that. In a proper democratic country such a person has to be engaged as a consultant and required to put up reports. The only thing he was entitled legally was the MP's allowance even though the law does not address the notion that no meet the people sessions were carried out, hardly any attendance in Parliament etc.

tyudm said:

Well one thing is certain, they did it with style under glaring spotlights while Pinky and HC hide behind curtains.

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It is so sad that to see so many people bought over because of Durians. I used to laugh when reading new reports from India where candidates pay less than a dollar for each vote. In our case, the voter pays for the Durian trips and feel out of this world to travel with an MP.

Leongsam said:

Yeah but all pinky has to do in order to ensure 70% or more in the next election is to tell his MPs to organise more durian excursions and all will be well.

70% Sinkies don't care how the leadership behaves as long as they get good durians and speedy clearance through customs and immigration.

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scroobal said:

It is so sad that to see so many people bought over because of Durians. I used to laugh when reading new reports from India where candidates pay less than a dollar for each vote. In our case, the voter pays for the Durian trips and feel out of this world to travel with an MP.

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Likewise, I did laugh at Indians voting for just a dollar. I then realised that 70% of us did so for free durians and peanuts!

I remember one episode where the PM tried to court bloggers including dissident ones to the Istana for a meal. Friendship and love thankfully lasted a few weeks. Shanmugam however is still going strong. He has invited and continues to invite people who make the news in the pubic space such a NGOS, Bloggers, etc to his office or for coffee/meal. Thats how Louise Ng from the animal conservation group became an MP. Unfortunately there are collateral damage.

rover2sg said:

Likewise, I did laugh at Indians voting for just a dollar. I then realised that 70% of us did so for free durians and peanuts!

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The seizure is only part of the process to nail the crooks, who will ultimately be in the dragnet for indictment of criminal misappropriation, money laundering, theft, etc, and if any part of the stolen cash is found to have been routed to supporting ISIS, then it is another long story. The dark side of politics is always murky.

scroobal said:

..In our case, the voter pays for the Durian trips and feel out of this world to travel with an MP.

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The perks of travelling outstation with pappies MP and Minister are obvious; expeditious immigration clearance, no need to queue like animals lining up for slaughtering and of course, special courtesy by staff at the checkpoint.

[url]http://www.scmp.com/news/asia/southeast-asia/article/1992769/odd-couple-malaysias-anwar-endorses-long-time-foe-mahathir
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[url]http://www.scmp.com/news/world/article/1992523/us-maps-malaysias-1mdb-fraud-trail-kuala-lumpur-hollywood
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All the criminal acts except for money laundering occurred in Malaysia so can only be prosecuted there but AG says no offence. Thats leaves money laundering outside Malaysia. Those close to Najib - family and JLow are certainly holders of diplomatic passports. Thats leaves only bankers and middlemen.

Typically seizure of assets begin when criminal prosecutions are concluded. They usually only freeze the accounts or seal physical assets in custody. Its a good indicator where this is going. They will hang out to dry the bankers and the two Arab middlemen who were successfully extradited to the US.

bigboss said:

The seizure is only part of the process to nail the crooks, who will ultimately be in the dragnet for indictment of criminal misappropriation, money laundering, theft, etc, and if any part of the stolen cash is found to have been routed to supporting ISIS, then it is another long story. The dark side of politics is always murky.

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http://www.scmp.com/news/asia/southeast-asia/article/1992738/singapore-financial-institutions-were-used-dubious-1mdb

Palmer, David and Yaw will have few nice stories on their Durian trips!

All the criminal acts except for money laundering occurred in Malaysia so can only be prosecuted there but AG says no offence.

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What else could the AG say? He is the guy caught between the devil and the deep blue sea. If he said offence committed, he surely die. If he said no offence found, he still got chance to hang on to his job but ultimately he would also get sacked and his credibility ruined.

scroobal said:

...Those close to Najib - family and JLow are certainly holders of diplomatic passports. Thats leaves only bankers and middlemen...Its a good indicator where this is going. They will hang out to dry the bankers and the two Arab middlemen who were successfully extradited to the US.

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What you see is not what you get. This is especially true after US election result in Nov 2016 is announced. Should the Triumph get elected, all hell would break loose and more exciting fireworks. The Triumph is surely going to whack all of them hard and this guy will do everything to prove he is a toughie, not to mess with.

i simply love loose cannon.

hopefully Rodrigo Duterte and Trump can live up to their words.

would trump (if he is president) back down when the generals threaten to resign ?

It is time for Najib to install Rosmah as the CEO of a Holding company to invest all EPF money. Najib should be humble and learn from the really smart ones.

scroobal said:

For a start it does not mean that the US and Singapore gets to keep the assets. The supposed victim - 1MDB can apply to have the funds repatriated. And all of it. They are indeed the rightful owner. For Najib it just means that his attempt to plunder state assets is partially successful. He will probably find another way to steal again. He of course can only be removed politically.

So who faces the music?...... Sadly Najib and Rosmah will continue to plunder the country.

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uncle! so who should be blamed????

1/ the agong for his consent to appoint jib-kor as the PM
2/ the agong again for not sacking jib-kor
3/ the old horse for creating such a powerful PM position