Mahathir Will End Najib’s Corrupt Grip on Malaysia

Mahathir Will End Najib’s Corrupt Grip on Malaysia

If there is a man in Malaysia you do not want to annoy it is former PM Mahathir, and now the corrupt and evil Government of Najib has attracted his anger.

The Mahathir powered rally is set to be the culmination of a seven-week Bersih campaign in response to the scandal involving the prime minister and state-owned fund 1MDB.

In an almost two-minute video posted online on Wednesday, former Prime Minister Mahathir Mohamad, who has been campaigning to oust Najib, said the country was “in a state of panic” over the scandal.

The U.S. Justice Department lawsuits filed in a federal court in the USA did not name Najib, instead referring to “Malaysian Official 1.” Some of the allegations against this official were the same as those in a Malaysian investigation into a $681 million transfer to the premier’s personal bank account.

The lawsuits said $681 million from a 2013 bond sale by sovereign wealth fund 1Malaysia Development Berhad (1MDB) was transferred to the account of “Malaysian Official 1”.

A source familiar with the investigation confirmed that “Malaysian Official 1” was Najib.

The civil lawsuits said that a total of $3.5 billion was misappropriated from 1MDB, a fund Najib established in 2009 and whose advisory board he chaired.

The U.S. lawsuits seek to seize assets “involved in and traceable to an international conspiracy to launder money misappropriated from 1MDB” over a four-year period.

One transaction targeted by prosecutors was a $3-billion bond offering in early 2013 that was arranged by Goldman Sachs International, said U.S. Attorney Eileen Decker at a briefing on Wednesday. She is the chief prosecutor in central California.

More than a third of that money was misappropriated by corrupt officials, she said.

Goldman Sachs has not been accused of any wrongdoing.

“We helped raise money for a sovereign wealth fund that was designed to invest in Malaysia. We had no visibility into whether some of those funds may have been subsequently diverted to other purposes,” a Goldman Sachs spokesman said.

Najib Razak warned Thursday (Nov 17) violence would not be tolerated at a major anti-government demonstration planned for the weekend.

Leading NGO and civil-society alliance Bersih called the rally in the capital to demand the scandal-tainted prime minister’s resignation.

Bersih has urged its supporters to converge on Kuala Lumpur in its signature yellow T-shirts on Saturday. But the Red Shirts, a rightwing group aligned to Najib and his ruling United Malays National Organisation, has vowed to confront protesters.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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