This private investigation produces by OWIS for Al-Jazeera revealed the corruption scandals of the Malaysian sovereign fund and the “WDP” fund that was created by former Malaysian Prime Minister Najib Abdul Razzaq in 2009, before Debt accumulated billions of dollars in the fund in 2015.
The investigation talked about the way the fund was established, profitable through it, and its failure to achieve its stated goals, and wasted nearly $ 10 billion in corruption deals, none of which came to the fund, and almost reached Malaysia to the point of collapse.
Upon assuming the presidency, Naguib pursued a more open policy in the economic field, especially with the Middle East, and Naguib was not the only person who took this path. The Malaysian businessmen close to John Lu were the godfather of trade and economic relations with the Middle East.
What made it easy for him to develop broad relationships is his studies at the Wharton School of Commerce in which US President Donald Trump graduated, and as he had headed the Malaysian Student Association at the school, it would have facilitated him to form relationships with the rest of the student ties, and establish relationships with some of the children of the ruling families in the Middle East .
He also established friendship with the Emirati ambassador in Washington, Yousef Al-Otaiba, and presented him with many investment opportunities in Malaysia, which prompted Al-Otaiba to offer Lu to decision-making centers in the Emirates. Lu had pursued a policy of making huge financial deals and deducting small sums for himself, which he did not notice. One according to his belief.
Strengthening relationships
Four months after Najib Abdul Razzaq assumed the presidency of the government, he visited Lou Abu Dhabi and announced from it the formation of a new Malaysian wealth fund aimed at attracting international investment to the country.
This fund was called “One MDB” and financed more than a billion dollars in Islamic bonds, and Najib gave Full control over the fund and its allocations without obtaining any official status.
Lu immediately sought to establish a joint venture with an oil services company called “Petro Saudi”, and this company was established in 2005 by a person named Tariq Obaid in which Prince Turki bin Abdullah Al Saud, son of the late Saudi King Abdullah bin Abdul Aziz Al Saud, participated. – And one of the detainees of the Ritz-Carlton Hotel in Riyadh later – The deal was concluded in 2009, but the company did not have assets and did not own anything.
Lu also went to Goldman Sachs Bank after his Golden Star company received $ 350 million in 2011, and then went to Abu Dhabi to meet Sheikh Mansour bin Zayed, CEO of the International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investment He asked Sheikh Mansour to guarantee $ 3.5 billion in bonds for OneMDB to purchase several power plants.
Sheikh Mansour agreed that the money flow through the Falcon Bank of IPIC in Singapore, and that the bank would be managed by Khalid Al Qubaisi and Mohammed Al Husseini, who heads Aabar. An amount of $ 3.5 billion has been deposited into the OneMDB account. And, the amount of 1.3 billion was transferred to the account of the newly established “Aabar Investment Company” by Al Qubaisi and Al Hussaini, which turned out to be a fictitious company.
Quick end
The debt of the “OneMDB” fund reached $ 7 billion, but it maintained its moral value due to its association with the world’s largest banks and the largest investment companies, and the Malaysian leadership’s prior approval of all deals, and after the spread of many press reports that corruption occurred inside “OneMD” P. “And Naguib’s continued iron grip prevented any internal investigation of the matter.
However, in the July 20, 2016, US Attorney General, accusing Naguib Abdul-Razzaq, his wife, Luo, Al-Qubaisi, Al-Hussaini, Tariq Ubaid, Prince Turki bin Abdullah, and others were involved in involvement in money laundering cases stolen from the Malaysian Sovereign Fund, and after the announcement several assets were frozen The property of Lo in the United States.
The situation began to change after Najib lost the elections in 2018 and the arrival of former Prime Minister Mahathir Mohamad to head the government again. Naguib and his wife tried to escape from the country but the authorities arrested him on charges of abuse of power and breach of trust, and more than 25 crimes were added to his indictment, which makes him He faces life imprisonment.
During the crackdown on Naguib’s estate, the police confiscated 12,000 pieces of jewelry, more than 500 handbags, 400 Rolex watches, and nearly a quarter of a billion dollars in cash. His wife was summoned to investigate corruption and receive bribes, and she faces a life sentence.
3 Comments
This is exactly what i was looking for, thank you so much for these tutorials
It would be great to try this theme for my businesses
What a nice article. It keeps me reading more and more!