Malaysia's Unfolding Criminal Investigations Should Send Shockwaves Around The Corrupt Financial World!

As Malaysia's current PM expressed his view that there would be enough evidence to charge the previous PM the repercussions are being felt around the world. The previous PM Najib Razak is accused of massive theft, corruption, murder and money laundering and has now been blacklisted from leaving Malaysia. Last night his house and several other associated properties were raided by the police for information.

Since the general election in Malaysia last week many things of changed. The leader of the opposition has been released from prison and given a full pardon, the previous PM has been blacklisted from leaving the country and a full investigation into this scandal is now being undertaken in Malaysia.

What is interesting is that the threads of this scandal weave through all the top financial houses of the world and a real investigation would uncover crime on a massive scale implementing some of the biggest banks in the world.

The 1MDB Theft

I have written about this before but in essence billions of dollars was alleged to have been stolen from the people of Malaysia by the previous PM and his cohorts. The US department of justice has identified enormous amounts of money spent on yachts, jewelry, luxury property and even producing the movie the Wolf Of Wall Street.

This was one of the heists of this century and as usual the same players were there to profit from it and they probably won't be prosecuted.

Who Participated In The Theft? Follow The Money!

One of the first participants in this theft was Goldman Sachs whose Asian boss was good friends with Malaysia's previous PM Najib Razak. Godlman Sachs facilitated the first act of theft from the 1MDB fund. They did this for fees far beyond the normal rates. Goldman Sachs has not been investigated for this and their boss was allowed to quietly leave the company.

Once the money was out of the country it moved through the usual financial territories. Singapore, Switzerland, Hong Kong, Caribbean islands and the US all saw money flowing through their banks and institutions. Huge amounts of money were spent in New York, Hollywood, Europe and Australia.

During the scandal several hundred million dollars ended up in the private accounts of the previous PM in Malaysia. The account was AmBank which was mostly run by the ANZ bank in Australia who owned a large stake. These people were totally aware of what was going on and did nothing to prevent it.

As usual none of these big bankers have been charged and tried. A wider investigation in Malaysia will turn all of these threads up. Lets see which if any bankers get prosecuted for this!

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Image sources: 1, 2, 3.

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