Najib named in US graft probe

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

Najib named in US graft probe


[COLOR=#707070 !important]FMT Reporters
| September 22, 2015[/COLOR]

The New York Times says the investigation focuses on properties connected to Riza Aziz and Jho Low.




PETALING JAYA: US authorities are investigating allegations of corruption involving Prime Minister Najib Razak and people close to him, according to a New York Times (NYT) report.

The report, which quoted anonymous sources, said the investigation was focused on properties in the US that were purchased by shell companies belonging to Najib’s stepson, Riza Aziz, and other pieces of real estate connected to tycoon Low Taek Jho.

According to NYT, the probe is being conducted by a unit of the US Justice Department called Kleptocracy Initiative, which has seized properties in the US owned by relatives of politicians from Equatorial Guinea, Nigeria, South Korea and Taiwan.

The paper added that investigators were also looking into the deposit of RM2.6 billion into the Prime Minister’s personal accounts with AmBank Islamic because the payment was allegedly routed through Wells Fargo, an American bank.

NYT said it failed to get a comment from Najib’s office. Its reporter spoke to a representative of Riza, who said the PM’s stepson was not involved in any investigation. It quoted a spokesman for Low as saying the tycoon had not been notified that he was the subject of any investigation.

NYT said it could take years for the investigators to determine if any US law had been broken.
The properties involved in the investigation include a penthouse in New York’s Manhattan district that was purchased for US$30.55 million by a shell company connected to Low’s family trust.

“Companies tied to Mr Low’s family have also purchased a US$39 million mansion on Oriole Drive in the Hollywood Hills in Los Angeles, the L’Ermitage Hotel in Beverly Hills and part of the Park Lane Hotel in New York,” NYT said.

It said Reza purchased, through shell companies, a US$33.5 million condominium at the Park Laurel in Manhattan, a home in Beverly Hills, as well as other properties in the Los Angeles area.

“The Park Laurel condo and the Beverly Hills home were owned by shell companies connected to Mr Low’s family before being transferred to shell companies tied to Mr Aziz,” it added.

“In the case of the Beverly Hills home, the property was transferred without any public filings, with Mr Low’s family trust selling ownership of the shell company to a corporate entity controlled by Mr Aziz.

“Mr Low’s spokesman said this year that the transfers to Mr Aziz were done at fair market value and at arm’s length.

“New York City also appears to be home to at least one other person involved with Malaysia’s 1MDB sovereign wealth fund.

“A condo at 23 East 22nd Street was purchased for US$4.5 million in 2014 by a shell company called Cricklewood One Madison LLC that listed Ai Swan Loo as its authorised signer, public records show.

“This summer, Malaysia’s Central Bank announced that a person named Jasmine Ai Swan Loo, a former executive involved with the 1MDB fund, was wanted for assistance in its investigation.”



Click here to view the whole thread at www.sammyboy.com.