💰1MDB Global Scandal💰
What is 1MDB?
Short for 1Malaysia Development Berhad (which means limited), the fund was set up in 2009 by then-Prime Minister Najib Razak to invest government revenues in real estate
MAIN THREAD #1MDB
What is 1MDB?
Short for 1Malaysia Development Berhad (which means limited), the fund was set up in 2009 by then-Prime Minister Najib Razak to invest government revenues in real estate
MAIN THREAD #1MDB
Questions arose in early 2015 when the fund failed to meet payments on $11 billion in debt.
🔑The WSJ then published documents showing that about $700M from 1MDB-linked entities had ended up in Najib’s personal bank accounts just before elections in 2013.
latimes.com/world/la-fg-ma…
🔑The WSJ then published documents showing that about $700M from 1MDB-linked entities had ended up in Najib’s personal bank accounts just before elections in 2013.
latimes.com/world/la-fg-ma…
By far the largest transactions that flowed into Malaysian PM Najib’s accounts were two deposits of $620M & $61M in March 2013, during a heated election campaign in Malaysia.
wsj.com/amp/articles/m…
wsj.com/amp/articles/m…
🔑The cash came from a company registered in the British Virgin Islands via a Swiss bank owned by an Abu Dhabi state fund (IPIC).
wsj.com/amp/articles/m…
wsj.com/amp/articles/m…
🔑The UAE fund, International Petroleum Investment Co. has guaranteed billions of dollars of 1MDB’s bonds & in May injected $1B in capital into the fund to help meet looming debt repayments.
wsj.com/amp/articles/m…
wsj.com/amp/articles/m…
Another set of transfers, totaling 42 million ringgit ($11.1 million), originated within the Malaysian government.
wsj.com/amp/articles/m…
wsj.com/amp/articles/m…
Investigators believe the money came from an entity known as SRC International Sdn. Bhd., an energy company that originally was controlled by 1MDB but was transferred to the Finance Ministry in 2012.
wsj.com/amp/articles/m…
wsj.com/amp/articles/m…
🔑Investigations on three continents soon uncovered evidence that Malaysian government funds had been siphoned into bank accounts in the U.S., Switzerland and Singapore
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
📌And funds were spent on lavish purchases, including property in the Hollywood Hills and Manhattan, French Impressionist artwork, a private jet and a $260-million yacht.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
💰What’s the Hollywood connection?
Investigators say Riza, who is Najib’s stepson, used money from 1MDB to bankroll a production company, Red Granite Pictures.
latimes.com/world/la-fg-ma…
Investigators say Riza, who is Najib’s stepson, used money from 1MDB to bankroll a production company, Red Granite Pictures.
latimes.com/world/la-fg-ma…
🔑With funding they said came from undisclosed investors in the Middle East and Asia, Riza and co-founder McFarland announced themselves with a 2011 launch party on the beach in Cannes that featured Kanye West, Jamie Foxx, DiCaprio and other A-list stars.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
🔑Among the films they financed were “Dumb and Dumber To,” the sequel to the 1994 comedy blockbuster, and the $100-million “The Wolf of Wall Street,” directed by Martin Scorsese.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
💰1MDB - Hollywood
Hollywood & The Wolf of Wall Street
Hollywood & The Wolf of Wall Street
https://twitter.com/karolcummins/status/1150477861444186112?s=21
💰Who was behind the scheme?
US & Malaysian authorities allege the mastermind was Jho Low, who they said talked his way into Najib’s inner circle & roped in an astonishing network of celebrities, bankers & political operatives to help pillage 1MDB.
latimes.com/world/la-fg-ma…
US & Malaysian authorities allege the mastermind was Jho Low, who they said talked his way into Najib’s inner circle & roped in an astonishing network of celebrities, bankers & political operatives to help pillage 1MDB.
latimes.com/world/la-fg-ma…
Jho Low dazzled Hollywood.
🔑He allegedly used 1MDB money to throw star-studded Las Vegas parties and shower celebrities with expensive gifts. DiCaprio has returned a Picasso painting reportedly given to him by Low.
latimes.com/world/la-fg-ma…
🔑He allegedly used 1MDB money to throw star-studded Las Vegas parties and shower celebrities with expensive gifts. DiCaprio has returned a Picasso painting reportedly given to him by Low.
latimes.com/world/la-fg-ma…
🔑Facing a long list of indictments in the U.S., Low is said to have fled to China and has issued repeated statements of innocence on a personal website, accusing the Justice Department of attempting “to reach a guilty verdict via the media.”
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
What about the former Malaysian leader?
🔑Najib lost his 2018 reelection bid as pressure from the scandal mounted, is on bail awaiting trial in Malaysia on 25 counts of corruption & money laundering involving $550M related to the fund, which he oversaw.
latimes.com/world/la-fg-ma…
🔑Najib lost his 2018 reelection bid as pressure from the scandal mounted, is on bail awaiting trial in Malaysia on 25 counts of corruption & money laundering involving $550M related to the fund, which he oversaw.
latimes.com/world/la-fg-ma…
🔑A February 2020 trial date has been set for Rosmah Mansor — Najib’s wife and Riza’s mother — who is alleged to have used government funds to finance extravagant shopping trips abroad.
scmp.com/news/asia/sout…
scmp.com/news/asia/sout…
🔑Shortly after Najib’s election defeat, authorities raided several properties linked to the family & seized more than $260M in luxury goods, including watches, jewelry, silks & hundreds of designer handbags — earning Rosmah comparisons to Imelda Marcos.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
Who else is under investigation?
🔑In May, Pras Michel, a founder of the Fugees, pleaded not guilty to conspiring with Low to divert nearly $1 million in 1MDB funds to Barack Obama’s 2012 reelection campaign without disclosing their source.
latimes.com/world/la-fg-ma…
🔑In May, Pras Michel, a founder of the Fugees, pleaded not guilty to conspiring with Low to divert nearly $1 million in 1MDB funds to Barack Obama’s 2012 reelection campaign without disclosing their source.
latimes.com/world/la-fg-ma…
💰Pras Michel💰
Michel helped Low fraudulently funnel money into American bank accounts to pay influential political figures, including Broidy, to lobby the US government & sought the extradition of Chinese nat’l Gao Wengui.
Michel helped Low fraudulently funnel money into American bank accounts to pay influential political figures, including Broidy, to lobby the US government & sought the extradition of Chinese nat’l Gao Wengui.
https://twitter.com/karolcummins/status/1113465400891650048?s=21
💰Gao Wengui & Mar-a-Lago💰
https://twitter.com/karolcummins/status/1113462188738379776?s=21
💰Pras Michel & DOJ’s Higgenbotham💰
https://twitter.com/karolcummins/status/1079142045908791297?s=21
🔑Republican fundraiser Elliott Broidy, a vice chairman of Trump’s 2016 campaign, discussed a deal with Low that would have paid him tens of millions of dollars to lobby the DOJ to drop its 1MDB investigation.
Broidy has not been charged yet.
latimes.com/world/la-fg-ma…
Broidy has not been charged yet.
latimes.com/world/la-fg-ma…
💰1MDB - Elliot Broidy💰
https://twitter.com/karolcummins/status/1149450262441971712?s=21
🔑On Wall Street, two employees of the investment bank Goldman Sachs, which advised on three bond offerings that raised $6.5 billion for 1MDB, have been charged by federal prosecutors with paying bribes and kickbacks to Malaysian officials.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
🔑Goldman Sachs is bracing for more damaging allegations to emerge in a criminal trial in Malaysia, which is seeking more than $3 billion in fines.
latimes.com/world/la-fg-ma…
latimes.com/world/la-fg-ma…
💰1MDB - Goldman Sachs💰
https://twitter.com/karolcummins/status/1149433931290177537?s=21
💰1MDB - Deutsche Bank💰
Justice Department looking into whether German bank violated foreign corruption or anti-money-laundering laws
Justice Department looking into whether German bank violated foreign corruption or anti-money-laundering laws
https://twitter.com/karolcummins/status/1149429736042483712?s=21
💰1MDB fugitive Jho Low & Trump Victory PAC
The DOJ is probing whether a $100,000 donation to a Trump Victory Pac linked to Trump's 2020 re-election campaign came from Jho Low — the fugitive who is accused of helping steal billions of dollars from 1MDB
cnbc.com/2019/03/13/jus…
The DOJ is probing whether a $100,000 donation to a Trump Victory Pac linked to Trump's 2020 re-election campaign came from Jho Low — the fugitive who is accused of helping steal billions of dollars from 1MDB
cnbc.com/2019/03/13/jus…
💰1MDB & UAE
Leaked emails show a long-running relationship between Yousef Al Otaiba, UAE Amb to US & Jho Low,
Docs show companies connected to Otaiba received $66 million allegedly misappropriated from 1Malaysia Development Bhd #1MDB
wsj.com/articles/u-a-e…
Leaked emails show a long-running relationship between Yousef Al Otaiba, UAE Amb to US & Jho Low,
Docs show companies connected to Otaiba received $66 million allegedly misappropriated from 1Malaysia Development Bhd #1MDB
wsj.com/articles/u-a-e…
💰Qatar - Steele Dossier, Russia/Rosnef - Qatari Sovereign Wealth Fund & TeamTrump
https://twitter.com/karolcummins/status/1149801026242744320?s=21
#1MDB scandal is coming to a head. Look for actions involving Deutsche Bank, Goldman Sachs, Broidy, Trump Victory Pac, UAE Otaiba/Awartani & how it connex to the Qatari blockade, Kush, 💰 flows via Brookfield, Qatari SWF & Kush’s 666 & more.
Stay tuned! Major fireworks incoming!
Stay tuned! Major fireworks incoming!
@threadreaderapp unroll TY!
#1MDB
#DeutscheBank
#GoldmanSachs
#YousefAlOtaiba
#Awartani
#JhoLow
#UAE
#Kush
#Qatar
#AbuDhabi
#FCPA
#EricTan
#BVI
#Barrack
#ColonyCapital
#LErmitage
#Hollywood
#TheWolfOfWallStreet
#DiCaprio
#JoeyMcFarland
#RizaAziz
#PrasMichael
#Broidy
#GaoWengui
#1MDB
#DeutscheBank
#GoldmanSachs
#YousefAlOtaiba
#Awartani
#JhoLow
#UAE
#Kush
#Qatar
#AbuDhabi
#FCPA
#EricTan
#BVI
#Barrack
#ColonyCapital
#LErmitage
#Hollywood
#TheWolfOfWallStreet
#DiCaprio
#JoeyMcFarland
#RizaAziz
#PrasMichael
#Broidy
#GaoWengui
#Higgenbotham
#MarALago
#Saudi
#Bannon
#Sanctions
#AlThani
#SovereignWealthFund
#Kushner
#Vornado
#StevenRoth
#Caymans
#Blockade
#666
#BrookfieldAssetMgmt
#Westinghouse
#SaudiNukeDeal
#Cadre
#YuriMilner
#Broidy
#Rosenzweig
#Person1
#Trump
#FCPA
#EricTan
#MarALago
#Saudi
#Bannon
#Sanctions
#AlThani
#SovereignWealthFund
#Kushner
#Vornado
#StevenRoth
#Caymans
#Blockade
#666
#BrookfieldAssetMgmt
#Westinghouse
#SaudiNukeDeal
#Cadre
#YuriMilner
#Broidy
#Rosenzweig
#Person1
#Trump
#FCPA
#EricTan
Holy molely! I completely forgot about this! @ThomasS4217
Manafort 👉🏼16m loan👉🏼 Steven Calk’s bank👉🏼Lorber & Calk do biz, fight, sue 👉🏼$2m s’ment👉🏼Lorber/Witkoff do biz👉🏼JhoLow’s #1MDB booty👉🏼JL buys L’Ermitage from Tom Barrack, Kush gets a cut for 666.
Manafort 👉🏼16m loan👉🏼 Steven Calk’s bank👉🏼Lorber & Calk do biz, fight, sue 👉🏼$2m s’ment👉🏼Lorber/Witkoff do biz👉🏼JhoLow’s #1MDB booty👉🏼JL buys L’Ermitage from Tom Barrack, Kush gets a cut for 666.
https://twitter.com/karolcummins/status/1131569123136172033?s=21
@threadreaderapp unroll please and thank you!
#1MDB
#Lorber
#Witkoff
#Calk
#Manafort
#LErmitage
#Barrack
#Kushner
#Kush666
#1MDB
#Lorber
#Witkoff
#Calk
#Manafort
#LErmitage
#Barrack
#Kushner
#Kush666
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