US to return $200m to Malaysia as part of 1MDB probe – TheNigerialawyer

The US will return a total of almost $200m to Malaysia from an
international probe into funds missing from Kuala Lumpur’s state
investment fund 1Malaysia Development Berhad, including money
linked to the film company that produced The Wolf of Wall
Street.
 

The US Department of Justice has already returned about $57m
linked to Red Granite Pictures, the US-based production company
accused of using misappropriated 1MDB funds to finance movies, such
as the 2013 Martin Scorsese film about financial excess.

The US will “soon” remit another $139m linked to the sale of a
stake in New York City’s Park Lane Hotel allegedly bought using
1MDB money, Tommy Thomas, Malaysia’s attorney-general, said in a
statement on Tuesday.

The reimbursements are a victory for Malaysia, which launched an
immediate investigation into 1MDB — from which the DoJ alleges
$4.5bn had gone missing — after Prime Minister Mahathir Mohamad
ousted Najib Razak in elections last year on a platform condemning
corruption.

The Mahathir government’s commitment to the probe has added to
efforts in countries from the US to Singapore and Switzerland to
track the alleged misuse of 1MDB funds across the globe. The US
alone in the past three years has filed forfeiture complaints to
seize $1.7bn in assets allegedly acquired with 1MDB proceeds.

“1MDB asset recovery efforts across the globe are still ongoing,
and Malaysia is optimistic of recovering further monies in the
coming months,” said Mr Thomas.

The reimbursement announcement comes one day after Roger Ng, one
of two former Goldman Sachs bankers indicted by the DoJ, pleaded
not guilty in Brooklyn federal court to allegations of bribery and
money laundering in the 1MDB scandal, after his surprise
extradition to the US from a Malaysian jail.

The first tranche of the $200m that has already been transferred
to Malaysia derives from a $60m settlement paid in 2018 to the US
government by Red Granite Pictures, a company co-founded by Riza
Aziz, stepson of Mr Najib.

A deduction of about $3m was made from the total for
investigation costs incurred by the DoJ and the FBI, according to
the statement. 

The $139m tranche was obtained from the sale of a stake in
Manhattan’s Park Lane Hotel formerly owned by Jho Low, a Malaysian
financier accused of masterminding the 1MDB scheme. A sum will also
be deducted for US authorities’ investigation costs.

Mr Najib set up 1MDB in 2009 and is facing trials for alleged
abuse of power, breach of trust and money laundering linked to the
fund and other state entities.

Malaysia has so far recovered $322m worth of 1MDB assets since
the start of investigations in May 2018, according to Mr Thomas’s
statement.

Among these is a super yacht formerly owned by Mr Low, which
Kuala Lumpur sold for $126m to Genting, the Malaysian casino
operator. The vessel is among the many assets, including Picasso
paintings and bespoke jewellery, that were allegedly purchased
using proceeds siphoned from the state fund.

Singapore, one of the countries involved in the international
1MDB probe, has ordered an additional sum of S$50m (US$37m) to be
credited to Kuala Lumpur, S$15m of which has already been returned.
The balance will be transferred shortly, according to Mr Thomas’s
statement. 

Mr Najib is standing trial in Malaysia on corruption charges. Mr
Riza has been questioned in connection with missing 1MDB funds, but
has not been charged. Mr Low, who has been charged in connection
with the missing funds remains at large. All three have denied any
wrongdoing. 

Mr Low’s spokesman and Mr Riza’s lawyers declined to comment on
the US remittance announced on Tuesday.

Culled from Financial Times

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DHQ Denies Report of Premature Retirement of
Christian-Military Officers

The Defence Headquarters has noted with dismay a mischievous and
systematic campaign of calumny against the government through
spurious and unfounded allegations of lopsided recruitment,
postings, appointments and retirements of military personnel by the
Armed Forces of Nigeria (AFN).

Specifically, by an obscure online blog owned by one Sola Kuti
which he christened “SK Blog.” The blogger without recourse to any
effort of finding out the truth, accused the Nigerian Army of
systematic retirement of over 200 officers from particular
geo-political zone and religious group in the first quarter 2019
and secret recruitment into the services, without giving further
details. Ordinarily, one should not bother about it because it is
not true and born out of the figment of the writer’s imagination.
However, it is imperative to correct the erroneous impression being
created in the mind of some members of the public.

Therefore, it is important to reiterate that postings,
appointments and retirements in the military are routine activities
and common public knowledge. Every officer, soldier, rating, airman
or woman on commission or enlistment into the Services look forward
to an exciting, adventurous and rewarding career in the Armed
Forces and most importantly knows exactly when he or she is due to
retire. Officers, soldiers, ratings, airmen and women are not only
conscious of this but look forward to it. Personnel often retire
based on age on rank or length of Service. In the event of
approaching retirement, the affected person or persons are given
adequate notice and also prepared for life after Service through
training programmes at either the Nigerian Army Resource Centre, or
Nigerian Armed Forces Resettlement Centre, Oshodi. Therefore, it is
irresponsible for anyone to allege that such exercises were
targeted at a particular ethnic group or religion.

Similarly, recruitment and enlistment into the Armed Forces of
Nigeria have always been made known to the public and follows
transparent and well known procedures that are in line with best
practices. We expected the writer to make effort of finding out the
truth before misleading unsuspecting members of the public through
such publication. He should have taken advantage of the various
public affairs departments of the Services to enquire about such
issues. Although we are not mindful of the fact that such write-ups
are sponsored by some obviously unpatriotic and ignorant elements,
it is instructive to state that the Armed Forces of Nigeria remain
the cohesive and bastion of national unity and no amount of
campaign of calumny would change that. Such things are alien and
blasphemous in the military.

More also, the allegation of “unease and disquiet in the
military formation” is not only untrue, but sheer mischief.

The public is implored to please disregard such insinuations as
there are proper career plan and progression in the military,
therefore, there is such thing like premature retirement or
deliberate attempt to cleanse a particular ethnic or religious
group in any of the Services.

ONYEMA NWACHUKWU
Colonel
Acting Director Defence Information