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Thursday, July 29, 2021

The Untold Story Of Zeti’s Involvement With Jho Low

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Senior officers of AmInvestment Bank Bhd (Ambank) have conspired to help two companies linked to Jho Low, make millions in profit from flipping 1Malaysia Development Bhd (1MDB) bonds the first day it was issued.

The RM5.0 billion bond sale was arranged by Ambank and approved by TIA chief executive Datuk Shahrol Halmi despite the objection from a shareholder, the Terengganu Government.

The untold story of Zeti’s involvement with Jho Low

READ MORE HERE: The Untold Story Of Zeti’s Involvement With Jho Low

The RM5 billion bond issuance, purportedly for the joint development of Pulau Bidong with Mubadala (which Mubadala later denied), was rushed on the advice of TIA’s special adviser without resolving issues raised by its board of directors. Money that 1MDB raised from that bond was used to pay the initial US$1.0 billion for the PetroSaudi JV. However, investigators have confirmed that US$700 million was moved to a company belonging to Jho Low, Good Star Ltd.

Money trails by investigators discovered that Jho Low had transferred millions of dollars to various individuals and entities including to Tan Sri Zeti Akhtar Aziz’s husband, Dato’ Dr Tawfiq Ayman.

The money paid to Cutting Edge Industries Ltd came from Jho Low

Only RM4.385 billion proceeds were raised from the RM5 billion debt papers. The bond carried a coupon of 5.75% per annum but had 6.68% effective return per annum due to the discount. The interest of 5.75% was very high since the issuance of the bond is directly guaranteed by Government.

A 5.75% coupon over 30 years means interest payments alone would total RM8.625 billion, bringing the total that need to be repaid by the government to RM13.625 billion — 3.1 times the RM4.385 billion net proceeds raised in May 2009.

Read more here (Malaysia-Today.net)

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