Tuesday 10 January 2017

1MDB. Down Under

Is the standout 1982 hit single from Men At Work, from the record breaking Business As Usual album, that saw every single from the album hitting the top ten.

It's not business as usual in Down Under, as the Australian police say, they are investigating 1MDB. Such an investigation could open a fresh can of wombs, that might involve funds lent out for investments into a DAP friendly Harvest Court Bhd, and how Malaysia ended up being the top investor in Africa, even beating mighty China.

Reuters, has the story, at least part of it. Read below :

The Australian Federal Police say they are working with international law enforcement agencies to investigate companies linked to Malaysia's scandal-hit sovereign wealth fund.

Key points:

The AFP is "aware of allegations" regarding companies associated with the fundIt did not say if it was investigating any Australian links to the scandalMore than $4.76 billion was allegedly misappropriated from the fund

1Malaysia Development Bhd (1MDB), , is the subject of money laundering investigations in at least six other countries including Switzerland, Singapore and the United States.

Civil lawsuits filed by the US Department of Justice allege more than $US3.5 billion ($4.76 billion) was misappropriated from the fund.

The lawsuits seek to seize $US1 billion ($1.36 billion) in assets allegedly siphoned off from 1MDB and diverted into luxury real estate in New York, Beverly Hills and London, valuable paintings, and a private jet.

"The AFP is aware of allegations relating to companies associated with 1MDB and have assisted our foreign law enforcement partners with their investigations in relation to a number of these matters," the AFP told Reuters.

"As the AFP continues to evaluate these allegations it would not be appropriate to provide any further comment at this time."