Let's read some of the 1MDB related news, about how misreporting, misconception and misdeed had led to a political fracas in the country. Also, how truth turned lies and how lies took a heavy toll on domestic politics.
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First, about The Edge Media Group which was issued a show-cause letter by the Home Ministry on June 1 for publishing 'fabricated lies' about 1Malaysia Development Bhd, insinuating that Prime Minister Najib Razak and his Cabinet were responsible in siphoning tonnes of money to other accounts.
Secondly, there was positive signs when investigators managed to unravel some truths in it with the arrest of a construction and property development company director, sought by the special task force investigating 1MDB funds.
It is believed that the 39-year-old director was arrested at about 1pm, Monday at the Kuala Lumpur International Airport by the 1MDB task force as he was about to board a flight.
He was produced before a magistrate Tuesday.
The Edge Media Group has handed over all the documents, printed e-mails and a hard disk in its possession on the issue of 1Malaysia Development Bhd (1MDB) to Bank Negara. Its publisher and group chief executive officer Ho Kay Tat said the materials were handed over to Bank Negara on Monday.
It said they were surprised that these unproven allegations were being recycled yet again when multiple ongoing investigations were being conducted by lawful authorities pertaining to issues raised on 1MDB’s dealings.
Malaysia has generated a considerable volume of negative press coverage over the past year, but none as eye-catching as the recent scandals surrounding controversial debt-ridden sovereign investment company 1MDB.
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After brewing for months, the 1MDB saga took a startling turn on July 2 when the Wall Street Journal published details of leaked bank documents, apparently showing that nearly $700m (RM2.67 billion) had been channelled through the investment company and directly into the personal accounts of Najib Razak.
Najib established 1MDB in 2009 with the visionary aim of facilitating investment and trade with the Middle East, and of developing a new financial district in Kuala Lumpur.
He chairs 1MDB’s board and also heads the Ministry of Finance, which fully owns the company. 1MDB has collected a portfolio of 16 power and desalination plants in Asia and the Middle East and launched two ambitious, high-profile real estate developments in downtown Kuala Lumpur, accumulating debts of RM42bn along the way, as reported by the foreign and local media.
Critics have centred on the company’s auditing problems: particularly RM8.24b allegedly hidden somewhere in the Cayman Islands, its bond issuance program, and allegations that it has overpaid for its Malaysian power assets, essentially bailing out politically connected independent power producers.
And yesterday, Najib's counsel Wan Azmir Wan Majid said The Wall Street Journal had yet to reply to the 'confirmation letter' from the prime minister, and this could be construed as an 'admission of guilt'.
He said the deadline given by Najib would expire tomorrow, and the PM would then decide the next course of action.
Wan Azmir earlier said if WSJ failed to reply within the 14-day deadline, Najib would opt to sue or issue a letter of demand against it.
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Secondly, there was positive signs when investigators managed to unravel some truths in it with the arrest of a construction and property development company director, sought by the special task force investigating 1MDB funds.
It is believed that the 39-year-old director was arrested at about 1pm, Monday at the Kuala Lumpur International Airport by the 1MDB task force as he was about to board a flight.
He was produced before a magistrate Tuesday.
The Edge Media Group has handed over all the documents, printed e-mails and a hard disk in its possession on the issue of 1Malaysia Development Bhd (1MDB) to Bank Negara. Its publisher and group chief executive officer Ho Kay Tat said the materials were handed over to Bank Negara on Monday.
“Today, the same set (of documents) was given to the Commercial Crimes Investigation Department (CCID) of the police.The Edge had on Monday published a four-paged article alleging that 1MDB and a joint venture partner, PetroSaudi International, had cheated Malaysia of billions of ringgit. In an immediate response, 1MDB in a statement slammed The Edge Financial Daily over the report saying it was 'old, unsubstantiated and recycled'.
“I also gave a statement to the CCID,” he said in a statement here yesterday.
In the statement, he said:”We are comforted that the various investigators, the Auditor-General, the Public Accounts Committee, Bank Negara, the police, the Malaysian Anti-Corruption Malaysia (MACC)and the Attorney-General have given their commitment to uncover the truth without fear or favour.”
“It is, indeed, their responsibility and their duty to the people of Malaysia to do just that. Just as it was our duty to pursue the story,” he added.
It said they were surprised that these unproven allegations were being recycled yet again when multiple ongoing investigations were being conducted by lawful authorities pertaining to issues raised on 1MDB’s dealings.
Malaysia has generated a considerable volume of negative press coverage over the past year, but none as eye-catching as the recent scandals surrounding controversial debt-ridden sovereign investment company 1MDB.
After brewing for months, the 1MDB saga took a startling turn on July 2 when the Wall Street Journal published details of leaked bank documents, apparently showing that nearly $700m (RM2.67 billion) had been channelled through the investment company and directly into the personal accounts of Najib Razak.
Najib established 1MDB in 2009 with the visionary aim of facilitating investment and trade with the Middle East, and of developing a new financial district in Kuala Lumpur.
He chairs 1MDB’s board and also heads the Ministry of Finance, which fully owns the company. 1MDB has collected a portfolio of 16 power and desalination plants in Asia and the Middle East and launched two ambitious, high-profile real estate developments in downtown Kuala Lumpur, accumulating debts of RM42bn along the way, as reported by the foreign and local media.
Critics have centred on the company’s auditing problems: particularly RM8.24b allegedly hidden somewhere in the Cayman Islands, its bond issuance program, and allegations that it has overpaid for its Malaysian power assets, essentially bailing out politically connected independent power producers.
And yesterday, Najib's counsel Wan Azmir Wan Majid said The Wall Street Journal had yet to reply to the 'confirmation letter' from the prime minister, and this could be construed as an 'admission of guilt'.
He said the deadline given by Najib would expire tomorrow, and the PM would then decide the next course of action.
Wan Azmir earlier said if WSJ failed to reply within the 14-day deadline, Najib would opt to sue or issue a letter of demand against it.
Even Dow Jones, the owner of WSJ, has yet to clarify its stand on articles by WSJ which alleged that almost US$700 million from 1Malaysia Development Berhad (1MDB) had been deposited into Najib's personal bank accounts.
And where is Sarawak Report? With the Communications and Multimedia Commission imposing a blackout on its website (although in can be accessed by other means), I think they will continue in its effort to pin Najib.
MCA president Liow Tiong Lai yesterday came forward today defending the MCMC for barring access to the site.
Communications and Multimedia Minister Ahmad Shabery Cheek said yesterday the restrictions on the SR was a proactive measure by MCMC on the website which was believed to threaten the peace and stability of the country, if the information used by the site was not verified.
Also making headlines is Abdul Rahman Dahlan who rained Twitter-fire on the statement from The Edge publisher Ho Kay Tat regarding the financial daily’s articles on 1MDB.
Dismissing the claim that the reports were not politically motivated, he said: "The Edge said this was not political. Excuse me. I was not born yesterday. Don't patronise."
He argued that The Edge had no qualms "roping in the opposition to do their bidding" instead of remaining neutral.
The newly minted BN strategic communication director pointed out The Edge also admitted procuring stolen data from former PetroSaudi International executive Xavier Andre Justo.
"Finally, The Edge admitted they got stolen data from Justo! I wonder if the Thais didn't arrest Justo, would they admit it?" he tweeted.
In his statement, Ho said early this year, the publication was informed that "someone" was willing to share information that would shed light on 1MDB's joint-venture with PSI.
"We were not told who he was before we met him. This person, whom we shall not name, showed us thousands and thousands of emails and document attachments."
Also read: 1MDB: Menjenayahkan Najib...Konspirasi Dr M
And here is Petaling Jaya Utara MP Tony Pua, accused of conspiring to criminalise Najib. He will be serving Lester Melanyi a letter of demand this week following a video recording by Lester that claimed the irregularities on 1MDB were faked.
Pua said in a statement that the letter from his lawyers will seek an apology from the former Sarawak Tribune journalist and will also be sent to others who repeat Lester's claims that implicate Pua in a conspiracy to fabricate information regarding 1MDB.
(Why seek apology? Just sue Lester if you think you are innocent!)
"Lester Melanyi has via his two-part videos to date directly accused me of conspiring with other parties, foreign and local, to fabricate and falsify information about 1MDB in order to cheat and lie to achieve whatever alleged objectives.
"The self-confessed paid 'confession' by Lester Melanyi is packed with incredulous tall tales, which even the most hardcore of BN supporters would find hard to believe."In the latest video, he even alleged that 90 percent of what is published by Sarawak Report on 1MDB was fabricated and only 10 percent was truthful," said Pua."If it were indeed made up of 90 percent lies, then I am certain that the Sarawak Report stories would have been debunked a long time ago by 1MDB."
"Instead, 1MDB has, over the past six months, steadfastly refused to rebut the specific allegations which were backed with attached documents."
Why jumped? Investigations will lead us to the truth soon.
And I laughed at a Malaysiakini report that it was impossible for Lester Melanyi to leave the country since he is a bankrupt.
Shallow knowledge, as you may call it. Any bankrupt can go abroad with permission from the Official Assignee's Office. That also you don't know?