1MDB entangled in Switzerland; MH370 search zone uncertainty; protestors call for Najib's resignation.
This week was dominated by three significant events.
Our readers can expect an announcement from the Geomar institute that said it would give details at a news conference on Tuesday, on the wing part that is in Toulouse, France for examination.
1MDB saga goes legal
This week was dominated by three significant events.
There was uncertainty over the location of the ongoing search (and rescue) operation for the missing Malaysia Airline System (MAS) plane MH370, and the debt-ridden 1 Malaysia Development Fund (1MDB) now appears to be entangled in an investigation in Switzerland. Both events were overshadowed by a protest held in Kuala Lumpur which was attended by more than a hundred thousand Malaysians calling for the resignation of Prime Minister Najib Razak.
While European experts are on holidays, delaying the final results announcement on the flaperon found on the French department of Reunion Island which is situated next to the Republic Island of Mauritius, German oceanographers believe the search for the MH370 is at the wrong location.
The Kiel Lab used a model of ocean currents the MH370 drift path, and has concluded that the search for the wreck of Malaysia Airlines flight MH370 is thousands of kilometres off-beam.
A wing part from the plane that washed up a month ago on the island of Reunion "probably came from the eastern equatorial Indian Ocean," said Andreas Villwock of the Geomar Helmholtz Centre for Oceanography in Kiel on Friday.
News site 9news.com.au said that would be thousands of kilometres from the previously presumed crash site at 35 degrees latitude south of the Equator.
Australia insisted, at the early stages of the search and rescue of the ill fated flight, the plane would have crash landed in the Indian Ocean nearer to the Aussie coast.
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| FINMA offices in Switzerland - Picture taken from Finma website |
1MDB saga goes legal
The investigation into the 1MDB wrong doings in Switzerland, with the launch of a criminal proceeding against the debt ridden sovereign fund, is now mainly focussed on two executives, but there is no clear indication whether they were swiss or 1MDB executives.
While 1MDB insists it was not contacted by the Swiss authorities, the fact remains the Switzerland's Office of the Attorney General (OAG) has opened a criminal proceeding into the matter.
"The investigation is for suspected corruption and money laundering," said the OAG early this week.
It also clarified the nature of the investigation, news of which which is making waves in Malaysia.
"The proceeding has been initiated because of suspected corruption of foreign officials, suspected misconduct in public office and suspected money laundering," the OAG said.
Malaysia has appeared to have halted an investigation into 1MDB, whereas the country is still waiting for action from the Attorney General's office following Bank Negara Malaysia's (BNM) recommendations to act against the controversial fund.
Swiss financial regulator FINMA had also said last week it was checking with some Swiss banks, whether they have carried out business with 1MDB.
1MDB's advisory board is chaired by Prime Minister Najib Razak, who's personal banking account at AmBank - the bank appeared to have been in default over BNM's anti-laundering trigger system - was replenished with what many see as a suspicious 'donation'.
The 1MDB fund has gathered US$11 billion in debt, in alleged financial mismanagement, denied by the press release writers of the organisation while the public is still waiting for a resolution of these debts and allegations of suspected corruption and money laundering.
The first question is whether 1MDB will dodge the Swiss bullet, as it did in Malaysia where it has so far been cleared of all wrong doings despite insistence by former Prime Minister Tun Mahathir Mohamad that the fund squandered billions of ringgit?
The other pertinent question surrounds the identity - still hidden by the Swiss authorities which did not say whether it did not contact 1MDB - of the two execs wanted in Switzerland.
Who are they? It is usual for Swiss authorities to say they are looking into unknown persons when they are still unsure about who was involved.
According to former Special Branch deputy director Deputy Comm Datuk Abdul Hamid Bador, one of the three people that were summoned by the Malaysian Anti-Corruption Commission (MACC) to assist in investigations over SRC International Sdn Bhd is believed to be hiding in New Zealand.
Is this person one of those under investigation in Switzerland?
Has the New Zealand authorities been alerted, that a person involved in a criminal investigation in Malaysia is hiding within their borders?
The MACC summoned businessman Low Taek Jho or Jho Low, who is said (according to Sarawak Report) to have eluded authorities and is in hiding in Taiwan.
The MACC also summoned two SRC International Sdn Bhd directors to assist in investigations.
The SRC duo were managing director Nik Ariff Faisal Kamil and director Datuk Suboh Mohd Yassin.
MACC’s probe into SRC International, a company linked to 1Malaysia Development Berhad, is over a RM4bil bond sourced from Kumpulan Wang Amanah Pencen.
The Swiss did not say which 1MDB linked companies, if any, they were looking into, besides the obvious that is Petro Saudi.
Protestors seek Najib's resignation
Over 120,000 Malaysians gathered in Kuala Lumpur Saturday to ask Najib, who has been in power since 2009, to resign. ( For more pictures and videos of the protest, go to http://facebook.com/theweekreview .)
Najib has sparked the anger of many citizens after he allegedly received a US$700 million donation from a wealthy Arab family.
This has been challenged by former premier Mahathir Mohamad, who appeared at the protest yesterday and told Malaysians to keep calling for the Najib's dismissal.
Mahathir does not believe the donation claim and has kept publicly asking Najib to resign.
Najib, however, has stayed steadfast and appeared to be in denial Sunday when he said only 20,000 Malaysians had attended the rally, despite eyewitness reports to the contrary.
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By The Week Editors
The first question is whether 1MDB will dodge the Swiss bullet, as it did in Malaysia where it has so far been cleared of all wrong doings despite insistence by former Prime Minister Tun Mahathir Mohamad that the fund squandered billions of ringgit?
The other pertinent question surrounds the identity - still hidden by the Swiss authorities which did not say whether it did not contact 1MDB - of the two execs wanted in Switzerland.
Who are they? It is usual for Swiss authorities to say they are looking into unknown persons when they are still unsure about who was involved.
According to former Special Branch deputy director Deputy Comm Datuk Abdul Hamid Bador, one of the three people that were summoned by the Malaysian Anti-Corruption Commission (MACC) to assist in investigations over SRC International Sdn Bhd is believed to be hiding in New Zealand.
Is this person one of those under investigation in Switzerland?
Has the New Zealand authorities been alerted, that a person involved in a criminal investigation in Malaysia is hiding within their borders?
The MACC summoned businessman Low Taek Jho or Jho Low, who is said (according to Sarawak Report) to have eluded authorities and is in hiding in Taiwan.
The MACC also summoned two SRC International Sdn Bhd directors to assist in investigations.
The SRC duo were managing director Nik Ariff Faisal Kamil and director Datuk Suboh Mohd Yassin.
MACC’s probe into SRC International, a company linked to 1Malaysia Development Berhad, is over a RM4bil bond sourced from Kumpulan Wang Amanah Pencen.
The Swiss did not say which 1MDB linked companies, if any, they were looking into, besides the obvious that is Petro Saudi.
Protestors seek Najib's resignation
Over 120,000 Malaysians gathered in Kuala Lumpur Saturday to ask Najib, who has been in power since 2009, to resign. ( For more pictures and videos of the protest, go to http://facebook.com/theweekreview .)
Najib has sparked the anger of many citizens after he allegedly received a US$700 million donation from a wealthy Arab family.
This has been challenged by former premier Mahathir Mohamad, who appeared at the protest yesterday and told Malaysians to keep calling for the Najib's dismissal.
Mahathir does not believe the donation claim and has kept publicly asking Najib to resign.
Najib, however, has stayed steadfast and appeared to be in denial Sunday when he said only 20,000 Malaysians had attended the rally, despite eyewitness reports to the contrary.
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By The Week Editors
