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发表于 1-3-2015 09:30 AM
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本帖最后由 ICEMAN2011 于 1-3-2015 09:35 AM 编辑
巫统的运财鬼仔的死肥仔：
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[tr][td]HEIST OF THE CENTURY – How Jho Low Used PetroSaudi As “A Front” To Siphon Billions Out Of 1MDB!
Having fun - tycoon Jho Low on a regular jaunt with Paris Hilton
Having fun on Malaysia’s development budget? Tycoon Jho Low at a regular jaunt with Paris Hilton
Together with London’s Sunday Times newspaper, Sarawak Report has completed an in-depth investigation into the trail of the missing billions at the heart of Malaysia’s 1MDB (One Malaysia Development Berhad) financial scandal.
We have obtained access to thousands of documents and emails relating to transactions by 1MDB, including its initial joint venture with the little known oil company PetroSaudi International from 2009.
What the documents establish is that, in spite of copious official denials, the entire joint venture project was conceived, managed and driven through by the Prime Minister’s associate and family friend the party-loving billionaire tycoon, Jho Low.
The documents also prove that the USD$700 million so-called “loan” that was supposedly repaid to PetroSaudi as part of the joint venture agreement, was in fact directed into the Swiss bank account of a company called Good Star, which is controlled by Jho Low.
That money was then partly used to buy out Taib Mahmud’s UBG bank in Sarawak at a very advantageous price for the chief minister and his family, who had been failing to get a deal on the open market.
PetroSaudi had agreed to act as “a front” for Jho Low on such deals, according to the documents, and it was a subsidiary of PetroSaudi International registered in the Seychelles, which bought UBG, using money siphoned from 1MDB.
How Jho Low managed the 1MDB PetroSaudi Joint Venture deal
Brains behind PetroSaudi, Director Patrick Mahony
Brains behind PetroSaudi, Director Patrick Mahony
Among the email exchanges obtained by Sarawak Report are documents from an initial meeting that took place in New York on September 8th 2009, between the then Wynton Capital head, Jho Low and the UK businessman Patrick Mahony, who had been introduced a few days earlier by PetroSaudi’s CEO, Tarek Obaid.
Mahony worked for the investment group Ashmore, which was funding PetroSaudi’s main operation, an oil well in Argentina.
Also at the meeting were two of Jho Low’s close colleagues, Li Lin Seet and a UBG bank lawyer, Tiffany Heah.
In an email written to “Jho, Seet and Tiffany” the following day, Mahony made clear on behalf of PetroSaudi that the company was very willing to become involved in a series of deals proposed by Jho Low, which were expected to involve 1MDB and Petronas.
Mahony also understood that Jho Low wanted “to use PetroSaudi International as a front” for certain deals and he said that “we would be happy to do that”:
“Jho / Seet / Tiffany” begins the lengthy email
“….I think what would make sense is that we set up a joint venture where we contribute our assets and you can contribute cash to match our asset base. We can then decide where that cash goes. Some of it may go to paying us back for some cost and some should stay in the JV for new acquisitions. We can discuss how those acquisitions will work and how money should flow once we do the deals through the JV…. I am assuming here that 1MDB will be our partner first and that Petronas will come in later…. Over time, Petronas could buy the JV and both PSI and 1MDB would have made a big return on the initial investment.
Lastly, we know there are deals you are looking at where you may want to use PSI as a front, we would be happy to do that. You need to let us know where…. On this idea of being a front, we need your input”
[PSI FRONT EMAIL]
Show email
This letter from Mahony was also significant in that it conceded that PetroSaudi in fact had virtually no real “asset base”, even though the company planned to achieve a paper valuation for the purposes of the joint venture of well over $2 billion.
This valuation was to be based on an oil concession in Turkmenistan, which was actually still owned by a completely separate Canadian company, called Buried Hill, with whom Mahony had initiated negotiations for a possible joint venture in July:
“Briefly, we can value the Argentinean assets at around $50-$75m and the Turkmenistan asset at around .. $1b-$1.5b after the border dispute is resolved. Argentina has approximately 30m barrels of oil and Turkmenistan 500m. If we do the deal we want with the Canadian company that currently owns the asset in Turkmenistan, we will also pick up a block in the Gambia but the value of this unclear at this point”
Despite PetroSaudi being essentially valueless, therefore, it nevertheless apparently held one key advantage for Jho Low’s purposes of creating “a front” – the owner, a friend of the Director Tarek Obaid, was Prince Turki bin Abdullah, one of the sons of the then King of Saudi Arabia.
Founding owner of PSI, Prince Turki bin Abdullah
Founding owner of PSI, Prince Turki bin Abdullah
Jho Low was clearly eager to move swiftly ahead with a deal, because from this date the correspondence shows that negotiations for the 1MDB PetroSaudi joint venture were conducted at a breakneck speed, all at the initiative of Jho Low and his team, who were skillfully abetted by the UK businessman Patrick Mahony.
Also dated on September 9th, for example, is an email sent by Jho Low’s colleague Li Lin Seet to Tarek Obaid and Patrick Mahony, on the subject: “Proposed Timeline For Joint Venture with PetroSaudi”.
In the email Seet said that Low had “spoken to the Top Boss” and that there was a “target to close a deal by 20th Sept where all agreements are signed and monies can be paid to PetroSaudi before end of Sept.”
Low, who was copied in on the email trail, ‘replied to all’ the next day:
“We need to move fast n we need as much detailed info u have as fast as possible. We want to sign and pay by sept 09. Wil be emailing out a timeline”[sic].
[EMAIL PROPOSED TIMELINE]
Show email
It is notable that none of these emails on the Proposed Timeline for the Joint Venture are copied to anyone from 1MDB.
“Storyline for 1MDB”
Indeed later emails show that it was not until September 15th that the CEO of 1MDB, Shahrol Halmi, and his Malaysian colleagues were involved in the proceedings and again it was on the initiative of Jho Low, who organised a conference call between the parties.
Email exchanges show how the PetroSaudi Directors collaborated with Low, Li Lin Seet and Tiffany Heah on how they would present the company to the team from 1MDB. They drew up what they called a Storyline for their Conference Call and Seet opened up with a number of suggestions:
From: SEET Li Lin <seet.lilin@gmail.com >
Date: Tue, 15 Sep 2009 17:26:00 +0200
To: Jho Low <jho.low@gmail.com >; Tiffany Heah <tiffany.heah@gmail.com >; Patrick Mahony <atrick.Mahony@Petrosaudi.com">[url=mailto atrick.Mahony@Petrosaudi.com]Patrick.Mahony@Petrosaudi.com[/url] >
Subject: Storyline for Conference call with 1MDB
Hi Patrick,
I will circulate you some information on 1MDB soon….
Storyline for Conference Call: Patrick and Shahrol
1) ????? Introduction on background
a. ?????? Emphasize on ties with Tarek and role of Tarek in KSA
b. ????? Emphasize on Prince Turki?s role in PSI
c. ?????? Hint that PSI is owned indirectly by King Abdullah.
2) ????? Events that has occurred
a. ?????? King Abdullah learnt about 1MDB from PM Najib Razak and spoke to PM about joint-investments between KSA and Malaysia through a JV.
b. ????? Prince Turki was tasked by King Abdullah to follow up on this matter and has met PM Najib Razak to re-iterate this desire. Leaders or both countries are committed to partnership between PSI and 1MDB.
c. ?????? In fact, both leaders will very much like a deal completed by end of September in order for it to be the centerpiece of their meeting on 30 th Sept 2009.
Patrick responded to Jho Low’s assistant advising more caution:
“Ok. Need to be careful about some of the things we say – especially things concerning the big man in KSA. Let’s please discuss before the call. Thanks”
Meanwhile both parties agreed there was no “need to mention about the assets or any oil & gas matter in this call” as such details would be handled later.
STORYLINE EMAIL TRAIL
Show email
After this conference call apparently took place it was again Jho Low who proceeded to initiate more formal written introductions between the 1MDB team and their future joint venture partners, through an email entitled “re-Introductions for PSI and 1MDB” – at this stage the two companies were only 10 days away from signing their initial billion dollar deal on 29th September.
YAB PM Najib Razak - friend of Jho Low
YAB PM Najib Razak – friend of Jho Low
During this initial email introduction of September 18th, Jho Low again insinuated that he was representing the highest authorities, in this case the “YAB PM” directly, in the matter.
The twenty-something tycoon again focused on playing up PetroSaudi’s owner Prince Turki’s royal connection, impressing on the 1MDB Chief Executive an entirely untrue assertion, which was that the negotiations were officially connected to “furthering Saudi-Malaysia bi-lateral ties”.
This is not the only time that the correspondence shows Jho Low assuming a quasi governmental and diplomatic status in his dealings between Malaysia and the Middle East. Did the Foreign Ministry know anything about it and if not, whom was Jho Low representing?
“I am pleased to confirm as per YAB Prime Minister’s discussions with HM King Abdullah Al-Saud on furthering Saudi-Malaysia bi-lateral ties, together with YAB PM’s discussions with HRH Prince Turki Al-Saud, PetroSaudi and 1MDB is on track with respect to your USd2.5b JVC partnership. YAB PM has confirmed that he looks forward to the signing ceremony on 28 September 2009 to be attended by HRH Prince Turki Al-Saud.” said Jho Low to 1MDB’s Shahrol Halmi 18th September.
[INTRODUCTIONS EMAIL]
Show email
Shahrol Halmi - out of the loop
Shahrol Halmi – out of the loop
Jho Low had also reassured his 1MDB correspondents, therefore, that they were “on track with respect to your USD$2.5 billion Joint Venture partnership”, despite having been advised from the start that PetroSaudi would be bringing zero cash to the deal, only its supposed assets.
The extent to which Shahrol Halmi was still playing catch up is revealed later in the same email trail, when the 1MDB chief admitted two days later on 20th September that he had yet to receive or read anything about the company he was due to start billion dollar joint venture negotiations with the following week in London:
From: Shahrol Halmi [mailto:shahrol.halmi@tia.com.my]
Sent: Sunday, 20 September, 2009 10:40 AM
To: Low, Jho (Personal); Tarek Obaid
Cc: ‘Casey Tang'; Patrick Mahony; Robert Ho
Subject: RE: Introductions for PSI and 1MDB
Importance: High
Dear Tarek, pleased to make your acquaintance. Looking forward to meeting face to face next week. I understand that you’ve couriered over a copy of PSI’s company profile late last week. Unfortunately it being a long weekend over here in Malaysia, we haven’t received anything yet. [1MDB CEO Shahrol Halmi, 20th Sept]
In response Patrick Mahony sent him on Tarek’s behalf:
“a brief presentation. This is a bit dated and only includes the upstream oil and gas ambition of PSI (it also does not have any asset specific data) but should give you a sense of what we are about.” Mahoney also warned Halmi that PSI is “very press shy” .. .(one of the main reasons governments like to work with us)” and he therefore required to be sent advance drafts of any planned publicity.
[POWER POINT PRESENTATION ATTACHED]
Three days later on Wednesday 23rd September a team from 1MDB, including Halmi, was already over in London, supposedly negotiating the terms of the deal.
Yet again, the correspondence shows the whole set up was organised and arranged by Jho Low, with his assistant Li Lin Seet contacting PetroSaudi beforehand to strategise the meeting at the offices of oil company’s own lawyers, White & Case.
Jho Low would of course attend as a go-between, as the emails made clear:
From: Seet Li Lin [mailto:seet.lilin@gmail.com]
Sent: Monday, 21 September, 2009 2:06 PM
To: Patrick Mahony
Subject: Meeting in LDN
Hi Patrick,
Jho is tied up in meetings and could not do the call. He requests that you bcc himself and me in any correspondence to 1MDB. Also, the meeting on Wednesday is expected from 11am to 5pm. Can you get White and Case to book 2 meeting rooms. 1 for 1MDB and PSI. 1 for Jho and PSI.
In the same email exchange Seet explains to PetroSaudi’s Patrick Mahony that, as far as 1MDB was concerned, matters were a done deal:
“Jho has softened the ground so the 1MDB ppl are expected to come and meet, chat to know each other and sign.” Seet wrote to Mahony a couple of days beforehand.
SEPARATE MEETING ROOMS EMAIL
Show email
Jho Low crafted the whole Joint Venture deal before either PetroSaudi or 1MDB saw what was the plan
These same emails provide the equally telling information that the first draft copy of the Joint Venture deal to be negotiated with 1MDB was drawn up by Jho Low’s own office.
On the 21st September, two days before negotiations were due to start on the billion dollar deal, that draft was still being eagerly anticipated by Low’s contacts at PetroSaudi.
Mahony Sep 21, 2009 14:34: “ETA for first draft of agreement is still in a few hours…?
Seet Li Lin 21 Sep 2009 15:54:21: “Hi, give us a couple more hours for JVA”
PetroSaudi’s Patrick Mahony then suggests to Seet that his lawyers and Jho Low’s lawyers should first liaise with each other, before they contacted 1MDB’s lawyers, about the content of the proposed Joint Venture document being drawn up by Jho Low’s team in New York:
From: Patrick Mahony,
To: Li Lin Seet (gmail),
Subject: RE: Meeting in LDN Sent: Sep 21, 2009 13:26
“I also need to get the 1mdb lawyer and my lawyer in touch asap. I will wait until you send the jva but......
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