21 Jun 2011

Deustche bank slammed as pressure mounts on Taib’s Foreign Business Partners – exclusive evidence

Deustche bank slammed as pressure mounts on Taib’s Foreign Business Partners – exclusive evidence

This post is also available in: Iban, Malay

Deutsch Bank HQ

The launching of an official investigation into Taib Mahmud by the Malaysian Anti-Corruption Commission (MACC) has increased the pressure on the Chief Minister’s web of global investments.

Anti-money laundering campaigners are now demanding action from Germany to freeze Taib’s assets held by the country’s largest bank Deustche Bank.  This follows the Swiss Government’s announcement of its own investigation into the assets owned by the billionaire Chief Minister.

In a joint press release yesterday three European NGOs pointed to a mass of evidence showing extensive dealings between Taib-owned companies and Deutsche Bank worth hundreds of millions of ringgit and involving a number of off-shore operations.  The Chief Minister, meanwhile, has been unable to provide any legitimate explanations for the amassing of such wealth by himself and his immediate family.

SOGO  Holdings Limited – exclusive evidence

Now, Sarawak Report can also provide new, exclusive evidence of Deutsche Bank’s further involvement in the management of the Taib family’s private property assets in the US, via the off-shore company SOGO Holdings Limited, based in the island of Jersey.

Taib company SOGO Holdings Limited is managed by Deutsche Bank International in Jersey

Our previous reports have detailed how Taib himself, along with his two sons, eldest daughter and two of his brothers were listed as the original Directors and Shareholders of Sakti International, a company which is currently managed by Taib’s son in law Sean Murray and which owns properties worth in the region of a hundred million dollars in the US.

Ross Boyert outside Sakti International HQ in San Francisco

We can now demonstrate that these assets were in turn placed under the control of an offshore holding company, which is managed by Deustche Bank in Jersey.

Papers shown to Sarawak Report by the former Sakti manager, Ross Boyert, who died under tragic circumstances last year, revealed the structure behind the management of these assets.

In a letter to The Chief Minister, whom he address as the ultimate boss of Sakti International, Ross Boyert outlined information that Sean Murray had given him about the company during his initial interview for the post.

Ross Boyert's letter to Taib Mahmud in November 2006 outlined the role of SOGO Holdings Ltd (managed by Deutsche Bank International) as the offshore holding company for Sakti International in the States

Sarawak Report also has access to a number of company documents that show that Sogo was originally managed in Hong Kong by the former asset management company BT Trustees Limited.  The company, which specialised in acting as a ‘trust representative for Asian clients’ moved to Jersey from Hong Kong after the handing over of sovereignty in 1997.  It was then taken over by Deutsche Bank International in 1998, along with the management of the Taib family trust in Jersey, SOGO Holdings Ltd.

These company documents confirm that Rahman Sulaiman Taib was the President of Sakti International and was in charge of transferring its ownership to SOGO Holdings.

Documents related to Rahman Taib's transfer of Sakti's assets to Sogo Holdings, which is now managed by Deutsch Bank for the Taibs in Jersey

Boyert even showed Sarawak Report a copy of a diagram drawn by Rahman Sulaiman Taib, the Chief Minister’s second son and the previous president of Sakti International, illustrating how he planned to move the ownership of Sakti to an off-shore trust company.  The diagram specifies the Banker’s Trust Company and places it in its original location, Hong Kong.  There are major tax benefits in moving such companies off-shore.

Rahman Taib's diagram showing how he planned to structure the family's US assets. The Trust company was SOGO Holdings Ltd

The above diagram drawn by Rahman Taib also shows his parallel plans for managing the so-called Northern Life or Abraham Lincoln Building owned by the Taibs in Seattle (see bottom right of diagram).  This building now houses the FBI’s main headquarters in North West America and is a top secret facility.

The FBI's top secret Abraham Lincoln Building in Seattle is owned by the Taibs - another asset that is open to questions of money laundering

The diagram illustrates shows how the building was held by the Taibs under the company called Wallysons Inc, which again was in turn put under the ownership of an off-shore trust company.  Boyert alleged that the offshore company referred to was Rodinmass Inc, which is located in the British Virgin Islands.

The full allegations in his court case for unfair dismissal against the Taibs in 2007 are deposited with the CALIFORNIA SUPERIOR COURT.

Other joint ventures

In their submission to the German Chancellor this week the three NGOs, The Bruno Manser Foundation, the Society for Threatened Peoples and Rettet den Regenwald, a Hamburg-based rainforest advocacy group have also listed numerous other business connections between Deutsche Bank and the Taibs.

The investment group K & N Kenanga Holdings Bhd, of which by far the largest shareholders are Deutsche Bank Asia and the Taib family company CMS, has a share capital of RM 611 million and a further RM 2.4 billion in assets!  The related company Kenanga Deutsche Futures has RM 387 million in assets.

The NGOs also point out that the group of Kenanga companies are managed by Boards that include chief officers from CMS and Deutsche Bank.  CMS Finance Chief, Richard Curtis, and Taib’s son in law Syed Ahmad Alwee Alsree are both on the Board of K & N Kenanga Holdings,alongside Deutsche Bank’s Chief Country Officer of Malaysia Operations, Raymond Yeoh Cheng Seong.

Indeed, Yeoh’s Business Week profile notes that he has no less than 37 [business] relationships with Syed Ahmad and 25 relationships with Richard Curtis, so great are the ties between the two companies!  The NGO’s are now querying why, given international money-laundering legislation, Deutsche Bank has developed such extensive ties with a family of such questionable wealth?

“We are seriously concerned that, as a leading German financial institute, Deutsche Bank is closely cooperating with the highly corrupt and internationally discredited Taib regime. We feel that this cooperation cannot be in the interest of the German government, which is globally promoting the effective combating of corruption.”, they stated in their letter to the German Chancellor, Angela Merkle.

Joint enterprises. The NGO complaint also points out that "In 2005, Deutsche Bank was the sole bookrunner for the US$ 600 million listing of Sarawak International Incorporated in Labuan, Malaysia's offshore financial centre. Before December 2004, Deutsche Bank arranged a US$ 135 million loan for the Sarawak Economic Development Corporation (SEDC), a state body controlled by Taib Mahmud".

Questions to answer

Taib has announced that he will finally make a public statement about the MACC corruption investigation into his affairs.  To satisfy his critics he will have to explain convincingly how it is that he, his immediate and his extended family could have achieved world class wealth off the back of his modest salary as Chief Minister by legitimate means.

The glaring examples of abuse of power, cronyism and timber corruption in Sarawak will make that extremely hard for him to do and have also placed his supposedly respectable business partners, like Deutsch Bank, in an equally difficult position.

Sign up to receive regular updates from Sarawak Report

Your views are valuable to us, but Sarawak Report kindly requests that comments be deposited in suitable language and do not support racism or violence or we will be forced to withdraw them from the site.

  • apaituai tebesai

    Investigation under Anti Money Laundering Act will put Taib in a very difficult situation. No Bank will want to be associated with individuals who are on high risk of AMLA investigation. Taib will give BN a bad name.

    • http://n/a Watch Dog

      apai..1st for ABUSE OF POWER.

      2nd TAX EVASION…how much tax has he paid or did he

      declare correct amount of tax.If NOT he is a bloody

      liar..NO 1 LIAR..False declaration.

      3rd Money laundering and also international money

      laundering.ALL his assets must be frozen and seize

      immediately.

      ** Assets bought with money earned ILLEGALLY.WAKE up Sarawakians

      we must get back what are rightfully ours.God creates and TAIB and his cronies destroyed.

  • Anti-Kleptocrats

    Apparently, Taib Mahmud is the most corrupted, evil, and bring soooo much destruction to Sarawak !!!

    Cannot wait to see him in jail for those corruptions of highest order!!!

    PTUI !!!

  • http://n/a Watch Dog

    A journey to a thousand miles has begun and now with a second steps. GOD creates and TAIB destroys.We do NOT want monopoly here in Sarawak.

    Please let us bring this one man,one family,one crony and one race,Melanau not to monopolised what are rightfully ours and we must share.

    GOD has given us forests,land,rivers,mountains,sands,aggregates from mountains, huge contracts like roads construction,maintenance,lining,plantations,shipping of timber kick back,cement monopoly,etc,etc,etc as well as government services dominated by their people.Let us get back what are rightfully ours and charge him under:

    1. Tax evasion.

    2. Money laundering..money earned by illegal means.

    3. Abuse of power.

    Investigate Taib and his cronies..Awang Tengah,Len Salleh,Former State secretary,Nordin Mat Jais,Wahab Dollah,Rahman Yaakub,Effendi Norwawi,all top government servants and SUPP cash cows.

    Leave NO stones unturned…get them MACC,get them..then all go to jail and maybe NEW face in both Federal and state government respectively.

  • mensia baru

    taib mahmud is the most corrupted person in our country. we hope MACC honesly investigating this serious issue.

    • anak sarawak

      Don,t be childish! Never ever expect Malaysian Anti-corruption Commission to catch his own big fish.

      • Taib

        Ya, you are right. We "earn" and "eat" together. Even Najib hope that I can give him some cheese!!!!!!!!!!!!!!

        MACC is under his control. So don't worry. Not one can touch me in Malaysia! Who dare?? Not even Dr. M!

  • Ayam Jantan

    Taie Mammoth,

    Everyone knows the extend of your dependence on bomohs and witchcraft to protect you and your ill-gotten wealth. Soon the whole world see whether the bomohs can save you and your cronies from the long arm of the law. Maybe you should also master Houdini's art of vanishing into thin air.

    Sarawakians cannot wait to see you persecuted and rot in prison, and the wealth you have stolen given back to the people of Sarawak.

  • najibrazak

    This is getting serious! MACC we can and do control but if international anti corruption and anti money laundering bodies enter on the scene, as they now have,we cannot control and block their enquiries. Next thing they will be looking into how 800 billion ringgit of black money left Malaysia in past years and I, for one, certainly do not want the details of THAT to become public. Stifling MACC might become impossible! We will have to find a way to close out Taib before he brings us all down with him.

    • Taib

      If you against me, no cheese for you!!

  • tsunami final asshol

    To, The Chief Thief, Chief Robber, Mastermind of Corrupt, the Greedy Taib Mahmud @ Taik Mammoth of Sarawak.

    Having read the above write-up, i, tsunami Final Asshole, the rightful native of Sarawak who didn't vote for BN (Bullshit & Nonsense), hereby sack you as rightful citizen of Malaysia, in the State of Sarawak. Your title as Pehin Sri is hereby change to Piin (bidayuh mean water lah stupid mahmud). You are therefore allow to go hell….. so much damages has you inflicted upon the natives, so big the land has you grabbed, no more virgin forest that you and your crony, the likes Jabu @ Jobbo @ asshole that you can rape.

    Now that you are done, go to hell….. or rather, go hang yourself….

    to be cont…

  • Yes Sir

    Until today, Taib still denied that he is "clean". Just look at his house and you can tell everything. There is no need to go round the World to search for evidence, just to check on Kuching alone, already you can write a book of corruption.

  • http://n/a Watch Dog

    TODAY TV NEWS AT 8PM,TAIB DENIED HAVING ALL THOSE WEALTH AND 'SECRET' BANK ACCOUNT.

    THIS IS NO ORDINARY 'CHILD' PLAY PROJECT AND IS NOT FOR THE UNQUALIFIED AND FAINT HEARTED.IT WILL GO DEEPER THAN THAT.

    THE ONLY THING THAT PROTECTS OR PREVENTS THE PROBE FROM TAKING PLACE WHEN HE IS STILL ALIVE IS THAT OF HIS MEMBERSHIP OF A WORLD WIDE 'FREEMASON' AS HE IS A THREE DEGREE MASON MEMBER.

    PLEASE GO TO THE WEB AND READ ON 'FREEMASON' SO THAT YOU KNOW WHAT I MEAN. FREEMASON IS THE MOST POWERFUL ORGANISATION IN THE WORLD AND HEADED BY WORLD MOST POWERFUL PEOPLE.

    SEARCH THE WEB, " FREEMASON" AND THEN CLICK…THEN YOU WILL KNOW WHAT FREEMASON IS.

    • Knarls

      I know what is a freemason and he aint one. I studied in SA during his yrs also. He managed to stay away cause the prime minister will not allow such things to go ahead. By hook or crook, he needs to protect taib cause he has interest in the business also. Freemason is a chain of influential people no doubt, but they despise corruption. Read up boy

  • Blunt Speaker

    MACC is not serious in taking any action. It's a great shame to Malaysia! The case is gradually gaining momentum and thanks to the effort and credit of outside help. It's just like a family in shambles due to a rotten apple but the other members especially the one in authority are unable to put things in order until a good Samaritan step in. How pathetic it seems but all hope is not lost, for God heard the cries and prayers of His people, and have sent outside help to deliver Sarawak from evil. From Switzerland to Germany, then US, Canada, Australia, HK and others, wherever those ILLGOTTEN wealth and assets may be, surely and steadily we'll get there to retrieve what belong to Sarawak. It's just a matter of time.

  • Titan Sarawak

    Malaysian Gov't should now provide protection from prosecution to those business owners who forced into giving him free shares and money in order to do business with the State government should they testify against the Thief Minister and his cronies!!

  • Titan Sarawak

    Malaysian Gov’t should now provide protection from prosecution to those business owners who were forced into giving him free shares and money in order to do business with the State government should they testify against the Thief Minister and his cronies!!

    • http://n/a Watch Dog

      Titan Sarawak…what protection are you talking about? Please

      let us charge BOTH? It takes two to tango.We

      cannot just charge the receiver but also the

      GIVERS.

      We must eradicate this national menace and let NOT the GIVERS be free. Charge all parties both GIVERS and RECEIVERS..fair and square.Take back all land that has been given to Shin Yang as the land given is by illegal means/corrupted administration.Why should we let the givers free?

      We have to declare WAR against corruption and MONOPOLY.

  • Wow

    Malaysia same as Indonesia (Corruption that is)…

  • chuckybride

    Reporting corruptions of the Thief Minister to MACC is like reporting a robbery to a group of pirates.

    The liberty and dignity of this country has been raped by no other but by greedy corrupted politicians.

    Here is the country where scoundrels, robbers and criminals protected by the blue color shirt dogs.

    There is only one way this crook thief minister to be punished, no other than a complete revamp and independent of Judiciary, the police dept and MACC is to get rid of worms infested system of umno-bn.

    If we cannot manage to do this in the next GE13, we must endure another 5 years of slavery in our very own country.

    Say your prayer!

  • Alan Newman. NZ

    Criminal Taib Mahmud, cunning as you are, you would have moved funds from Switzerland long ago. What about these:

    Were timber concessions all over Sarawak awarded by clear, public, gazette tenders for maximum returns to the State? Or just dished out to your cronies?

    The RM$5-10billion yearly in timber exports in the last 40 years? Totaling RM$200-400billion.

    The RM$2-9billion yearly in oil palm exports in the last 15 years? Totaling RM$30-135billion

    The numerous blocks of land snatched up for various crops & developments, worth billions of RM.

    Your Cousin Hamed Sepawie (Sanyan, Naim, etc) is in Malaysia’s Rich-list.

    The numerous projects awarded to your CMS group & cronies totalling billions.

    The resources & benefits fleeced, ‘sharked’ and swallowed by your family members & cronies.

    The dozens of companies under your vicious wings straddling the globe.

    The shipping levies collected from timber export in the last 30 years.

    The billions of RM worth of real estate in various countries.

    The death (likely murder) of Swiss activist Bruno Manser.

    The mental, psychological & physical torture of your former Aide Ross Boyert for revelations, and his eventual death.

    The gems, jewels and diamonds around your relatives’ neck and bodies.

    Your Rolls Royce, and your mansions and all your cronies mansions.

    The vote-buying & rigging of elections.

    The deception of the people for 3 decades.

    This magnitude of you corruption & evil….is mind-boggling & astronomical. You & your cronies have stolen mega billions and caused the poverty and misery of millions of people.

    You should be: Tied to a tree for weeks, spat on, whipped, knifed, then drawn by horses and quartered.

    Let God deal with you hereafter, and deal with anyone who dares to support you or even speak a word in your favour. Everyone just watch!

    I write this because all life long, I have vowed to remove injustice and evil from mother earth.

    Alan Newman, NZ.

    • http://n/a Watch Dog

      Alan Newman.NZ…What can I say? It is true .What you have

      written are all true but I just do NOT know

      why all those WR(Wakil Rakyat) still believe

      and protect him especially those two dayaks

      clowns like Dr.JJM and Dr.SR.Maybe they owed

      him something.That is corruption.

      Can you see Taib's picture in the Borneo Post? He hides his eyes.Liar dare NOT look into people's eyes.Please just look at his body language on TV…he is lying.

      We must get what he has taken as GOD provides but TAIB or MELANAU destroys.

      Come on MoCS..come August 13th, we are behind you and we are ready in thousands…Taib YOU MUST STEP DOWN before it is too late.Are you going to run away with your family?? To where??Middle East???

      Come MoCS..come,come,come!!!We are fed up of TAIB's MONOPOLY be it one man,one family,one crony and ONE race…we must stop him NOW

  • baya

    tidak mustahil kes ini sama dengan bekas Prisedent Indonesia..Soharto…bicara sampai maut…jawapannya….

    God we waiting for Your Justice…

    • http://n/a Watch Dog

      baya…Very soon Taib's residence will be UNIMAS Department of

      Marine Engineering and oceanology studies as it is built

      with tax payers money.

      Come on MoCS..come AUGUST 13th..we are waiting.

  • brrr

    I expect the macc will come out with result not guilty! believed me or not? believed

  • Pingback: Taib Probe Opens In Germany – Breaking News! » Ehwal Malaysia

Comments

comments