The PM, 1MDB And Off-Shore Accounts

Bank Governor Zeti Aziz credibility was brought into question following her family’s involvement in several offshore entities housed in the tax haven of the British Virgin Isles.

Despite the striking expose that multiple bank accounts were held and controlled by Zeti’s family members, there has been no explicit reply or denial from Zeti Aziz.

Attempts to the contact the family to afford them a right of reply was similarly met with utter silence.

Given that the database put up by the International Consortium Of Investigative Journalists (ICIJ) is open for public access and that the information put forth in the expose is easily verified as true, the complete silence from Zeti Aziz comes as no surprise.

In an effort to mask the fact that true ownership in the companies Iron Rhapsody Limited and Glittering Snow international ltd is held by members of Zeti Aziz’s family, multiple layers of BVI shell companies were used.

Our comment

Najib Razak has publicly admitted he is spending a ton of public money on recruiting “cyber-troopers” to manipulate public perceptions in his favour.

These operations have always involved vilifying those he wishes to undermine, which for now apparently includes all members of the official task forces looking into 1MDB, which he has so personally mismanaged.

The Governor of the central Bank Negara is therefore on the list, as this attack from one of Najib’s newest vehicles shows.

However, money has not bought convincing journalism.  In this article Zeti stands accused of having family members with off-shore bank accounts.

So what?

One may disagree with the secrecy of these institutions – Sarawak Report does certainly – but for now they are entirely legal and therefore widely used.

Didn’t 1MDB place all its alleged RM2.3 billion profit from PetroSaudi in an off-shore account in the Caymans?

Did the Prime Minister not receive his own US$680  million ‘donation’ from Tanore Finance, based off-shore in BVI?

To say that the list could go on in terms of Malaysian individuals and institutions run by Najib Razak is an under-statement.

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