KUALA
LUMPUR - As speculation intensifies that Malaysian Prime Minister Najib
Razak is on the verge of sacking central bank governor Zeti Aziz, an
expose on her family's 'dealings' has been splashed online.
Critics of the Prime Minister claim the article was sponsored by 1MDB figure Jho Low and his cyber-troopers. Titled Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts, the article was posted ON anonymous website ThereCounter.
"The proxy war has begun. This article is aimed to defame Zeti and pave the way for Rosmah's supporters to hatch an evil plan to topple her so that she can't spill the beans on Najib's involvement in 1MDB," a political source told Malaysia Chronicle.
This is not the first time Rosmah has been accused of wanting Zeti's neck after information on her private bank accounts were leaked online. The Malaysian first lady has denied involvement in any plan seeking to oust Zeti, and recently instructed her lawyers to sue a foreign news portal Asia Sentinel for defaming her over the issue.
Nonetheless, the speculation has refused to die off, especially after the Inspector General of Police's announcement earlier this week that he could not rule out questioning the well-respected Zeti.
Zeti refusing to budge on the truth?
1MDB is a sovereign fund created by Najib when he took office in 2009. The fund is now saddled with an enormous debt of some RM42 billion, and Najib and his family friend Jho Low, stand accused of corruptly diverting and using 1MDB's funds for their own personal gain.
Rosmah, Jho Low and their Arab friends Najib has denied wrongdoing, while Jho Low is wanted by the parliamentary Public Accounts Committee to answer questions on the 1MDB financial scandal. Jho has however been incommunicado, with no efforts made by the IGP to locate and extradite him back to Malaysia for investigation.
A special task force was set up to probe into the 1MDB debacle including the roles played by Najib and Jho Low. The task force consisted of Bank Negara governor Zeti Aziz, the Attorney-General Gani Patail, Malaysian Anti Corruption Commission chief Abu Kassim and the Inspector General of Police Khalid Bakar.
The AG was recently and controversially sacked by Najib - allegedly just as he was about to arrest the PM on corruption charges, while Abu Kassim has mysteriously 'disappeared' from the scene.
Some believe the MACC chief has been 'deployed' to the Middle East to investigate a stunning US$700 million 'donation' that mysteriously ended up in Najib's personal bank accounts. In Abu Kassim's 'absence', his deputy was allegedly influenced into clearing Najib of corruption accusations. However, the MACC's statement that the US$700 mil 'found' in Najib's personal bank accounts came from 'donors' and not pillaged from 1MDB has prompted public outrage, as well as setting up the backs of the civil service who are upset they are being forced and intimidated into covering up for Najib.
As for the IGP, he is regarded by many as "Rosmah's stooge". Only Zeti, said the source, remains the obstacle to the huge whitewashing conspiracy hatched by Najib's supporters to clear his name and ensure he stays in power.
The picture which Nazir posted on Instagram
The article Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts is appended below. Malaysia Chronicle has NOT been able to contact the well-respected Zeti for her comment on the claims allegedly put up by Jho Low's cyber-troopers.
Even Najib's banker brother Nazir Razak has indirectly warned against any move to sack Zeti, using an Instagram posting to point out her formidable connections to global financial figures including IMF chief Christine Lagarde.
Related Story:
DON'T TOUCH ZETI, SHE HAS POWERFUL LINKS: NAZIR HINTS TO NAJIB & SIS-IN-LAW ROSMAH?
NAJIB & ROSMAH CLASH OVER ZETI? Ringgit feels the heat as Umno intrigue boils over
- Malaysia Chronicle
Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts
Swiss banking major UBS AG figures as the “master client” for several offshore entities floated by members of Bank Negara Governor Zeti Aziz’s family in tax havens such as British Virgin Islands (BVI), according to the database put up by the International Consortium Of Investigative Journalists (ICIJ).
Master client refers to an intermediary or go-between, which helps a client set up an offshore entity. It is a method used by rich individuals to mask the true ownership of companies. Offshore bank accounts are used by the wealthy to avoid taxes, protect assets from the reach of the law whilst maintaining a high level of secrecy.
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.
The Family
BNM Governor Zeti Aziz’s husband Tawfiq Ayman, Aziz Ayman and Alif Ayman. Pic credit: http://www.Azair.com.my (A local water supply company controlled by the same family).
It is learnt that UBS AG’s Singapore unit helped Zeti Aziz’s family set up the BVI’s whilst the company Portcullis TrustNet Group appears as the record and register keeper of the family’s offshore companies.
Portcullis Trustnet lists it’s jurisdiction as the British Virgin Isles. A popular destination for wealthy Malaysians.
In a deliberate attempt to mask the true ownership of the companies, complex structures of registration and ownership of shell companies through nominees were used.
UBS Singapore was used to set up companies registered under Porticulis TrustNet (BVI) Limited. An offshore entity known as Sharecorp Ltd acted as nominee shareholder. This is a nominee company that acts on behalf of the beneficial owner of an entity to provide an extra level of secrecy.
This was followed by additional layers of proxy companies where by Sharecorp limited was listed as a shareholder of a company called Excorp Limited which was listed as nominee shareholder of Mermeden Ltd which listed shareholding rights in the companies Iron Rhapsody Limited and Glittering Snow international ltd.
Multiple layers of companies are used in an effort to mask the true identities of the owners.
Sharecorp is nominee shareholder of at least 100s of companies for Asian high net worth individuals and holds a stake in a few hundred offshore entities, according to ICIJ.
Hidden Funds under the control of the Family
Two offshore BVI companies are clearly under the control of the family. The first company Glittering Snow International Ltd lists the following as shareholders:
The second British Virgin Isles (BVI) offshore company known as Iron Rhapsody Limited lists the following as shareholders:
Zeti’s husband Tawfiq Ayman and two sons Aziz Tawfiq Ayman and Alif Tawfiq Ayman are listed as shareholders of the companies.
The address linked to the companies include that of 23 Jalan Tunku Putra, Bukit Tunku 50480 Kuala Lumpur which we were able to verify as the home of Zeti Aziz.
The BVI companies controlled by the family of Zeti Aziz are registered to the home address that sources confirm is the home of the Bank Negara Malaysia Governor.
Portcullis TrustNet Group – Used by the families of the ruling elite, clients include the likes of Suharto, Ne Win and Marcos.
The Portcullis TrustNet Group describes itself as “an external service provider engaged by individuals who have planning needs”.
“One-stop shop”: the Portcullis TrustNet Cook Islands branch is on the third floor.
In 1996 and 1997 Porticullis TrustNet helped establish two British Virgin Islands companies for Aye Zaw Win, the son-in-law of General Ne Win, a military strongman who ruled Burma for three decades.
After the fall of the Indonesian dictator Suharto in 1998, a number of his family and other rich Indonesians began appearing as TrustNet clients, the documents obtained by ICIJ show.
Among the wealthy Indonesians was Suharto’s cousin Sudwikatmono. In the months after Suharto’s fall, Sudwikatmono retained a lawyer thousands of miles away in California by the name of Machiavelli W. Chao. The lawyer in turn sent Sudwikatmono and his money thousands of miles from both California and Indonesia, to the Cook Islands.
TrustNet helped the family set up the secret Wilshire International Trust and two offshore companies, Truease Ltd. and Rodeo International. The trust’s beneficiaries, according to documents, included Sudwikatmono’s wife, his son Agus and what appear to be his three daughters.
Related to a fallen dictator, Agus is currently one of the richest men in Indonesia.
Sudwikatmono has since died, but his son emerged as one of Indonesia’s richest people, according to Forbes.
TrustNet also set up the secretive Sintra Trust in the British Virgin Islands for Maria Imelda Marcos Manotoc and her three sons. Imee, as she is known, is the oldest child of the former Philippines dictator Ferdinand Marcos who plundered his country’s finances and resources and enriched his family and business associates.
Hidden funds and conflict of Interests
It comes as a complete shock that the very person who is responsible for maintaining monetary and financial system stability in Malaysia does not maintain her family’s wealth locally.
Are we missing a part of the puzzle? Are there hidden reasons as to why it is necessary for the family to keep their assets abroad?
Perhaps Zeti and her family can explain why funds are being kept in two BVI companies in a similar fashion that we have seen with BVI’s set up for Marcos and Suharto.
Bank Negara Malaysia is the sole authority in issuing the national currency and in managing the country’s international reserves. Governor Zeti is also entrusted to protect and strengthen the foreign exchange market. The existence of BVI accounts linked to the Zeti Aziz’s family brings into questions significant questions about the fiscal stability of Malaysia.
In order to maintain the credibility of Bank Negara Malaysia and it’s Governor, it is critical that Zeti Aziz reveals the full details of bank accounts linked to her family. Failure to give full public access to the linked BVI company accounts would only imply guilt.
Consensus
ICIJ’s reporting to date has revealed the offshore dealings of politicians, oligarchs, rogue nations and even religious leaders. Extensive reporting by ICIJ and others show that the anonymity granted by the offshore economy facilitates money laundering, tax evasion, fraud and other crimes.
Even when it’s legal, transparency advocates argue that the use of an alternative, parallel economy undermines democracy because it benefits a few at the expense of the majority. - https://therecounter.wordpress.com/
Full article: http://www.malaysia-chronicle.com/index.php…
Follow us: @MsiaChronicle on Twitter
Critics of the Prime Minister claim the article was sponsored by 1MDB figure Jho Low and his cyber-troopers. Titled Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts, the article was posted ON anonymous website ThereCounter.
"The proxy war has begun. This article is aimed to defame Zeti and pave the way for Rosmah's supporters to hatch an evil plan to topple her so that she can't spill the beans on Najib's involvement in 1MDB," a political source told Malaysia Chronicle.
This is not the first time Rosmah has been accused of wanting Zeti's neck after information on her private bank accounts were leaked online. The Malaysian first lady has denied involvement in any plan seeking to oust Zeti, and recently instructed her lawyers to sue a foreign news portal Asia Sentinel for defaming her over the issue.
Nonetheless, the speculation has refused to die off, especially after the Inspector General of Police's announcement earlier this week that he could not rule out questioning the well-respected Zeti.
Zeti refusing to budge on the truth?
1MDB is a sovereign fund created by Najib when he took office in 2009. The fund is now saddled with an enormous debt of some RM42 billion, and Najib and his family friend Jho Low, stand accused of corruptly diverting and using 1MDB's funds for their own personal gain.
Rosmah, Jho Low and their Arab friends Najib has denied wrongdoing, while Jho Low is wanted by the parliamentary Public Accounts Committee to answer questions on the 1MDB financial scandal. Jho has however been incommunicado, with no efforts made by the IGP to locate and extradite him back to Malaysia for investigation.
A special task force was set up to probe into the 1MDB debacle including the roles played by Najib and Jho Low. The task force consisted of Bank Negara governor Zeti Aziz, the Attorney-General Gani Patail, Malaysian Anti Corruption Commission chief Abu Kassim and the Inspector General of Police Khalid Bakar.
The AG was recently and controversially sacked by Najib - allegedly just as he was about to arrest the PM on corruption charges, while Abu Kassim has mysteriously 'disappeared' from the scene.
Some believe the MACC chief has been 'deployed' to the Middle East to investigate a stunning US$700 million 'donation' that mysteriously ended up in Najib's personal bank accounts. In Abu Kassim's 'absence', his deputy was allegedly influenced into clearing Najib of corruption accusations. However, the MACC's statement that the US$700 mil 'found' in Najib's personal bank accounts came from 'donors' and not pillaged from 1MDB has prompted public outrage, as well as setting up the backs of the civil service who are upset they are being forced and intimidated into covering up for Najib.
As for the IGP, he is regarded by many as "Rosmah's stooge". Only Zeti, said the source, remains the obstacle to the huge whitewashing conspiracy hatched by Najib's supporters to clear his name and ensure he stays in power.
The picture which Nazir posted on Instagram
The article Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts is appended below. Malaysia Chronicle has NOT been able to contact the well-respected Zeti for her comment on the claims allegedly put up by Jho Low's cyber-troopers.
Even Najib's banker brother Nazir Razak has indirectly warned against any move to sack Zeti, using an Instagram posting to point out her formidable connections to global financial figures including IMF chief Christine Lagarde.
Related Story:
DON'T TOUCH ZETI, SHE HAS POWERFUL LINKS: NAZIR HINTS TO NAJIB & SIS-IN-LAW ROSMAH?
NAJIB & ROSMAH CLASH OVER ZETI? Ringgit feels the heat as Umno intrigue boils over
- Malaysia Chronicle
Everything to hide: ICIJ reveals Bank Negara Governor Zeti Aziz link to offshore bank accounts
Swiss banking major UBS AG figures as the “master client” for several offshore entities floated by members of Bank Negara Governor Zeti Aziz’s family in tax havens such as British Virgin Islands (BVI), according to the database put up by the International Consortium Of Investigative Journalists (ICIJ).
Master client refers to an intermediary or go-between, which helps a client set up an offshore entity. It is a method used by rich individuals to mask the true ownership of companies. Offshore bank accounts are used by the wealthy to avoid taxes, protect assets from the reach of the law whilst maintaining a high level of secrecy.
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.
The Family
BNM Governor Zeti Aziz’s husband Tawfiq Ayman, Aziz Ayman and Alif Ayman. Pic credit: http://www.Azair.com.my (A local water supply company controlled by the same family).
It is learnt that UBS AG’s Singapore unit helped Zeti Aziz’s family set up the BVI’s whilst the company Portcullis TrustNet Group appears as the record and register keeper of the family’s offshore companies.
Portcullis Trustnet lists it’s jurisdiction as the British Virgin Isles. A popular destination for wealthy Malaysians.
In a deliberate attempt to mask the true ownership of the companies, complex structures of registration and ownership of shell companies through nominees were used.
UBS Singapore was used to set up companies registered under Porticulis TrustNet (BVI) Limited. An offshore entity known as Sharecorp Ltd acted as nominee shareholder. This is a nominee company that acts on behalf of the beneficial owner of an entity to provide an extra level of secrecy.
This was followed by additional layers of proxy companies where by Sharecorp limited was listed as a shareholder of a company called Excorp Limited which was listed as nominee shareholder of Mermeden Ltd which listed shareholding rights in the companies Iron Rhapsody Limited and Glittering Snow international ltd.
Multiple layers of companies are used in an effort to mask the true identities of the owners.
Sharecorp is nominee shareholder of at least 100s of companies for Asian high net worth individuals and holds a stake in a few hundred offshore entities, according to ICIJ.
Hidden Funds under the control of the Family
Two offshore BVI companies are clearly under the control of the family. The first company Glittering Snow International Ltd lists the following as shareholders:
The second British Virgin Isles (BVI) offshore company known as Iron Rhapsody Limited lists the following as shareholders:
Zeti’s husband Tawfiq Ayman and two sons Aziz Tawfiq Ayman and Alif Tawfiq Ayman are listed as shareholders of the companies.
The address linked to the companies include that of 23 Jalan Tunku Putra, Bukit Tunku 50480 Kuala Lumpur which we were able to verify as the home of Zeti Aziz.
The BVI companies controlled by the family of Zeti Aziz are registered to the home address that sources confirm is the home of the Bank Negara Malaysia Governor.
Portcullis TrustNet Group – Used by the families of the ruling elite, clients include the likes of Suharto, Ne Win and Marcos.
The Portcullis TrustNet Group describes itself as “an external service provider engaged by individuals who have planning needs”.
“One-stop shop”: the Portcullis TrustNet Cook Islands branch is on the third floor.
In 1996 and 1997 Porticullis TrustNet helped establish two British Virgin Islands companies for Aye Zaw Win, the son-in-law of General Ne Win, a military strongman who ruled Burma for three decades.
After the fall of the Indonesian dictator Suharto in 1998, a number of his family and other rich Indonesians began appearing as TrustNet clients, the documents obtained by ICIJ show.
Among the wealthy Indonesians was Suharto’s cousin Sudwikatmono. In the months after Suharto’s fall, Sudwikatmono retained a lawyer thousands of miles away in California by the name of Machiavelli W. Chao. The lawyer in turn sent Sudwikatmono and his money thousands of miles from both California and Indonesia, to the Cook Islands.
TrustNet helped the family set up the secret Wilshire International Trust and two offshore companies, Truease Ltd. and Rodeo International. The trust’s beneficiaries, according to documents, included Sudwikatmono’s wife, his son Agus and what appear to be his three daughters.
Related to a fallen dictator, Agus is currently one of the richest men in Indonesia.
Sudwikatmono has since died, but his son emerged as one of Indonesia’s richest people, according to Forbes.
TrustNet also set up the secretive Sintra Trust in the British Virgin Islands for Maria Imelda Marcos Manotoc and her three sons. Imee, as she is known, is the oldest child of the former Philippines dictator Ferdinand Marcos who plundered his country’s finances and resources and enriched his family and business associates.
Hidden funds and conflict of Interests
It comes as a complete shock that the very person who is responsible for maintaining monetary and financial system stability in Malaysia does not maintain her family’s wealth locally.
Are we missing a part of the puzzle? Are there hidden reasons as to why it is necessary for the family to keep their assets abroad?
Perhaps Zeti and her family can explain why funds are being kept in two BVI companies in a similar fashion that we have seen with BVI’s set up for Marcos and Suharto.
Bank Negara Malaysia is the sole authority in issuing the national currency and in managing the country’s international reserves. Governor Zeti is also entrusted to protect and strengthen the foreign exchange market. The existence of BVI accounts linked to the Zeti Aziz’s family brings into questions significant questions about the fiscal stability of Malaysia.
In order to maintain the credibility of Bank Negara Malaysia and it’s Governor, it is critical that Zeti Aziz reveals the full details of bank accounts linked to her family. Failure to give full public access to the linked BVI company accounts would only imply guilt.
Consensus
ICIJ’s reporting to date has revealed the offshore dealings of politicians, oligarchs, rogue nations and even religious leaders. Extensive reporting by ICIJ and others show that the anonymity granted by the offshore economy facilitates money laundering, tax evasion, fraud and other crimes.
Even when it’s legal, transparency advocates argue that the use of an alternative, parallel economy undermines democracy because it benefits a few at the expense of the majority. - https://therecounter.wordpress.com/
Full article: http://www.malaysia-chronicle.com/index.php…
Follow us: @MsiaChronicle on Twitter
