July 1, 2022

Umno’s stealing binge hits pandemic levels: Mara thieves mimicked Najib’s 1MDB model – enough irrefutable paper trail to ‘hang’ culprits

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From Malaysia Chronicle

Mara corruption in Melbourne property market, assisted by Raine Horne valuers hits headlines in Australia

Raine Horne KL embroiled in global corruption scandal

prime Melbourne property, corrupt M’sian officials, Panama Papers leak

scandal – vastly inflated valuation of 280-room Swanston Street

http://www.smh.com.au/federal-politics/political-news/the-australian-building-that-made-almost-20m-for-corrupt-malaysians-20180126-p4yyxd.html

Corrupt M’sia money distorts Melbourne market

746 Swanston St. bought then resold at vastly inflated price

M’sian dirty money laundered through Aussie property purchases

few consequences for those facilitating corruption despite 2 yr investigation expose scam, nobody facing prosecution

Flipping property
June 2012, Mara asked Raine Horne to value building

But this was no ordinary request

  • Raine Horne KL valued property at $43m ! ! !
  • despite seller Lionel Harber, valued at $23.5m ! ! !

Harber’s sale price at fair market value endorsed by independent valuation

“That’s a joke” Harber told Fairfax

Swanston building ($23.5m) resold to Mara for $41.8m

Raine and Horne KL used to justify resale

The leak
2016 leak of “Panama Papers”

millions of documents from law firm Mossack Fonseca  still being trawled by journalists, police across world ties corrupt officials to secret offshore accounts

leak tells story

Fonseca created 2 secret companies in BVI, Isle of Man

firms used to set up Melbourne company

3 companies used to facilitate “flipping” of Swanston property for $41.8m

transxn freed up $18.3m – distributed among conspirators

Panama Papers reveal corrupt Umno, Najib, Mohammad Lan Allani behind property scam, offshore companies

$41.8m paid to offshore firm by M’sian govt fund

Allani was fund’s chairman

according to bank transfers Allani paid $3.2m kickbacks  shortly after $41.8m left M’sian govt coffers

Allani’s staff requested Raine Horne’s inflated valuation
2015 another corrupt deal

Allani set up offshore companies in tax havens

“convenient” to sell property bought by M’sian govt

Money in, money out
Mossack Fonseca, Aussie middle men facilitated corruption

Swanston property, 3 other Aussie buildings

M’sian govt bought for $75m
2015 Fairfax investigation into $22m purchase of Dudley House by M’sia

price of building inflated by $4.75m

corrupt deal by Chris Dimitriou and Peter Mills

CBD accounting firm and Westpac banker

same accounting firm, 2 Melbourne law firms, facilitated Swanston purchase

created offshore companies, moving large amounts of money

Aussie HQ said Raine Horne KL run by M’sian managers.

these managers insisted $43m valuation appropriate

Fairfax traced $8m bribes to corrupt Msian officials

figure likely to be much higher

Getting away with it
unchecked exploitation of Aussie property market

Aussie failure to crack down on money laundering, bribery

Aussie failure about  companies which bribe foreign politicians

Since 2009, Fairfax exposed bribery involving Aussie companies and M’sia

AFP has significant intelligence implicating Razak

Panama Papers leaks expose high wealth Aussies in questionable dealings

Aussie govt introduced new laws, easier to charge companies who bribe

My comments :  

This is exactly the same 1MDB model.

Step 1 (ONE) :  First they get some crook to be chairman etc of the gomen fund which has the money.

Step 2 (TWO) : The crooky chairman, CEO will get the fund to agree to buy some property overseas at some inflated price – say Market Price PLUS an extra AUS$18m.  The official seller will be some shady British Virgin Islands or Cayman Islands company with weird names like Brazen Sky, Earth Moving Under Feet etc.

Step 3 (THREE) Prior to Step 2, the same crooks would have set up those offshore companies to buy the property from a genuine Mat Salleh etc seller at Market Price.  Possibly in a country that has loose property transparency laws like Australia.

Step 4 (FOUR) Then simultaneously, the British Virgin Island, Cayman Island etc  offshore company will RESELL  the property at INFLATED PRICES to the gomen fund.  In this way the gomen fund does not legally come into contact with the genuine Mat Salleh seller. The gomen fund deals only with the offshore company – both of which are run by the same crooks.  

Simultaneously because the payment is made just once – by the gomen fund. 

Once the inflated money payment flies out the window to the offshore company, the offshore company will split the payment in two. One portion goes to pay the genuine Mat Salleh seller. The remaining portion goes to the crooks in their numbered accounts in the British Virgin Islands, Cayman Islands etc.

Our kampong boys have just learnt about offshore companies, tax havens, proxy companies, British Virgin Islands, Cayman Islands, Isle of Man and other such shady places, offshore trusts, trust certificates and other legal instruments  which can be eminently used for shady dealings. These are the tools of drug runners, gun runners, money launderers, hot money flows, online gamblers, international prostitution rackets and such. 

For more on this story go to: http://www.malaysia-chronicle.com/umnos-stealing-binge-hits-pandemic-levels-mara-thieves-mimicked-najibs-1mdb-model-enough-irrefutable-paper-trail-to-hang-culprits/

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