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Tuesday, June 23, 2015

Another Expose : Malaysian - Aussie Real Estate Corruption Scandal : Should The MACC Investigate Or Not?

Well this has actually been going on for sometime now. Our "GLCs" or statutory bodies buying property in Australia, buying property in London, investing in property in Detroit and other places. In one case the son of a Chairman of one statutory body has been implicated as the middle man.

Here are two news reports. Do read for yourself.


Aussie paper links MARA’s ‘elite’ officials to A$4.75m Melbourne property bribe
 
linked to purchase of questionable Melbourne property inflated by A$4.75m (RM13.7m)
 
KUALA LUMPUR, June 23 ― In a damning news report published today, Australian daily The Age incriminated top officials of Malaysia’s Bumiputera empowerment agency and two “elite” Malay businessmen to the questionable purchase of a Melbourne property said to be inflated by A$4.75 million (RM13.7 million).

eight-month-long investigation by Fairfax Media uncovered massive trail 

 “for building ..[that] seemed well above the odds”.

Fairfax Media reveal Malaysian officials, spending govt's funds

bid up price from US$17.8 million to US$22.5 million

extra US$4.75 million was laundered out paid as bribes in Malaysia

newspaper named two M'sian businessmen 

Yusof Gani and Ahmad Azizi engineered deal to develop student housing 

later buy Dudley House worth A$17.8m but pricetagged A$22.5m

pocketing A$4.75 million, camouflaged through false invoices

implicated Ahmad’s two sons, Erwin and “Porsche-loving” Erwan 

connected to MARA through subsidiary taken over by several M'sian officials, 

former politician turned MARA Investment chairman, Mohammad Lan Allani

MARA chief executive, Halim Rahman.

Mohammad Lan had visited Melbourne in May last year, citing M'sian consulate

Mohammad Lan unable to remember 

he was involved in setting up offshore companies 

MARA investment chairman hung up phone 

email March 8, 2013 sent by a man for M'sian govt fficials 

“AUS$4,785,000 wired to shelf company in S'pore, return for MARA’s purchase 

paper trail for shell company led to a Singapore cake maker 

asked her to be its front, in return for A$1,000.

Singaporean cake maker’s shop was not the only front company

M'sian officials set up corporate entities in S'pore and British Virgin Islands 

buy exorbitant properties in Melbourne, including one worth A$40 million.

company called Thrushcross in the British Virgin Islands was used to buy Dudley House

along with A$23.5 million property on Swanston St by “porsche-loving” Erwan Ahmad.

The Dudley House case has since gone to Australian court.

- See more at: http://www.themalaymailonline.com/malaysia/article/aussie-paper-links-mara-officials-malaysian-elites-to-a4.75m-inflated-buy-o#sthash.PeVkIBHd.dpuf


2. This is from The Age 



A simple guide to the sale of Dudley House in Caulfield which has been linked with corrupt Malaysian officials, who allegedly intentionally paid 20 per cent over the asking price.

hard evidence has emerged of Australian property prices being inflated as real estate is used as a safe haven or money laundering hub by corrupt foreign nationals.

criminal conduct implicates top Malaysian officials and businessmen.
 
Sold for $22.5m Student accommodation, Dudley International House in Caulfield East.

group of super-rich M'sian officials, spending govt's investment funds, have bid up the price of a Melbourne apartment block from $17.8 million to $22.5 million. 

The extra $4.75 million was laundered out of Australia as bribes in Malaysia.

ripped off Australians and involve serious corruption but no one held to account

$80 million worth of Australian property implicated by same group of high-ranking M'sians.

foreign owners breaching Australian laws and inflating property values 

Fairfax Media's investigation provides the first hard evidence of criminal conduct.

serious questions about ease overseas nationals moving dirty money 

as well as involvement of foreign officials.

Fairfax Media uncovered scheme by tracing purchase via shelf companies in British Virgin Islands and Singapore.

Dudley House in Melbourne at centre of transactions. 

bought in 2013 by MARA. 

involved top M'sian govt officials and Chinese-Malay businessmen.

Msian demanded a $4.75 million bribe guarantee funds would flow from Msian govt 

$4.75 million was "paid to grease palms to get the deal done".

artificial inflation of property price to $22.5 million as "overcharging"

bribe paid via sham invoices from Malaysian companies. 

invoices for non-existent services, "professional advice", "consultancy advisory 

Malaysian firms received kickbacks closely linked ..MARA. 

senior Malaysian official close links to a Malaysian cabinet minister.

Australian developer Chris Dimitriou said Malaysian were of "high rank" and "likely to be well connected".

$4.75 million "kickback" "went to Malaysian parties" 

dual Malaysian and Australian citizen Dennis Teen, told the court that: "We are not saints … we just want a deal done."

Tax Office and Foreign Investment Review Board, to crack down on foreign property owners breaching Australian laws and helping to ramp up property prices.

Conclusion : Folks should the MACC investigate or no? The evidence gathered by the Australians (a Court case too) seems clear enough. 

So far the MACC has kept too quiet about the RM42 Billion involved in the 1MDB caper.  1MDB is the largest financial scandal in the world ever. Period. Corruption, CBT, thievery, cheating, fraud, false documentation are all there. Yet we hear the least from the MACC.

Now this case involves our money being taken out to Australia and then siphoned back as kickbacks paid to Malaysians.

So folks, should the MACC investigate or no?  Maybe someone should flip a coin to help them decide. 

2 comments:

  1. "Another Expose : M'sian - Aussie Real Estate Corruption Scandal : Should The MACC Investigate Or Not?"

    Yes indeed.

    Also to share this...

    "The Malaysian connection

    Bond, 53, is a man who doesn't walk away from a fight. The barrel-chested former suburban footballer helped manage a jail for young offenders before starting his own window and door company. When the window-maker won a lucrative job to help outfit Dudley House, he dreamed of dramatically expanding his business. But employees need to be paid. And after working on the development for many months, Bond, along with his own staff and dozens of other contractors, were owed several million dollars.

    "They [the developers] kept putting it off. It became one week. Then one month. Then six months. And I thought to myself, something is terribly wrong here. They seem like they are never going to pay us."

    The 'they' were Melbourne developers, Chris Dimitriou and Peter Mills, along with their joint venture partners – two mysterious Malaysian businessmen...

    "We knew they were influencing things behind the scenes, but I never met them," says Bond. "All I know is that they are powerful back in Malaysia."

    Emails uncovered by Fairfax Media and sent to the Malaysian pair suggest this low profile was aimed at avoiding scrutiny by the Australian Foreign Investment Review Board...

    "The maximum for each individual foreigner without FIRB approval is 15 per cent," wrote the manager in one email, so he suggested the Malaysian duo claim their shareholding was only "14 per cent."

    "I'm agreeable," one of them replied.

    In Malaysia, ..... have a much bigger profile. Each has been anointed a "Dato" by the Malaysian government - the Malaysian version of a knighthood. "

    June 23, 2015 - Corrupt Malaysia money distorts Melbourne market - http://www.theage.com.au/national/corrupt-malaysia-money-distorts-melbourne-market-20150623-ghu6a0

    You be the judge.

    ReplyDelete
  2. "Another Expose : M'sian - Aussie Real Estate Corruption Scandal : Should The MACC Investigate Or Not?"

    Addendum...

    "There is an old sinister interpretation to the acronym MARA or Majlis Amanah Rakyat (MARA).

    They say then MARA means Money Always Run Away. Interestingly, the person that told of that interpretation actually ran away with commissions from contracts given out to Chinaman suppliers..."

    One interesting comment...

    SiKenit said...

    Tuan Haji,

    "Your posting is about MARA Council decision to give soft loan of RM 140m to MARA Inc. for the purpose to buy a building 746 Swanston St, Carlton, Melbourne.

    I did my checks and this approval was at MARA Council's 385th Meeting on 13 Sept 2012, which is very recent.

    Fact also is that former ADUN ..... who is a politician from Minister-in-charge's UMNO division.

    There is a mush talked about previous case about how MARA Inc bought Ashley Hotel, near Paddington Station, involving Mohammad Lan.

    Then again, be it the MARA Council's decision to give money to MARA Inc for 746 Swanston St. or buy Ashley Hotel, cannot happen if the MARA Council did not discuss and decide on the subject matter.

    All proposals to be brought forth and tabled for discussion and approval by MARA Council must go through one man; ......, the Director General of MARA and now Deputy Chairman of MARA Council.

    He is the key man here. ..... must have certain understanding why these proposals are being tabled at certain MARA Council meeting and who are the parties 'involved' in these.

    Not only he has knowledge, he could also be accessory if not an engineer in some 'unkosher' feat to milk-from-mARA, esp via property deals.

    This is because ..... is not a MARA Council member. It is only highly probable that MARA Sr Management knows what MARA Inc is up to, but that understanding is not wholesome at MARA Council.

    Tuan Haji should investigate on these deals more and alert the MACC to come in.

    This is about Bangsa Melayu and not selected privileged individuals, at the expense of the masses who gave them a lot of trust."
    12:55 PM

    October 22, 2012 - http://anotherbrickinwall.blogspot.com/2012/10/mara-property-pushover.html

    http://marainc.my/marainc/board-of-directors/

    You be the judge.

    ReplyDelete

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