EXPOSED: MALAYSIANS WITH OFFSHORE COMPANIES OVERSEAS

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Malaysiakini

Declare ownership of offshore firms, cabinet urged
12:46PM Apr 6, 2013

BN chief Najib Abdul Razak and his caretaker cabinet ministers should all declare whether they or their family members own offshore companies, urged DAP adviser Lim Kit Siang.

This follows Malaysiakini’s exclusive report yesterday that some 1,500 Malaysians own offshore companies in Singapore and the British Virgin Islands (BVI), which are alleged to be international tax havens.

Those named in the documents obtained by the Washington-based International Confederation of Investigative Journalists (ICIJ) included ministers and family members of former ministers.

While some of the offshore companies carry out legitimate transactions, others are likely to be part of the RM871.4 billion estimated by Washington-based financial watchdog Global Financial Integrity (GFI) to have been lost through illicit outflows over a 10-year period.

“Najib has been failing test after test as to whether he is serious and sincere in elevating accountability, transparency, integrity and good governance as major goals of his administration,” Lim added.

Declare ownership of offshore firms, cabinet urged

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Politicians among 1,500 who own offshore companies

EXCLUSIVE Top Malaysian politicians, their family members and well-heeled associates are among those owning secretive offshore companies in Singapore and the British Virgin Islands, according to an explosive cache of leaked documents.

They include former prime minister Dr Mahathir Mohamad’s son Mirzan, Federal Territories and Urban Well-being Minister Raja Nong Chik Zainal Abidin and Michael Chia, the alleged ‘bagman’ for Sabah Chief Minister Musa Aman.

The files, which were obtained by Washington-based International Confederation of Investigative Journalists (ICIJ) and examined by Malaysiakini, show more than 1,500 Malaysians owning offshore companies in Singapore – dubbed as the new Switzerland – as well as the British Virgin Islands (BVI), an international tax haven.

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While some of the offshore companies carry out legitimate transactions, others are likely to be part of the RM871.4 billion estimated by Washington-based financial watchdog Global Financial Integrity (GFI) to have been lost through illicit outflows over a 10-year period.

In 2010 alone, GFI reported that close to RM200 billion of dirty money was siphoned out of Malaysia, putting the country second only to Asian economic powerhouse China in global capital flight.

*Click here for leaked ICIJ files

The well-being minister

According to the leaked documents, Raja Nong Chik, who is Lembah Pantai Umno chief, is a prominent shareholder and director of RZA International Corporation, a British Virgin Islands entity incorporated on Aug 21, 2007, through Singapore.

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The former PM’s son

Mirzan Mahathir, the eldest son of Mahathir, is also among those the ICIJ list as director and shareholder of three off-shore companies.

Mirzan’s major commercial vehicle in Malaysia is Crescent Capital Sdn Bhd, an investment holding and independent strategic and financial advisory firm. He is the company’s chairperson and chief executive officer.

mirzan mahathirA Forbes-listed entrepreneur, Mirzan holds a non-executive director position in Philippines-based San Miguel group, which has raised eyebrows in Muslim-majority Malaysia, as beer brewery is a core businesses of San Miguel.

One of Mirzan’s offshore entities is called Crescent Energy Ltd, a Labuan offshore company incorporated on Dec 16, 2003, originally named Mainline Ltd and with an authorised share capital of US$12,000 (RM37,000).
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The Sabah ‘bagman’

Another prominent personality on the list is Chia Tien Foh, who is better known as Michael Chia – the shadowy business tycoon allegedly linked to Sabah Chief Minister Musa Aman.

Chia, too, has three offshore companies in which he is listed as either as director or shareholder. One of them was CTF International Ltd , with ‘CTF’ seen as the initials of Chia’s full name. It was incorporated on April 18, 2007, in the British Virgin Islands.

CTF International gained notoriety when it was named by whistleblower website Sarawak Report of being a conduit in channelling millions of ringgit to a Hong Kong account allegedly linked to Musa.

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According to a former officer with of the Inland Revenue Board (IRB), crooked Malaysians parked their money offshore to enjoy either significantly lower or even no taxes, and where the income is illegal, they are protected by a wall of secrecy.

Politicians among 1,500 who own offshore companies

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