Sarawak Report: World’s Biggest Bank – China’s ICBC – Now Has HUGE Questions To Answer Over 1MDB…

World’s Biggest Bank – China’s ICBC – Now Has HUGE Questions To Answer Over 1MDB
23 June 2020

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Excerpts:

Sarawak Report

World’s Biggest Bank – China’s ICBC – Now Has HUGE Questions To Answer Over 1MDB
23 June 2020

An online seminar that certain powerful entities had sought to ban took place in Kuwait Tuesday night, bringing together speakers on 1MDB from across the globe.

Kuwait is the latest country to emerge as a centre-point in the money laundering scandal involving former Malaysian prime minister Najib Razak and the so-called 1MDB development fund and the seminar had been arranged (following exposes primarily on Sarawak Report) by the Kuwait Association for Protecting Public Funds, the country’s premier anti-corruption institution.

The chairman of the association revealed that he had threatened to resign following a demand by the Ministry of Social Affairs that he cancel the conference. As part of an apparent compromise guests were therefore requested not to mention the names of any of the public figures involved in the hitherto secret dealings in Kuwait, orchestrated by the 1MDB fugitive financier Jho Low.

Sarawak Report has recently revealed that Kuwait entities, working with major state owned Chinese construction companies, the Silk Road & Belt fund and also ICBC bank, continued to process billions of dollars of suspected 1MDB related kickbacks from Malaysia during the course of 2016 up until the final months of last year.

The existence of this network explains how the 1MDB ‘fixer’ Jho Low was able to continue to launder vast sums siphoned out of Malaysia long after money laundering alerts had been called by the US, Swiss and Singapore authorities in 2016, freezing his assets and closing the doors of most international banks.

The Sarawak Report editor outlined to a panel that included Kuwait parliamentarians, a Kuwaiti law professor and the head of the Kuwait Bar Association, how evidence now shows that kickbacks from the Chinese state owned company CCCC, in return for the 100% inflation of the East Coast Rail Link contract and an up-front 88% payment of $2 billion for two major pipe line projects in Malaysia, were funnelled through companies set up by Sheikh Sabah, son of the then prime minister of Kuwait, using accounts at ICBC bank.

In one example, Sarawak Report detailed how $1.02 billion was sent by CCCC in Chinese yuan to the ICBC account of a company owned by Sheikh Sabah named Al Asbah International in August 2017, following an agreement to meet repayments urgently needed on 1MDB’s debts which had so far been met by IPIC in Abu Dhabi.

Sheikh Sabah immediately transferred the cash to his own account at the same Kuwait branch of ICBC bank. A couple of days later $700 million of that money (roughly 2/3) was transferred to an account held at the same branch of ICBC bank by a company recently incorporated in the Cayman Islands called Silk Road Southeastasia Real Estate Limited, that had earlier in the month committed to buy 1MDB property in Penang for the same amount. The sole shareholder of Silk Road Southeastasia Real Estate Limited was also Sheikh Sabah.

Sarawak Report confirmed that it has seen invoices for long stays in 6 star hotels in China, which were covered from the ICBC bank account of a company in Kuwait owned by Sheikh Sabah and funded by CCCC on behalf of Jho Low.

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https://www.sarawakreport.org/2020/06/worlds-biggest-bank-chinas-icbc-now-has-huge-questions-to-answer-over-1mdb/

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