Aussie PM’s son voiced concerns over burial of Mongolian models

By admin-s On Mar 9, 2018

I wonder at his TIMING in revealing this tidbit NOW (5 years after it supposedly happened) just when Malaysia is going to an election and …

KTemoc Konsiders

FMT – Goldman not happy ‘cos I questioned 1MDB deals, says Turnbull’s son (extracts):

KUALA LUMPUR: Alex Turnbull, the son of Australian Prime Minister Malcolm Turnbull, has claimed he was sidelined at Goldman Sachs after he raised questions about deals involving 1MDB.
“Whistleblowing is a shit business,” he told The Australian in recounting what happened to him.

According to the report, in 2012 and 2013, Alex was working in Singapore at Goldman Sachs when the organisation raised bonds for 1MDB worth US$6 billion. Alex, however, was not involved in the transactions.

The Australian said the 1MDB deals, organised by senior banker Tim Leissner, were extremely lucrative for Goldman Sachs, reaping it almost US$590 million in fees and commissions. Leissner, who resigned in February 2016, was later banned by Singapore from the securities industry for ten years over the transactions.

The US Department of Justice (DoJ) alleges that US$2.62 billion of the bond proceeds were pillaged by Malaysian elites and is continuing a probe into the case. Its latest action was to seize, with the help of Indonesia, a luxury yacht, The Equanimity, said to belong to Low Taek Jho, or Jho Low, who, the DoJ says, is the mastermind behind the affair.

Alex told The Australian he raised concerns with colleagues about the high price and the lack of clarity in offer documents about the use of the funds.

He said when the 1MDB deal was done with Goldman, he sent an email to some of his colleagues asking what was going on. “The pricing is nuts, what is the use of funds?” he had asked.

For doing so, he claimed, he received a “talking-to” by the firm’s compliance officials. He said he was “B-tracked” as a result. He worked for Goldman Sachs’ special situations division from 2010 to 2014, when he resigned to start his own Singapore-based hedge fund, Keshik Capital.

It so happened I read this article this morning in The Australian. The hardcopy version was far far more comprehensive than the FMT report which is taken from an afternoon version of The Australian which by then had edited or pared off most of the morning news article.

Initially, in the morning when I first read it, I was impressed by Alex Turnbull’s revelation of the money involved, but he kind of disappointed me when he also raised an unrelated to-1MDB news, that of the murder of Altantuyaa in a manner I had read as somewhat of an emotional outburst, words to the effect that: How many Mongolian models did we have to bury in the jungle for this pricing?.

I can’t remember the exact details but I wonder WTF has the murder of Altanatuyaa Shaariibuu had to do with 1MDB?

If I may ask specifically, how would, in the amazing words of Alex Turnbull, “How many Mongolian models did we have to bury in the jungle for this pricing?” of whatever, but presumably 1MDB.

The Australia is accessed by paid subscription to access contents only available to its hardcopy edition, which alas, I do not have (though I read it in a library this morning.

The little I could glean from the Net was this:

In raising his concerns at Goldman Sachs, Alex Turnbull also made reference to the 2006 murder of Mongolian model and translator Shaariibuugiin Altantuyaa, who was reportedly the lover of Najib supporter Abdul Razak Baginda. Mr Abdul Razak was acquitted of the murder …

Fortunately, after a wee search to confirm what I read this morning, I discovered that good old Malaysiakini also carry a similar report but with more info than FMT:

In raising his concerns at Goldman Sachs, The Australian also quoted Turnbull as having made reference to the 2006 murder of Mongolian national Altantuya Shaariibuu, who was killed in a patch of jungle near Shah Alam.
“How many Mongolian models did we have to bury in the jungle for this pricing?” he said.

What pricing? 1MDB? What relationship would there be in the murder of Altantuiyaa and 1MDB?

Earlier, The Australian in its report also highlighted:

… that Turnbull’s claims came as Prime Minister Najib Abdul Razak is preparing to face the 14th general election and could undermine efforts by Canberra to shore up relations with Malaysia, regarded as a key ally in its battle against terrorism.

It’s quite amazing on the following points:

(a) he didn’t say anything for at least 5 years (since 2013) until Malaysia is about to go to an election. Why? Hmmm.

(b) he was NOT involved in the 1MDB transactions in 2012-2013, yet he saw fit to send a kay-poh-chnee email, as he claimed, to some of his colleagues asking what was going on, with words to the effect, “The pricing is nuts, what is the use of funds?” thus neglecting a bankers intrinsic quality and character to maintain clients confidentiality. And that was why, again as he claimed, he received a “talking-to” by the firm’s compliance officials.

Bankers like him and his PM-father don’t do that sort of gross indiscretions.