Same day money – Direct Vanqex Tue, 21 Jun 2022 07:43:39 +0000 en-US hourly 1 Same day money – Direct Vanqex 32 32 Deutsche Bank is pushing to speed up $1bn money transfer from 1MDB as PM Najib would issue a press release, ex-banker told court Tue, 21 Jun 2022 07:34:20 +0000

KUALA LUMPUR, June 21 – Finance Ministry-owned 1Malaysia Development Berhad (1MDB) quoted then-Prime Minister Datuk Seri Najib Razak when urging Deutsche Bank to help the company quickly transfer 1 billion US dollars to two overseas accounts in September 2009, and had even given a specific time for it to be done before 4pm that day, the High Court heard today.

Jacqueline Ho, former Managing Director (Head of Global Markets Corporate Sales) of Deutsche Bank (M) Berhad, said this during her testimony as the 30th prosecution witness in Najib’s trial for the embezzlement of over of RM2 billion of 1MDB funds.

She said that 1MDB on September 29, 2009 provided Deutsche Bank with two documents, including Bank Negara Malaysia’s written approval on September 29 to 1MDB to transfer US$1 billion of the company’s funds to 1MDB’s BSI bank account. -PetroSaudi to acquire a 40 percent purported joint venture of 1MDB PetroSaudi Limited in the British Virgin Islands.

The other document was minutes of the September 26, 2009 1MDB board meeting where the directors approved Casey Tang, then executive director of 1MDB, as the authorized official to approve and execute the 1MDB transaction. billion US dollars.

However, on the morning of September 30, 1MDB officials notified Deutsche Bank to transfer 1MDB’s US$1 billion in funds to two bank accounts instead.

Ho spoke today about the multiple efforts and actions taken by Deutsche Bank to verify the sudden change in instructions for the US$1 billion before making the transfers, including obtaining confirmation that Bank Negara Malaysia had approved this change.

Ho said Tang had asked Deutsche Bank to complete the $1 billion transfer as soon as possible because it was allegedly a government-to-government transaction.

“Later, Casey Tang kept insisting DBMB again, that DBMB should speed up the money transfer process, because then Prime Minister Datuk Seri Najib Tun Razak wanted to make a statement to the press about the proposed 1MDB joint venture with PetroSaudi International.Ltd As such, we have been asked to expedite the process of disbursing US$1 billion to these two accounts,” she said today.

Najib’s lawyer, Wan Aizuddin Wan Mohammed, objected to this part of Ho’s testimony on Najib’s press release as allegedly hearsay, but then asked how it happened.

Ho said Tang came to the Deutsche Bank office – which is in the same building as 1MDB’s office – and asked to complete the transaction quickly.

“He said can you all process this transaction quickly, we’ll sit here and wait and give us the confirmation, can you do it before four o’clock, because the Prime Minister’s press release, he’s going to announce it , we need a transaction to be done before that,” she said.

Aizuddin: This alleged representation by Casey motivated you to undertake this transaction as soon as you can?

Ho: I don’t think so – I guess yes and no. In the sense that we would have done it that day anyway, it would go through a queue, for US dollar transactions we would probably finish it around five or six in the evening, but because it wanted it done before four o’clock, I had instructed my operations to prioritize the handover before other customers.

Aizuddin asked if Deutsche Bank would have delayed the billion-dollar transaction until the next date or if its conduct would have been different from the normal process had Tang not mentioned that the prime minister wanted to make the statement to the hurry.

Ho then said that Deutsche Bank would definitely not have postponed it until the next day, because the client 1MDB through his agent Tang had “given very strict instructions to send it on September 30” and there was no way that the bank would have delayed it. .

When asked if she knew how Najib fit into the whole 1MDB deal, Ho said, “At that time we were told it was a G2G transaction. (government-to-government) size, the bank felt that 1MDB would be like Khazanah Nasional in that it would be a government investment vehicle.

“So from that point on, obviously since he belongs to the Ministry of Finance and Datuk Seri Najib was also finance minister, so it’s only natural that he wants to make a statement to the press on a major investment,” he said. she declared.

Former Prime Minister Datuk Seri Najib Razak arrives at the High Court in Kuala Lumpur on June 21, 2022 — Photo by Devan Manuel

After the billion-dollar transaction was completed and the funds sent to both bank accounts around 3 p.m. that day, Ho said she checked and found that the press release was indeed made around 4 p.m. the same day based on an online version. of a press article.

She said she forwarded the news article to Deutsche Bank’s compliance department in a thread as part of the documentation for client 1MDB’s statement that they had a joint venture and investment and that the public announcement about it.

Looking back, Ho said she now knew the billion-dollar transaction was for fraudulent purposes.

When asked if she now knew if the status of the $1 billion investment was a real investment, as well as based on what she had read in 1MDB information and what the authorities hinted or said to her during the 1MDB investigation, Ho said, “I guess what was hinted or implied was basically fraud, yeah. She agreed that the billion of US dollars that was to be sent to the so-called 1MDB-PetroSaudi joint venture went elsewhere instead.

It was only days after sending the billion US dollars that Deutsche Bank discovered that one of the accounts – which had received US$700 million – was actually Good Star Limited, instead of PetroSaudi International , as 1MDB initially claimed on the day of trades. At that time, Deutsche Bank asked 1MDB, but 1MDB claimed that Good Star was a subsidiary of 1MDB’s alleged joint venture partner, PetroSaudi International Limited.

Aizuddin: Now coming back to this hindsight story, so you now know for sure that 700 million US dollars was wrongly sent and that Good Star is an entity owned by Low Taek Jho?

Ho: Yes correct.

In that lawsuit, a lawyer appeared today to hold a surveillance warrant for Deutsche Bank.

On the first day of the trial, the prosecution said they would show that $24.5 million of the $700 million at Good Star ended up with a ‘Prince Faisal’, who then allegedly transferred $20 million (equivalent to RM60, 629,839.43) into Najib’s personal bank account in two transactions of $10 million each in February 2011 and June 2011.


Greg Norman Defends LIV and Saudi-Backed Money – OutKick Sun, 19 Jun 2022 14:30:00 +0000

Greg Norman appeared on Fox News Nation with Brian Kilmeade yesterday and tried to make the case for LIV and the golf tour he’s trying to legitimize. It comes on the same day the Scottish Open reportedly announced that LIV golfers would not be welcome in their tournament, a warm-up for the 150th Open Championship to be held at the Old Course in St. Andrews.

ST ALBANS, ENGLAND – JUNE 11: Charl Schwartzel of South Africa holds the winners trophy and poses for a photo with Greg Norman, CEO of LIV Golf, after day three of the LIV Golf Invitational at Centurion Club on June 11, 2022 in St Albans, England. (Photo by Craig Mercer/MB Media/Getty Images)

Greg Norman sees a world of golf where players can play wherever they want: “I saw the value in what the product was really about, for the players, serving the fans, growing the game globally, that which, by the way, to be a global player as a professional golfer. So from there I said, yeah, it’s a great platform and it’s a business operation. We’re there for a reason, to play golf and grow, golf at a successful level and on behalf of the players, they are independent contractors, give them the opportunity to be able to expand their wealth as they see fit.

OK, Greg did a tour for the players, by the players, where the players play by their rules. Keep in mind that the signing bonuses all of these players have received require them to participate in all 9 LIV Tour events spread across the globe. But Greg insists their program is better for golfers: “Maybe our platform is a bit better because it gives them more time with their families, like there was Charles Schwartzel with his wife and kids. children.” (After winning the first LIV event in London) “Their platform gives them the opportunity and it’s a choice. This is not an escape tour. It’s a choice. Players have the choice to play with us and continue playing with the PGA Tour or the DP World Tour, or the Japan Tour or any other tour.

ST ALBANS, ENGLAND – JUNE 11: A general view is seen as Stinger GC’s Charl Schwartzel (2nd L) holds his trophy alongside Saudi Golf Federation CEO Majed Al Sorour (L), His Excellency Yasir Al Rumayyan ( 2nd R) and Greg Norman (R), CEO and Commissioner of LIV Golf, during day three of the LIV Golf Invitational – London at Centurion Club on June 11, 2022 in St Albans, England. (Photo by John Phillips/LIV Golf/Getty Images)

That’s not entirely true though. The PGA Tour has indefinitely suspended all golfers who have signed with LIV. The DP World Tour (European Tour) partners with the PGA Tour and is still in the process of defining its policy. They allow LIV players to participate in the BMW event in Germany this week. The Scottish Open seems to tend not to allow them. No word on the Open Championship, and that’s the next big announcement in this saga.

Brian Kilmeade asked about the Saudi money that funds the LIV, asking Greg Norman if he was hesitant to do business with them: “Not at all, because golf is a force for good. And to be honest with you, what I saw in Saudi Arabia, the European PGA Tour since 2019 had a golf tournament, the Saudi International which still exists since 2019. And during this Saudi International, there were players from the PGA Tour who received rights and waivers to play there.

We know the money that supports LIV isn’t going anywhere. We can be pretty sure that PGA Tours’ stance on players leaving to play LIV won’t change any time soon. What remains to be seen is whether golfers who go to play 54-hole tournaments in very short courses will keep players sharp enough to compete if and when they return to play against the best players in the world.

One final thought, after we stop talking about how much money all these players took, will we care enough to watch them compete?

Cryptocurrency Price Crashes Due To Inflation As Investors Lose Savings Fri, 17 Jun 2022 18:30:00 +0000

In five years of aerial and aerial mining work in Far North Queensland, Joel had saved almost enough for a first home deposit.

Then, about six months ago, the price of bitcoin began a long decline.

Now he’s lost most of his savings – and this week his luck got even worse.

The company that manages its cryptocurrency in exchange for rewards has frozen withdrawals for all of its customers, meaning Joel can’t even access his money.

“Before the prices went down, it was starting to look like a house,” the 24-year-old electrician said.

Joel is one of many Australians whose financial fate will be decided over the next few days, after the price of bitcoin plunged around 30% in the past week, shaking confidence and raising fears of further declines.

The value of bitcoin (AUD) is at an 18-month low.(Provided: Google)

On popular Australian cryptocurrency Facebook groups, moderators have posted links to helplines.

“There are a lot of people in great distress,” said Luke Torsello, moderator of the Facebook group Crypto Australia, which has 99,000 members.

“Everyone is in damage control right now.”

What causes the fall?

Inflation, said Chris Berg, co-director of RMIT’s Blockchain Innovation Hub.

Central banks around the world have raised interest rates to fight inflation, leading investors to withdraw from what are known as “risky assets”, i.e. assets with a high degree of private volatility.

“Crypto is the ultimate risk asset, so it’s the first to go down,” Dr. Berg said.

This surprised some. Cryptocurrencies had been promoted in some quarters as an “inflation hedge,” meaning they would hold or increase in value as inflation rose.

It didn’t work that way.

“Bitcoin is not an inflation hedge,” Dr. Berg said.

The combined market value of all cryptocurrencies is now believed to be less than US$1 trillion ($1.43 trillion), about a third of its November value.

So that’s roughly US$2 trillion ($2.86 billion) cleared from cryptocurrency in just over six months.

As the price drops, investors get nervous.

Last month, Terra, which was one of the most valuable and stable digital currencies in the world, crashed, losing 95% of its value in 48 hours and triggering a widespread loss of confidence.

A month later, this created problems for Joel’s crypto-lender Celsius.

Why is Celsius in trouble?

About six months ago, Joel deposited the crypto he had accumulated over the past five years into a crypto savings account operated by US-based Celsius, which was founded around 2017.

Celsius was set up to be a bit like a bank, but promised much higher interest rates of up to 18% per annum.

He said he was able to afford such high rates by lending long terms and earning even higher returns.

It may sound too good to be true, but many people have jumped at the chance. As of May this year, Celsius had 1.7 million users and nearly $12 billion ($17.17 billion) in assets under management.

Celsius CEO Alex Mashinsky in November 2021
Celsius CEO Alex Mashinsky in November 2021 when bitcoin was on the rise.(Getty: Piaras O Midheach)

The business model worked well while the market was strong.

But when Terra crashed spectacularly last month, rumors spread that Celsius was facing a liquidity crunch, meaning it wouldn’t have the cash for customers to perform. their withdrawals.

An old-fashioned bank rush ensues: customers rush to withdraw their money.

At the time, Celsius CEO Alex Mashinsky called the collapse in trust “FUD,” or fear, uncertainty and doubt.


But the very next day, Monday in Australia, Celsius abruptly announced that it was “pausing all withdrawals”.

Joel was caught off guard.

“It’s most of my net worth,” he said.

Theo, a 32-year-old Sydney working in logistics and freight forwarding, has most of his savings locked away at Celsius.

“I feel like my money is being held hostage,” he said.

He was also saving for a first house deposit, as well as an engagement ring.

What happens now?

It’s unclear what will happen to Celsius, what the company’s plan is to remedy the situation, or if customers will get their money back.

The company’s CEO, Alex Mashinsky, broke a three-day silence on Thursday.


What happens next depends in part on several unknowns, including where Celsius has invested its clients’ money and how much money it had previously set aside to be available for client withdrawals.

We don’t know these things because, although it’s like a bank, Celsius is not regulated like a bank, which must have a certain capitalization (i.e. money set aside for customer withdrawals).

“We don’t know Celsius’ position,” Dr. Berg said.

“We don’t know if he’s gone bankrupt and maybe he hasn’t – there are all sorts of rumors going around.”

Now the regulators are closing in. The security councils of four US states have reportedly launched probes into Celsius.

Pushed To Crypto By Inflation And Unaffordable Housing

On a page like Crypto Australia, a common refrain on Celsius news has been “Not your keys, not your coins”, meaning those who apparently lost money shouldn’t have stored their coins with an exchange. centralized or a company that can be hacked, or otherwise go under.

In 2014, hackers stole more than $660 million ($945 million) of user funds from the world’s largest exchange, Mt Gox.

“I come from the days of Mt Gox, so I learned my lesson: ‘Not your keys, not your crypto,’” said Luke Torsello of Crypto Australia.

New members were learning about it for the first time, Torsello said.