Earlier today, we brought you the latest from 1MDB, the development bank-turned slush fund at the center of multiple international investigations.
For those who might still be unfamiliar with the story, Malaysian prime minister Najib Razak set up the fund more than five years ago with the help of Goldman and one of the firm’s rising stars named Tim Leissner.
Kuala Lumpur paid an exorbitant amount in underwriting fees to Goldman and as the years went by, it became readily apparent that 1MDB was nothing more than a checking account on which Najib came to depend when he needed money for a campaign – or for some Chanel bags Rosmah Mansour decided she just had to have (probably because Leissner’s wife Kimora Lee told her they were this season’s must haves).
Recall that back in December of 2014 we highlighted Najib’s “golf diplomacy” wherein the premier spent several days golfing with President Obama in Hawaii while back in Asia, more than 100,000 Malaysians were forced from their homes during a horrific flood. “How can you smile and happily play golf with Obama while the people at home are terrified and confused about what will happen to them and their property,” an opposition politician asked at the time.
That’s a good question and now we know that Najib wasn’t just golfing in Hawaii, he was also spending obscene amounts of money at Italian boutiques. As WSJ reports, Najib spent more than $130,000 at a Chanel store in Honolulu less than 48 hours before hitting the links with Obama. All told, Najib looks to have blown at least $15 million during the time period in question on “clothes, jewelry, and cars”
“Let me be very clear: I have never taken funds for personal gain as alleged by my political opponents—whether from 1MDB, SRC International or other entities, as these companies have confirmed,” Najib said last year.
Right. So the $56,000 he dropped at Signature Exotic Cars in 2011 and the €750,000 he spent at Swiss jeweler De Grisogono were just standard Prime Minister-type purchases.
Of course any US taxpayers reading this shouldn’t get too angry with Najib. After all, Obama spent more than $8 million on the very same Hawaii trip mentioned above. At least he had the decency to sink a 40 foot chip shot a year later in the same locale. Where’s your highlight Mr. Najib?
via Zero Hedge http://ift.tt/1RQOHBK Tyler Durden