“Mr Low has never held any position in 1MDB or in the government of Malaysia. Mr Low was appointed as one of the many advisors invited by the stakeholders of Terengganu Investment Authority (TIA) to provide advice from Jan 2009 to mid-May 2009 given his market-based knowledge.
“Mr Low has not been involved in TIA since mid-May 2009,” read the press statement carried by several news portals.
Yeah right. I did not read the whole transcript below and only append parts relevant to this post
Case No: 8690 of 2011 Date: 10 August 2012
Before : THE HONOURABLE MR JUSTICE DAVID RICHARDS
IN THE MATTER OF COROIN LIMITED AND IN THE MATTER OF THE COMPANIES ACT 2006.
50. The Malaysian based investor was Jho Low, a businessman with some backing from a Malaysian sovereign wealth fund. Through an entity called The Wynton Group, offers were made to the company and its shareholders in January and February 2011.
135. Before dealing with the major events of January and February 2011, this is a convenient point at which to mention offers which were made and revised during that period by an entity called The Wynton Group (Wynton). As mentioned earlier,it appears that Wynton was controlled by a Malaysian businessman, Jho Low, and his brother. In mid-December 2010, advisers to Wynton made an indicative offer for the shares of the company. Mr McKillen met Jho Low and his advisers at Claridge’s on 29 December 2010. A revised letter of intent was sent to the shareholders on 3 January 2011, proposing an acquisition of all the shares on the basis of an enterprise value of £1 billion, subject to due diligence and agreement of documentation including warranties and indemnities. An accompanying letter from a Malaysian Bank indicated that it was intended to seek to raise up to £950 million of debt and/or mezzanine finance and £50-£100 million of equity. A further letter of intent dated10 January 2011 was sent to the shareholders.
137. Mr McKillen said in evidence:“The Malaysians offered an unrealistic finance package with £900 million debt and no one appreciated that it was realistic – nobody. I met the Malaysians and I did not believe they had the credibility to deliver £1 billion.”
138. In an email on 13 January 2011, Mr McKillen repeated his view. He wrote that “with regard to the Malaysian offer, I feel that to labour the company with £900 million of debt is in itself unrealistic”. The provision on 15 January 2011 of a letter from 1 Malaysian Berhad, an investment vehicle wholly owned by the Malaysian government, confirming its support for the offer, did not allay the concerns of the majority of the shareholders. A further letter from Wynton dated 24 January 2011 stated that the financing for the offer had “in principle” been fully underwritten by Malaysian government-backed investment funds.
142. In a further email late on 7 January 2011, Mr Murphy set out the reasons for accepting an offer of £900 million from the Qataris. These included “we don’t think Q will chip the price” and “we know Q can write the cheque unlike so many potential purchasers who are all talk but lack financial substance in the end.”Another reason, Mr Murphy mentioned, was that “we think the Viceroy/Wynton £1b deal is pure fantasy due to their plan to raise a £900m bond with a little over £100m equity”
Sounds familiar? 1MDB RM100 million capital, borrowings ballooning to RM42 billion. Never mind. I digressed.
Back to the gist of the matter.
- Someone impersonated Low Taek Jho @ Jho Low
- The 1MDB support letter is a forgery.
- It was the real Low Taek Jho @ Jho Low referred to and the 1MDB support letter is a forgery which means Jho Low is a liar and a crook.
- It was the real Low Taek Jho @ Jho Low referred to and the 1MDB support letter is genuine which also means Jho Low is a liar and someone at 1MDB is a culprit in collusion.
"Jho Low has no involvement with 1MDB: Najib" Astro Awani
Low Taek Jho has no involvement with 1Malaysia Development Berhad (1MDB), said Datuk Seri Najib Razak.
The Prime Minister said, all decisions and transactions are made by the company’s management and board of directors.
“Low Taek Jho has never worked in 1MDB and all decisions and transactions are made by the company’s management and board of directors,” Najib said in a written reply to Wangsa Maju MP, Datuk Dr Tan Kee Kwong.
Dear PM Datuk Seri Najib Razak,
Get to the bottom of things. You have been fed lies by someone or more than someone in "the company’s management and board of directors". Get the culprits and put them in the slammer, when and where possible.
Its the right thing to do.
Related link to Patrick McKillen "Case gave insight into Barclay brothers’ work" Financial Times.