Which phases were involved in the RM2.28 billion 1MDB fund transfer?

Question

Accepted Answer

The RM2.28 Billion 1MDB Fund Transfer Involved Four Distinct Phases

The RM2.28 billion in funds originating from 1Malaysia Development Berhad (1MDB) and its associated companies were disbursed through a complex series of transactions across multiple international jurisdictions before ultimately reaching Datuk Seri Najib Razak’s personal bank accounts in Malaysia between 2011 and 2014. This intricate flow of money has been identified and analysed by Bank Negara Malaysia (BNM) analyst Adam Ariff Mohd Roslan, who testified in Najib’s trial. The entire process has been delineated into four distinct phases: the “Good Star” phase, the “Aabar-BVI” phase, the “Tanore” phase, and the “Options Buyback” phase.
The "Good Star" Phase Involved Over RM60 Million in Transfers

The initial phase, identified as “Good Star,” saw a total of RM60,629,839.43, approximately US$20 million, channelled into the bank account codenamed “AmPrivate Banking-MR.” These transfers occurred between February 23 and June 14, 2011, originating from a Riyad Bank account in Saudi Arabia. The funds in this phase were traceable to an Islamic bond issued by 1MDB’s predecessor, Terengganu Investment Authority Berhad (TIA), in May 2009, as well as a RM2.5 billion loan that 1MDB itself had secured in 2010.
The "Aabar-BVI" Phase Accounted for Over RM90 Million

In the second phase, termed “Aabar-BVI,” a sum exceeding RM90 million, specifically RM90,899,927.28 (approximately US$30 million), was transferred. These funds moved from a Standard Chartered Bank account in Singapore, belonging to Blackstone Asia Real Estate Partners, into the “AmPrivate Banking-MR” account between October 30 and November 20, 2012. This portion of the funds could be traced back to a bond issued in 2012 by 1MDB’s subsidiary, 1MDB Energy (Langat) Limited (1MELL).
The "Tanore" Phase Saw the Largest Disbursement of Over RM2 Billion

The third phase, known as the “Tanore” phase, represented the most substantial transfer, amounting to RM2,081,476,926.00, or over RM2.08 billion (approximately US$681 million). These monies were transferred from an account held by Tanore Finance Corporation at Falcon Private Bank in Singapore to “AmPrivate Banking-MR” between March 21 and April 10, 2013. The origin of these funds was traceable to a US$3 billion bond issued in 2013 by 1MDB’s subsidiary, 1MDB Global Investment Limited (1GIL).
The "Options Buyback" Phase Encompassed Approximately RM49 Million in Multiple Transactions

The fourth and final phase, the “Options Buyback” phase, involved a combined total of RM49,930,985.70 (over RM49 million) in various transactions. This included RM4,093,500 (approximately £750,000) transferred from Blackrock Commodities (Global) Limited's DBS Bank account in Singapore to “AmPrivate Banking-1MY” on June 23, 2014, traceable to a US$250 million loan borrowed by 1MDB Energy Holdings Limited (1MEHL) in 2014. Additionally, RM45,837,485.70 (over RM45 million, approximately £8.7 million) transferred from Vista Equity International Partners Limited’s Amicorp Bank in Barbados to “AmPrivate Banking-1MY” between October 23 and December 19, 2014, were partially traceable to a US$975 million loan also borrowed by 1MEHL in 2014.

Reading history

Hide →

This history is cleared when the page is closed.

Which phases were involved in the RM2.28 billion 1MDB fund transfer?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends