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Friday, April 20, 2018

Canadian court unseals documents on suit against Taib-linked firm



The Ontario Superior Court has unsealed court documents pertaining to a suit by a Swiss environmental NGO seeking clarity over the flow of money channelled to a Canadian firm linked to Sarawak Governor Abdul Taib Mahmud.
The proceeds are alleged to have originated from corrupt means.
According to Bloomberg, judge Frederick Myers ordered the documents be unsealed as "there may be very significant criminal misconduct being committed here in aid of corrupt foreign official(s)" should evidence from Swiss NGO Bruno Manser Fonds (BMF) be proven.
Bloomberg reported that court documents revealed Taib's family had been accused of using the money to fund the expansion of Sakto Group, an Ottawa-based real estate company that has an empire worth an estimated C$259.06 million (RM795.5 million).
The NGO is seeking to compel the Royal Bank of Canada, Toronto-Dominion Bank, Manulife Financial Corp and Deloitte & Touch to disclose beneficial ownership information and records of the allegedly suspicious money trail from Malaysia into Sakto, to determine if there are grounds for a criminal case.
BMF is accusing the former Sarawak chief minister and family of diverting funds encompassed from the large-scale deforestation of Sarawak, and "by illegally structuring state commercial activities".
"It is estimated that he (Taib) is amongst the richest men in Southeast Asia.
"Neither he nor his family were independently wealthy prior to his taking office in 1981," the lawsuit reportedly stated.
A Canadian citizen of Sarawak ancestry is also reported to have joined in the BMF suit.
However, Sakto has deemed the lawsuit a mere fishing expedition, telling Bloomberg it was nothing more than "a media stunt" backed by foreign parties.
In an email statement to Bloomberg, Sakto was quoted as saying: "This covert legal manoeuvre is another example of a media stunt by these activists funded by unknown foreign entities.
"BMF routinely employs the tactic of filing complaints to generate news on which it can self-report online."
Meanwhile, Deloitte declined to comment on the matter, Toronto-Dominion stated that its confidentiality policy prevented it from commenting on specific cases while a Royal Bank of Canada spokesperson told Bloomberg it "complies with local laws and regulations."
Manulife also stressed it complies with laws and regulations, including those on anti-money laundering and that it was unable to comment on clients' financial transactions. - Mkini

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