If members of the BC Legislature value ethical standards in business, they must revoke the LNG Project Agreements Act, the enabling act passed for Malaysian National Oil Company Inc.(PETRONAS). That company’s senior management answers directly to Malaysian Prime Minister Najib Razak, who is implicated by the FBI in misappropriations of more than $3 billion.
Corruption Involving Malaysian Sovereign Wealth Fund, The United States Department of Justice, July 20, 2016:
According to the complaints, from 2009 through 2015, more than $3.5 billion in funds belonging to 1Malaysia Development Berhad (1MDB) was allegedly misappropriated by high-level officials of 1MDB and their associates. With today’s complaints, the United States seeks to recover more than $1 billion laundered through the United States and traceable to the conspiracy. 1MDB was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment, and its funds were intended to be used for improving the well-being of the Malaysian people. Instead, as detailed in the complaints, 1MDB officials and their associates allegedly misappropriated more than $3 billion.
Kleptocracy Initiative Makes Splash in Record 1MDB Forfeiture, Samuel Rubenfeld, Wall Street Journal, July 22, 2016:
The U.S. Justice Department’s anti-kleptocracy group broke its own record this week with the $1 billion forfeiture order against assets that U.S. prosecutors allege are tied to funds misappropriated from 1Malaysia Development Bhd., or 1MDB. The interagency group, launched in 2010, has seen modest success since its inception; the grinding work of returning assets stolen by corrupt officials can take years due to the myriad legal challenges in locating, seizing and returning the money, in addition to the political sensitivities often present in kleptocracy cases. But the order against the assets allegedly misappropriated from 1MDB took the effort to new heights.
… said Andrew McCabe, deputy director of the Federal Bureau of Investigation. “We hope this investigation will send a message to corrupt officials around the world that no person, no company, no organization is too big, too powerful or too prominent: No one is above or beyond the law,”