Century Bank of Mauritius the only Islamic bank is financing clients with 1MDB money? Whistleblower site Sarawak Report claimed yesterday the Century Banking Corporation Ltd, the first and only Islamic Bank in Mauritius, has links with 1MDB’s stolen money.
The bank is currently chaired by an individual who Sarawak Report says has intricate links with infamous Malaysian financier and party-goer Jho Low.
Sarawak Report linked the bank to Jho Low through the Thai family member of the Malaysian playboy, adding that a number of key personnel at the bank appear to have Malaysian connections.
Low is a fugitive who is on top the FBI list of suspects involved in the 1 Malaysia Development Berhad (1MDB) scandal, biggest money laundering case in the world’s financial history.
The whistleblower site said Thai millionaire Phengphian Laogunmerd, who is also the Chairman of the Century Banking Corp is a close ally and family member of Mr Low.
The suspicions now are that part of the US$4 billion to US$6 billion siphoned from the 1MDB in Malaysia is now stashed in the Century bank,, reported WFTV yesterday.
“So, we trust that Mr Leogumnerd’s continuing friendship and association with his pal Jho Low has not extended to housing any of his illicit money in his new off-shore Islamic bank,” wrote Sarawak Report.
TISG can reveal that its CEO and Managing Director Dr. Osama Qais Al-Dereai, a Saudi Arabian citizen, has deep Malaysian links with rumours claiming that he allegedly has double citizenship or hold the permanent residence of a second country: That of Malaysia indeed.
This is what the Century Banking Corp website says about Dr Osama:
Dr. Osama Qais Al-Dereai holds an M.A in Islamic Science from IIUM, Malaysia and a PhD in Islamic Financial Transaction from University Malaya, Malaysia. Dr. Osama, as a member of various Sharia Supervisory Board.
Dr. Osama, as a member of various Sharia Supervisory Board (SSB) has many contributions in setting up Islamic instruments and developing products for various Islamic financial institutions. As a co-founder of the European Institution of Islamic Finance, he is currently chairing the committee for promulgating Islamic Finance Standards in collaboration with the Austrian Standards Institute.
As a co-founder of the European Institution of Islamic Finance, he is currently chairing the committee for promulgating Islamic Finance Standards in collaboration with the Austrian Standards Institute.
The mystery thickens when one can read on the Century Banking Corp website that among its Shariah advisory is the Qatar based Bait Al-Mashura Finance Consultations.
In the current scuffle on who is supporting terror, for a Qatary Islamic organisation to work together with a Saudi national in Mauritius would be unthinkable.
How is Jho Low linked to Laogunmerd?
It is said that Low had planned way back in May 2015, just as the heat was really cranking up on 1MDB and on his conspirators at BSI Bank, Jho Low had mooted to Abu Dhabi’s US Ambassador and business partner, Sheikh Yousef Otaiba, that he needed to purchase his own bank to handle all the money he was funelling through the system (money from 1MDB).
Jho was at the time looking at a Barbados off-shore institution as the perfect vehicle, according to Otaiba’s Swiss banker Tobias Pfister, who reported that Jho now “felt compelled to buy a bank as a parking spot for his funds, as well as his friends and family”. Jho was looking at Amicorp Barbados which was 70% up for sale for $15 million.
TISG was first to report that Century Banking Corp was probably linked to the 1MDB scandal but did not pursue the story any further after a source from Mauritius said the FBI investigated the matter but did not find any wrongdoing.