It said extensive evidence has emerged of an extraordinary operation to loot Malaysia’s public savings funds.
The funds, it said, were then passed into accounts controlled by individuals answering to Malaysian Official No 1, aka MO1.
The portal said the heist is to boost the ruling coalition’s coffers for the General Elections.
It also said the national pension fund, EPF, the Federal Land Development Authority or FELDA, and the FELCRA were all targeted to raise slush funds for the election War-Chest.
Sarawak Report is the portal that broke the 1MDB story along with the funds found stashed in PM Najib Razak’s private account at a private banking institution.
The story was then picked up by the Wall Street Journal which was given letters by Najib’s lawyers.
Najib had promised to sue The Journal, but did not pursue the deed saying the case should be filed in a Malaysia court and not in a foreign court.
Sarawak Report is also facing a law suit from the Islamists PAS over alleged funds found in the accounts of some of their leaders. The money is estimated at RM90 million and SR said it was money banked in by government entities to buy over the PAS.
The PAS denied the allegations and sued Sarawak Report in London.
The portal said it carried out an investigation that spanned several months to uncover the scheme involving two unlicenced foreign fraudsters (both previously jailed for financial crimes).
The fraudsters it said were roped in with the promises of major kickbacks, and it involved a small Malaysian company.
The fraudsters, said the portal, have collaborated to extract billions of dollars from EPF, KWAP, FELDA, FELCRA and other public savings funds and government linked companies.
SR said it has extensively reviewed details of the scheme that was eventually used to siphon over RM10 billion out of EPF.
SR said the EPF has denied any of these allegations.
The scheme was to invest the public money into risky, foreign investment vehicles owned by the two unlicenced foreign fraudsters.
It published correspondence between the PM/Finance Ministry offices and the small Malaysian company that it said was released by ‘whistleblowers’.