The Securency Saga:Malaysia on the world map, again for the wrong reason

In a report published by 'The Age' co-written by Richard Baker and Nick McKenzie, they made a sensational revelation, they exposed that a company owned by a Malaysian albeit Haris Onn Hussein was hired by the Reserve Bank firm Securency to help win banknote contracts in Malaysia. Who is Haris Onn Hussein? He is the brother of Home Affairs Minister Hishammuddin Tun Hussein. ah ha, that means he is the cousin of the Prime Minister of Malaysia, Najib Razak.For the readers kind information, Hishammuddin Tun Hussein is expected in Canberra soon to sign the deal under which Australia will transfer 800 asylum seekers to Malaysia and accept 4000 refugees in return (Pure coincidence?)


Okay, back to Haris Onn Hussein, he is the biggest individual shareholder in Liberal Technology.Wait a second, now what is the role of Liberal Technology? Securency signed Kuala Lumpur firm Liberal Technology as its Malaysian agent in 2009 to secure banknote contracts in Malaysia (NOW, it is starting to make sense). Securency, themselves are indeed a tainted company, half-owned and supervised by the Reserve Bank , has for two years been investigated by the AFP and the British Serious Fraud Office for allegedly bribing public officials in Vietnam, Indonesia, Malaysia and Nigeria to win banknote supply contracts.The AFP began investigating Securency in May 2009 after The Age revealed its payment of tens-of-millions-of-dollars in commissions to politically connected middlemen to win contracts in Nigeria, Vietnam and India.. The company wired millions of dollars into tax haven bank accounts in an effort to conceal the beneficiaries of its payments in an apparent breach of the RBA’s rules.


The AFP and Britain's Serious Fraud Office have conducted several raids on the offices of Securency and its British half-owner, Innovia Films. Properties owned by serving and former executives and agents have been raided and several arrests made. No charges have been laid yet.On the Malaysian front, the Home Minister came out with a swift denial (yeah as expected) denying any involvement, in fact he vehemently denied any knowledge of it, he claimed that he doesn't have any inkling of his OWN brothers activities (you're buying, I am definitely not) He told the reporters that he is not aware of anything, BUT he say that he don't think there are any truth in those reports....I am still waiting the cousin's (PM).denial, the script would be more or less similar I guess....

The Age further made condemning revelation about Haris Onn Hussein, they claim that he owns shares in or sits on the board of several companies that have benefited from Malaysian government concessions.In 2006, the Malaysian Finance Ministry told cigarette and alcohol manufacturers that they would need to buy security labels provided by Haris Onn Hussein’s Liberal Technology to legally sell their products (deja vu?). Haris Onn Hussein is also associated with a company given a 34-year concession to operate a major Malaysian toll road. Under Securency’s corporate structure, its board should have been informed and approved of Mr Haris Onn’s company being signed as an agent.

The Age can also reveal Securency engaged Malaysian state MP and a former UMNO branch treasurer, Dato Abdullah Hasnan Kamaruddin, as another agent. Mr Kamaruddin was the UNMO party treasurer in Dr Mahathir’s home state of Kedah, a position that gave him substantial influence.Despite engaging the extremely well-connected Liberal Technology as agent in 2009, Securency is believed not to have won any further banknote supply contracts.The company won its last major Malaysian contract in 2004. At that time, Mr Razak was the country’s defence minister and Hishammuddin Tun Hussein the education minister. It also won a smaller contract in 1998.

The Age is not suggesting Mr Razak nor Hishammuddin Tun Hussein were involved in Securency’s deals, neither am I............ciao for now......................a.h.baharom.