Najib/ Rosmah transacting 1MDB business with PetroSaudi-Estimates of Illegal Capital Flight From Malaysia in 2010/11 correspond with earlier estimate of USD 20 billion loss

by Ganesh Sahathevan

It was previously reported on this site that 1MDB's losses may be closer to USD 20 billion, and that Najib and Rosmah's conducting 1MDB business with PetroSaudi may have included undisclosed off-balance sheet transactions, which have nevertheless been captured in the Errors and Omissions item in the balance of payments.

Corresponding with that estimate is the estimate of illegal capital flows from Malaysia computed by the international anti-corruption group Global Financial Integrity (GFI).

According to GIF , Malaysia lost over US$370 billion (RM1.2 trillion) to illicit outflows in 10 years since 2002 and US$54 billion in 2011 alone.




Given differences in computation methods, we again have a record outflow of unaccounted funds corresponding to that period between 2009 and 2011 when the bulk of the 1MBD theft occurred.
From the graph above one can see that 2010 was again the record year, when some USD 64 billion in illicit funds left the country.
That sum is approximately USD 30 billion above the average. The increase above average does fall to USD 17 billion in the following year, suggesting a trend above average of about USD 23 billion, which it approximately the USD 20 billion determined from the Balance Of Payment figures. 

END



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