1MDB makes a fool of every citizen, institution including Parliament
'The latest revelation by Bank Negara Governor is spine chilling. Hot on its heels we also learn that the two top guns of 1Malaysian Development Bhd (1MDB) snubbed the Public Accounts Committee (PAC) by asking for a 30-day grace period.
And if that is not enough the Prime Minister Datuk Seri Najib Razak hollers all the way from Japan that the duo will not run away and will keep their date with PAC.
Add to that the fact that the head of PAC actually granted the 30-day grace to the duo.'
- See more at: http://www.themalaysianinsider.com/sideviews/article/1mdb-makes-a-fool-of-every-citizen-institution-including-parliament-j.-d.-l#sthash.zktRJipt.dpuf
In my humble opinion 1MDB has all the ingredients of a con job, but just because it was initiated by none other than the PM cum Finance Minister, it could override any of the rules of our institutions which are meant to prevent such fraudulent activities.
PM is the highest authority in Malaysia, so who else can we turn to? Not even his former mentor, Tun Dr Mahathir could control him now. Being forced into a corner, Najib has broken his long elegant silence by openly attacking Dr M's past mistakes and need for his support when challenged by Tengku Razaleigh. With Anwar Ibrahim safely behind bars in Sg. Buloh, and with the help of Home Minister and IGP in enforcing the law under Sedition Act and OSA, any potent protest could be nipped in the bud. Even if the judiciary appeared to be partial in their judgments, any criticism could be considered seditious.
1MDB started with only Rm1 million capital, yet it could borrow billions because of guarantees provided by government. It was given choice lands at very low prices which could then be revalued to cover shortfall in earnings, as well as sold at market price, at short notice, to a trust fund so that it could meet an imminent payment on a loan. That 100% of selling price was paid upon signing S&P Agreement was unusual. Other dubious deals include equity converted into loan to avoid external auditors' queries, and cash transferred to a bank in Singapore was transformed into 'assets' and then 'units'. Auditors were changed twice within 5 years. The silence from the relevant authorities was deafening.
Yet, the former and present CEO of 1MDB could avoid being present at a PAC meeting, and allowed a delay of 30 days! If everything had been above board, why the necessity to need so much time to answer to PAC?
To everyone else, 1MDB was a big mistake, but to Najib, he has to salvage his pride by using all his powers to save the company from bankruptcy. It is going to be use of good money after bad, and the 11th Malaysia Plan is just the means for him to do so.
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'The latest revelation by Bank Negara Governor is spine chilling. Hot on its heels we also learn that the two top guns of 1Malaysian Development Bhd (1MDB) snubbed the Public Accounts Committee (PAC) by asking for a 30-day grace period.
And if that is not enough the Prime Minister Datuk Seri Najib Razak hollers all the way from Japan that the duo will not run away and will keep their date with PAC.
Add to that the fact that the head of PAC actually granted the 30-day grace to the duo.'
- See more at: http://www.themalaysianinsider.com/sideviews/article/1mdb-makes-a-fool-of-every-citizen-institution-including-parliament-j.-d.-l#sthash.zktRJipt.dpuf
In my humble opinion 1MDB has all the ingredients of a con job, but just because it was initiated by none other than the PM cum Finance Minister, it could override any of the rules of our institutions which are meant to prevent such fraudulent activities.
PM is the highest authority in Malaysia, so who else can we turn to? Not even his former mentor, Tun Dr Mahathir could control him now. Being forced into a corner, Najib has broken his long elegant silence by openly attacking Dr M's past mistakes and need for his support when challenged by Tengku Razaleigh. With Anwar Ibrahim safely behind bars in Sg. Buloh, and with the help of Home Minister and IGP in enforcing the law under Sedition Act and OSA, any potent protest could be nipped in the bud. Even if the judiciary appeared to be partial in their judgments, any criticism could be considered seditious.
1MDB started with only Rm1 million capital, yet it could borrow billions because of guarantees provided by government. It was given choice lands at very low prices which could then be revalued to cover shortfall in earnings, as well as sold at market price, at short notice, to a trust fund so that it could meet an imminent payment on a loan. That 100% of selling price was paid upon signing S&P Agreement was unusual. Other dubious deals include equity converted into loan to avoid external auditors' queries, and cash transferred to a bank in Singapore was transformed into 'assets' and then 'units'. Auditors were changed twice within 5 years. The silence from the relevant authorities was deafening.
Yet, the former and present CEO of 1MDB could avoid being present at a PAC meeting, and allowed a delay of 30 days! If everything had been above board, why the necessity to need so much time to answer to PAC?
To everyone else, 1MDB was a big mistake, but to Najib, he has to salvage his pride by using all his powers to save the company from bankruptcy. It is going to be use of good money after bad, and the 11th Malaysia Plan is just the means for him to do so.
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