Monday, April 11, 2016

PAC Report on 1MDB is Finally Out

The long-overdue 106-page PAC report on 1MDB came out on April 07, 2016 – the Malaysian parliament inquiry had determined that billions of state development dollars had gone missing. 
 
Of course, the fall guy was identified. He is former 1MDB CEO Shahrol Azral Ibrahim Halmi and that he should be held responsible for the shenanigans at 1MDB and be duly investigated.
 
The panel also pinned the blame on 1MDB’s board of directors for failing in their responsibilities to the company and their shareholders by allowing their management to make decisions that were not in line with good governance practices.
 
On the same day the report was released, Shahrol Azral denied that any wrongdoing ever took place under his watch.
 
Meanwhile, 1MDB's board of directors offered Thursday to resign en masse. These guys are jokers – I am sure they know that “offering to resign” is not the same as “resigning”.
 
Whether they will take that step or not is not important – as investigators continued to overlook Prime Minister Najib Razak's alleged role in the massive money laundering and corruption scandal that has rocked Malaysia for months amid slumping oil prices and suffer us economic woes.


















Page 14 of the PAC report clearly indicates why it would be challenging to absolve Najib  from any blame!

According to Article 117 of 1MDB's charter, written approval is required from the prime minister for any financial commitment including investments made by 1MDB or any matter related to Malaysian government guarantees, national interest, national security, or federal government policy. It is very clear where the buck stops!

So how can he not take responsibility for the state 1MDB is in today?

 Tony Pua, Petaling Jaya Utara MP and also PAC member had already come out to say that Najib’s signatures were littered all over 1MDB as he was the ultimate decision-maker who signed off resolutions to sack 1MDB’s auditors, Ernst & Young and KPMG, to invest $1.83 billion in the failed Petrosaudi joint venture, to borrow $6.5 billion of bonds via Goldman Sachs and to overpay for the RM12.1 billion of power assets.
 
Pua insisted that the prime minister is complicit in all of the above, and the fact that 1MDB refused to give the PAC their foreign bank statements and documents, makes it impossible for the parliamentary committee to ‘clear’ the prime minister of wrongdoings.
 
Raub MP Ariff Sabri Abdul Aziz had lambasted the PAC report, saying it was a conniving effort from the “cari makan” (meaning, “to earn a living”) PAC chairperson to exonerate Najib Razak. 
 
On the other hand, PAC chairperson Hasan Arifin had scolded Pua for continuing to criticize the PAC report on 1MDB and labeling him a political opportunist.
 
It is clear, nonetheless, that the said report still contains many unanswered questions. Malaysians surely are not appeased.
 
I missed out on mentioning about the Liquid Gold Advanced Toastmasters meeting on Friday. A good meeting and a great venue @ Kampachi in Pavilion Kuala Lumpur:















My menu choice was Yaki Niku & Tempura 
















 
 
 
 
 
 
 
 
 
 
















 
And we also crowned the Toastmaster-of-the-Year 2015-2016:
 


 

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