Thursday, April 07, 2016

What was 1MDB's crime, again?

The much-awaited PAC report

Bangsar, 7 April
Last week, 1MDB's boss Arul Kanda announced that "my work is done here". That, apparently, was the signal for the Board of Directors of the most maligned government-linked fund in history to offer today their collective resignation. Their job, too, is done here. In the days and weeks ahead, heads will roll. That is, if crimes had, indeed, been committed. 

That, I've heard, has always been Mr Fixit's plan: complete the rationalisation program, bow out with dignity, and help the investigators go after the culprits (if the investigations show that there's wrong-doing). In that order.

That Arul has managed to accomplish his mission so well under such unprecedented pressure from within and outside speaks volumes of the former investment banker's mettle. In such a short time, he's made some formidable enemies (among themTun Dr Mahathir Mohamad and Pakatan's Tony Pua and Rafizi Ramli, all of whom must have thought initially that Arul was going to be a pushover) but Arul, I'm sure, has also won admiration for giving up a lucrative job and a promising future overseas to try and help his country resolve the national headache that was 1MDB.

As of today ...
It is now clear that the RM42 billion didn't vanish from the Fund.
That the 1MDB had nothing to do with the RM2.6 billion "donation" to PM Najib Razak.
That No taxpayer money had been lost.
Or so said the PAC in its much-awaited report:

p.s I say Arul and his Board should be allowed to resign in peace. They've earned it. They need to move on. And if there's a case to probe further as blogger A. Kadir Jasin says, let the probe happen  ASAP [Ada kes: PAC arah siasat]. I believe Arul and his Board would want that more than anyone!


  1. xnakdedak7:36 pm

    Latuk, O Latuk.

    To be fair, you're nowhere near as dumb as Liang Minor Tick, from the soon to die Gelakan.

    He hasn't got the names right, even.

    "1Malaysia Development Bhd (1MDB) transferred at least US$850 million (RM3.7 billion) to a firm whose name closely mimics that of an investment company owned by Abu Dhabi’s sovereign fund, the Wall Street Journal (WSJ) reported today.

    Citing sources and financial documents that it sighted, the US newspaper said the Malaysian investment firm had in 2014 sent the amount to an “Aabar Investments PJS Ltd” that was registered in the British Virgin Islands.

    The recipient firm’s name is almost identical to “Aabar Investments PJS” that is owned by Abu Dhabi’s International Petroleum Investment Co (IPIC), which the WSJ previously reported was missing a US$1.4 billion payment from 1MDB.

    The payments were made in three tranches by a “unit” of 1MDB, the WSJ reported without identifying the subsidiary in question.

    “Executives at IPIC and Aabar investigating the transfers have concluded neither of the two Abu Dhabi funds ever owned or controlled the British Virgin Islands company, according to the people familiar with the matter,” the WSJ reported."

    For the benefit of the Gerakan ass-kissing doormat, no-one is disputing that “Aabar Investments PJS” is owned by Abu Dhabi’s International Petroleum Investment Co (IPIC).

    That's how the scam worked, you get it?

  2. "They've earned it." They deserve to go to jail for dereliction of duty, breach of fiduciary duty, misrepresentation, and should also be disqualified for life for serving as a director on any company.

  3. And you - Datuk Locky - will write on your blog:

    "Actually, I was just instigating all you readers to write and fight for the truth. My writings had nothing to do with my belief all along, I just wanted to to provoke a response from my wonderful readers. And my readers have been proven right - this country is being run by a bunch of morons, thieves and liars. I hereby return the datukship awarded to me in 2014 supposedly in service of my country."

  4. If hudud is implemented there wont be enough limbs to potong.