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Saturday, 9 April 2016

1MDB: The Politics behind the PAC Report



First, the PAC Report referred many times to an auditor General’s report. The PAC Report was given to MPs but the AG Report which it referred to many times, was not given. Why?
Because the AG Report would have given up more details. I can’t remember when this kind of conduct is undertaken by previous governments and PMs. Only Najib does it.What is there to hide?
One report was given, the other held back. The other Report is even classified as OSA document as at 7 April 2016.
The PAC Report says the level of authorisation in 1MDB is 3 tiered. Because of that, others then come to the conclusion that it shields Najib from any wrongful decisions. That maybe. But I am looking at it from another angle.
The 3 tiered authorisation level or as termed by the Report- governance structure, serves only to affirm that Najib is in complete control and should be held accountable. The Report didn’t say early that TIA morphed into 1MDB in September 2009 and its first chairman of the board was Najib himself. Thus when TIA became 1MDB and its articles of association clearer and its governance structure firmed up, the person in total control at all material times was Najib. He didn't run 1MDB on a day to day basis that's sure, but the ultimate decision maker on any financial commitments lay in his hands.
The 3 tiered level of authorisation is there to ensure that NO money comes from 1MDB without the final approval of Najib. And it says so in the Articles of Association.
Occupying the highest level, then it’s open for Najib to grill and toast the two below him should any money go out out without his knowing. He is the big kahuna at all material times.
The PAC report is a conniving effort from the cari makan PAC chairman to exonerate Najib. The PAC Report decided from the onset, to project Shahrol Azral as the diabolical mastermind. As the Terengganuans are wont to say- mapuh mu! And it still could  be play-acting. Shahrol takes the bum rap, and perhaps will be amply rewarded sometime in the future. The thing to do on urgent basis, to borrow a favourite term from the report, is to shield the PM at at costs.
Let us start from the very beginning. 1MDB was born out of the death of another.
We will never know what made the Terengganu government gave up TIA and ceded the SWF to 1MDB. Power and money in the hands of another become one’s enemy as the Terengganu government found out. With power and money concentrated in the hands of Najib, the man whose motto is cash is king can do whatever he wishes.
 The hasil minyak tertunggak means what? - does it mean the federal government held back RM6billion of money due to the state? If the federal government held back RM6billion from Terengganu, then it was behaving like a tyrant.
Now the tyrant says, you can have the RM6 billion provided you inject it as capital into TIA. We don’t want to give the state lest they spend them on  hare-brained ideas of monsoon cup, crystal mosques, floating places of worship and what not.
Next, the government guarantees the issuance of Islamic notes by TIA with future earnings of petroleum royalty as collateral. Effectively, the whole amount of capital of RM11 billion is Terengganu’s money but control will be exercised by the federal government.
How much did the Terengganu government get by hiving off TIA? How much was Jho Low paid for suggesting the formation of the SWF? The PAC report was silent on this. Many more could have known that Jho Low was into the thing right at the outset.
Why did the Terengganu Government object to government guarantee to secure the RM5 billion loan? Was it because the terms of the guarantee were so onerous? Or as suggested on page 9 of The Report (PAC Report), the agreement for the issuance of the Islamic IOU, violated the terms set out and wanted by MBI Terengganu.
The MB of Terengganu then must now reveal to all what were the terms of the MBI set out.
In ancient days, the Terengganu warrior Megat Panji Alam was killed when he was stabled from behind. This time, the Terengganu government was stabled by backbone-less Najib. Najib buggered TIA into giving up and 1MDB came into being. Its birth was preceded by the killing of TIA.
Right from the beginning, Shahrol Azrai is singled out as a culprit for rushing ahead and ignoring the terms of MBI Terengganu.
We should call Sharol Azrai and Aminvestment to find out whether some private deals between them were made. Aminvestment bank was paid RM11.5 million in arranger fee.
Let’s ask the bank and Shahrol Azral. 
Next- the train has left. The die has been cast. 


3 comments:

Anonymous,  9 April 2016 at 23:33  

The whole world knows that Najib stole billions of 1MDB's money. 1MDB, his Finance Ministry anmd his many "cari makan" idiots have been helping him to cover up his misdeeds. In Malaysia, Najib can cover up the 1MDB shit. But, the foreign investigations will eventually show Najib's finger and toe prints all over the place and the money trail leading to his door.

Now, Najib is just buying time and knows his time is up soon. His options is getting less by the day. Dictatorship may be his only option left.

Cw Hew 10 April 2016 at 23:55  

The PAC Probe is not exhaustive & is therefore incomplete as the full information of the banking transactions were not made available by the company nor was there serious attempt to get it thru BNM/MLA to fully understand why the numerous payments were made to accounts in tax-havens...and also in seeking any verification & confirmation from the JV partner on the receipt of such transfer receipts

All these are a definite red flag for Investment funds to channel monies to such locations

Anonymous,  11 April 2016 at 11:34  

Thank you Datuk for the historical background. Gajah deals in gajah size. We rakyat picking up crumbs. Sad.

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