PAC report leaves more questions unanswered

YOURSAY | ‘It glosses over huge gaps in the management of billions of ringgit.’

Move on? You’ve got to be joking, Mr PM

Aries46: According to MP Tony Pua’s summary of the auditor-general’s report and the Public Accounts Committee (PAC) findings, the 1MDB accounts carry unaccounted sums to the tune of RM28 billion, it has refused to furnish bank statements of its foreign funds and investment accounts, it has failed to authenticate its clients, Good Star Ltd and Aabar Investment PJS Ltd, to whom it made questionable payments amounting to billions and PM Najib Razak was the authorising signatory to the many decisions in 1MDB.

However, Najib has failed to direct/facilitate his men to provide clarification and evidence as required by the probing authorities. These are overwhelming evidence of wrongdoing in 1MDB and Najib’s complicity in the alleged scam.

The findings far from vindicating Najib further fuels the general perception that the shenanigans above contributed to the billions that found its way into his private bank accounts.

To move forward, Najib must first address the misgivings documented, instead of getting his Umno band boys and dumb troopers to beat the drums of vindication.

Kim Quek: The US$7 billion (RM28 billion) paid out by 1MDB to mysterious payees or as unaccounted for investments, is only part of its total loss of RM40 billion which is derived from its total liability of RM50 billion offset by RM10 billion, which is the sales proceeds of its power assets (its only solid assets).

The values of the two pieces of prime land given to it virtually for free are disregarded for calculating its operational loss. This RM40 billion loss will of course be borne by the people of this country.

Abundant evidence from Sarawak Report and The Wall Street Journal – based on unchallenged leaked emails and Malaysian investigation documents – have established that the bulk of this RM40 billion was embezzled through frauds allegedly masterminded by tycoon Jho Low in conjunction with bogus investors from Saudi Arabia and Abu Dhabi.

And Najib who has signed his approval to all these transactions as 1MDB’s autocratic controller under Article 117 of the M&A (memorandum and articles of association), must take prime responsibility for these alleged embezzlement and gross mismanagement.

It is of vital interest to the nation that the whole truth of this grand scam be exposed and culprits punished, and all Malaysians must continue to push our law enforcing institutions – Malaysian Anti-Corruption Commission (MACC), police, Attorney-General’s Chambers, Bank Negara, etc – to work towards this objective by speedily concluding their investigations.

Anonymous 2163411434406314: The PAC report did not exonerate Najib or proved that he had no responsibility for the catastrophic failures of 1MDB. Far from it.

Clause 117 of 1MDB's M&A transferred absolute power over the affairs of 1MDB to Najib, who is the only signatory and ultimate decision-maker of the company.

Interestingly enough, SRC International is the only other company under the Finance Ministry which has a similar provision. These companies are structured to free Najib from any oversight and assumed total control over how money was raised and spent. Any surprise that both companies are in dire straits now?

As often the case, Najib and the BN-led government are trying to distance themselves from the scandals by claiming ignorance. They unashamedly play the all-too-familiar "I-am-not-accountable-because-I-don't-know" card when their deeds are exposed.

The only thing they are skilled at is covering their backsides. That's why our country is in shambles. So, should we move on? Absolutely not!

FellowMalaysian: Asking its people to “move on” after the government made a ludicrous loss of RM50 billion, including US$7 billion that were “unaccounted for”, showed how irresponsible, cavalier and insouciant Najib could be when faced with the onslaught of claims and charges made against him.

There's no person in this world, let alone a prime minister, who is made of flesh and blood and complete with faculties of the mind, conscience and senses, who is uncaring and impassive enough to the extent of being negligent in showing scant concern over such huge losses of the country's wealth as what Najib has done.

Najib is now operating as a premier devoid of feelings and emotions, in particular feelings of pain, anguish and empathy for the many in the country who are suffering as a result of 1MDB's losses.

Leonie: Keep up the excellent work, Pua. Seasoned analysts would have established early on that 1MDB was meant to be a (financing) vehicle for someone's political war chest and bank accounts.

Now, the country has to bear some of the consequences of this ill-conceived venture by selling some 1MDB assets cheap to recover (some of) its borrowings, while some loans will never be repaid due to investment losses, monies paid out or lost for the two main purposes listed above, the fund's expenses like the Goldman Sachs commission, salaries paid to the board of directors, CEO and other management staff, and wasting everybody's time and energy in unravelling this sordid affair.

Jamie: Though various explanations have been given on the issue of 1MDB and investigations were carried out and did not find any irregularities, but that there are others who are still unhappy.

They will do whatever it takes to continually discredit Najib reputation as long as he was still prime minister.

Ree: PAC has already completed the investigation into 1MDB and the report presented no irregularities.

This is agreed to by PAC members, which comprise both the government and the opposition. Therefore, there should not be any more questions regarding 1MDB.

Wg321: I observed that there is a new breed of Umno cybertroopers who write in fairly good English but they don’t use logic and reasoning in their comments.

Anyway, they are a necessary evil for the survival of Malaysiakini. Without them, the Malaysian Communications and Multimedia Commission (MCMC) would have banned Malaysiakini a long time ago.

So Malaysiakini readers will have to tolerate their presence in the comment columns. I can easily identify them and I just skip reading their comments.

Unafraid: The PAC report leaves more questions unanswered and glosses over huge gaps in the management of billions of ringgit. As a result, the rakyat have to indirectly pay off the gross deficit.

We also have to bear the ignominy of international shame and ridicule as being one of the most corrupt nations in the world. And all that our PM says after the report is “move on”? How disgusting is that?

Dont Just Talk: Najib can certainly move on with the unexplained RM42 million of SRC money in his personal bank account, which he was unaware of.

If such amount was found in my personal account, I too can move on. -Mkini