The Politics of the PAC Report.

Let us talk about this ‘project’. The 'project' is nothing more than to create a front/fence company whose bulk of capital if not all, will come from Malaysia led by its overeager PM/Finance Minister, the man much loved by all under the Malayan sky. 

The idea is to persuade the Malaysian government to put in USD1bilion cash as its contribution to the capital. Later, portions of this money will be quickly channeled fraudulently into accounts held and controlled by one JHo Low. The Company then went on a binge of issuing bonds and assuming debts placing the country on a perilous financial precipice. 

The only person wholly responsible for placing tis country in economic harm's way is Najib Tun Razak. 

The ‘project’ was actually already discussed between Jho Low and his partners in crime. Tarek Obaid, Peter Mahoney, Prince Turki etc etc. The PAC Report never mentioned these people, possibly in compliance to its self-imposed terms of reference.
Thou shall not violate the first principle- never forsake the cari makan covenant.

Sarawak Report’s revelations of this sordid event are more credible and believable. The PAC Report gives absolute credence to what Sarawak Report had reported. Those who went out of their way to intimidate, discredit or stop Sarawak Report from revealing the facts of the matter should now be investigated. Who paid them and what were their motives in trying to put a lid on the biggest financial scandal in Malayan history?

Since 1MDB assumed the initial IMTN arranged by AMbank, I would like to see Ambank investigated for is role in the affair. The Terengganu government lodged a complaint to say that Ambank was somewhat an accessory to some financial tricks carried out by Shahrol Azral. How did Ambank get appointed as lead manager, primary subscriber or whatever in the first place? Let’s investigate whether there was a deal between Shahrol Azral and AmBank in the first place.

How now, brown cow?

Why isn’t Casey Tang investigated? He gave good recommendations to 1MDB’s BOD and indeed implored the BOD to conclude the deal by 28 September 2009. Why was he so anxious? Casey Tang made it out that the business deal is a G2G arrangement.

Was Casey Tang authorised to speak on behalf of the government and if so, was there a  written approval by the PM given to him? since by way of article 117, any commitment involving the nation and its interest must be approved by the greatest Bugis warrior in modern Malayan history, if Casey Tang hasn't gotten approval, then he, Casey Tang has committed a treacherous act. 

Casey Tang went even further by saying that PIL belonged to King Abdullah and was established in the year 2000. The PAC said that the company did not belong to King Abdullah and it was formed only in 2005. So Casey Tang was lying. Was he lying because he was paid money by Jho Low?

In fact as reported by PAC and of course earlier sounded out by Sarawak Report, Petrosaudi Holdings( Cayman) PHL registered a company called PIL( BVI) on 18 September 2009.

Everybody seems to be in the loop. The people in London who hatched the idea, Shahrol Azral, Casey Tang were all in to marry off 1MDB with PIL- the front company. What the AC report didn’t mention was these plans were concocted by Jho Low, Tarek Obaid, Patrick Mahoney, and possibly Shahrol Azral. Casey Tang was already a plant by this group and this ought to be enough to explain his eager exertions to close the deal. When he was briefing the BOD, he was in fact saying, trust me, this is a good deal. Casey Tang was in fact appointed as the corporate representative in the JV Company later.  

Where the hell is Carmen Santiago might as well be the same question posed of Casey Tang. Where the hell is Casey Tang now?

By this time, many are aware of article 117 of a company’s M&A. and its sub-clauses. In the case of TIA and then 1MDB it says every financial commitment must be approved by the PM. He was the first chairman of 1MDB and then later, its chairman to the advisory board of 1MDB. Doesn’t matter what it says, it meant his approval must be obtained before any money is sent out.

I have already said, the 3-tiered structure of approval, isn’t there to shield Najib from being directly linked to 1MDB; Its structured in such a way to ensure not a single sen can go out from 1MDB without his knowledge, awareness and final approval.

How does one infer Najib’s approval? By having his signature on every document. His signature validates any transaction. They carry his stamp of approval.

Now, we have heard one lawyer, who is more known as an out of court kautimer- says Najib’s signature does not mean he approves and is therefore responsible. Now of course, I realise the truth in a friend’s opinion that lawyers are like the eggs we buy from the supermarket. They come in various grades. So it’s up to readers to place into which grade to place the lawyer who says the PM’s signature has no meaning.

The PAC Report is like Utusan Malaysia and some of the Chinese language newspapers. The only piece of news which is true and real in these papers, are the 4 digits results and Prayer times. Similarly, the only material that is true to the extent they are published in the PAC Report, are the numbers and figures. The narration is doubtful and I am not even sure its cari makan chairman read the Report. Many of us know for a fact, and that is because we know him personally, he knows nuts about 1MDB. Never bothered to follow the issue other than bitch-ying about Mahathir going overboard. This was before he even became the PAC chairman.

The Report can’t even differentiate between a parent company and its subsidiary. Petrosaudi Holdings Cayman Ltd is referred to both as the Parent Company and subsidiary of PetroSaudi International Ltd. So which is which? On page 24 of the PAC Report, PHL (Cayman)  was mentioned as the parent company. On page 31, the same company was mentioned as a subsidiary.

PAC’s Board of directors are there to provide a semblance of good governance and compliance.  It remains that through the entire saga of 1MDB. Shahrol Azral can dismiss and ignore with impunity all the remonstrations and plaintiff requests of the BOD. Why?

Because he answers directly to the PM who remains at all material times, the mastermind behind all the transactions of 1MDB. He does not need to micromanage the beastly 1MDB if Chief Nazri Aziz wants to know, he has his boy Shahrol Azral and then later Arul Kanda in 1MDB doing his bidding. That’s effectively micromanaging 1MDB.

Because of its failures to act after repeatedly seeing Shahrol violating and defying its directives, all members of the BOD are complicit in the greatest heist of the century. Never believe this snobbish humility in admitting its dereliction of duty.Members of the Board and Top Management are just a malapertness of pedlars.