COMMENT Malfeasance is the word to describe a wrongdoing that violates public trust.
The Public Accounts Committee (PAC) has an important role to investigate and unravel the truths behind such a wrongdoing.
Its job is not to whitewash a public scandal or a case where fraud is suspected, especially on the magnitude of 1Malaysia Development Bhd’s (1MDB) billions of ringgit that have allegedly gone missing.
Prior to the expose by The Wall Street Journal (WSJ) and other international media, we never knew much about 1MDB.
But now, we know that a total of US$1.03 billion from 1MDB's joint venture with PetroSaudi International had been diverted to Good Star Ltd, and another US$1.4 billion had been paid to Aabar Investment PJS Ltd, a company established in the British Virgin Islands (BVI) in 2012.
Out of the funds that went into Aabar, a total of US$155 million had allegedly gone to Red Granite Pictures, a company owned by Prime Minister Najib Abdul Razak’s stepson, Riza Aziz to produce 'The Wolf of Wall Street'.
It is learnt that the US authorities are currently investigating the case and soon the truth will be known. There is no escape for those involved.
Even 1MDB chief executive officer Arul Kanda Kandasamy has claimed that 1MDB could have been a victim of fraud, but we have yet to see a police report lodged by him in his capacity as CEO of 1MDB on the disappearance of the huge sum of money.
Arul Kanda (photo) has no reason not to lodge the police report, if he suspected that 1MDB is a victim of fraud.
Two of former PetroSaudi senior officers have already come under investigation, and one of them is facing extradition to the United States. Both were closely linked to 1MDB in its heydays.
The Malaysian people are now interested to find out whether there is truth in this shocking news revealed by WSJ that Aabar BVI and Red Granite are both beneficiaries of Malaysian taxpayers’ money through 1MDB.
As the allegations appeared only after the PAC investigation had concluded, the PAC now has the obligation to carry out further investigation. No stones should be left unturned.
Why remove an important fact?
Therefore, after learning from a source as reliable as Bank Negara Malaysia that Good Star Ltd was owned by an individual and not linked to the PetroSaudi group as claimed, the PAC has the responsibility to bring this to the broad daylight.
The PAC chairperson has technically committed an act of malfeasance by removing this important line, especially since the amount paid to Good Star is a whopping US$1.03 billion!
How can Hasan Ariffin claim that “entering a statement which is unclear or being investigated is something prejudicial”?
As pointed out by PAC committee member Tony Pua (photo), “This finding is crucial to the entire investigations of 1MDB because the company and its executives have testified to PAC that Good Star is a subsidiary of Petrosaudi… and unable to provide any concrete evidence, such as a company search or certificate of incorporation from the relevant authorities, despite repeated requests, to back up its claims to both the auditor-general and the PAC.”
What vested interest, therefore, does Hasan have in removing the evidence produced from PAC’s investigation?
Pua and his team have to raise this in Parliament, once again, as the two lines are an important finding that show where the fraud could have taken place, yet it is being removed by Hasan himself.
It is like the Malay proverbial saying, “Mengharapkan pagar, pagar makan padi” (there is lack of trustworthiness even with those who were supposed to safeguard our country’s coffers).
Most people would also agree with Pua that the evidence removed by Hasan is indeed significant. It clearly shows and we now know that both Good Star and the British Virgin Island incorporated Aabar Investment, which carries the same name as PetroSaudi’s investment arm, became the beneficiaries of money that were supposed to go to PetroSaudi as part of a joint venture. This is where the money appears to have gone missing.
Since it is said that Good Star belongs to Malaysian tycoon Jho Low, the PAC has to haul him in for further questioning. Is this too much for the PAC, since the fingers are pointing at him? It is up to Jho Low to defend himself before the PAC.
Another shocking truth
This week, we have also learnt from PetroSaudi itself that it had nothing to do with Aabar Investments which was incorporated in BVI. This did not come from another media exposure; it came from the company itself, in a statement submitted to the London bourse.
Therefore, with this, Najib cannot deny that there is truth in what the opposition, former prime minister Dr Mahathir Mohamad or the media have exposed.
As both prime minister and finance minister, and the one who signed all matters relating to investments in 1MDB, Najib has the obligation to immediately instruct the police, the Malaysian Anti-Corruption Commission and the PAC to investigate the case with greater vigilance, since a huge sum of money has indeed gone missing.
Najib cannot remain silent, as he is directly implicated by Article 17 of the Memorandum of Association of 1MDB, in his capacity as finance minister and chairperson of the 1MDB advisory board, especially in matters pertaining to 1MDB’s investment decisions.
Therefore, the PAC ought to call him to testify as well.
STEPHEN NG is an ordinary citizen with an avid interest in following political developments in the country since 2008. -Mkini
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