Khairuddin rues lightning quick action on forex, standstill on 1MDB

The speed with which the government is launching an investigation into the decades-old forex scandal is curious, considering no action has been taken against tycoon Low Taek Jho, who is accused by US authorities of money laundering, said former Umno leader Khairuddin Abu Hassan.

The Citizen's Declaration coordinator asked if this situation meant that Low was immune to action.

"The decades old forex scandal had already been investigated and tabled in Parliament in the 1990s, but the police is quick as lightning to set up a special team now.

"Unfortunately, in the case of Low's treachery to the people and nation after allegedly siphoning billions of ringgit, the MACC and police continue to be dead silent.

"This is most curious," said Khairuddin in a statement today.

"Is it that the reports I have lodged with MACC over the 1MDB scandal are baseless?

"I have lodged reports time and again, but MACC appears to be afraid to act over alleged abuse of billions from 1MDB's accounts," he said.

Khairuddin said the US Department of Justice had provided evidence of their allegations that Low had siphoned at least RM20 billion from 1MDB.

"Why hasn't he been called in for investigation?

"As the country's number one traitor and rogue, Low seems to be very immune to action," he said, asking if the Penang-born businessman was untouchable.

Record speed

On Thursday, the royal commission of inquiry (RCI) into the forex losses incurred in the 1990s during former premier Mahathir Mohamad's administration tabled its report to Parliament.

On Friday, Deputy Prime Minister Ahmad Zahid Hamidi said Bukit Aman’s Commercial Crime Investigation Department (CCID) will be conducting the investigations and has set up a special team.

Meanwhile, two years after the 1MDB scandal first broke international news via The Wall Street Journal, authorities have yet to conclude their probe.

In November, Minister in the Prime Minister's Department Paul Low, who oversees MACC, said the commission did not investigate the case because probes were carried out by other authorities, namely Bank Negara Malaysia, the police and the public accounts committee (PAC).

Last year, the DOJ launched a series of forfeiture suits to seize assets it claims had been bought with funds allegedly stolen from 1MDB, naming Low and Prime Minister Najib Abdul Razak’s stepson, Riza Aziz in their case.

However, in August, the DOJ applied for a stay on the suits to avoid jeopardising an ongoing criminal investigation into the underlying money laundering allegations. 

- Mkini