Another ‘conspiracy’ to cheat the nation

 

On Tuesday, the Public Accounts Committee (PAC) dropped a bombshell which would normally have produced reverberations causing the public to sit and up and ponder.

But with so much politicking added to the lack of emphasis on good governance, the shocking revelations were treated as the norm or have been accepted as a Malaysian malaise.

The PAC concluded that the government had indirectly and unnecessarily bailed out two firms that rolled out the automatic enforcement system (AES) traffic cameras in 2012.

The report, which was tabled in Parliament, said that the government, through the Armed Forces Fund Board (LTAT), had paid RM555 million in 2015 to acquire the two AES contractors - Ates Sdn Bhd and Beta Tegap Sdn Bhd.

This was despite audit firm KPMG’s valuation of just RM251 million for the two firms. KPMG was engaged to do so by the Finance Ministry in 2013 as part of a due diligence process.

The difference is humungous – RM304 million. Yet, there has been no plausible reason or explanation offered to date by those involved in the deal.

PAC chairperson Wong Kah Woh said that the committee was of the opinion that the outsourcing of the AES was “unnecessary” and Putrajaya’s order for LTAT to take over Ates and Beta Tegap was a form of an “indirect bailout”.

He said the PAC was also of the opinion that LTAT’s acquisition price of RM555 million was “exorbitant”, and the fee structure of the original deal was not done in the government’s interest.

The Special Investigation Committee on Public Governance, Procurement and Finance (JKSTUPKK), which testified before the PAC, said the final decision was made during a meeting between then prime minister Najib Abdul Razak, then minister in the Prime Minister's Department Abdul Wahid Omar, then finance minister II Ahmad Husni Hanadzlah and then transport minister Liow Tiong Lai.

But what was opined by the JKSTUPKK investigator Mohd Tap Salleh that some parties wanted to make money out of the project was somewhat telling but obvious.

“(Some people know) there is going to be a lot of money to be made. I think this is - I do not believe in conspiracy theories - but this (project) is to conspire, to cheat Malaysia, actually,” he was quoted as saying.

‘Giving away our money’

What have the former PM and the three former members of his then cabinet have to say? Why did they agree to such a deal? Surely, they cannot ignore such a damning admonishment by the PAC and maintain elegant silence when they had agreed to such payments.

In the first place, why was the due diligence report commissioned? Just for show? Was it done just to denote the necessary steps were taken? Why commission and pay hundreds of thousands when there was no intention to use it as a guideline in the negotiation?

Is this what government takeovers and acquisitions are all about? Pay high prices to acquire or take over existing companies, provide poor services, lose money, then stretch out your hands to the government for a bailout at even higher and exorbitant prices.

Where do all these monies come from? It’s us – me and you, the taxpayers who foot the bill while the perpetrators continue to live a life of expensive cigars, the latest luxury cars, hill-top bungalows and in some cases, new trophy wives.

Hasn’t the government learnt from experience? Has everyone forgotten the scandal involving the Port Klang Free Zone (PKFZ)? Has the 1MDB scandal overshadowed, drowned and blinded past bailouts like Malaysia Airlines (MAS), Perwaja Steel and others?

Doesn’t anyone who occupies the seat of power practise good governance? Isn’t anyone worried about good hard-earned money belonging to the people going down the drain? Have they adopted the mantra of paying exorbitantly on the basis of “it’s not my money”?

Didn’t someone consider that such money will go a long way to fill empty stomachs or put roofs over the heads of thousands of Malaysians?

Isn’t anyone worried about being caught and sent to jail? Why are they doing it so openly? Are these acts of defiance or are they playing a game of “catch me if you can”?

Have we lost the way? Or are we sweeping everything under the carpet for political expedience? Or are the appointments of the wrong people dictated by ulterior motives?

Why does the system see it fit to jail a woman who steals milk powder for her baby and yet allow leaders with little or no integrity to sit in high places and allow them to (mis)manage funds running into millions? - Mkini

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R NADESWARAN is reminded of Aesop’s saying: “We hang the petty thieves and appoint the great ones to public office.” Comments: citizen.nades22@gmail.com.

The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.