From M Manogaran

It has now come out in the open that 1MDB-linked funds have gone into the accounts of two Singapore-based companies namely, Iron Rhapsody Ltd and Cutting Edge Industries Ltd.

These two companies are linked to Tawfiq Ayman, husband of Zeti Akhtar Aziz, former governor of Bank Negara Malaysia.

It is inconceivable that Zeti was not aware of the repatriation of RM65 million from Singapore to Malaysia. In 2015, when Zeti was governor, the Singapore police had informed Bank Negara of suspicious movement of funds involving her husband Tawfiq.

Neither the Malaysian police nor the Malaysian Anti-Corruption Commission has the clout to carry out an independent and impartial investigation into this mind-boggling cover-up.

I say cover-up because this involves the central bank which is supposedly Malaysia’s main regulatory institution overseeing all financial institutions, including banks.

Bank Negara is supposed to be informed through Suspicious Transaction Reports (STR) whenever there are suspicious movements of large sums of money within, out of and into the country. This is the basic financial trigger that BNM has been enforcing in Malaysia to trigger suspicion for the regulators.

Not only must Zeti be investigated, but the investigation should cover all senior BNM officials who ought to have known of these transactions, from 2015 until some time in 2020.

All public officials including the prime minister and the finance ministers during that time must explain to the royal commission what actions, if any, were taken.

The investigation should also cover not just those who actively participated in this part of the 1MDB scandal, but also those who stood by and kept silent too. Those who exercised an omission to act, are as guilty as those who are guilty of commission of the crime.

Only a royal commission of inquiry can have the clout and power to haul the many eminent persons to give evidence and identify the individuals as well as the companies. Where it involves companies, the corporate veil must be lifted to identify the real personalities involved.

The Malaysian public is fast losing confidence in all the main institutions of governance in the country. It appears that almost all public figures and many prominent businessmen are somehow involved in corrupt practices.

Former prime minister Najib Razak is quick to capitalise on this by claiming that he was not aware of this particular transaction. His motive is of course different.

To put all kinds of theories to rest, a royal commission of inquiry is imperative to put back the financial system and institutions on the right and proper footing. - FMT

M Manogaran is the former MP for Teluk Intan

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.