It must have taken a special kind of people to see there’s nothing wrong with the fact that Arul Kanda, the CEO of 1MDB had lied to the public last February. He said, the money from Cayman Islands have been repatriated home (dibawa pulang) and it was in the form of cash.
This led people to question, if billions of dollars have been repatriated home, in which bank has it been deposited? Our market would be flushed with liquidity but no banks seemed to have it.
Suddenly there was a stammer and a mumbling of replies. The Prime Minister, oblivious to the questions posed, agreed with Arul Kanda by announcing it in Parliament in March, but by then it is discovered that the cash is in a bank in Singapore. Why was it in Singapore? The PM had this to say “that cash was being kept in Singapore to facilitate withdrawals because Bank Negara has strict rules that make it difficult to withdraw more than RM50 million.”
Never mind the fact that the PM, who is also masquerading as Finance Minister was circumventing his own Bank Negara for this.
But only special kind of people will never ask why hasn’t the money being kept in banks in Malaysia because US dollar accounts can be opened easily in our local banks.
And it takes very special kind of people not to see how incompetent Arul Kanda and the Finance Minister really is in dealing with this “cash-is-at-home-but-not-at-home-now-in-units” issue.
Fact is, there was never cash to begin with. It was just a paper based “I owe you” document which stated USD1.1 billion as a form of collateral for some middle eastern joint venture escapade. And how 1MDB, the Prime Minister and the Finance Minister (they are basically the same person) could have been mistaken, is beyond our imagination.
Since it is confirmed that the CEO is incompetent (could also be brainless) in getting this simple thing right, 1MDB need really special people to support and give it a thumbs up for this kind of fiasco.
And what kind of withdrawals can they perform with this ‘paper asset’? On hindsight, the PM’s reply in March is incoherent and made no sense. But still, special kind of people like being led by the dubious and love to believe in magic tricks.
Recently, special kind of people are defending this fiasco by saying, that as long as the money is there, then there is no need to dwell on the apparent lies being told by the awful triumvirate of 1MDB, Finance Ministry and the Premiership.
They are basically trying to justify incompetencies and public disinformation. Pitiful special people.
And perhaps a much bigger issue is the restructuring of 1MDB and its consequent ‘winding-down’ prior to the AG report and PAC report are completed.
Majority of Malaysians have made up their minds that 1MDB is in trouble months before the May 26 rationalisation announcement by the Finance Minister II.
Everyone knows that 1MDB is in bad shape because it had stupidly accumulated huge amount of loans with little cash inflows to make repayments. Basically, it has bad business management.
But of course, special kind of people with the Prime Minister as their mouthpiece trumpeted 1MDB as a sound and financially able company with more assets than liabilities.
Lo and behold! Suddenly it begged for cash injection, standby credit etc to pay its loan interests.
And now, all these special people must eat humble pie and 1MDB must undergo a revamp in its business. Alas, not only these special people will not agree with the long time critics, they also do not want to accept the fact that someone should be accountable for the mess they created!
Politicians around the world have resigned for a much smaller debacle. But since there are special kind of people supporting this 1MDB and its billion dollar heist, people are forced to close their eyes and just move on.
Will the PAC, led by an UMNO MP whose position is beholden to the UMNO President be independent enough to investigate his boss? It does not matter if he is known to be “more opposition than the opposition”. The fact that his livelihood in PAC and his political career depends on the good grace of the Umno President clearly gives out the wrong signal.
This conflict of interest could only be solved if the Umno President/Finance Minister be on leave, or an independent special commission (filled with independent experts) will perform a forensic audit on 1MDB.
But again, special kind of people could not see this obvious weakness in PAC and public governance. Their ability to support with eyes close is a skill not many can learn.