Najib Razak / Socio-economy / Umno & Barisan Nasional

1MDB has special people supporting it

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.

1MDB CEO assuring (lying to) the public the cash is there

1MDB CEO assuring (lying to) the public the cash is there

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.

15 thoughts on “1MDB has special people supporting it

  1. Actually these special people have their eyes open and ears unobstructed. But the going is just too good on the gravy train.

    So they continue to behave like the proverbial 3 monkeys – see no evil, hear no evil and speak no evil.

    “All that is necessary for the triumph of evil is that good men do nothing.” – Edmund Burke

    P.S. Will Muhyiddin start the ball rolling by resigning …

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  2. It all boils down to governance. Having a profit at the end of the day does not absolve the need to carry out a business (more so when one is owned by the government) in proper governance: free from deceit, fraud and incompetence.

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  3. At this very high level of possible and probable governmental breach of trust, it is only sensible and honorable to commission an independent investigative committee presided over by the Yang Di Pertuan Agung. of Malaysia, as sovereign protector of the national interest.

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  4. In normal case and situation, the one that screw up will be the one that will be asked to resign however in special case and circumstances with support of “special people” as you said above for example Rahman Dahlan and Shahrir Samad….the one that “screw up” should actually stay whereas other peoples (say for example other cabinet ministers) that disagree with this incompetent screw up person are the ones that should resign!

    Very special indeed!

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  5. Dear all,
    I’m curious until today no one has asked where is these so call 13 power plant & 2 desalination plant located at.Normally in the audited account there will be a listing of assets which will include the name of assets/company, location & shareholding in the company/assets.
    The auditors then will verify whether these assets/company really exist. Now days public also can check online who own companies, who are their major shareholder and directors. If these information is made known to the public, the rakyat themselves can verify where the money goes.It is very simple unless you have something to hide.

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  6. Ok, class: raised your hands to these questions :

    How many of you guys read 1MDB annual report, before commenting?

    How many of you guys know how to read balance sheets?

    How many of you guys buy houses n cars n courts mammoth with moneys that you do not have in savings?

    How many if you guys have to be bailed out every month with company salary, living paycheck to psychecks? And in the interim, spend time playing with keyboards?

    Penyu

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    • Right. So basically you are saying, 1MDB is being run by people who buy stuff from Courts Mammoth? Valavey. No wonder so rich… they are paid millions yet buy things on credit at Courts. Just like the kampung people.

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    • For your information my friend, I have a degree in Corporate Finance from University of Michigan & MBA from University of London ( I’m 49 years old)..Currently I’m working with one of the big local bank. I earn rm300,000 a year and pay my taxes through PCB every month.I’m a staunch UMNO supporter and the government. I owed to the government for providing me with a scholarship for my studies and in return I repay it through working with government volunteering agencies.
      I’m still an UMNO supporter (kini dan selamanya) but please just answer the simple question that I put up and no one will bother the government on these particular issue again.

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    • Dear Penyu

      You really need to upgrade your attempt at defending Najib. Merely asking simplistic questions failed miserably. Purchasing items from courts by instalment is not a bailout because you are still earning a salary that has been verified as having the ability to fulfill the monthly payments.

      Whereas Najib’s 1MDB is NOW cash-strapped. He is UNABLE to even fulfill the basic terms and conditions. The fact that Tabung Haji had to bailout 1MDB proves that the essential feasibilty verification had been omitted. Not to mention KWAP, TNB, EPF etc.

      P.S. Sound business sense will alert you against borrowing money at super-high interest rates. That should have been the red alert, the warning bell.

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  7. Can you please clarify your intent? If someone say yes to all those question do you meant to say that they should shut up about 1MDB? What if they say yes to half of those question? Or just one?

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  8. agree…1mdb has special people supporting it… to be more exact…”flibbertiggibett spesies” supporting 1mdb …according to cognitive research, they are characterised by having stupidity index close to 5..

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  9. Pingback: Husni Hanadzlah Commits Suicide | Berita Malaysia

  10. Saya merasa bangga kerana ada orang bodoh masih pertahankan saya walaupun saya dah belanja berjuta juta dengan duit curi dari SRC

    – LANUN BUGIS

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