Reckless Finance Minister II pre-empting investigations

Last week the Auditor General had presented its preliminary findings regarding 1MDB to the PAC. Malaysians however will not likely read the findings of this report, since it won’t be made public.

The bits and pieces of information the public could get and craved can only be read from press conferences held by PAC and the Auditor General themselves.

The Chairman of PAC, Datuk Nur Jazlan said:

“A couple of matters have cropped up with the issue of documentation. The NAD (National Audit Department) has yet to receive full cooperation from 1MDB in the handing over of documents for audit,” said Nur Jazlan.

“We would request that the management of 1MDB give its full cooperation to the NAD and hand over all the requested information and documents so that they can continue their audit and finalize their report by the end of the year.”

The report took a total of three months to finish and covers the analysis of 1MDB’s financial statements, as well as its investments such as PetroSaudi.

“The auditing for its other investments such as in land and energy sectors is still ongoing and will come up in the final report, which is expected to come by the end of the year,” said Nur Jazlan. – Source.

Basically, PAC is telling us that 1MDB have not given the auditor-general their fullest cooperation which had invariably hindered the audit process. Additionally, the interim audit report covers only certain aspects of 1MDB.

Reporters had also asked Tan Sri Ambrin Buang on the alleged USD700 million being deposited in the Prime Minister’s private accounts.

The Auditor General had this to say:

“Now that there is already an investigation by the special taskforce, they are better equipped to do that. They (special taskforce) have the power to look into people’s accounts,” he said.

He added that unlike the special taskforce that has Bank Negara Malaysia on its team, the Auditor-General alone does not have such power to do so.

“I do not have the power to look into people’s accounts,” said Ambrin, when asked if he would investigate the latest revelation by The Wall Street Journal (WSJ) that involved Najib. – Source.

In other words, the NAD is not investigating the allegations by Wall Street Journal. That aspect of investigation is under different jurisdiction and it is still ongoing.

But suddenly today, the Finance Minister II came out with horns blaring clearing 1MDB of any wrongdoings! He gave the impression that there are no problems within 1MDB at all. This is a blatant diversion from the truth.

From the news reports above, we can safely conclude that Husni Hanadzlah had committed a grave error in pre-empting the investigation teams. In fact, the preliminary report from Auditor General have not cleared 1MDB of anything.

Below is the much celebrated press release from the Finance Ministry:

The preliminary report by the Auditor General investigating 1MDB’s activities has found no evidence of wrong doing, and therefore the reckless allegations by some parties including the “disappearance” of RM42 billion and transfer of USD700 million to certain individual does not arise.

It is my hope that all baseless allegations will be put to rest.  We have to remain patient and we look forward to the final report by AG and the Public Account Committee (PAC).

Our focus is now on the rationalisation plan, whereby the Government is committed to have the issues pertaining to 1MDB’s debt be resolved.

The definitive aim of the rationalisation plan is to rebalance 1MDB’s asset and debt in order to support its financial structure that will ensure its sustainability going forward. – Source.

It is highly contentious for a person under the purview of an investigation to actually come out publicly to say nothing is wrong with 1MDB; a company which his ministry is responsible for.

Jumping the gun and having knee-jerk reactions should not be a good trait for a Finance Minister

Imagine Al Capone, giving press conference clearing his own name based on investigations carried out against him, disregarding the fact that the investigations are not yet completed.

The public must be made aware that the press release above had highlighted one thing that made 1MDB a failure to begin with. Husni indirectly admitted that without the rationalisation plan to rebalance 1MDB’s assets and debts, there is no way it can move forward as a going concern. In other words, we can conclude that 1MDB is on the verge of bankruptcy and needs to be revamped and restructured in order to survive.

What a contradiction indeed.

So before the mainstream media begin to believe Husni’s misrepresentation of facts and print it on the front page tomorrow, we need to be intelligent enough to see the truth.

The Finance Ministry is oblivious to the statements made by Nur Jazlan and Ambrin Buang. We must not make the same mistake.

What really annoy us is the fact that the Finance Minister II seems to be bending himself backwards to disregard the alleged USD700 million money transfer when the auditor general report’s scope is completely on another matter altogether.

All this will only make him lose credibility and make himself look even more stupid. Remember this quote of the day:

“The law says those who cover-up, hide evidence of crime would be considered as accessory to the crime. They would be aiding and abetting the criminal. They too should be charged, tried and sentenced.”

Remember, some people have lost credibility and their jobs trying to defend 1MDB and the things associated with it.

You might want to read:

1) Pindahan RM2.6 Bil Ke Akaun Peribadi Tidak Timbul – Harap MCMC Siasat Kenyataan Husni Ini!!

2) 1MDB & auditor general interim report

3) Bank Negara is better equipped for WSJ probe than me, says Auditor General

4) Whistleblowers