Najib Razak / Tun Dr Mahathir / Umno & Barisan Nasional

When 1MDB couldn’t answer, it cries like a baby..

… and shouting to the world that it is the most investigated company in the whole universe.

Tun Dr Mahathir had written a clear and concise article with list of questions which 1MDB could have easily answered in a professional way. But the poor replies it made just solidify the fact that 1MDB has so much to hide and has too little brain power to save their own reputation.

They wrote:

Unlike Tun Mahathir, who relies on assumptions, 1MDB prefers to deal in facts. It is a fact that 1MDB accounts are audited by reputable, international firms. It is a fact that anyone can easily verify 1MDB facts and figures by reviewing the publicly available, audited accounts.

It is a well-known fact that the Auditor-General has been tasked by the Cabinet on 4 March 2015 to review the past accounts of 1MDB. An interim report was presented to the Public Accounts Committee (PAC) on 9 July 2015, and a final report will be presented to the PAC – which comprises both Government and Opposition MPs – on 17 December 2015.

1MDB is and continues to be the most investigated company in the history of Malaysia. We have cooperated fully with the lawful authorities, which include the MACC, PDRM, BNM, the National Audit Department and the PAC. Documentary proof and evidence has been submitted to these lawful authorities. Each of these lawful authorities has independently conducted investigations and publicly issued statements relating to 1MDB.

Instead of replying the simple questions, 1MDB resorted to hide behind the usual equivocation tactic by saying they are the most investigated company. It didn’t answer any of the question, it just shifted the goal post in such manner which behooves the public to think that 1MDB is indeed arrogant.

Dah lah tak malu kena investigate, berlagak pula tu. Kenapa nak berlagak?

Because everyone knows the investigative bodies that are investigating them are a farce. 1MDB said it prefers to deal with facts, so let us give them the facts on why the whole investigation efforts against them have become a mockery and a sham.

The PAC was dismantled last July in the hopes that the investigation is derailed. Replacing the previous PAC chief who was suddenly appointed as a deputy minister is someone who seems bent to whitewash Najib Razak. He even said that he will not call the PM to testify in the PAC proceedings because he wants to ‘cari makan too’.

It goes without saying that he was probably appointed to do the cover-up, but he said it anyway!

In an attempt to diffuse the situation and conceal the freudian slip, he lied blatantly to the public saying that his ‘cari makan’ statement was meant to invite reporters to lunch but video evidence have otherwise pointed out that he made no such invitation.

A PAC chief that can shamelessly lie to cover up his own slip of the tongue must never be trusted.

Even Tun’s simple questions like “You said 1MDB is a strategic investment company. When you sell assets which you acquired at a very low price from the Government and pocket the difference is that what is called strategic investments? Buying business at higher than market price is that what you regard as strategic investment?” could not be supplied with an answer because lets face it,  the debt laden 1MDB is indeed not a strategic investment company.

I hope 1MDB will not make me look like an idiot and will issue a better press release next time

I really hope 1MDB will not make me look like an idiot and will issue a better press release next time

Is 1MDB that moronic that they have to react like a petulant schoolboy who couldn’t answer a simple question but proceeded to blame everyone for having the audacity to question him?

If you want to see a multi-billion company throwing tantrums, 1MDB is a fine example for many years to come. Students of public relations and crisis management courses will study 1MDB as an example on how not to behave when dealing with the public eye.

It is amazing to see how messed-up the people who wrote that press release. It seems all the rakyat’s money in the world couldn’t buy the braincells required to salvage 1MDB’s reputation.

In fact, it made 1MDB looked more and more ridiculous.

Hiding behind ‘oh we are being audited by reputable international firms’ will not get them anywhere. We remember what happened to companies like Enron, which was audited by a reputable international firm called Arthur Andersen.

Is the person writing the press release doesn’t have any knowledge about Enron / Arthur Andersen debacle and other financial fiascos? Because the public does and when 1MDB issue this particular statement, it turned them into a laughing stock. This is what you will get when you hire media peacocks instead of financial experts to deal with press releases.

1MDB has negative credibility not just because the people involved are deceitful and dubious, but even within the financial world their integrity are almost non-existent because their audited accounts often missed the submission deadline.

Out of six years in operations, only once they complied with the stipulated deadline. This is a well known fact, and yet the top management are proudly strutting around as if they are the kings of the corporate world, unbeknown to the fact that they are looked upon behind their backs as pariahs in a financial scandal.

They fact that a multi-billion company could always be late in submitting their accounts is rather jarring. If it was a public listed company, their shares would have plunged towards becoming a penny stock.

And the fact that they did not fully cooperate with authorities is also well documented. After being missing in action back in May when they were first called by the previous PAC, they finally managed to peel themselves from their work schedule to attend a PAC inquiry headed by the ‘cari makan’ chief in December. That was a delay of 7 months!

Even the Auditor General complained that 1MDB was withholding documents from them which rendered the preliminary report somewhat incomplete.

The Prime Minister in May had said that he will release the interim report:

“We are expecting the release of the preliminary report by Auditor General very soon. In the mean time, please do not speculate and form conclusions without the information that will be laid out by the Auditor General, who will provide a detailed report into 1MDB’s finances.”

Yet we were told later on that the report is classified and couldn’t be made public. The PM proved once again that he could lie without feeling responsible for it.

And do we even need to go into details what happened to the investigation made by BNM and the Task Force?

The Task Force was dismantled by the PM when he sacked the Attorney General for ‘health reasons’ and replaced him with a judge who is even older than the sacked AG! In fact this new AG is nearing the twilight of his retirement age.

And the first task of this new AG is to curtail the BNM investigation by saying that he will not prosecute 1MDB because it was BNM’s fault in not realising they got cheated by 1MDB. Basically, BNM was neutered by this newly appointed AG.

How about the investigation on 1MDB by PDRM? Well PDRM is more interested in arresting people who are exposing 1MDB’s scandal.

Even the MACC was not spared. Tun Dr. Mahathir wrote a couple of paragraphs about this:

10. You say that the MACC had verified that the RM2.6 billion in Najib’s private account did not come from 1MDB. Government departments and personnel are now under pressure. They can be sacked or transferred. A DPP was dismissed.

11. People making reports are being arrested. Their lawyers can be arrested. People living under threats are not reliable when making statements.

12. So we cannot accept the statement by the MACC personnel just like that. We want proof. We want to know how RM2.6 billion in PM’s account is not from 1MDB. We must know where all the RM42 billion are. Your explanations are without proofs.

But how did 1MDB reply to this?

“We are the most investigated company in history of Malaysia”.

Really, which idiot wrote that press release?

In the end, 1MDB is just a sly company who kept on making excuses while at the same time blaming others for exposing the truth – that 1MDB is a just a pile of stinking mess. But this stinky mess must be made to smell like roses because no other than the Prime Minister himself is accountable for its success. Too bad the Prime Minister recently had admitted that 1MDB is a failure.

This failure is of gargantuan proportions yet nobody accountable or responsible for it was sacked or willingly step down to face the music. Are they afraid?

Ignorant?

Brainless?

Thick skinned?

All of the above?

These are the facts that 1MDB could not run away from. And the rakyat will remember who are the people behind it for decades to come. Fact is, nobody forget people like Bernard Madoff, Ferdinand Marcos, Nick Leeson, Bernard Ebbers, Richard Nixon etc and what happened to them.

You might also want to read:

1) Hydra-like arguments on the sale of Edra.

2) Swiss Probe of Malaysia’s 1MDB Puts Falcon Bank in Spotlight

3) In rebutting Mahatir, 1 MDB & Arul imagine away USD 2 billion in debt

4) More “auta” from 1MDB press release

5) Bankrupt 1MDB? Yes! Yes! Yes!

6) Pelik, Satu Umno Takut Kepada Seorang

7) Najib Nak Jawab Isu RM2.6 Bil ? Hahahaha …. Baik Punya Kencing!

8) PAHLAWAN BUGIS LARI LAGI…

9) With Najib still around, we do not need anymore enemies

10) Najib, please step down to save party

14 thoughts on “When 1MDB couldn’t answer, it cries like a baby..

  1. Brilliant stuff, bro.

    Yes, they really have their head in the clouds.

    Although Najib’s NSC Bill will enable him to crush dissent locally (including anyone in Umno who doesn’t follow the Emperor’s dictates), it will do nothing to stop the six countries on the trail of 1MDB.

    Nothing Arul’s vapid press releases can do to stop them, either.

    If UMNO does not have the common sense to remove this millstone around the nation’s neck, it’s all going to end in tears for Malaysia.

    Like

  2. Dear JMD

    Thank you for tirelessly contributing to a sane world.

    Besides yourself, DINTURTLE, OSTB, APANAMA and a few other bloggers, have provided sensible and rational postings. Che Det is definitely a MUST read.

    Alas!

    Many formerly credible bloggers have deteriorated to “bu** licking” the powers-that-be.
    Their reasoning is pukingly sickening. Pathetic.

    Like

    • dont see you on anjingbesardotcom anymore? in fact a lot of his crowd are not there. they were never credible in the first place. their articles that had your support were merely on the pay from a different paymaster whom we all had shared a common enemy with.

      like abitw and that ex journo guy. anyways now they produce mostly shit write ups and blatant lies. sad.

      anyway good job jebat. c ya round ray. c ya round jebat

      Like

      • Hey hunchbac

        Yeah, a total waste of time reading their blogs nowadays. It is almost criminal to witness them scrambling to “tegakkan benang yang dah basah kuyup”.

        The “cash is king” has infected too many bloggers. It is really deplorable that money can murder your conscience. It used to be just soccer betting and match fixing.

        Now ‘Money’ is mightier than the ‘Pen’ even. Cash is now king, queen, emperor, dictator ….. prophet??

        Like

    • Thank you Ray. You and others like Zalman here have also tirelessly contributed inputs in this blog for which, we are very much grateful. Really appreciate that.

      Thank you.

      Like

  3. Pingback: 1MDB Answers Mahathir | 書 政 shuzheng

  4. The editorial in today’s Singapore Business Times (http://www.businesstimes.com.sg) is titled “1MDB’s sale of power assets to CGN will only trim debt”.

    Quoting from the editorial:

    “Malaysia’s troubled 1Malaysia Development Berhad (1MDB) sale of all its power assets to China General Nuclear Power Corp (CGN) for RM9.83 billion (S$3.26 billion) in cash no doubt marks a significant foreign direct investment (FDI) commitment for the scandal-whipped country.

    “But apart from helping to cut the firm’s crippling debt and allowing the state-controlled entity more room to focus on its property assets to rationalise its operations, it does little else. As it stands, the deal does not create new jobs; has little impact on sustaining long-term economic growth; has not spawned new, strategic industries for the country; and neither will it likely open the floodgates to more FDI (that is, not until the controversy that has rattled the country is completely addressed) – all of which were the original intent of 1MDB.

    “And no matter how one slices and dices the sale which provides much needed breathing space for the debt-ridden firm, the fact is that 1MDB – which has repeatedly claimed that it acquired the energy assets for long-term value, not just for the company but also the country – has not achieved that goal….

    “Indeed, 1MDB had built a “leading international independent power producer (IPP) in Southeast Asia” and the second largest IPP in Malaysia with a portfolio comprising 13 power plants. That was achieved through a string of acquisitions (it paid RM12 billion for the assets and assumed RM6 billion debt) as opposed to a focused organic approach to grow, which is the hallmark of worthy management acumen.

    “In short, 1MDB did less of building these assets (notwithstanding the RM2 billion in cash dividends it received over time from the operations) but in fact bought them, and in the process inherited a sound management team and more debt than its weak cash flow could comfortably manage to service.

    “Furthermore, buying assets and offloading them three years later to break even is not a savvy business strategy for any firm, let alone a state-backed firm like 1MDB – and it raises questions about the efficiency of the spend. Value addition would have taken place if 1MDB had proceeded with the hard-fought multi-billion ringgit Project 3B. Instead, it sold its 70 per cent stake in the 2,000 MW coal project (which could have been the most prized asset in its stable) to national utility Tenaga National in July this year due to financial constraints.

    One part of the irony is hard to miss, however. What 1MDB has not done so successfully in its six years of existence, the strategic investment company is now beginning to do, as it winds down its operations: woo foreign investment into the country”.

    Well put!

    Like

    • Arguments based on assumptions which are based from the facts provided thus far. For example, it is a fact that USD700 million was banked in into Good Star accounts. Why was it given to Good Star? What does it do? No credible answers were forthcoming.
      Second example, Arul Kanda said he has seen the statements and assured us that the cash was there. It turns out it was a lie. Arul Kanda took responsibility of that mistake. We can assume then that Arul Kanda is a liar and have no qualms in lying.
      Third example, 1MDB invested RM5 billion in PetroSaudi with nothing to show for in the end except for ‘units’ when the fact is in the beginning the joint venture was initiated to bring economic development and prosperity in Malaysia. Are you feeling prosperous right now? We have brains. We argue based on logical thinking and facts. 1MDB’s so called facts solidify our assumptions that it is indeed a failure. They kept saying to refer to their 2014 audited accounts. There was over RM660 million in losses and liabilities being raked up to the amount of RM42billion. Their revenue could not even pay their debt interests. Now they have to sell assets just to repay the liabilities. Do we now have to assume 1MDB is in great shape? 1MDB couldn’t even rebut the assumptions let alone rebut the facts.
      Thank you.

      Like

    • aho

      Policemen will arrest a suspect based on probable cause (circumstantial evidence). After arrest, the suspect is still deemed innocent until proven guilty.

      All suspects have rights of defence. If they choose silence over explanation, the likely result is further remand.

      History has witnessed whistle-blowers successfully bringing powerful corrupt persons to justice, even in 1st world USA (Nixon).

      Tun Dr M has a history of high intellect and rational decision-making. Facts and reports brought to him urged him to lay it out in the open.

      All Najib has to do – is reply to all concerns with evidence and “alibis”. Instead he runs away and hide behind his subordinates.

      Awak kat mana ……

      Like

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