Najib should go on leave as Prime Minister and Finance Minister to allow for a full-fledged investigation into 1MDB by RCI and return to office after he has been cleared of any wrongdoing in the RM42 billion 1MDB scandal

The Prime Minister, Datuk Seri Najib Razak should go on leave as Prime Minister and Finance Minister to allow for a full-fledged investigation into the 1MDB by a Royal Commission of Inquiry and return to office after he has been cleared of any wrongdoing in the RM42 billion 1MDB scandal.

There is no need for Najib to resign as Prime Minister, as proposed by former Prime Minister, Tun Mahathir that Najib must first resign as Prime Minister to allow full investigation into the 1MDB finances, and that Najib can come back as Prime Minister to lead the Barisan Nasional in the next election “if no crime can be detected and all the money is returned”.

I agree with Mahathir that so long as Najib is still exercising the office and powers of Prime Minister, no proper investigation can be made.

Mahathir should know as during his 22 years as Prime Minister, there could be no proper investigation into the string of financial scandals estimated to cost the country over RM100 billion under his premiership, simply because Mahathir was during this period the Prime Minister of the day.

I do not think it is necessary for Najib to resign as Prime Minister, as taking extended leave would suffice.

It is understandable that Najib would not entertain such a dangerous proposition of resignation as he may not have a premiership to return to after the RCI investigation.

At present, everybody seems to be investigating into the 1MDB scandal – the Auditor-General, the Public Accounts Committee, Bank Negara and even the Police – but nobody has any confidence that any of these investigations would be meaningful and produce the proper results.

All these investigations should be replaced by an investigation by a Royal Commission of Inquiry, with the RCI commissioners appointed by the Dewan Rakyat by way of a motion so that the views of both the government and opposition are taken into account on such appointments.

The RCI into 1MDB should start work immediately, hold public hearings, and be given a time-frame say of six months to complete its investigations and submit its findings and recommendations.

The case for a RCI into 1MDB has become even compelling with the revelation that auditing of 1MDB’s accounts for the year ending March 31, 2015 had not even started.

Even the Prime Minister’s brother and CIMB Chairman Datuk Seri Nazir Razak had said he was “perplexed” over Putrajaya’s slowness in auditing troubled 1MDB’s financial accounts for the current financial year.

In a posting on Instagram, Nazir questioned if standards in the corporate governance on the Finance Ministry-owned state investment vehicle had dropped, and asked:
“How is this allowed? Has standards of GLC governance dropped so low?”

Who is responsible for the shocking lapse in good governance where auditing of the financial accounts of 1MDB for the year ending March 31, 2015 had not even started although the second quarter of the year will end in less than three weeks.

Can Najib disclaim responsibility for such shocking lack of good governance in a government company where the Prime Minister is the final approving authority under Clause 117 of the 1MDB Memorandum and Articles of Association (M&A) Agreement, which stipulated that the Prime Minister must give his written approval for any of 1MDB deals, including the firm’s investments or any bid for restructuring.

The Prime Minister’s written approval is mandatory if “any financial commitment (including investment), restructuring or any other matter which is likely to affect the guarantee given by the Federal Government of Malaysia for the benefit of the company, national interest, national security or any policy of the Federal Government of Malaysia”.

With the clear-cut provision specifying that “any other matter which is likely to affect……national interest” requires the Prime Minister’s written approval, can Najib disclaim responsibility for this grave breach of good governance by 1MDB?

Print Friendly

  1. #1 by Bigjoe on Friday, 12 June 2015 - 5:26 pm

    Najib, Arul, 1MDB board keeps saying that its all opposition and Mahathir’s spin and there was no wrong doing BUT they keep doing wrong things, small wrong things but its all keeping adding up bigger and bigger..

    The whole picture DOES NOT paint to people who wants reveal all and in fact, they all clearly have either been irresponsible or lied – on top of sheer incompetence – Money deposited that turns out to be “units”, auditing that should have happened but did not, IPIC providing US$1b it turns out to be payment-in-kind for god knows what, and other instances of smallish dishonesty.. AND its too glaring that the toughest questions such as funds to GoodStar and used with UBG transactions just not even a respond does not points to by any yardstick honesty or willingness to be honest.

    If it smells like crook, in UMNO/BN world, its always is a crook – and stinks to high heaven its crooked..

  2. #2 by bruno on Friday, 12 June 2015 - 10:20 pm

    The opposition,together with Mahathir and gang have been throwing the kitchen sink and even the toilet at Najib and 1MDB.

  3. #3 by bruno on Friday, 12 June 2015 - 10:22 pm

    With such intensity the attacks have been going 24/7 for months now.With Umnoputras going against Umnoputras,how is the opposition able to capitalize on this Umno weakness?

  4. #4 by bruno on Friday, 12 June 2015 - 10:27 pm

    Umno’s house in in disarray and in shambles,just waiting for a strong wind to blow it to kingdom come.But,PR’s house is in worst shape.Starting from the Kajang circus and now Pas’s hudud wet dreams.

  5. #5 by bruno on Friday, 12 June 2015 - 10:31 pm

    So Umno is weak,due to internal factions going bare knuckles,and at times strangling each others throats.But PR is even weaker.Spouses squabbling from the bedrooms into the public’s spotlights.Divorce proceedings among the strange bedfellows are in process to self implosion.

  6. #6 by bruno on Friday, 12 June 2015 - 10:34 pm

    What more can Jibby and Umno ask for?The PR’s leaders are doing umnoputras a favor by repeatedly shooting themselves in the foot.

  7. #7 by bruno on Friday, 12 June 2015 - 10:37 pm

    In other words,PR is trying very hard to complete for the no:1 spot for top dunce of the class.And it seems that they are succeeding.

  8. #8 by donplaypuks on Saturday, 13 June 2015 - 2:40 pm

    1MDB actually borrowed RM46 billion, not RM42 billion. This comprises RM42 billion in bonds abd bank loans, and RM4 billion classified as Derivative Debt in 1MDB’s balance sheet for the y/e 31 March 2014. Please ask Tony Pua to wake up on this issue!

    Subsequently, the RM4 billion, borrowed from KWAP for a disastrous investmen in a Mongolian coal mine, was taken over totally by the MoF at cost i.e. no loss to 1MDB although the investment had tanked to below 50% of cost.

    This means the Rakyat (Taxpayer) will have to bear interest and repayment of RM4 billion to KWAP. PM Najib and the MoF have hidden this RM4 billion as “off-balance sheet” item in the govt’s accounts.

    YB Lim Kit Sinag, you must get to the bottom of this financial juggling and window dressing of 1MDB and the govt’s accounts and finances by PM Najib.

    Similary, the govt will have to 100% fund the repayment of RM30 billion loans taken from EPF and KWAP to fund PPFI. How can this be a “private initiative funding”, if after removing the red herrings, it is the taxpayer who will have pay the RM30 billion back to EPF & KWAP? Note too, the PAC has been fooled by the MOF into NOT disclosing who the RM30 billion was disbursed to and for specifically, for what actual projects and works. Why has the Auditor General NOT done a forensic audit on this RM30 billion PPFI suspect funding?

    we are all of 1 Race, the Human Race

You must be logged in to post a comment.