Archive for category Parliament

Call on Chinese Chamber of Commerce, Chinese Assembly Hall and Federation of Chinese Guilds and Associations to put pressure on MCA Ministers to explain why they dare not requisition an emergency BN Supreme Council meeting to end “once and for all” the problem caused by Azalina’s Ministerial motion in Parliament to fast-track Hadi’s hudud bill?

The response of the MCA leadership to my challenge whether MCA had learnt from the lesson of its 201 3 General Election debacle which reduced MCA from the second biggest Barisan Nasional party to a puny “7/11 party” (as compared to winning 28 MPs and 68 SAs in 1999 GE) is so predictable and characteristic that it could have been guessed in advance:

“All three MCA Ministers run for cover from the challenge, avoiding any response as the facts used are undeniable and incontrovertible – that at most only some 30 per cent of MCA’s million-strong card-carrying members voted for the MCA candidates in the 13th general election on May 5, 2013, as even the ordinary MCA members have lost confidence in the sincerity and trustworthiness of MCA Ministers and leaders. The task of responding to the challenge that the MCA leadership should requisition an emergency Barisan Nasional Supreme Council meeting to resolve one-and-for-all the problem caused by Azalina’s Ministerial motion in Parliament to fast-track Hadi’s hudud bill left to low-level MCA officials, who could make ferocious and even extreme statements which MCA Ministers and leaders can claim ignorance.”

This is exactly what happened in the past 24 hours – thunderous silence from the three MCA Ministers but ferocious and even irrelevant outbursts by some inferior MCA underlings, which can be completely ignored as even MCA Ministers dare not endorse them. Read the rest of this entry »

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MCA has not learnt the lesson of the 2013GE debacle which reduced it from second biggest BN party to a puny 7/11 party – MCA Ministers saying one thing outside but doing the very opposite inside Cabinet!

It is very clear that the MCA leadership has not learnt the lesson of its 2013 General Election electoral debacle which reduced the MCA from the second biggest Barisan Nasional party to a puny “7/11 party” – MCA Ministers saying one thing outside but doing the very opposite inside the Cabinet.

Just go back to the 1999 General Election – when MCA won 29 Parliamentary seats which is more than the total number of 28 Barisan Nasional parliamentary seats from Sarawak and the 2013 General Election where MCA won a miserable seven parliamentary seats, edged out as the second largest BN party with MPs by PBB which had 14 MPs and only one seat more than PRS which won six Parliamentary seats!

In 1999 GE, MCA had more MPs than all Sarawak BN parties combined, but in the 2013 GE, Sarawak BN MPs is more than three-and-a-half times that of MCA, with Sarawak BN MPs number 25 compared to MCA’s 7.

MCA President Datuk Seri Liow Tiong Lai recently revealed that MCA had over a million members, when maverick columnist Ridhuan Tee Abdullah announced that he was quitting as a MCA life member.

This would mean that only some 30 per cent MCA members had voted for MCA candidates in the 2013 GE. The total number of votes polled by MCA parliamentary candidates in the 2013 GE came to 867,851. Assuming that some two-thirds of these votes are UMNO votes, this would mean that MCA had only 280,000 to 300,000 MCA members voting for MCA candidates – which is 30 per cent or even less of the total MCA membership. Read the rest of this entry »

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If Liow and Mah do not know how to requisition for an emergency Barisan Nasional Supreme Council meeting to repudiate Azalina’s Ministerial motion in Parliament and uphold Barisan Nasional consensus of March 2015, I am prepared to show them how

I am most surprised that apart from making empty and meaningless threats of resigning as Ministers, both the MCA President Datuk Seri Liow Tiong Lai and the Gerakan President Datuk Seri Mak Siew Keong had done nothing to undo the unilateral and arbitrary Ministerial motion by Minister in the Prime Minister’s Department, Datuk Seri Azalina Said Othman to fast-track the Hadi hudud bill in Parliament last Thursday.

It is now almost a whole week since Azalina stood up in Parliament to fast-track Hadi’s hudud bill, and Liow and Mak should explain why none of them is requisitioning for an emergency Barisan Nasional Supreme Council meeting to uphold the consensus reached by all the Barisan Nasional leaders in March 2015 on this issue and to repudiate Azalina’s Ministerial motion as not representing the collective decision of the Barisan Nasional Cabinet?

Or is there an unwritten rule somewhere which is unknown outside the Barisan Nasional that forbids any Barisan Nasional component party from requisitioning for an emergency Barisan Nasional Supreme Council meeting to undo what happened in Parliament last Thursday?

In fact, I would believe that if Liow or Mah or both take the initiative to get the support of the other Barisan Nasional component parties, they should have no problem in getting three-quarters of the 14 BN component parties from supporting the requisition for an emergency meeting of the Barisan Nasional Supreme Council to undo Azalina’s unilateral and arbitrary Ministerial motion last Thursday.

So why are Liow and Mah impotent, unable to requisition for an emergency meeting of the Barisan Nasional Supreme Council? Read the rest of this entry »

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I am prepared to meet Liow Tiong Tai and find out whether it is true that Najib never told him in advance about Azalina’s Ministerial motion to give priority to Hadi’s private member bill in Parliament last Thursday

I am prepared to meet with MCA President and Transport Minister, Datuk Seri Liow Tiong Lai, to find out whether it is true that the Malaysian Prime Minister, Datuk Seri Najib Razak never told him beforehand about the Ministerial motion by the Datuk Seri Azalina Othman Said, the Minister in the Prime Minister’s Department in Parliament after lunch-break on Thursday to give priority to PAS President Datuk Seri Awang Hadi’s hudud private member’s bill motion.

However, if Najib had told him beforehand about Azalina’s Ministerial motion, Liow should explain what he had done to stop Azalina from proceeding with the Ministerial motion, which not only violated the Cabinet decision the previous week but also the consensus of the Barisan Nasional leadership in March last year.

Liow’s professed ignorance of Azalina’s Ministerial motion last Thursday is a great political mystery, as a day earlier on Wednesday, a Minister and head of a Barisan Nasional component party from Sabah had written an urgent letter to Najib expressing the opposition of the MPs of his party to any proposal to prioritise Hadi’s hudud private members’ bill motion. Read the rest of this entry »

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Is Hadi’s bill about hudud punishments?

Wong Chin Huat
Malaysiakini
Published 28 May 2016, 3:11 pm

To save BN’s non-Malay components from the embarrassment of letting Hadi’s Private Member’s Bill on syariah court’s criminal justification to complete its first reading, Prime Minister Najib Razak reportedly denied that bill was about hudud law.

“I would like to clarify that the amendment (bill) is not hudud law, it is just to enhance the punishment from six times (of the rotan) to a few times, depending on the offences,” he said.

He also said, “It also involves the syariah courts and only involves Muslims. It has nothing to do with non-Muslims.”

Najib could be right about the second point as this bill now seems to be governing offences involving only Muslims.

But is this not about hudud?

No hudud law, only hudud punishments and offences

There is no such thing as hudud law. Hudud refers to punishments and offences.
Read the rest of this entry »

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Liow and Mah should demand Prime Minister to restore status quo ante, sack Azalina and Rosnah as Minister and Deputy Minister for unilaterally prioritizing Hadi’s bill and Cabinet repudiation of their motion in Parliament on Thursday

MCA president Liow Tiong Lai and Gerakan president Mah Siew Keong have threatened to resign from the Cabinet if PAS President, Hadi Awang’s hudud bill is passed.

Liow is the Transport Minister while Mah is Minister in the Prime Minister’s Department.

Liow said: “I’m trying to stop it, I’m trying to get all the (BN) component parties to stop it.

“I am urging both sides of the political divide to come together and stop this Bill.”

Instead of making meaningless statements after the horses had bolted, Liow and Mah should restore the status quo ante before the Minister in the Prime Minister’s Department, Datuk Seri Azalina Othman Said, stood up in Parliament after Thursday’s lunch break to propose the Ministerial motion to give priority to Hadi’s hudud motion, which was listed as Item 15 in the Order Paper, leapfrogging 14 other items including five items of official business.

Azalina’s motion was seconded by the Deputy Works Minister Datuk Rosnah Abdul Raashid Shirlin.

Two actions must be taken to restore the status quo ante – firstly, the sacking of Azalina as Minister and Rosnah as Deputy Minister for unilaterally proposing and seconding the motion in Parliament, which had violated both the spirit and commitment of Barisan Nasional that such a motion would not be supported by BN MPs and secondly, the Cabinet repudiation of the Ministerial motion by the Azalina and Rosnah on Thursday. Read the rest of this entry »

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Time for Najib to speak up personally and state which version or versions about the source of the multi-billion ringgit deposits into his personal bank accounts was the true and correct one

Since the expose by Wall Street Journal in early July last year of the RM2.6 billion into Prime Minister, Datuk Seri Najib Razak’s personal banking accounts, there have been numerous diverse and even conflicting versions about the source of the multi-billion ringgit deposits in Najib’s accounts, with the total figure expanding from RM2.6 billion to RM4.2 billion.

The latest and newest version about the source of the RM2.6 billion donation to Najib’s personal banking accounts came from the Director-General of Department of Special Affairs (Jasa), Datuk Mohd Puad Zarkashi in his speech in Canberra in his international “Veracity Tour” to “brainwash” Malay students overseas.

Puad told Malay students in Canberra that Najib had told UMNO leaders when the Wall Street Journal reported the expose in early July last year that he had “Bank Negara documents” to approve the transfer the money (RM2.6 billion) into his personal accounts and that he had discussed it with the Bank Negara governor.

According to Puad, Najib denied the money originated from 1MDB and told UMNO leaders that the money was from the Saudi King (Raja Saudi) to “combat the Islamic State, and secondly, to help in other places such as in Palestine and others”.

The other and sometimes conflicting versions of the source of the RM2.6 billion “donation” into Najib’s personal bank accounts include: Read the rest of this entry »

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Will PAC Chairman Hasan apologise for his several breaches of parliamentary privileges in connection with PAC Report on 1MDB and make amends by tabling in Parliament the Report of Auditor General on 1MDB as he had promised on 7th March and re-open investigations into 1MDB scandal?

Will the Public Accounts Committee (PAC) Chairman Datuk Hasan Arifin apologise for his several breaches of parliamentary privileges in connection with the PAC Report on 1MDB and make amends by tabling in Parliament the Report of the Auditor-General on 1MDB as he had promised on 7th March?

On 7th March 2016, Hasan gave a categorical statement that the Auditor-General’s final report on 1MDB investigations would be “declassified” under the Official Secrets Act 1972 once the PAC tables its report to Parliament.

The PAC Report on 1MDB was tabled in Parliament on April 7, and there are no signs that the Auditor-General’s final report on the 1MDB will be tabled in Parliament, which will adjourn on Thursday this week.

Hasan had said at the time that the Auditor-General Tan Sri Ambrin Buang had explained that the Auditor-General’s final report on 1MDB will no longer be a classified document under OSA once PAC tables its 1MDB report.

Can Hasan explain why he is dragging his feet in tabling the Auditor-General’s final report on 1MDB as attachment to the PAC Report on 1MDB?

What has Hasan and Prime Minister Datuk Seri Najib Razak and his government to hide in refusing to make public the Auditor-General’s final report on 1MDB? Read the rest of this entry »

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Is Malaysian Parliament one-sided and partial where Ministers and senior government leaders like PAC Chairman cannot be referred to Committee of Privileges for lying and the Speaker only a “yes men” to such breaches of parliamentary privileges?

Is the Malaysian Parliament one-sided and partial where Ministers and senior government leaders like Public Accounts Committee (PAC) Chairman cannot be referred to the Committee of Privileges for lying and the Speaker only a “yes man” to such breaches of parliamentary privileges?

The Minister in the Prime Minister’s Department, Datuk Azalina Othman had committed a double contempt of Parliament when:

• firstly, she lied when replying to the DAP MP for Bagan Lim Guan Eng on Monday that PAC members were informed about the deleted lines from the PAC Report on 1MDB because of correspondence from Bank Negara on April 6 that its information was “confidential for the purpose of intelligence only and not for court usage or public report”; and

• secondly, when she defended her first lie with another lie by claiming that DAP MP for PJ Utara and PAC member Tony Pua’s statement that the PAC Chairman, Datuk Hasan Arifin had “never at any point of time communicated with PAC members on any developments subsequent to the meeting on April 4” before the PAC Report on 1MDB was presented to Parliament on April 7, 2016 was “untrue and without any basis”.

In their joint statement in Parliament on Thursday, the Deputy Chairman of PAC, Dr. Tan Seng Giaw (MP – Kepong) and the four opposition PAC members have confirmed that they had never been informed of any Bank Negara correspondence of April 6 before the tabling of the PAC Report on 1MDB on April 7.

The PAC Chairman Hasan Arifin has also committed a grave breach of parliamentary privilege in tampering with the PAC report on 1MDB. Read the rest of this entry »

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UMNO/BN can only be defeated in the Sungai Besar and Kuala Kangsar parliamentary by-elections if there is a “game changer” giving the two by-elections unprecedented national significance and importance

After the 11th Sarawak state general election on May 7, the country is poised for the two Sungai Besar and Kuala Kangsar parliamentary by-elections next month.

Everybody’s first option is to have a one-to-one contest with UMNO/BN in the two by-elections, but this may not be a feasible or even the best political choice.

I have said that although the inability of Pakatan Harapan to campaign as one united team was a cause of great disappointment not only in Sarawak but also in Malaysia, the results of the Sarawak state general election showed that the multi-cornered contests involving Pakatan Harapan parties had not materially affected the outcome of the state election results.

Regardless of whether Pakatan Harapan had been able to present an united front, the results of the 11th Sarawak state general election results would have remained largely the same – Adenan Satam as Chief Minister of Sarawak, Barisan Nasional Sarawak forming the Sarawak state government with continuing two-thirds State Assembly majority and the question to be decided on the May 7 polling day was whether there could be a strong, effective and principled Opposition grouping in the Sarawak State Assembly. Read the rest of this entry »

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Azalina has committed double contempt of Parliament when she defended her lie in Parliament in her reply to Guan Eng on the PAC Report on 1MDB

The Minister in the Prime Minister’s Department, Datuk Azalina Othman had committed a double contempt of Parliament when she defended her lie in Parliament in her reply to DAP MP for Bagan, Lim Guan Eng, claiming that Public Accounts Committee (PAC) members were informed about the deleted lines from the PAC Report on 1MDB.

In her written reply on Monday, Azalina had lied that PAC Chairman Datuk Hasan Arifin had informed or showed PAC members letter from Bank Negara Malaysia which stated that the information provided to the PAC was confidential for the purpose of intelligence only and not for court usage or public consumption.

DAP MP for PJ Utara, Tony Pua, who is a PAC Member has described Azalina’s answer as a lie, making very clear that after the the final PAC meeting on April 4 which approved the PAC report on 1MDB for publication, Hasan “never at any point of time communicated with the PAC members on any developments subsequent to the meeting on April 4”.

I have spoken to the Deputy Chairman of PAC, Dr. Tan Seng Giaw (MP – Kepong) and he has confirmed that what Pua said was true and factual, and that PAC members were never informed about Bank Negara’s letter before PAC Report on 1MDB was tabled in Parliament on April 7, and that Azalina had told a lie in Parliament.

Thus, when Azalina yesterday denied that she lied to Parliament when she said PAC members had been informed about the deleted lines in the PAC report on 1MDB, and that Pua’s statement was untrue and made without any basis, Azalina had committed a double contempt of Parliament. Read the rest of this entry »

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Would Azalina refer herself to the Committee of Privileges for lying in Parliament or would there be an Acting Minister in the PM’s Department appointed to be in charge of parliamentary affairs to refer Azalina to Committee of Privileges?

Would the Minister in the Prime Minister’s Department, Datuk Azalina Othman Said refer herself to the Parliamentary Committee of Privileges for lying in Parliament, or would there be an Acting Minister in the Prime Minister’s Department appointed to be in charge of parliamentary affairs to refer Azalina to the Committee of Privileges?

Public Accounts Committee (PAC) member and DAP MP for PJ Utara, Tony Pua has made a very serious charge that Azalina had lied in replying to the DAP MP for Bagan Lim Guan Eng that PAC members were informed about the deleted lines from the PAC Report on 1MDB.

Pua said Azalina lied in Parliament when she said in her parliamentary reply on Monday that the PAC Chairman Datuk Hasan Arifin had informed or showed PAC members letter from Bank Negara Malaysia which stated that the information provided to the PAC was confidential and not for public consumption.

Azalina had replied to Guan Eng that Hasan had received Bank Negara’s information which stated all the information given was “confidential for the purpose of intelligence only and not for court usage or public report” and that all PAC members were informed of the matter via a letter penned by the PAC chief to the deputy governor of the central bank on April 6.

I have received confirmation from the Deputy Chairman of PAC, Dr. Tan Seng Giaw (Kepong) that PAC members were never informed about the matter by the PAC Chairman on April 6 and that Azalina had told a lie in Parliament. Read the rest of this entry »

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Zahid Hamidi should tender apology to Maria Chin and Tony Pua and take immediate action to restore their fundamental democratic right to travel freely overseas

The ban on Bersih Chairperson Maria Chin Abdullah from travel overseas confirms the age-old maxim “Power tends to corrupt, and absolute power corrupts absolutely” and the need for constant vigilance as well as effective checks-and-balance against abuses and excesses of power.

But what has come as a surprise is that the former PAC Chairman Datuk Nur Jazlan Mohamed should be afflicted by this human failing so quick and fast less than a year after his appointment as Deputy Home Minister when he said yesterday that the government need not have to give reasons for barring Maria Chin from leaving Malaysia.

The ban on Maria Chin from travelling overseas is wrong on three grounds. Read the rest of this entry »

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Myths about the forthcoming Sungai Besar and Kuala Kangsar parliamentary by-elections

The Prime Minister, Datuk Seri Najib Razak has said that he would reshuffle his Cabinet.

Instead of reshuffling his jumbo-sized Cabinet of 36 Ministers, he should do some pruning and remove his Cabinet of deadwood and half-past six Ministers, starting with Najib himself relinquishing the Finance Minister’s portfolio and more than halving the number of Ministers in the Prime Minister’s Department who now comprise some 30 per cent of the Cabinet.

How many of the 36 Ministers were in Parliament yesterday to pay last respects to two BN/UMNO Members of Parliament, Sungai Besar MP Datuk Noriah Kasnon who was Deputy Minister of Plantation Industries and Commodities and Kuala Kangsar MP Datuk Wan Mohammad Khair-jl Anuar Wan Ahmad, who was also the Malaysian Palm Oil Board Chairman, in the minute of silence observed at the beginning of Parliament?

The first row of the first block in Parliament headed by the Prime Minister, Datuk Seri Najib Razak, Deputy Prime Minister, Datuk Seri Zahid Hamidi, the Transport Minister Datuk Seri Liow Tiong Lai and the Health Minister Datuk S. Subramaniam was totally empty while the first block was virtually empty!

Why were some 90 per cent of the jumbo-sized Cabinet absent in Parliament yesterday to pay the one-minute last respect to Noriah and Wan Mohammad Khairil?

There have been some myths about the impending Sungai Besar and Kuala Kangsar parliamentary by-elections, with nomination fixed for June 5 and polling on June 18. Read the rest of this entry »

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Four ways for Najib and Parliament to redeem their abject failure to ensure responsibility and accountability for first global financial scandal in nation’s history

I have visited 130 parliamentary constituencies in the country in my nation-wide “Pantang Undur – Berani kerana Benar” nation-wide tour during my six-month suspension from Parliament in October last year.

Only three days ago, I visited Kuala Terengganu, Marang, Setiu and Besut in Terengganu and Pasir Puteh in Kelantan.

Wherever I went in the 130 Parliamentary constituencies in the past six months, Malaysians regardless of race, religion or region want the Prime Minister, Datuk Seri Najib Razal to answer the two simple questions about his global financial scandal – where the money came from and where the money had gone to! Read the rest of this entry »

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I have visited 130 parliamentary constituencies during my six-month suspension from Parliament and all Malaysians, regardless of race, religion or region want Najib to answer two simple questions about Najib’s global financial scandal – where the money came from and where the money had gone to!

This morning, I want to report to the voters of Gelang Patah that I have visited 130 parliamentary constituencies in the country during my six-month suspension from Parliament and I will return to Parliament tomorrow.

Only two days ago, I visited Kuala Terengganu, Marang, Setiu and Besut in Terengganu and Pasir Puteh in Kelantan.

Wherever I went in the 130 Parliamentary constituencies in the past six months, Malaysians regardless of race, religion or region want Najib to answer the two simple questions about his global financial scandal – where the money came from and where the money had gone to!

I apologise to the people of Gelang Patah for being suspended for six months from Parliament, not because I had stolen, robbed, murdered or guilty of corruption, but because I had wanted the Prime Minister to answer two simple questions about his global financial scandals – Where the money came from and where the money have gone to.

Six months later, Najib has not been able to answer these two simple questions, but his twin mega scandals have continue to mushroom to become ever more monstrous, with Malaysia topping the global charts as among the most corrupt nations in the world like the third place in international website, foreignpolicy.com’s ranking of the world’s “worst corruption scandal in 2015” at the end of last year, TIME magazine’s second ranking of “global corruption” in March or the Economist’s second placing in its second index of crony capitalism early this month.

Six months ago, we were talking about Najib’s RM2.6 billion “donation” scandal and the RM42 billion 1MDB scandal – today, we are talking about Najib’s RM4.2 billion “donation” scandal and the RM50-55 billion 1MDB scandal! Read the rest of this entry »

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Why is Najib absconding to UK next week when he should be in Parliament to give full and satisfactory accounting on the exploding 1MDB global financial scandal?

It has been reported that the Prime Minister, Datuk Seri Najib Razak will be making a “working visit” to the United Kingdom from Sunday to May 18 to promote investment between the two countries.

It would appear that Najib’s overseas itinerary had been planned to enable him to avoid parliamentary responsibility and accountability with Parliament scheduled to reconvene on Monday.

Why is Najib absconding to UK when he should be in Parliament to give full and satisfactory accounting on the exploding 1MDB global financial scandal?

Why is Najib going away from the country when he should have given top priority to his attendance of Parliament among all his Prime Ministerial duties especially with the 1MDB scandal assuming such an explosive dimension? Read the rest of this entry »

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Terengganu is a peculiar state where Opposition Assemblymen help to prop up the UMNO Mentri Besar to defeat a no-confidence motion in the State Assembly from an UMNO Assemblyman

Marang is the 127th parliamentary constituency I am visiting since my six-month suspension from Parliament for wanting the Prime Minister, Datuk Seri Najib Razak to answer two simple questions about the twin global corruption scandals which had been haunting and hounding him for over a year – where the astronomical sums of money running into billions of ringgit in the twin mega scandals come from and where the monies have gone to.

I am returning to Parliament on Monday but these two simple questions about Najib’s RM50 billion 1MDB scandal and RM4.2 billion “donation” scandals are as elusive as ever, although the twin mega scandals have merged into one gargantuan global scandal spanning over a dozen countries.

The Global Anti-Corruption Summit in London yesterday has among its objeectives to:

* expose corruption so there is nowhere to hide;

* punish the perpetrators and support those affected by corruption; and

* drive out the culture of corruption wherever it exists.

Will Najib as Prime Minister of Malaysia declare full support for these three objectives of the Global Anti-Corruption Summit in London, or is the Malaysian Government terribly frightened of these triple goals. Read the rest of this entry »

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Four parliamentary measures to redeem national honour and reputation in the handling of Malaysia’s first global scandal – RM50 billion 1MDB scandal

Kuala Terengganu is the 126th parliamentary constituency that I am visiting in my “Pantang Undur – Berani Kerana Benar” nation-wide tour since my six-month suspension from Parliament in October last year for demanding two simple answers from the Prime Minister, Datuk Seri Najib Razak with regard to this twin mega scandals which have put Malaysia among the top 10 countries infamous for global corruption – where the monies for the RM50 billion 1MDB and RM4.2 billion “donation” scandals came from and where the monies have gone to.

I will return to Parliament when it reconvenes on Monday 16th May, but six months after my suspension from Parliament, the two questions of “Where the monies came from and where the monies have gone to” have still to be answered, and have writ even larger, with major developments in Najib’s twin mega financial scandals confirming Malaysia as home to one of the great global corruptions of the time.

In fact, never before had Malaysia seen a local scandal taken such global dimension as to be almost in frequent international limelight, sometimes for days at a stretch, in the past year or more, and if anyone googles “1MDB scandal”, there would be more than half a million returns!

This is not to the credit or honour of Malaysia – but to our great national shame and humiliation. Read the rest of this entry »

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Call to Najib to present White Paper on 1MDB in next week’s Parliament and to set aside three days for debate on it, as well as PAC Report on 1MDB

The Prime Minister, Datuk Seri Najib Razak said yesterday a failed initial public offering (IPO) exercise, as a result of being “attacked”, was the main reason why 1Malaysia Development Bhd (1MDB) encountered problems.

He said 1MDB used the debt funding approach to operate its business, which required an IPO to be undertaken in the shortest possible time. The authorities did not foresee that 1MDB would come under relentless “attacks”, which resulted in the IPO exercise could not be carried out, hence the cashflow problems.

Was this the real reason why 1MDB had exploded to become the nation’s first global financial scandal, keeping the nation constantly in the international limelight for massive transborder financial frauds, irregularities and money-laundering?

Or was the Economic Planning Minister, Datuk Sri Abdul Wahid Omar more to the point when he admitted last month that 1MDB model of low capitalization and huge borrowings was unsustainable from the very start.

What was the “original sin” of the 1MDB global financial scandal – the IPO failure, the unsustainable model of low capitalization and huge borrowings or something more fundamental, conceived right from the beginning as a mega global scam that has triggered investigations by several countries on international embezzlement and money-laundering to the tune of some USD11 billion stretching from Singapore to the United States? Read the rest of this entry »

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