PAC report into RM50 billion 1MDB scandal is only tip of the iceberg

The Public Accounts Committee (PAC) report into the RM50 billion 1MDB scandal is only the tip of the iceberg.

Anyone who have read the 106-page PAC report cannot help getting the feeling that the PAC report is wrestling with larger forces than those it has named and identified, which is why the PAC has attracted not only national, but international, interest and attention and why Prime Minister Datuk Seri Najib Razak’s RM50 billion 1MDB and RM4.2 billion twin mega scandals have catapulted Malaysia among the top ten nations in the world infamous for global corruption.

Has the PAC report succeeded in laying to rest or rebutting in any manner international perceptions that Malaysia is now one of the world’s top nations in global corruption

The sad answer is in the negative. In fact, the PAC report will only confirm these international perceptions and doubts, which is why the 1MDB scandal is the subject of separate investigations by half a dozen countries, including the subject of the US Federal Bureau of Investigations (FBI) and Department of Justice (DOJ) under the US Kleptocracy Assets Recovery Initiative, and none of them will halt investigations because of the PAC Report.

There has been some controversy that there is disagreement between the two DAP members on the PAC on the PAC report, Dr. Tan Seng Giaw and Tony Pua.

This is not the case.

PAC Deputy Chairman Dr. Tan Seng Giaw is correct in pointing out that the PAC report has not directly involved Najib as being responsible for the 1MDB scandal. In fact, no PAC report making such connection, will ever see the light of day in Malaysia.

However, what is more important about the PAC report is not what is revealed, but what could be read between the lines of the report.

There is therefore no contradiction between what Seng Giaw said and the position taken by DAP MP for PJ Utara, Tony Pua, that critics of 1MDB in the past year and more have been vindicated by the PAC report about gross mismanagement and wanton neglect by those responsible for 1MDB. In fact, the crimes of the 1MDB scandal are even more heinous.

The PAC report needs further study and digestion, but what is important is the next step, how to probe further than just the “tip of of the iceberg” – a job which other countries of the world will do if Malaysians themselves are not up to it to get to the bottom of the truth of the 1MDB scandal, which will be to the eternal shame of Malaysia!

  1. #1 by Bigjoe on Friday, 8 April 2016 - 10:09 am

    Its one of the glaring wrong about the PAC report because it clearly marked anything to do with Najib as out of bounds – its a complete backhole if Najib was informed, approval seeked, decisions made etc.when the 1MDB charter clearly says approval from Najib is required for major decisions. Every single soldier understood what was required of them..

    Najib himself BLEW HIMSELF OUT OF THE WATER when he overeagerly claimed the report vindicated no RM42billion missing and criticized Mahathir because the report said no such thing nor implied such a thing..In fact, it did not answer the most difficult questions.

    And what else could be more pathetic than Salleh Keruak pathetic attempt to put 1MDB behind with “move on now 1MDB is put in perspective..” when its never been and will never be up to them..

  2. #2 by Godfather on Friday, 8 April 2016 - 1:55 pm

    So many members in the PAC, and they did not get (or they did not ask) basic questions like: Who decided to fire two audit firms for asking too much ? Who decided on the latest audit firm ? What were the roles of Jho Low and Faisal ? If there were no written instructions, why take verbal instructions ? Who decided on the pricing of the options because it would appear that the modus operandi was to sign joint-ventures with huge termination payments and – lo and behold – every joint venture was terminated. Who received the termination payments ?

  3. #3 by Godfather on Friday, 8 April 2016 - 1:56 pm

    You see, Kit, these parliamentarians aren’t that savvy. You need someone who knows contracts, knows corporate forensics, to ask these questions. If these were not asked, then I put it to our rakyat that the PAC members have let us down.

  4. #4 by tmc on Friday, 8 April 2016 - 1:59 pm

    Stupid Tan Seng Giaw with his half baked summary regarding the PM’s involvement when he knows fully well the PM is directly and also indirectly involved. Stupid to open his mouth and fall into the trap, he will be the most quoted person by PM’s cronies. Anyway his chairman does not trust him to answer questions in parliament on his behalf, serves him right he is truly unworthy.

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