The ins and outs of 1MDB
Have we ever pondered why Mahathir is so scared of 1MDB and wants so much to destroy it? It is because the primary objective of setting up 1MDB was to resolve the mess of unfair contracts with the 22 expressway concessionaires and the 18 independent electricity generating companies left behind by Mahathir.
(Kwong Wah Daily) – The general election is nearing and the hottest topic is whether Mahathir has really repented. This writer always ask them why they hate Najib so much that they are willing to ride on the horse (Mah) to destroy the chick (Jib) in believing that even wild beasts like the tiger and the wolf would repent.
In other words, if the sales representative of your regular supplier ABC Sdn Bhd comes to your shop to collect payment and you give him your cheque in favour of ABC Sdn Bhd, subsequently, if the sales representative spent the money, who should be held responsible?
Nobody really understands the 1MDB incident. This writer uses the above example as an explanation in the simplest way so that the readers can understand the ins and outs of the issue.
As a matter of fact, 1MDB has remitted the money to the IPIC bank account in British Vikings Island (BVI). But subsequently, IPIC said it did not receive the money. 1MDB was cheated not because of its negligence but because 1MDB had been instructed to remit the money to IPIC BVI, and IPIC BVI and IPIC Kuwait account belongs to the same account holder. Thus legally, IPIC had received the remitted sum.
Although IPIC was aware of the real situation but since the issue was serious and involved a prince, the case was resolved through legal channel and 1MDB won the case.
However, the issue was twisted by people with ulterior motive in this country and used it to attack the Government. The Government held an investigation by the Public Accounts Committee (PAC) comprising 14 MPs from Barisan Nasional, DAP, PKR and PAS. DAP’s brightest political star Tony Pua was also in the penal. The report was completed.
It should be stressed here that the report was helmed by the Auditor General and scrutinised by the world’s top three auditing firms ERNST & YOUNG, KPMG and DELOITTE. With the completion of the report, DAP’s Tan Seng Giaw who was a member of the PAC confirmed that 1MDB had been misled and the issue had been settled. He also confirmed that Prime Minister Najib had done nothing inappropriate.
Why then up till today, opposition parties like DAP still plays up the 1MDB issue? There were two DAP representatives in the PAC probe and if they don’t even recognize the outcome of the PAC probe participated by their own MPs, what kind of credibility they have? Or shall we take it that DAP just want to talk about absurd things based on whatever topic they like?
Have we ever pondered why Mahathir is so scared of 1MDB and wants so much to destroy it? It is because the primary objective of setting up 1MDB was to resolve the mess of unfair contracts with the 22 expressway concessionaires and the 18 independent electricity generating companies left behind by Mahathir.
We all know that these contracts are even worse than the treaties signed with the invading eight-nation allied forces to China. A two-ringgit registered company could secure the expressway contract with a government guaranteed bank loan, allowing regular adjustment of the toll rates for a period of 30 years.
On the IPP issue, Tenaga Nasional has been forced to buy up all the electricity generated by the IPPs every day. I do not say this. It was DAP representatives who have been talking about it. They could have stopped it recently.
Why is Mahathir insisting that Najib must step down? Why does Mahathir only want to go for it for two years? Is it because he wants to support these concessionaires for another 30 more years? I won’t say much here. You can think over it.
