PM should resign to make way for independent inquiry

Auditor general and inspector general have announced that their departments will audit and investigate the transactions of 1MDB for any mismanagement and questionable deals. For any credible and independent inquiry the suspected parties must make way and allow free hand in inquiry and return once the inquiry clears them of any wrong doings. How will auditor general and his department investigate if the prime minister himself is subject to inquiry? It will be partial and defeat the whole purpose of investigation. Therefore to come out with credible and impartial inquiry the prime minister must step aside and allow a full inquiry.

Besides, Umno itself is in full support of the prime minister without knowing the details and without any inquiry. All these impediments will hinder a proper and independent inquiry. US$1 billion was disbursed by 1MDB to buy 40% stake in 1MDB Petrosaudi Ltd which had assets worth only US$100 million and later converted US$700 million as loan repayment to Petrosaudi. This transaction looks dubious and doesn’t make any sense. Yet the 1MDB directors and advisors and MOF officials did not raise any red flag to stop the payment and verify the transaction. MOF and PMO officials were silent about these fictitious and purported transactions using tax payer’s money.  The Prime Minister cum finance minister stand exposed for being also the chairman of 1MDB. Therefore the prime minister must lead the way in setting an example for others to follow.

160 Umno division leaders out of 191 divisions have given the prime minister their support. The minister of agriculture Ismail Sabri who spoke for other division leaders said that they cannot compromise misappropriation and abuse of power but 1MDB is free from these abuses. Another division leader says that 1MDB has more asset than debts and the company will show more profits later. But DPM Tan Sri  Muhyiddin had come out with his own statement on 1MDB, saying there would be no public bailout of the company and that its directors must explain some of the company’s business deals which had not profited the government.

1MDB has paid out US$1billion to a company that did not even have company profile to sign any joint venture agreement and yet Umno leaders can say there is no misappropriation and abuse of power. Why was 1MDB set up for in the first place? Is it to uplift the economic interest of Bumiputras?   Auditor general and IGP may not have a free hand to conduct a credible inquiry. PM must resign to enable the auditor general and inspector general to investigate.

A young boy called Jho Teck Low the superstar was able to lead 1MDB into debt amounting to RM42 billion without any accountability or public disclosure within 5 shorts years. It’s incredible that MOF, 1MDB and PMO allowed it to happen. This kid has broken many laws that warrant an inquiry.

Yet Umno cannot see the seriousness of the matter and going about as though nothing has happened. Whistle blower site Sarawak report and the edge have revelation the detailed dealing and close knit connection of Jho teck low and the ruling government leaders. There are enough evidences to investigate.  All the AG and IGP need is to side aside the impediments and the political will to conduct and independent inquiry.

Explore posts in the same categories: From the desk of Senator S Ramakrishnan

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