KINIBIZ Tiger is a simple creature which prefers to make things easy so that everyone can relax and take a welcome snooze under a shady jungle tree after a hearty mid-day meal.
But 1Malaysia Development Bhd or 1MDB makes that tough and the Companies Commission of Malaysia or CCM makes it tougher. Let Tiger explain.
It is our strategic investment fund. It has invested tonnes of money (over RM40 billion in loans) all over the place and acquired assets on the cheap from the government and expensively from others.
It prices its loans surreptitiously to benefit some and this has already cost the country billions. Many suspect that it may already be in deep trouble and has to do some creative accounting to make things look less dismal. And therefore it has much to hide.
Yes, Tiger is talking about 1MDB. And so when news that the accounts have been filed with the CCM came out Tiger was quick to pounce. One of us checked the CCM website for 1MDB but no, you can’t see what accounts you are downloading.
Considering that the matter is of great public importance, Tiger said, nevermind the RM15 ringgit they charge for the download, let’s just check if it is there.
(Previously one Tiger downloaded, but got the old accounts we already had – a waste of RM15.) And lo and behold, it was but it was the abbreviated accounts. Read the story here .
'But abbreviated the accounts were, very much so. There was no way to make sense of what the figures meant and where those profits came from. The full accounts will show the picture.
So another Tiger rushed out the door and went to CCM’s premises which were in the KL Sentral area. Confusion reigned – Tiger was not sure which counter to go to. There were e-info, Idaman, others.
Eventually Tiger established Idaman ('desire' or 'dream' in Malay) was the service to go to, but neither his desires nor his dreams were fulfilled. He was chastised by the counter staff for wrongly filling a form and told to come back a week later when the documents have been been found and photocopied!
So, no we don’t have the full accounts. If you do, send it to us. Promise, we will be discreet.
But it could all have been simpler. All CCM had to do is to put the documents on the web. Those who have retrieved documents from Bursa Malaysia know what I am talking about. Just go to the relevant company and retrieve the appropriate document in PDF format. So simple, so fast, no rude counter staff.
For the full story, go to Kinibiz .
This article was written by P Gunasegaram.