YOURSAY ‘Fraud is fraud and the rakyat have every right to know.’
MP: All is not well behind 1MDB's 'steely facade'
Anticonmen: The term ‘fraud’ refers to an intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage.
This is as defined in International Standards on Auditing (ISA) 240 which was issued in 2009 as a result of the Enron fraud. Google this and read on the role of auditors regarding fraud.
Two auditing firms of 1Malaysia Development Berhad (1MDB) have resigned earlier. Now Deloitte is the latest auditor but the audit reports are still not issued yet. Have the auditors complied with ISA 240?
Fraud is fraud and the rakyat have every right to know. Be informed as it is your money. You can have the best business brain as your CEO but fraud by those in control can still be perpetrated.
How many CEOs will expose the fraud by those charged with governance in their companies? None. How many ministers will expose fraud in the government or by the CEO? None.
Odin: Within the space of the last five years, 1MDB board has had two chairpersons, three CEOs, and three auditing firms.
If that isn't enough to show how bad a shape it is in, it has also failed to meet its RM2 billion loan repayments twice already and has just been given up to the 13th of this month to settle it. Only morons think it is standing on firm ground.
The plummeting oil price surely has made this millstone hung from Malaysians' necks yet heavier.
Cantabrigian: Any type of commitment or guarantee made by the federal government on a private business entity must be transparent and justifiable, especially when it involves billions of ringgit of taxpayers' money (or liability).
It seems 1MDB is struggling to convince the masses that it is a viable and sustainable model to begin with, what more during the execution part.
Yes, maybe it is a fantastic business model devised by the best financial minds around (Goldman Sachs was involved), but we have witnessed many mega projects crumbled to pieces (Perwaja, Port Klang Free Zone, National Feedlot Corporation, Malaysia Airlines, to name a few) due to rent-seeking activities, direct awards, abuse of power and lip service.
The rakyat will once again be made to suffer the debts for generations to come.
Cmfoo: A thousand spins by BN, the Finance Ministry and its cohorts of brainless bloggers will not change that fact that 1MDB is already a dead duck in the water.
Face it guys, there is no more to keep revaluing the land to up its book value nor is there any more power projects to be awarded to 1MDB to keep it afloat. It’s time to face the unpleasant truth, short-term or long-term.
Hang Tuah: Let 1MDB issue the initial public offering (IPO) and see the response. See if anyone will buy the IPO. It will end up like Felda Global Ventures Holding Berhad (FGV).
AkuMelayu-Tetapi ABU Jugak: Actually 1MDB is not really another Greece. It’s more like another Enron.
Google Enron and you will find why they collapsed - high value infrastructure projects, creative accounting, auditors took a long time to finalise accounts, cash flow issues, political involvement, huge expenditure for public relations, etc, etc. Sounds familiar?
The only thing not yet happened for 1MDB (that had happened to Enron) is the jailing of the top executives for mismanagement and fraud.
Anonymous$&@?: Changing the CEO to change the perception of the rakyat is like hiring a dalang to do wayang kulit. 1MDB can fool the kampung folk but the inability of 1MDB to service its loans for the second time tells you that something is not right.
Forgotten Hero: 1MDB needs to improve communications and address concerns about its transparency and debt, especially in light of the criticisms the company has been facing.
Furthermore, they have to recognise there are legitimate questions that have been raised on 1MDB.
Teropong Dunia: The company was in good financial health, with its assets exceeding its debts. 1MDB would be able to meet its financial commitments and that it would continue to add and unlock values of its assets, and generate a respectable return.
1MDB have very strong assets and plus the proposed listing of their energy assets, at the same time 1MDB is confident that it can raise funds to settle some of it debts. It's show time, new 1MDB chief Arul Kanda Kandasamy, so prove it!
Forgotten Hero: 1MDB is long-term investment. Government will not invest in matters that are dangerous to country and people. Stop making speculation that is baseless.
Pputeh: Let’s have some sensible comments, not those with poor English where my seven-year-old son finds it hard to understand.
If you’re paid to comment nonsense here then you don't have a conscience and are a mercenary living to collect money and hoping to get more.
Siang Malam: Imagine using RM50-per-day cybertroopers with poor SPM results and a bad command of the English language to defend a multi-billion ringgit financial scandal... Bangang!
The Analyser: The frequency with which the cybertroopers have hit this topic is a sure giveaway that something smelly is about to happen.
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