YOURSAY | ‘How were your US$15 million credit card expenses funded?’

PM: PAC report proves Dr M's 'RM42b missing' claim false

Kim Quek: As the finance minister whose ministry wholly owns 1MDB, and as the only person whose written approval to all 1MDB’s investments and major transactions is mandatory, PM Najib Razak is duty bound to account to the nation where the RM40 billion has gone to, in addition to having to answer for the heinous criminalities and massive fraud and embezzlement that has taken place in the financial calamity known as 1MDB which is his brainchild.

Najib said the Public Accounts Committee (PAC) report proves that former PM Dr Mahathir Mohamad’s allegation RM42 billion was missing from 1MDB is false, but I say simple arithmetic shows that close to RM40 billion is unaccounted for by 1MDB.

1MDB’s outstanding debt is RM50 billion as of January 2016. However, its only solid assets are the power assets (which have been sold for RM10 billion) and the Bandar Malaysia land and the Tun Razak Exchange land (both lands were given to 1MDB by the government virtually for free).

Discounting the values of these two land banks, the missing funds from 1MDB is RM40 billion (RM50 billion – RM10 billion = RM40 billion).

Anonymous 2305141436452229: The PAC report clearly shows that money was transferred to bank accounts of unknown/unverified entities with no due diligence and against the approval of the board of directors, yet Najib is pretending like nothing wrong was done?

FellowMalaysian: Making a false allegation is a crime and as Najib has attested Mahathir to have done so, will Najib bring Mahathir to court for making a grave misjudgement that has unmistakably tarnished his good name?

It is also feckless and disingenuous of Najib to say that action will be taken if “any evidence of wrongdoing is found” when PAC has made an irrevocable conclusion that 1MDB's capital structure and funds were mismanaged.

So when Najib finally said his administration will focus on plans to strength the economy of the country, is this his mea culpa to all Malaysians that as the PM and finance minister, he assumes fully responsibility and accountability for all the wrongdoings and improprieties that 1MDB has committed?

SusahKes: First of all, before you hurry over and give yourself a pat (which you are often wont to), the PAC has indeed found major weaknesses on the governance of 1MDB.

Couple that with your reply in Parliament on SRC's transfer of RM42 million into your private account (in effect, your reply amounted to a " Don't know, can't tell "), it doesn't mean you are out of the woods yet.

Remember the buck stops with you; you are the finance minister cum 1MDB’s advisory board chairperson. Ultimately, the weaknesses revealed in 1MDB are in effect a reflection of you.

Why were billions transferred to Aabar Investments Ltd in British Virgin Islands, which isn't a subsidiary of Aabar Investments PJS? How were your US$15 million credit card expenses funded?

FairMind: The PAC and auditor-general reports reveal massive fraud and mismanagement in 1MDB and this person who is the head honcho of 1MDB emerges to clear himself and thank PAC and the auditor-general for doing a good job?

Did he read and understand the report, which states that billions of ringgit were paid to fake companies and had gone missing (probably sent to someone's personal bank accounts)?

How thick skin can one get?

Dr M: Najib's right, it's actually RM50b not RM42b

Frank: Yes, it may very well be much more than RM50 billion.

After all, the PAC report and the earlier auditor-general’s report have failed to obtain certain documents that the parties concerned were looking for, such as the numerous bank statements from the 1MDB's overseas accounts.

Apparently, these documents were never handed by the 1MDB to the PAC and auditor-general. All in all, in my humble view, no final conclusions can be made one way or another about much of anything following the PAC report.

Perhaps one needs a court case or two involving some concerned parties? Or perhaps a royal commission of inquiry?

But since nothing much can be expected from the Malaysians themselves as proven time and again over the years, my best bet for the truth to come out would be with the foreigners from western countries who want nothing but the best for their countries.

Indeed, stay tuned for more.

Mafeeah: Simple fact: Government guarantees for 1MDB total around RM20 billion . That's our money down the drain.

Headhunter: The PAC report does not exonerate Najib. If anything, it raises more questions than answers. As far as the public is concerned, the jury is still out.

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