1MDB must not evade the factual allegations laid out by the US Department of Justice but answer the simple question if billions of dollars of its money have been “misappropriated” and “embezzled”.
In the face of allegations by the United States (US) Department of Justice (DOJ) that US$3.5 billion or more have been misappropriated and embezzled from 1MDB, the state-owned investment fund provided the world with the most ludicrous response.
1MDB merely responded that “it is not a party to the civil suit, does not have any assets in the United States of America, nor has it benefited from the various transactions described in the civil suit”.
The outstanding management led by Arul Kanda at 1MDB must surely realise that the DOJ never made 1MDB “party to the civil suit”. Neither did they accuse 1MDB of having “assets in the United States of America”.
The US DOJ has laid out the entire scam claiming 1MDB was a victim of a multi-billion-dollar international fraud.
Hence the question 1MDB must respond to is whether it finally accept that it is a victim of a treasonous fraud in the light of the lorry-load of hard evidence presented.
Or is Arul Kanda and his team still oblivious to the entire scam where multi-billion dollars have been lost? How difficult is it for these super-clever to executives to figure out if the money is missing or otherwise?
For example, the BSI Bank Singapore has been shut down, but where is the US$940 million which was purportedly parked in the bank? Did it vanish into thin air as well?
Or the purported US$1.56 billion of “investments” in the dodgy investments funds identified by the US DOJ – Devonshire, Enterprise and Cistenique – are they still in existence?
Or the fact that the US DOJ, like Bank Negara Malaysia, has established clearly that Good Star Limited, which received US$1.03 billion directly from 1MDB, is indeed owned by Low Taek Jho, and not by Petrosaudi International Limited as claimed – is 1MDB still in denial?
Or, more plausibly, Arul Kanda and his team are conniving conspirators in the entire scam. Is he is doing his utmost to cover up the scam which involved the Malaysian Prime Minister himself embezzling more than US$700 million into his personal account?
We call upon the newly appointed Board of Directors of 1MDB, led by its new Chairman, the Treasury-General, Tan Sri Irwan Serigar to not repeat the disgraceful failures of the previous Board. He must, as the country’s top financial civil servant, act without fear or favour in the interest of the Malaysian tax-payers.
If the President of 1MDB, Arul Kanda is not acting in the interest of the shareholder, then fiduciary duty demands that Tan Sri Irwan Serigar sack the entire 1MDB top management with immediate effect. The Chairman must state openly, if 1MDB has indeed been a victim of fraud and seek the return of the pilfered proceeds back to the country.
In the light of the size and scale of the scandal, the Board of Directors must also place 1MDB under temporary management by the remaining Big Four audit firm which has not been tainted by the scandal, PriceWaterhouse Coopers.
If Tan Sri Irwan Serigar fails to act in the interest of Malaysian tax-payers, then he himself will be guilty of conspiring with the evil wrong-doers which committed the mult-billion dollar heist of the century. Pakatan Harapan leaders will then demand for the Treasury-General to be sacked in disgrace.