FOR STARTERS At BF today, "ENJOY" the frontpage and many , a great moUrnING for many at the 1MDB, including WAN CLUELESS CEO? THat is, if he's not burying his head in the ARabian desert sands!
In a 106-page report tabled in Parliament yesterday, the Public Accounts Committee (PAC) also blamed the state investment arm’s board of directors for failing in its responsibilities.
“After looking through the final reports by the Auditor-General’s Department and the explanations by 1MDB, PAC is of the opinion that there were certain weaknesses and constraints by the 1MDB management and board of directors.
“Specifically, PAC is of the opinion that its former chief executive officer Datuk Shahrol Azral Ibrahim Halmi must take responsibility for the weaknesses and constraints.
The others named in the report include Terengganu Investment Authority (TIA) adviser Low Taek Jho, his associate Casey Tang and PetroSaudi International Ltd CEO Tarek Essam Ahmad Obaid.
Shahrol Azral, in a statement issued later in the day, said there was no wrongdoing or illegal activity in the company under his watch.
Shahrol Azral was the first CEO of 1MDB when the company was still known as Terengganu Investment Authority, and most of 1MDB’s major deals and borrowings took place during his tenure.
Under his watch, 1MDB issued its very first debt papers for RM5bil, directly disobeying the board of directors who instructed the exercise to be put on hold.
He resigned his position as CEO on March 15, 2013, when 1MDB’s debt count stood at RM36bil, but remained as a board member.
The PAC probe into 1MDB began in May 2015 but was halted in July following a Cabinet reshuffle that saw first-time MP Datuk Hasan Arifin replacing former committee chairman Datuk Nur Jazlan Mohamed, who was appointed deputy home minister.
Apart from Shahrol Azral, among the others called to testify before the PAC were former 1MDB chairman Tan Sri Lodin Wok Kamaruddin and current president and CEO Arul Kanda Kandasamy.
However, the PAC report was not tabled with the Auditor-General’s report, which was received by the PAC a month ago. Its contents have been classified under the Official Secrets Act.
In its report, the PAC also hit out at 1MDB’s management for repeatedly defying the board of directors.
“1MDB should have practised good administrative principles, as per the guidelines by Putrajaya Committee on High Performance GLCs.
“An over-dependence on debt in capital structure is not permissible at all, more so when the company’s cash flow is insufficient,” it said.
The PAC also took note of a few investments and huge loans secured, that were done without proper valuation.
“The board of directors were found to have failed to carry out their responsibilities to protect the interests of the company and shareholders, and they also did not take the proper action or were not proactive in reviewing the activities of management and the future cash flow of the company.”
PAC also recommended the abolition of 1MDB’s board of advisers, along with Article 117 in its memorandum and company articles.
“All references to the Prime Minister should be changed to Finance Minister, in line with the allocations of other companies owned by Minister of Finance (Incorporated). Also, 1MDB subsidiary companies and assets, such as TRX, Bandar Malaysia, and land in Air Itam and Pulau Indah, should be handed over to MoF Inc so they will be better monitored and managed,” said the report.
Abolish advisory board, says panel
MPs can debate report in next meeting
Ex-CEO denies any wrongdoing on his watch
1MDB to just repay debts, says Arul
Najib not liable for 1MDB dealings, says PAC
Zahid: 1MDB wrongdoersto be probed
PM: No missing RM42bil as claimed by Ma
(To be cuntinued...after my PM nap, cun?
IF YOU NO LIKE IT, get the here out of Hell!...) YL, Desi, knottyaSssual, more knottier :(when sleep-deprived!
UPDated, see DEsi keeps his promise yeah!
DESIDERATA: THe MAIN HIGHLIGHT of the PAC REPORT IS PIN-POINTING THE BLAME FOR THE 1MDB DEBACLE CHIEFLY ON "ONE" MAN, that is, ex-CEO SHAHROL!
IT is so obvious and convenient that the former 1MDB chief executive officer is being made the SCAPGOAT, yes, THE PROVERBIAL SACRIFICIAL LAMB!
BUT This lamb is NOT "MILD And MEEK" -- SHAHROL's FIGHTING BACK! YES, he's very much "On a roll"
IMHO, ONE MAN ALONE could not have caused so much MAYHEM and DAMAGE of incurring up to RM42BILLION DEBT, and the SCANDAL HAS STRETCHED ITS TENTACLES ACROSS THE GLOBE with investigations going on in at least FOUR COUNTRIES TO-DATE, and GROWING AS more shenanigans are exposed! WE will see consequences far beyond MALAYSIA'S BORDERS. YES, the Lamb can also transform into A CANARY, and it will happily SING LIKE A LARK!
Thursday, 7 April 2016 | MYT 8:11 PM
1MDB report: Ex-CEO Shahrol says no wrongdoing during his time
In a statement issued here Thursday, Shahrol Azral said that during the course of investigation into the company, he had appeared before the members of the Public Accounts Committee (PAC) and had given them a full and honest account of his time as CEO of 1MDB.
He also said he would continue to extend his full cooperation on the matter.
"Over the course of this investigation, I appeared before the honourable members of the PAC on multiple occasions.
"I will continue to extend my full cooperation, confident in the knowledge that I have done no wrong and have nothing to hide," he said.
The PAC, in its 1MDB Governance Management Control Report released in the Dewan Rakyat, asked the authorities to investigate Shahrol Azral and relevant officers.
It said Shahrol Azral must take responsibility for the government-owned strategic investment company's weaknesses and shortcomings. - Bernama
1MDB report: PAC zeroes in on former CEO Shahrol as among the culprits
1MDB report: PetroSaudi joint-venture done without due diligence
1MDB report: RM10.6bil of shares bought without detailed evaluation
1MDB report: Debt stood at RM50bil as of January
1MDB report: PAC wants advisory board abolished
1MDB board of directors offers to resign after PAC report
Tan Seng Giaw: Najib not accountable over 1MDB dealings
Najib: RM42bil not missing as claimed by Dr Mahathir
Salleh: Move on now with 1MDB put in proper perspective
Declassify A-G's report on 1MDB, say Opposition MPs
PS: UNLESS SHAHROL WAS "SUPERMAN", he could not have acted alone -- and key decisions including INVESTMENTS UPWARD OF BILLIONS MUST HAVE BEEN SANCTIONED BY ORDERS FROM "SOMEONE HIGHER UP"!
THe second highlight of the PAC REPORT Compleatly EXONERATED That CHAIRMAN OF THE 1MDB ADVISORY BOARD. MY first reaction: REALLY?
YOU EXPECT THE RAKYAT TO BELIEVE THAT? HEY, DESi and critical thinking Malaysians were NOT BORN YESTERDAY ! DEsi JUst Adds, giving benefit of the doubt where deserving -- Maybe the UM-oh-No! goons were truly only born Yesterday! -- YL, DEsi