10
Jul
15

Personal use or not, taking public funds is a big ‘NO’

COMMENT: Authorities investigating the RM42 billion 1MDB financial fiasco will be completely missing the point if their whole intention was to prove that Prime Minister Najib Razak never received any funds from the state-investment arm for his personal use.

Amidst mounting pressure for him to go on leave, Najib has said investigations by the joint task force must determine whether there is any basis to allegations by financial daily The Wall Street Journal that US$700 million of funds linked to 1MDB had been channeled into his private accounts.

In his present state, Najib may refuse to let go of his position but he has no moral authority to influence the joint task force comprising the police, the Malaysian Anti-Corruption Commission, Bank Negara and the Attorney-General’s Chambers.

If the investigating authorities have any intention to prove their independence, they should be disregarding Najib’s instructions and looking beyond proving his innocence to actually analysing the money trail and identifying the parties involved.

The same point must also be remembered by Najib’s defenders who are going out of their way to discredit WSJ.

In his haste to disprove WSJ’s latest expose, CIMB Islamic chief executive officer Badlisyah Abdul Ghani had erroneously analysed the banking documents that purportedly showed the huge deposits into Najib’s personal AmBank accounts.

The documents, which included Swift messages, were released by WSJ on July 8 to back up its report and Badlisyah, in a Facebook posting, claimed there were obvious discrepancies in the Swift code and sender’s address.

In making his claim, Badlisyah referred to the Swift messages for two transactions, involving US$619,999,988 and US$60,999,988, said to be from Tanore Finance through Wells Fargo Bank to accounts allegedly controlled by Najib.

He then concluded that the documents were fraudulent and expressed surprise that WSJ “fell” for them.

However, Malaysiakini later reported that there were no discrepancies in the sender’s bank address.

The news portal also pointed out that Badlisyah erroneously attributed the Swift Code listed in the documents released by WSJ to Alfa Bank Moscow.

In another posting later, Badlisyah acknowledged his errors but still insisted the documents were fraudulent.

The retraction, however, was a case of too little too late as CIMB group chairperson Nazir Razak had in response said that a domestic inquiry will be held against Badlisyah.

…more
09 Jul 2015 – Ant Daily
Personal use or not, taking public funds is a big ‘NO’

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All that is necessary
for the triumph of evil
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to do nothing.

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fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
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