06
Jun
16

EXPLAIN the massive USD7 billion unaccounted funds in 1MDB

Pua wants Arul Kanda sacked for USD7b ‘cover up’

The 1MDB Chief has allegedly failed to address incompetence, covering up and colluding with fraudsters who have caused billions of dollars of losses, says DAP lawmaker.

KUALA LUMPUR: The chairman of the new 1MDB Board, Irwan Serigar, must direct 1MDB President Arul Kanda Kandasamy to immediately supply all documentary information and evidence pertaining to the 1MDB Scandal, demanded Petaling Jaya Utara MP Tony Pua in a statement on Wednesday.

“These must be tabled for the very first Board meeting.”

If Arul Kanda fails to satisfactorily explain the massive USD7 billion unaccounted funds, for example, then the Board of Directors have now within their powers, after the removal of Article 117, to sack Arul Kanda, pointed out Pua who is also DAP National Publicity Secretary. “He must be sacked for incompetence, covering up and collusion with the fraudsters who have caused billions of dollars of losses for Malaysians.”

The new Board, stressed the MP, must carry out its fiduciary duties to the government and tax-payers. “It should ensure that the ‘rogue management’ complies with all required practices of good governance and corporate accountability.”

Pua was welcoming steps taken by the Ministry of Finance (MoF) to dissolve the 1MDB Board of Advisors, remove Article 117 and change all references from “Prime Minister” to “Minister of Finance”.

Article 117 had given the Prime Minister vast powers to arbitrarily interfere in the operations of 1MDB, including the appointment of the Board of Directors and top company executives as well as all major financial transactions where his “written approval” was explicitly required.

However, warned Pua, the amendments and changes would be an absolute waste of time if the new directors do not exercise the powers entrusted to them. “They should ensure that the rogue management complies with all the required practices of good governance and corporate accountability.”

The number one item on the agenda for the Board, added Pua, must be for the company’s auditors, Deloitte, to commence and complete the much delayed audit of 1MDB for the financial year ending March 2015 and March 2016.

Without a clear and accurate picture of the financial position of 1MDB, he added, the Board would be acting in a vacuum, rushing headlong into decisions without knowing the underlying status of the company. “The auditors must be specifically directed to audit the USD7 billion (RM28 billion) of missing funds from 1MDB.”

…more
Pua wants Arul Kanda sacked for USD7b ‘cover up’
June 1, 2016 – FMT

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