April 30, 2015
Kleptocratic Governance: The Case of 1MDB
Investigators into the Malaysian development fund 1MDB’s 2009 joint venture with the company PetroSaudi International have concluded that the partnership lied to its banks and Bank Negara Malaysia by confirming that the company Good Star Limited was a 100% subsidiary.
In fact Good Star Limited is a third-party concern, controlled by the businessman friend of the Prime Minister, Jho Low, whom we have shown was secretly directing the fund’s investment decisions.It leads to possible charges of “cheating”, write the investigators in a document in our possession.
Yes indeed. we are governed by a bunch of kleptocrats led by none other than Prime Minister Najib Tun Razak. Of course, he disagrees by claiming that his administration is transparent. He thinks he is a paragon of good governance with very qualified professionals like Idris Jala and Paul Low guiding him. If so why this mess! RM42 billion is not peanuts. Mr Arul, the 1MBD CEO has a lot to answer for this latest development.
What is the Auditor-General doing? Wasn’t he supposed to be looking into the matter as a matter of top priority. Mr. Transformation Blues from Sarawak, why have you been silent on this issue? It is time also to remind our Cabinet ministers that they are equally accountable for the 1MDB scandal. It is Governance 101 and they should know that they have a joint responsibility for any wrongdoing made by the Najib administration.–Din Merican