June 1, 2015
1MDB: Where is the RM42 billion? Just give us an honest answer and stop the bull, Mr Prime Minister
by Scott Ng@www.freemalaysiatoday.com
Some days, I really do wonder what happens up in Najib’s office at Putrajaya, where I imagine a veritable horde of PR consultants, headed by Lim Kok Wing, work tirelessly to try to salvage the much damaged reputation of the Prime Minister. Sweat on their brows, they toil into the late hours to find answers to the questions thrust at the Prime Minister day in and day out, hoping to find a way, any way, to counter the vicious onslaught of Mahathir Mohamad.
I do feel pity for the PR team. They have great odds stacked against them. But then another FAQ appears on Najib’s website that makes me slap my head in disbelief and I remind myself that they’re paid handsomely for their services and thus should be castigated in full measure for their failure to get the Prime Minister to make the right moves.
As blogger Jebat Must Die points out, the FAQ is misleading and, once again, fails to actually answer the questions it purports to answer. For one, it’s riddled with semantics instead of answers, like Najib’s “explanation” for the unaccounted billions that should be in 1MDB’s coffers.
Mr Prime Minister, no one said that the money was a “loss” as that would mean that there would be a paper trail to bad investments or sudden market fluctuations. What we’re asking is, where is the money?
It is quite weird that so much money could just vanish into thin air, and Jebat makes a good point in pointing out that 1MDB purchased RM15 billion worth of assets. If those billions came from the RM42 billion that 1MDB is in debt for, there should be RM27 billion left, aside from the company’s RM51 billion in assets.
For that matter, there is also the extremely valid question of why the 1MDB cannot seem to handle its own corporate crisis communication, leaving our beleaguered PM to answer all queries. You’d think that a company worth billions would invest in a crisis communication team since scandals and such are bound to come up every once in a while. One really has to wonder how much time Najib has for actual governance while he runs around putting out 1MDB’s fires.
The Prime Minister seems unable to get anything right, trying his hardest to pass the buck for the 1MDB to whomever he can shunt it to (most recently, the Auditor-General) only for it to blow up in his face. Jebat makes another great point in recalling that Najib truly is a career politician with no real-world experience, and as history has shown, pampered elites are quite usually disconnected from the rest of the world.
Attempting to attack Mahathir without answering his questions directly is not a viable method of discrediting the former Prime Minister, especially since those same questions are echoed by the general public, the opposition and civil society members. In releasing so-called answers that fail to address the questions, the Prime Minister seems to be taking us for fools yet again despite the public contempt for his previous FAQ, which suffered the same delusional disconnect from reality.
Now that documents have leaked that show Najib has to approve all major investments made by 1MDB, it seems like there truly is no road for his redemption. He is now personally answerable for all the bad investments, the vanished money, and all the baggage that comes with 1MDB, and no amount of out-of-touch FAQs can redeem a brand that damaged.
Fight on if you will, Prime Minister. Give us a good show, and keep us entertained. We’ve paid for it already, anyway. But when the inevitable happens, know that you were the architect of your own fall, not Mahathir, not the opposition, not the “liberals” your administration seems to sneer at, not civil society. You were your own worst enemy.