After multiple police reports filed against the shenanigans in 1Malaysia Development Bhd (1MDB), the Inspector General of Police (IGP), Tan Sri Khalid Abu Bakar finally announced that he has set up a special task force to investigate on 9 March 2015. I had myself filed a police report based on documents exposed by the Sarawak Report website on 4 March 2015.
The IGP told the media, “we are a member of a task force set up by the Attorney-General, involving the SPRM (Malaysian Anti Corruption Commission), PDRM (The Royal Malaysian Police Force) and the Attorney-General’s Chambers. We are investigating on those reports lodged (on 1MDB).”
He even proudly affirmed that even the Prime Minister, Dato’ Seri Najib Razak could be investigated.
However, after nearly 2 months, we have heard about very little progress in the investigations. The snail’s pace is certainly a stark contrast to the ruthless efficiency of the police force when acting against peaceful protestors, opposition leaders, civil society activists, media practitioners and even academics who expressed views against Malaysian authorities.
The Royal Malaysian Police should be thoroughly embarrassed when a tiny whistleblower website like the Sarawak Report can produce incriminating documents faster than all the various local investigating authorities put together.
In fact, the Royal Malaysian Police should thank the Sarawak Report for doing all the heavy-lifting by providing the relevant evidence and outlining the entire money trail of embezzled 1MDB funds.
Over the last 2 months alone, the website has exposed how at least US$860 million of 1MDB funds found its way to the bank account of Good Star Limited in RBS Coutts Bank in Switzerland. Good Star is a company controlled by Low Taek Jho (Jho Low). Once again on Thursday, the Sarawak Report reported that of the above sum, at least US$528 million was transferred to the bank account of Abu Dhabi Kuwait Malaysia Investment Corporation (ADKMIC) in the Singapore branch of BSI Bank, whose beneficial owner is Jho Low himself.
The Sarawak Report also demonstrated with supporting documents, how another US$260 million from 1MDB was laundered using Petrosaudi International (Seychelles) as a front to acquire UBG Bhd in Malaysia in 2010, pretending to be foreign direct investment. UBG Bhd was then 37.2% owned by the then Sarawak Chief Minister, Tun Taib Mahmud’s family who collected RM465 million, while Jho Low’s vehicle, ADKMIC, which owned 52.6% collected RM657 million.
Even the Singapore authorities who were not robbed, appears to be more on the ball than the Malaysian counterparts. As highlighted by the whistleblower site, the Singapore agencies have already written to Bank Negara Malaysia (BNM) with all the relevant account information of 1MDB’s subsidiaries’ cash and asset holdings held in BSI Bank, together with all details of Jho Low’s corporate and personal banking account transactions on 13 March 2015. In fact, BSI Bank has already allegedly initiated action by suspending an officer involved in the above transactions.
With Jho Low’s fingerprints all over 1MDB, its RM42 billion of debt and missing billions of dollars, I would have expected Tan Sri Khalid Abu Bakar to have at the very least invited Jho Low for a conversation with the police, if not already issued a warrant of arrest. However, based on the public media interviews given by Jho Low to date, there has been no request from Malaysian authorities to question him.
If the Royal Malaysian Police are finding difficulty deciphering all financial mumbo-jumbo and identifying the money trail, we will fully support the appointment of professional forensic accountants to assist with the investigations.
All Malaysians, including former Prime Minister, Tun Dr Mahathir Mohammed cannot wait for the authorities to quickly and efficiently complete the investigations and bring those who caused billions of losses to the tax-payers to justice. The scale of the crime is like nothing Malaysia has ever experience, dwarfing even the biggest of robberies carried out in the country.
Hence all relevant authorities, particularly the police force, must demonstrate urgency in bring the investigations to a close, and the put the criminals behind bars.