The evidence exposed by The Sarawak Report that billions of ringgit have been siphoned directly and indirectly from 1Malaysia Development Bhd (1MDB) to Jho Low controlled entities have been explosive.
We have already established that out of the first US$1 billion (RM3.6 billion) invested with the Petrosaudi joint venture in September 2009, US$700 million was siphoned to Good Star Limited, a company which was controlled directly by Jho Low.
We have discovered that when 1MDB lent Petrosaudi a further US$500 million (RM1.8 billion) in September 2010, Good Star siphoned another US$160 million directly. Another US$260 million (RM936 million) was used to acquire UBG Bhd, where by another entity controlled by Jho Low, Abu Dhabi Kuwait Malaysia Investment Corporation (ADKMIC) already owned 52.6%.
Last Saturday, The Sarawak Report provided new evidence that another 4 tranches – US$30 million, US$65 million, US$110 million and US$125 million was lent to Petrosaudi during the financial year end March 2012. 100% of the US$330 million (RM1.19 billion) lent was transferred directly to Good Star Limited.
The silence from all the protaganists of the above monstrous embezzlement is unbelievably deafening. Out of US$1.83 billion (RM6.59 billion) “invested” by 1MDB, Jho Low pocketed US$1.19 billion (RM4.3 billion) directly, while US$260 million was used indirectly to further his own interest to acquire UBG Bhd.
Despite the immensity of the allegations, the only whimper we hear from 1MDB was “1MDB does not comment on speculation and market rumours.” The only thing Malaysians learnt from the above “no comment” is that 1MDB intentionally chose not to deny any of the above allegations, despite their gravity. This in turn adds further credence to the Sarawak Report stories.
Despite the fact that at least US$1.45 billion (RM5.24 billion) of 1MDB’s funds were lost to Jho Low, Dato’ Seri Najib Razak, who is not only the Finance and Prime Minister, but also the Chairman of the Board of Advisors of 1MDB, chooses not to address the issue.
Dato’ Seri Najib Razak could easily tell the nation tomorrow, to confirm or deny the fact that Jho Low’s vehicles have embezzled these funds, for surely he has direct and immediate access to these financial transactions reported by Sarawak Report. If the Sarawak Report is “bullshitting”, I have no doubt the Finance Minister could produce all the necessary evidence to destroy the whistleblower website’s credibility once and for all.
There is no need to wait for months or possibly years for the Auditor-General’s report to be completed. Surely, such proactive steps will improve investor confidence and remove all doubts and suspicions of the investment community against 1MDB and the Government’s trustworthiness.
However, the fact that the Prime Minister has chosen to avoid answering the nagging questions which were backed by substantive evidence, it leaves Malaysians with little choice but to resign to the fact that the Sarawak Report allegations are completely true.
As result, not only do Malaysians lose their trust in the Prime Minister, we lose our confidence with the Royal Malaysian Police because they have not acted with any degree of urgency to investigate by far the single largest financial robbery in the history of Malaysia.
With Jho Low’s fingerprints all over 1MDB, its RM42 billion of debt and missing billions of dollars, we 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.
In fact, Dato’ Seri Najib Razak’s persistent silence on the issue will not only cause a continued decline in his competence as both the Finance and Prime Minister, but also implicate his direct involvement in the entire mega-scandal. All he is attempting to do is to buy time, to protect Jho Low, and those who abetted the embezzlement such as the directors and top management of 1MDB.