WORLD LAUGHS, MALAYSIA WEEPS: Not me, it's the PM - Jho Low points 1MDB finger at Najib

It is amusing to see how the various protaganists are now trying to shift blame from one to another over the disastrous 1Malaysia Development Bhd (1MDB) which has accumulated RM42 billion of debt.

Dato’ Seri Najib Razak had earlier on 12 March 2015 cleared Jho Low of any involvement with 1MDB in Parliament. He had responded to the question from the Member of Parliament for Wangsa Maju, Dr Tan Kee Kwong, “Mr Low Taek Jho never worked in 1MDB and all 1MDB decisions and transactions are made by the management and the Board of Director of 1MDB”.

However despite being cleared, UMNO Youth leaders are now taking potshots at Jho Low, asking that the flamboyant businessman be investigated for the 1MDB fiasco. Jho Low has been widely blamed for masterminding the various multi-billion ringgit 1MDB transactions, including siphoning at least US$700 million via Petrosaudi International Limited.

Jho Low

Yesterday, UMNO Youth Chief, Khairy Jamaluddin asked that Jho Low be immediately investigated. UMNO Youth Exco, Ibdillah Ishak echoed his chief’s call. The Member of Parliament for Kepala Batas, Reezal Merican called Jho Low a coward and demanded that Jho Low return to Malaysia to be questioned by the authorities.

Jho Low on the other hand had laid the blame squarely on UMNO and the Finance Minister. He told Euromoney, “Guys, it's very simple, there's a board, who's the shareholder?”

“Are you telling me the prime minister doesn't make his own decisions? That the ministry, the finance minister, who is the prime minister – and there are only two to three people in the finance ministry that sign off on shareholder resolutions under law – that none of them... that they just signed without evaluating it?”

The accusations were made despite Dato’ Seri Najib having earlier attempted to shift the blame to the management of 1MDB. He told the UK Sunday Times on 1 March 2015, “…the prime minister was not involved in the day-to-day operations of 1MDB, which is run by a professional and experienced team.”

Jho Low is absolutely right that the buck stops with the Prime Minister and/or Finance Minister, who are both held by the same person, Dato’ Seri Najib Razak. In fact, it was interesting and illuminating that Jho Low seems to know that the decisions in 1MDB were made via “shareholder resolutions”, signed by the Minister himself. Hence, Dato’ Seri Najib Razak cannot wash his hands of any responsibility for the disastrous 1MDB.

However Jho Low is only half-right, because he also cannot wash his hands off 1MDB, especially in the light of the various incriminating emails between Jho Low, Petrosaudi and 1MDB which have been exposed.

Even if 1MDB had entered into various agreements with third parties with their eyes wide open resulting in billions of ringgit of losses, the culprits who cheated 1MDB must also be brought to book!

Hence, even if the questionable investment decisions and borrowings by 1MDB were all approved by Dato’ Seri Najib Razak, those who masterminded and profited unscrupulously at the expense of of 1MDB are no less culpable.

We call upon the Royal Malaysian Police to conduct full and complete investigations without fear or favour to punish those who committed such heinous crimes against Malaysian tax-payers. In fact, we should be asking, why hasn’t both Jho Low and Dato’ Seri Najib Razak been summoned by the Police to conduct their investigations, with the same ruthless efficiency they have done the Malaysian opposition leaders and activists?

Tony Pua is MP for PJ Utara