No piecemeal or selective criticism, please – TK Chua

It took a land deal by Lembaga Tabung Haji with 1Malaysia Development Berhad (1MDB) to heighten our attention to the problem now brewing in 1MDB.

Thanks to the land deal, there is now an avalanche of criticism raining on 1MDB and Tabung Haji.

My question is, why now? Why was everybody hiding under the table before this?

Come to think of it, what is RM188.5 million Tabung Haji land deal when compared with RM42 billion 1MDB debts. It is a mere half a per cent problem.

To me it does not matter whether Tabung Haji has bought the land based on commercial valuation or special deal.

It does not even matter if the deal was a related-party transaction. It is all far too late and too insignificant now.

We must look at the genesis of this problem. It is the way 1MDB was set up and operated.

It is the way we continued to subvert our governance standard over time.

How could the government of the day sell, privatise or strip government assets and properties at its own whims and fancies?

Where are the valuation, justification and approval by the proper authorities established within our governing system?

1MDB is not even a statutory body and yet prime government lands were sold to it for a song.

Who ultimately own, control and manage 1MDB? Some of you may say it is the “Government of Malaysia”.

Really, was the Parliament even aware of the debts incurred by 1MDB before this?

Were Cabinet members and other members of administration even aware of the “worldwide investment” made by 1MDB?

Many of us complained that the Tabung Haji land deal with 1MDB was a “related-party” transaction riddled with vested interests.

Well, I wish we could be more discerning and alert earlier.

The whole “set up” of 1MDB was a related-party transaction.

1MDB borrowing massively with government standing as the guarantor is another related-party transaction.

The government selling its lands cheaply to 1MDB is yet another related-party transaction.

Many also complained that Tabung Haji is paying too much for the land.

Well, what about 1MDB paying for all the “about to expire” energy assets?

Did 1MDB pay too much? Why didn't we complain as vehemently as Tabung Haji overpaying the land?

This is my take: we cannot be selective in our monitoring and criticism.

Yes, money in Tabung Haji belongs to would-be haj pilgrims, many of them are average Malaysians with just enough income to get by.

But the stripping of government assets, the massive borrowing, the wastage incurred and the losses suffered from ill-conceived investments are also money belonging to the people.

Imagine what could RM42 billion build us – 10 Sultan Abdul Halim Muadzam bridges.

Tabung Haji land deal represents the tail-end of our problem. The mother of all problems is 1MDB.

Without 1MDB, there will be no prime lands farmed out for a song, no massive borrowing at exorbitant interest rates and fees, no incomprehensible investments worldwide, and no bailout needed now.

* TK Chua reads The Malaysian Insider.