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Wednesday, June 3, 2015

Kit Siang: Cabinet must grill Husni on 1MDB

The DAP veteran gives a list of 'Questions on 1MDB for Dummies' as a guide for the ministers.
Roadmap
KUALA LUMPUR: DAP strongman Lim Kit Siang has ticked off the Cabinet members for apparently accepting the 1MDB Roadmap without question and demanded that they make amends by grilling Second Finance Minister Husni Hanadzlah.
Referring to Tourism Minister Nazri Aziz’s statement that no minister raised any objection at last Friday’s Cabinet meeting, Lim, in a press statement today, said:
“Either the ministers were living on a different planet and did not know the almost daily queries about the RM42 billion 1MDB scandal or they just buried their heads in the sand like ostriches to shut out the mountain of 1MDB queries raised over the past few years.
“The ministers will be guilty of the height of irresponsibility and negligence if they have given approval to the 1MDB Roadmap without understanding the issues of propriety, accountability and transparency of the numerous deals in the 1MDB imbroglio out of fear of stepping on the toes of Datuk Seri Najib Razak, Prime Minister-cum-Finance Minister.
“The ministers must make amends for their gross sins of irresponsibility and negligence.”
Lim has put together what he calls “Questions on 1MDB for Dummies” and suggested that these be raised at today’s Cabinet meeting.
The questions are:
  • 1MDB President and Group Executive Director Arul Kanda Kandasamy denied that Abu Dhabi-based International Petroleum Investment Co (IPIC)’s US$1 billion mentioned by Hanadzlah in the 1MDB Roadmap was “a loan, debt or bailout”. What animal is this US$1 billion if it is not “a loan, debt or bailout”? A grant, gift or present?
  • What does 1MDB have to give in return for IPIC’s US$1 billion so that 1MDB can settle its US$975 syndicated loan?
  • Is 1MDB being wound down by next year and its operations transferred to three separate companies as part of the deal with IPIC and its Aabar Investments unit to remove another RM16 billion debt from 1MDB, as reported by the government mouthpiece Bernama but subsequently denied by Husni?
  • Why is IPIC’s US1 billion necessary in the first place? Does this mean that the consortium of banks led by Deutsche Bank was right when it rescinded the US$975 million loan to 1MDB ahead of the due date on August 31, since 1MDB provided “incomplete documents” as security, i.e. “false bank statements” on the US$1.103 billion being held by 1MDB’s Brazen Sky unit in BSI Singapore, originally from a tranche of offshore deposits it previously kept in the Cayman Islands?
  • What punitive action has been taken against the 1MDB officials for such irresponsible and criminal mismanagement resulting in the consortium of banks rescinding 1MDB’s US$975 million ahead of its due date?
  • Is the Prime Minister under the 1MDB Memorandum and Articles of Association (M&A) the final approving authority? Must he bear responsibility for the early rescinding of 1MDB’s US$975 million loan by the consortium of international bankers?
  • If the Prime Minister is the final approving authority for any 1MDB deal, transaction or investment under the 1MDB Memorandum & Articles of Association (M&A), ask the Prime Minister for a full report to the Cabinet on all his 1MDB dealings in the past six years. Who will now be the final authority on the 1MDB Roadmap as provided in the 1MDB M&A? Is it Husni or Najib?
  • How could 1MDB pile up RM42 billion in debts in six years when Najib is the final approving authority for all these transactions?
  • Reveal the full relationship of Najib and the “mover and shaker” of the RM42 billion 1MDB scandal, Jho Low.
  • Should Najib chair or even be present at any Cabinet discussion and decision on the 1MDB issue because of the conflict of interest as the Prime Minister is the final approving authority for 1MDB deals, transactions and investments.
Lim said Malaysians would want to see the resignation of ministers who “dare not raise the people’s concerns and worries about the 1MDB scandal in the Cabinet, and are incapable of answering their queries on the 1MDB scandal”.
Referring to claims that only Husni was allowed to speak on the issue, he said: “Banning Cabinet Ministers from speaking and explaining to the public about the 1MDB issue is an insult to the integrity and intelligence of ministers and makes a total mockery of the principle of collective ministerial responsibility.”

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