Sunday, May 10, 2015

One Massive Debt Bailout (1MDB) and More yet to come.

- ASPAN ALIAS (May 8, 2015)
Should we douse all hopes for better future?

The decision of Tabung Haji to purchase a lot of the TRX property for RM188 million from 1MDB gives us another proof that the embattled investment company of the Ministry of Finance was true and true liability to all Malaysians, and this time the government has decided to get the pilgrimage funds to bail out the company. Now other government agencies with money must on standby to bailout all the other failed enterprises that Najib and the Cabinet have misadventured.

It was not a prudent investment decision as the resolution was done only on the 24th of last month when the 1MDB issue was heating up. It was an ad hoc decision in the move to bail 1MDB which has failed to move forward because of massive loan and debts that they were unable to alleviate. Efforts to get additional loans from various international financial institutions were met with failures and letdowns.

1MDB has been managed by devious and deceitful team right from the first day of its operation.  Somebody or few other individuals who were oblivious of integrity and morality were all out to ride on the MOF investment arm for personal gains and exaltation. They loot the public funds for their benefits as they feel that every bit of money in the government pool were their grandfathers and great grandmother’s.

In short 1MDB was set up to be special purpose vehicle (SPV) for the looters and the plunderers to milk the nation dry. The decision to get Tabung Haji to bailout the devastated 1MDB was not unpredictable as our tax payers will usually bailout this kind of company and this exercise is not uncommon to happen in this country since three decades ago.  Malaysians are forgiving lots and always on standby to bailout companies that were ruined shamelessly by their own leaders.

It’s is beyond comprehension hearing the Cabinet allows this debauched deals to be transacted without hindrance.  Now it’s not wrong to tag our Cabinet as a cursed cabinet as they continuously making decisions that are against the people they govern. We must all be aware that any country like ours is governed by a Cabinet headed by a Prime Minister.

Both the Prime Minister and the Cabinet members are members of the Federal Legislatives. Both the Prime ministers and his Cabinet members are Members of Parliament. In essence both Najib and the Cabinet members are equal in status and among them they choose a Prime Minister.

The Cabinet is to lead the country that has mandated them to govern for certain number of years and in Malaysian case for 5-year term. In other words morally the PM is the first among equal and in any decision made in the Cabinet. Any positive or negative consequence on the decision made all members of the Cabinet Members have got to take accountability.

That is the reason while the move to oust Najib is morally and politically fair and mandatory but that move should be alongside with ousting the whole members of the Cabinet as they are equally accountable for taking deadly and devastating decisions for the country.

This relatable component of administration has not been followed, adhered and observed for more than three decades and that resulted in only the Prime Minister having to go but the accountable members of the Cabinet remains. Abdullah Badawi was shown the exit door for his mistakes but the Cabinet Members including Najib remained. Hence Najib took over Abdullah and he commits the worst off mistakes and glitches to the country.

Now, can any member of the cabinet deny accountabilities in the dubious deal of Tabung haji and 1MDB? The Cabinet was made to approve the standby credit of RM 950 million for 1MDB which has been utilized to the fullest.  Now the Cabinet has decided to make Tabung Haji to bailout 1MDB by ‘forcing’ Tabung Haji to purchase the land purchased by 1MDB for RM 4 million at an inflated price of RM 188 million?

Thus the corrupt and dubious acts committed by the leaders and 1MDB have the rakyat to pay all the bills for the wrongs committed by 1MDB, the Prime Minister and the Cabinet. In this latest issue the Tabung Haji depositors are taking their turn to pay for their leaders delinquencies.

We have been addressing all the pains but never ever had attempted to address the actual disease contracted by our mandated leaders. As long as this scandalous culture persists we should douse all hopes for better government in future.