Kit Siang: PAC Report a partial and incomplete investigation

KUALA LUMPUR: The media scam of the century, creating the myth that the PAC Report on 1MDB marks the closure of Malaysia’s first global scandal in history, has collapsed after five short days, ventured DAP Parliamentary Leader Lim Kit Siang in a statement.

“The coup de grace was delivered in London when the Abu Dhabi-state owned International Petroleum Investment Company (IPIC) sent a statement to the London Stock Exchange.”

“The statement confirmed that neither IPIC nor its subsidiary Aabar Investments PJS have any links to Aabar Investments PJS Limited (Aabar BVI), a British Virgin Islands-incorporated firm named in the PAC Report on the RM50 billion 1MDB Scandal.”

The DAP veteran also referred to the “scathing speech” by chief executive officer of the Swiss Financial Market Supervisory Authority (Finma), Mark Branson, at the Finma Annual Conference 2016 in Berne, Switzerland last Thursday.

“Mark Branson described Malaysia’s 1MDB and Brazil’s Petrobras scandals as ‘clear cases of corruption’ and prime examples of money laundering risks that Switzerland was facing.”

“A day after the tabling of the PAC Report on 1MDB, the United Arab Emirates central bank told banks in the country to freeze the assets of two former senior officials of IPIC , Khadem al-Qubaisi and Mohamed al-Husseiny.”

Again, with IPIC and Aabar now denying ownership of the entity named Aabar BVI, “the chickens have come home to roost” and the tax-payers are likely to be the “suckers” who will have to pick up the multi-billion-ringgit tab for the 1MDB escapades, warned Lim who has been suspended from Parliament as Gelang Patah MP. “The PAC must now re-open investigations into the 1MDB Scandal.”

“It’s now as clear as daylight that the PAC Report on 1MDB tabled in Parliament last Thursday was a partial and incomplete investigation. Many questions and areas remain unanswered and unexplored.”

Even if the three international events had not taken place in the past five days, the myth that the PAC Report was the final definitive word to bring about the closure on the 1MDB Scandal would have been debunked, argued Lim. “It would have just taken a bit more time.”

Those who have taken the trouble to read the 106-page PAC Report would have discovered that it only revealed the “tip of the iceberg” of the 1MDB Scandal, summed up Lim. “It would be most unfair to make the former 1MDB CEO Shahrol Halmi, the ‘scapegoat’ for the 1MDB Scandal.”

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