This blog started hinting way back in April 2015 that the person responsible for the crap faced by 1MDB was first CEO of TIA / 1MDB, Dato Shahrol Halmi.
But, the problem with many people out there is they do not read and lack sensibility in their logic. Seldom they are too quick at making simplistic assumptions based on limited public information.
Generally, there is a tendency to swallow every bull the old man dish out like a cow feeding hay at the hands of it's owner even though there exist a long list of erroneous facts.
Since then, we been inserting the fact that it is Jho Loh and Shahrol that is supposed to be investigated and not simply blame on Dato Najib. Patience must have run thin when it was blurted outright in the postings Presumed Guilty II and Presumed Guilty III in February this year.
Today, PAC report confirmed what we have been saying all along. Najib should not be held accountable but it is the management, specifically Shahrol as the one with the fiduciary duty is at fault and the culprit.
The Star reported that "The management had repeatedly not complied with decisions and orders made by the board of directors or the management took its own decisions before going though it with the board of directors."
"There were also a few investments and huge loans secured that were done without proper valuation and its impact on the company's cash flow, said PAC."
In another The Star report, "1MDB management did not inform the directors about the joint venture proposal letter dated Aug 28, 2009, or the proposed terms of the joint venture project that were agreed with PetroSaudi."
Another report mentioned that the Petrosaudi venture "was done without a due-diligence process; there are no specific details on the project stated on the proposal paper that was prepared by management and no feasibility study was done".
In contravention to the Company Act, the "board of directors was repeatedly given inaccurate information" by Shahrol.
Shahrol has exceeded his authority and undertaken illegal transaction. He should be investigated and if necessary, charged. His irresponsible act have caused serious problems to the country's finances and reputation.
He was equally incompetent for not doing proper evaluation and taken into consideration the funding of IPP acquisition.
For someone with a background in IT, he has been extremely arrogant to the point of calling Maybank as "bank kampong". The arrogance was either a cover for his wrongdoings or was getting big headed for transacting complex off shore banking transactions without Board authorisation.
Not only was Najib not accountable, PAC report specifically said that allegation by Tun Dr Mahathir that RM42 billion had disappeared was proven wrong.
Despite being wrong and is supposed to apologise, his response was to feel sorry for "guilty party". He cannot shed his political hat to speak the truth but made a bigger lie to accuse RM50 billion had disappeared. Perhaps he was kidding but it is wrong time ad wrong place.
Another person unable to shed their political hat was Tony Pua. The PC to present the PAC report was made by Vice Chairman of PAC, 6-term DAP MP for Kepong, Dr Tan Seng Giaw. It was him that said Najib is not accountable.
But Tony Pua insist to put a political spin to apply a clause to maintain his politically motivated blame game on Najib. He cited Najib's position as Chairman of the Advisory committee.
He must have taken his cue from Lim Kit Siang. It could also be his practise in managing his Singapore PLC company to the ground by passing even implementation and operational issues to the Chairman.
It shows the greed of politicians in the quest or desperation for power. A veteran journalist whose been doing a "gempaq" and no more as journalistic in his writings, have also been proven wrong but again.
He quickly turned around and demand enforcement agencies to continue investigation [Read FMT here]. Will he stop slandering Najib? He should and owe Najib a big apology. The man is late in his age.
The PAC report highlighted 5 key findings and recommended to adopt Putrajaya Committee on performance in the Green and Blue Book, avoid excessive debts, strict control by BOD, abolishment of Board of Advisory and transfer subsidiary companies.
The board of directors was also cited for being weak by PAC. They have duly offered to resign en-bloc. Credit where it is due, Tan Sri Muhyiddin Yassin first suggested to do so when he first went vocal on 1MDB.
Shahrol has issued a statement to deny any wrongdoing. For someone in hot soup, that can only be expected. It is tough for him to escape the hands of the law for superceding the board of directors and carrying out major decisions without BOD approval.
In the first place, why was an IT person involved in IT transformation and integration and with an attitude be given a task unrelated to his expertise? [Read in Malaysiakini and Kinibiz]
He was the guy who suggested the trimerger of plantation companies into Sime Darby for the getting more value out of the three asset. Imagine an investment banker doing a deal from an idea by an IT guy.
And yet for all his blunders, he is given an important position in Pamandu.
Does Dato Idris Jala think he still has the competency and integrity for a job there to boost public delivery and performance? So what he studied at Stanford.