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Wednesday, July 15, 2015

Kadir: All that 1MDB touches gets into trouble

Malaysians the primary casualties as they are being made to suffer indignity and contagion effects of the scandal-ridden 1MDB.
kadir-jasin
KUALA LUMPUR: 1MDB, the Finance Ministry-owned “strategic investment” company has become what, in Malay folklore, is called “Sang Kelembai” or “Gedembai”. Sang Kelembai was so evil and sinister that whatever it touches or touches it, turns into stone. “This famous ‘elephant rock’ is said to be the handiwork of Sang Kelembai,” said a veteran newsman in a curtain-raiser in his latest blog posting.
1MDB continues to claim its victims, lamented former New Straits Times Group Editor in Chief Kadir Jasin. “The primary casualties are all of us Malaysians. We are being made to suffer indignity and its contagion effects.”
To cite just two examples, he added, 1MDB touched Tabung Haji and the latter got into trouble. “Its depositors thronged its offices to withdraw their savings.”
“It touched TNB and TNB got into trouble. Investors dumped its shares.”
1MDB has also been cited as one of the reasons for the prolonged weakness of the ringgit in addition to the global factors, said Kadir.
Until today, he stressed, the Prime Minister has not denied the existence of the AmBank Islamic account apart from tweeting that he did not use public funds for personal benefit.
In Romania once the domain of dictator Nicolae CeauČ™escu, Prime Minister Victor Ponta resigned as chairman of the ruling Social Democratic Party amid corruption allegations. “Ponta gave up party leadership because he wanted to prove his innocence. But he’s not Bugis, his party is not Umno and his country is not Malaysia,” said Kadir in momentarily digressing from 1MDB being Sang Kelembai.
The latest victim of Sang Kelembai, he resumed, was an individual by the name of Badlisyah Abdul Ghani, CIMB Islamic Bank’s CEO.
In his enthusiasm to prove the Wall Street Journal’s expose on the Prime Minister’s billions (some RM2.63 billion to be exact) in AmBank Islamic to be wrong, he had to resign from his job and face an internal inquiry, noted Kadir. “He could end up losing his employment benefits.”
Soon after WSJ published its report on July 3, Badlisyah posted a Facebook comment, casting doubts on the authenticity of the documents WSJ used. The US business newspaper, had among other things, alleged that some USD700 million flowed into Najib’s account at AmBank Islamic, believed to be from 1MDB.
The mainstream media and the Najib-linked bloggers (those he once called “bangang” or stupid) went into feeding frenzy, publishing and broadcasting Badlisyah’s comment.
Badlisyah subsequently released a statement admitting that his analysis was wrong and that the views expressed in his Facebook page were strictly his personal opinion, noted Kadir. “Whether he was trying to prove his prowess as a banker or he harboured a deeper motive – like attempting to defend the Prime Minister – he paid a heavy price for touching Sang Kelembai.”
In a filing with Bursa Malaysia, CIMB Group Holdings Bhd said Badlisyah’s resignation as CEO and board member would be effective August 15. Earlier, CIMB group chairman Mohd Nazir Abdul Razak said in an Instagram posting that Badlisyah should not have commented on the documents as it was a technical matter and an internal inquiry had been ordered.

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