1MDB - Missing the Point? Priority should be recovery of OUR money, and going after alleged perpetrators?

Well, the people of Malaysia trusted and asked the UMNO-BN government under the premiership of Najib Tun Razak to look after their wealth and property - but some people may have stolen this wealth and property, and persons in charge seem not to have even realized that the house had been broken into, and the wealth and property have been pillaged. Why is that? Surely, the Minister of Finance should honourably resign

The 'trusted' caretakers behave as though nothing is wrong

- and is adamant that it is not their fault - that they did not do any wrong, and that they personally was not responsible for any of the wrongdoings...

- and adamant that all is well with 1MDB, its dealings and its well being..

MISSING THE POINT - Yes, the first course of action is to INVESTIGATE these disclosures, and if true money and property have been lost, stolen, or used 'wrongly'...We need to speedily RECOVER the monies and properties lost - and then go after the the 'thieves' or the 'wrongdoers'...

But No, in Malaysia the UMNO-BN caretaker is more interested in showing the Najib Tun Razak and 1MDB is not guilty of any wrongdoing..

Now, the US government has done investigation, and is confident enough to commence proceedings - and they say that USD1 Billion (nay USD3.5 billion) of the Malaysian people's money has 

So, of course, we, Malaysians, are definitely interested in  getting back our money - and the Malaysian government should be MOST INTERESTED in doing this - that is the PRIORITY.

(Reuters) - The U.S. Department of Justice filed lawsuits on Wednesday seeking to seize dozens of properties tied to Malaysian state fund 1Malaysia Development Berhad (1MDB), saying that over $3.5 billion was misappropriated from the institution. The lawsuits, filed in Los Angeles, seek to seize assets "involved in and traceable to an international conspiracy to launder money misappropriated from 1MDB".

The lawsuits said the alleged offences were committed over a four-year period and involved multiple individuals, including Malaysian officials and their associates, who conspired to fraudulently divert billions of dollars from 1MDB... - The New York Times, 20/7/2016

SO, WHAT IS THE RESPONSE FROM THE VICTIM - 1MDB? 

Well, IMDB came out with a quick Media Statement - highlighting that it is not a party to the civil suit, and stating that they have no assets in US, and that it has not benefited from the said transactions...

I believe that the IMDB response should have been 'ANGER' for after all, it is revealed that this was concerning 'money misappropriated from 1MDB' - and they should have said that they are shocked, and will immediately investigate further and will assist the US government - all with the aim of recovering this money that was 'allegedly misappropriated from 1MDB'. IMDB should seek that whatever monies were 'misappropriated' should be forthwith be returned to the Malaysian people - to 1MDB.

But why is 1MDB just interested in just avoiding blame - rather than recovering the monies and seeking out the alleged perpetrators...

Being a company, it should immediately suspend and/or remove Directors and those in the upper management who may have facilitated and/or approved such listed transactions in the US suit.

21/7/2016
 
US Attorney General Press Conference 

1MDB notes a press conference led by the US Attorney General today relating to a civil court action filed by the government of the United States of America.

1MDB highlights that it is not a party to the civil suit, does not have any assets in the United States of America, nor has it benefited from the various transactions described in the civil suit.

Furthermore, 1MDB has not been contacted by the US Department of Justice or any other foreign agency in relation to their investigations.

As previously stated, 1MDB will fully cooperate with any foreign lawful authority, subject to international protocols governing such matters and the advice of the relevant domestic lawful authorities. - 1MDB Website

Well, the 1MDB came out with another statement - announcing a change of auditor because current auditor wants to leave.  

ODD - I would have thought that 1MDB would have first appointed a 2nd independent auditor to re-look and audit again the accounts for the relevant period mentioned in the US suit. With regard the current auditor, temporary suspension would have been the right thing to do - followed with termination, if the independent audit revealed something wrong. Now, auditors ensure that all transactions are OK....???

26/7/2016
 

1MDB Audited Accounts & Auditor Update

On 20 July 2016, the Office of the Attorney General of the United States of America announced that the Department of Justice filed a civil forfeiture complaint against certain entities and individuals and contemporaneously filed related actions seeking the civil forfeiture of certain assets held in the names of these parties (“Complaint”).

The Board of Directors of 1MDB has reviewed and deliberated the contents of the Complaint. Whilst the Board remains confident that no wrongdoing has been committed by 1MDB and that the past audited financial statements continue to show a true and fair view of the company’s affairs at the relevant points in time, the Board has decided that, as a precautionary measure, the 2013 and 2014 audited financial statements of 1MDB should no longer be relied on by any party, pending final and conclusive determination by a court of law of certain alleged facts, as described in the Complaint.

The Board takes this opportunity to highlight it is committed to finding a new auditor for 1MDB, to replace Deloitte, which has previously notified 1MDB of its intention to resign on 26 February 2016. Until a new auditor is appointed, Deloitte will remain as auditor on record. The Board appreciates the professionalism displayed by Deloitte to date and highlights that Deloitte will continue to audit key subsidiaries of 1MDB, including but not limited to: TRX City Sdn. Bhd. (formerly known as 1MDB Real Estate Sdn. Bhd.), Bandar Malaysia Sdn. Bhd. and Edra Bhd. - 1MDB Website

WELL, WHAT WAS THE REACTION OF THE MALAYSIAN GOVERNMENT?

Sadly, ...we all know