ZAID Ibrahim raised a valid point recently. Why weren’t the co-conspirators in the 1MDB and SRC affair indicted for their roles in the defrauding of the sovereign wealth fund?

Najib Razak’s lawyer, Zaid said he was convinced that his client was lied to by Malaysian financier Low Taek Jho as well as the officers of 1MDB officers, Goldman Sachs and Aabar Investments. 

Zaid said it was not Najib’s fault that billions of dollars were stolen from 1MDB.

Only Najib has been charged in the case.

Except for a civil suit filed by 1MDB and its four subsidiaries against 15 former office bearers, no criminal charges were proffered against anyone involved in the scheme. 

In fact, after the filing of the civil suit, the plaintiffs withdraw their claims against seven of the 15 defendants. The seven had been appointed by 1MDB to ensure the company does not break the law or incur penalties as result of corporate improprieties.

Directors must be held responsible for each decision 

Even a child knows that without consequences, people are unlikely to act with appropriate care and deliberation.

Where is the accountability in the above cases? The word is frequently tossed around by regulatory authorities such as Bank Negara, Securities Commission and Bursa Malaysia. It looks like in the above two cases, corporate governance was completely abandoned.

Additionally, what has happened to those previously named as wanted persons for their roles in the 1MDB scandal?

Terence Geh, Jasmine Loo, Casey Tang Keng Chee, Vincent Beng Huat Koh, Kelvin Tan Kay Jin and Nik Faisal Ariff Kamil.  Except for Geh, the others appear to have been taken of the list.

Are they deemed no longer responsible and of relevance to the authorities for their participatory roles?

In Singapore, one of the countries which 1MDB and SRC money travelled through, several bankers involved in facilitating the movement of the funds were charged and found guilty. The authorities shut down and fined the banks that were implicated.

Four people were banned from participating in the city-state’s capital markets.

Some others were found guilty by the court of criminal actions and sentenced to jail for periods that ranged from two weeks to more than four years.

Two key personnel of the entity in Abu Dhabi linked to the looting of 1MDB were arrested, charged and convicted in the UAE for their role in the 1MDB affair. They are now serving jail sentences of 10 and 15 years. 

Two Goldman Sachs bankers who played a key role in facilitating the 1MDB bond sale have been tried and found guilty  in the US. They are awaiting sentencing.

Yet Malaysia, where the crimes originated, has yet to punish even one culprit.

In Malaysian, the co-conspirators get to continue with their lives and keep the benefits they received during their tenure in the company.

Perhaps Zaid could advise his client to name all those who conspired with him to steal money from 1MDB so that action could be taken against them too? – August 9, 2022.

* FLK reads The Malaysian Insight

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.