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By Little Bird Well, it's like this. The Lingam Video talks about things that happened circa 1994. Now, a Royal Commission of Inquiry has been set up to investigate the Lingam Video, fourteen years after the event.
We do not know what the Royal Commission is going to say (or recommend). We do know that many judges have been 'exposed' and terribly embarrassed by this Inquiry. What does this mean? It means that judges, Ministers and business tycoons had better watch out. Who knows, even after fourteen years you may suddenly become the star performer in a three-ring circus. VK Lingam, Eusoffe Chin, Mokhtar Sidin, Vincent Tan, Tengku Adnan Tengku Mansor, Ahmad Fairuz, are all discovering this to their extreme discomfort. And who knows what else can come out of this Royal Commission. The family of the late MGG Pillai can sue Vincent Tan, VK Lingam, Mokhtar Sidin, the Gomen, etc., for RM100 million or more.
Having read today's The Corridors of Power in Malaysia Today, it is shocking that our Second Finance Minister Nor Mohd Yakcob has a police report lodged against him for Criminal Breach of Trust involving RM13 million!! This is the same nut who lost RM40 billion of taxpayers' money in the Bank Negara scandal. He single-handedly bankrupted Bank Negara. As the Police Report says, no action was taken against Nor Mohd Yakcob for the CBT complaint back in 1998. But I think if BN loses its 2/3 majority this time, loses Penang, loses Kedah, Sabah, Kelantan, Terengganu, etc., then BN will panic. They will have no choice but to stop all this crap. Then they may institute a Royal Commission of Inquiry into Nor Mohd Yakcob. This may happen by the end of this year 2008. So Nor Mohd Yakcob better be put on notice. And to save expenses maybe the Royal Commission will also get to the bottom of the Bank Negara scandal too. Now, since this Police Report and the allegations have been made public, maybe we can look at this issue a little closer. I know some other things about what happened at that time. But, first, the cast of characters. Wan Muhd Hasni is the clown at the centre of this game. At that time Wan Muhd Hasni was a close associate of Anwar bin Ibrahim. Has anyone noticed that A-B-R-A-R is a sort of acronym for Anwar bin Ibrahim. Wan Muhd Husni knew nuts about business but unfortunately he did not know that he knew nuts about business. So it became monkey business. Nor Mohd Yakcob had just been fired from Bank Negara at that time. Seeing that Anwar was selling the Islamic bank, Islamic toothbrush, Islamic toilet, Islamic bread, etc., Nor Mohd got Bank Negara to jump on Anwar Ibrahim's Islamic bandwagon. So, as a favour, Anwar got Rashid Hussain to give Nor Mohd a job. Rashid Hussain gave him a car, a driver, and a small office with no staff. Then Wan Muhd Hasni and Abrar Corp came along. Muhd Husni was Anwar's carpetbagger man. So Nor Mohd began to fall in love with him too. In no time Nor Mohd joined Abrar as Executive Chairman. Since old habits die hard, soon Nor Mohd started doing the same old things that got him in trouble at Bank Negara, i.e. breaking rules -- or Mohd's expertise: getting around standard procedures. That is how he became the subject of the Police Report mentioned above. When Nor Mohd joined Abrar he was offered a chance to own 5% of Mun Loong Bhd. He thought it was a great deal. Since Anwar was the Finance Minister, a RM30 million loan was arranged from Bank of Commerce for Nor Mohd to buy shares in Mun Loong (later Abrar Corp). But they knew nuts about Mun Loong's business - which was a retailer of medium- and high-end ladies attire for Chinese working women. (What a combo - a bunch of Islamic nuts taking over a retailer that sold mini-skirts to Chinese girls!! Ha. ha. ) . Beore they could say abracadabra, Abrar-Mun Loong started going bankrupt. Nor Mohd's RM30 million loan was secured by the same Abrar shares. When the share price started going through the floor, the value of the security dropped and Nor Mohd had no money to pay back the loan. But the report does not say to whom Nor Mohd pay the RM30 million that he borrowed from Bank of Commerce. Obviously to the vendor of the Mun Loong shares. Who else? Possibly Abrar itself, Wan Muhd Hasni, etc. The report does say that since Wan Muhd Hasni was boss of Abrar Corp, Abrar Global Asset Management (AGAM) and Abrar International, he gave specific instruction to AGAM to invest RM43 million in investments of his choosing, not AGAM's choosing. The RM30 million which Nor Mohd borrowed from Bank of Commerce could have been be part of this RM43 million. This means Nor Mohd was suckered. But the report does not say something else of an even more serious nature. AGAM or Abrar Global Asset Management was an asset management company, a fund manager. It was licensed to take funds from the public and invest the money in shares, bonds, etc. So here is the picture. Abrar Corp is the holding company, going bankrupt at that time. AGAM is a subsidiary with a license to accept money from the public. Wan Mohd Hasni and Nor Mohd Yakcob were at the top of the Abrar food chain. They were the bosses. Hmm. As a fund manager, AGAM was obliged to act prudently in managing public funds. They should invest some of their funds in blue chip shares, some in Government bonds, and maybe smaller amounts in more risky investments. There is a ranking of risks. The riskier the investment, then the lesser you invest or don't invest at all. This is where AGAM did a more scandalous thing. They diverted a large portion (some say 95%) of the public funds that had been entrusted to them into just one investment - the shares of Abrar Corporation. This means they were using public funds to prop up the share price of their holding company, Abrar Corporation. Is anyone surprised anymore that Abrar went bust (into PN4)? Wan Muhd Hasni and Nor Mohd Yakcob were all shareholders of Abrar Corp. Nor Mohd had even taken a RM30 million loan to buy Abrar shares. So when the Abrar share price started going down, they got AGAM to use public investor funds to prop up the share price of Abrar. This is scandalous. Then, when the bottom still fell out of the Abrar share prices, the scenario in the Police Report above happened - RM13 million was diverted from Abrar to pay off Nor Mohd's personal debts with Bank of Commerce. This is Criminal Breach of Trust. But who exactly authorised the diversion of the funds? As beneficiary, Nor Mohd is certainly in the wrong. But who were the accomplices inside Abrar? There was no investigation by the SEC which was chaired by Munir Majid at that time. The cast of characters: Faris Najhan was a softie 'budak jambu'. Over the course of 1998, as the CEO of Abrar, he looked increasingly worried as he came to work everyday. I used to see him sitting moodily at his desk, just staring at anyone who came to the office. Munir Majid was indeed the Chairman of the SEC at that time. He was a buddy of Nor Mohd Yakcob and another lover of Anwar. As the Police Report says, as Chairman of SECm he did not take any action against Abrar or Nor Mohd Yakcob. After Nor Mohd became Finance Minister 2 in 2004, he appointed the unemployed Munir Majid as Chairman of MAS. Munir spent millions of MAS' funds buying paintings of fat women and living like a king off MAS' perks and benefits. We all know that part of the story. Since we have to vote for "credible candidates", should we vote for Nor Mohd? Can someone tell this to the kampong folks in Tasik Gelugor on the Seberang side of Penang. Will they understand? Finally, are there any trustworthy judges left who would be good candidates to sit on a Royal Commission of Inquiry to investigate this?
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Have question for you ..
At that time TDM was the PM right ?
Is it possible that this incident was swept under the carpet by DSAI or TDM knew about but didint take any action?
If TDM knew about it and didnt take any action , that means he is confirmed to be corrupted as well aint he ??