Malaysia have always been littered with financial scandals since the late 70s and the PKFZ is the latest to haunt the nation again that all is not well with the country. We are not talking about a RM12.50 loss but a mind-boggling [the last time this word was used was in the BMF scandal] RM12.5b, our money - gone, finished, never to be seen again. Instead of taking responsibility for the mess, the UMNO government has gone into the scapegoating act. In other countries, the entire cabinet would have resigned and those responsible, if you are in Japan, would have committed 'hara kiri' or 'sepuku'. But why wouldn't our people resign? Your guess is as good as mine. After the BMF case, we thought UMNO would have learnt a lesson and such a fiasco would not happen again. Regretfully it did, quadruple the amount to boot. So now the money is gone, who is going to be accountable for the mess? By convention, it is the prime minister. But will he do it by resigning followed by the entire cabinet? Will a GE be called to elect in a new government?
How could anyone be so INCOMPETENT and how can a government be so NEGLIGENT? If it had not been for Malaysia-Today disclosing the cabinet papers, we would still be pointed the wrong direction. But now we know. What strikes me as most intriguing is that the papers were signed by the same Nor Mohamed Yackob, who in 1993 headed the FOREX trading operations in Bank Negara and incurred billions in hugh forex losses. Eventually, we saw the resignation of the Governor of Bank Negara, Datuk Jaffar Hussein. For his incompetency he was rewarded to be Minister II in the Finance Ministry. How could a person of such calibre signed such important papers?
So, the damage is done, where do we go from here? How much longer are we going to look for scapegoats? Will the government freeze the PKFZ project with immediate effect or cut their losses now by abandoning it altogether? I remember the one thing I said when PETRONAS was legislated to save BMF in 1983, it was "good money going after bad". Are we doing the same thing now to the PKFZ? Will the government deem it fit to bring the two previous transport ministers to book? How much can be recovered from the RM12.5b? Do you think Jala Idris/Koh Tsu Koon's KPI will help to prevent such incidents the future?
Finally, where are those MACC fellas when you need them the most??? For an estate worth RM24m owned by a former MB, little or nothing was done. For a scandal such as the PKFZ, feet dragging seemed to be the order of the day. But over an anonymous email, they were quick to jump in to question every tom, dick and harry in the opposition; and for RM2,400, a life was lost.
For more Malaysian scandals, read here.