PROHAM welcomes the IMDB
Report by the Parliamentary Public Accounts Committee (PAC). This is timely and
most essential. There is a need for public discussion on the findings of the
PAC and the implications of their recommendations.
PROHAM is shocked by the
PAC disclosure of the weak governance structure and monitoring instituted for
such huge sums of public funds. We express deep concern over the failure of the
Board of Directors, the Advisory council and the Ministry of Finance to
institute adequate checks and balances.
We are not in agreement
that the criminal breach of trust lies solely on the CEO of 1MDB and therefore
the speedy release of the Auditor General’s Audit Report is imperative. This
delay has impacted negatively public perception on the full disclosure and
transparency of the investigations.
Transparency and public
accountability is of utmost importance and therefore an open inquiry system and full disclosure is of
utmost importance to restore public trust especially in the office of the Prime
Minister, the Minister of Finances and regulatory bodies established by the
Federal government.
PROHAM calls for
institutional reforms which are necessary to ensure all responsible for this
neglect of their public duty be prosecuted. There is a need for further public
discussion on whether government should be involved in business and financial
investments as well as what effective monitoring mechanisms are necessary to
prevent abuse of power.
Furthermore there is also
a need for a public discussion on whether the same person should hold the
office of the Prime Minister and office of the Minister of Finance. A practice
uncommon in parliamentary democracies where the two role are distinctive and
the public officials are publically accountable. Adequate constitutional safe
guards is necessary to prevent any further abuse by the executive.
Released on behalf of
PROHAM by Datuk Kuthubul Zaman Bukhari (PROHAM Chair) & Datuk Dr Denison
Jayasooria (PROHAM Secretary General).
April 10, 2016
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