Najib , Bernard Arnault of LVMH and other members !MDB Board Of Advisers further tied to 1MDB decisions by evidence presented in 1MDB audit tampering case
by Ganesh Sahathevan
When TIA was acquired by Minister of Finance Inc,Datuk Shahrol Azral Ibrahim Halmi — 1MDB’s first CEO — with the assistance of Najib as prime minister and finance minister — successfully quashed the audit after he wrote to the NAD that Najib did not consider it necessary and that Ernst & Young would be appointed as external auditors.
The letter entailed the updates and approvals for 1MDB, copied to Auditor-General Tan Sri Ambrin Buang, Treasury secretary-general Tan Sri Dr Wan Abdul Aziz Wan Abdullah and TIA chairman Tan Sri Che Lodin Wok Kamaruddin.
In the letter, TIA had referred to the decision and approval of 1MDB’s board of advisers, which had agreed on the process of taking over TIA on an “as is, where is” basis, and, therefore, there was no need for an audit and due diligence by the NAD.
Shahrol signed the letter but contended that its contents were prepared by Jho Low.
Najib and the other members of 1MDB's Board of Advisers have attempted to distance themselves from the company's problems despite the company stating clearly on its website that it has a three tiered system of governance.
The letter quoted above leaves little doubt if any that the Board of Advisers, which included Najib and Bernard Arnault Group Chairman & Chief Executive Officer, LVMH Moet Hennessy Louis Vuitton, were directly involved in the running of the company.
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1 MDB’s 3-tiered governance means PM Najib as paramount chairman is responsible for all wrongdoing,as are the rest of the board of advisors
by Ganesh Sahathevan
The Parliament Of Malaysia’s Public Accounts Committee (PAC) has all but pointed the finger of blame for the 1 MDB scandal at PM Najib,while simultaneously declaring him not responsible for the legion of wrongdoing it has uncovered.
However, 1 MDB’s corporate governance structure means that the board of directors cannot be held solely responsible, the board of advisors that sits above it is also to blame.
The following are extracts from 1 MDB’s website.The headline statement is taken to mean that all three levels ,the Senior Leadership Team, the Board of Directors, and the Board of Advisors, are all components of the the company’s structure of governance.Any argument to the contrary which may be based on the ordinary understanding of corporate governance cannot hold against a statement by the company itself. Readers should be aware that 1 MDB made a conscious effort to incorporate the board of advisors into its governance structure and place it above the board of directors. By contrast ,the Government Of Singapore Investment Corporation has an international advisory board, that sits below the board of directors ,and has a specific subsidiary role.
The Parliament Of Malaysia’s Public Accounts Committee (PAC) has all but pointed the finger of blame for the 1 MDB scandal at PM Najib,while simultaneously declaring him not responsible for the legion of wrongdoing it has uncovered.
However, 1 MDB’s corporate governance structure means that the board of directors cannot be held solely responsible, the board of advisors that sits above it is also to blame.
The following are extracts from 1 MDB’s website.The headline statement is taken to mean that all three levels ,the Senior Leadership Team, the Board of Directors, and the Board of Advisors, are all components of the the company’s structure of governance.Any argument to the contrary which may be based on the ordinary understanding of corporate governance cannot hold against a statement by the company itself. Readers should be aware that 1 MDB made a conscious effort to incorporate the board of advisors into its governance structure and place it above the board of directors. By contrast ,the Government Of Singapore Investment Corporation has an international advisory board, that sits below the board of directors ,and has a specific subsidiary role.
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