RULE NO 1 AGAIN - NO NAMES.
Overseas Bank Scandal (Adapted from newsw-v)
- endless number of prominent M'sians, institutions making M'sia infamous
- bad enough that F_M, 1MDB put M'sia in intnl spotlight for wrong reasons
- now a troubled bank is doing us no favours either
- one of C-----dia’s largest commercial lenders facing mass withdrawals
- after US (DoJ and Treasury), U.K. imposed sanctions on parent company, CEO
- sanctions accuse group of large-scale fraud and money laundering
- DoJ moved to seize 127,271 bitcoins—worth RM74b allegedly laundered
- seizure is largest in DoJ history
- sparked panic among depositors
- public panic is hard to contain
- Images and reports of long queues outside bank's branches
- customers rush to withdraw deposits amid uncertainty about bank’s future
- M'sian professionals entangled under glare of intnl regulators
- independent director, bank’s CEO, senior adviser to board (all Msians)
- Chief Info Officer, Risk Officer, Distrib Officer, People and Comms Officer Msians
- M'sian in multiple levels of leadership raises uncomfortable questions
- For M'sia, another embarrassing reminder
- its names, institutions keep surfacing in foreign financial scandals
- 1MDB, money-laundering in S'pore, Switzerland
- M'sia’s reputation like revolving door for controversies
- those entrusted with financial integrity, facing allegations of massive fraud
- reflects deeper malaise of M'sians entangled in questionable enterprises
- another blow to already fragile image of M'sian financial professionalism
- tells the world how far we’ve drifted from era of integrity
My Comments:
- I began writing a longer comment but I deleted it.
- Here is a simpler version.
- This is the 3rd senior person from that institution who is linked to scandal.
- There was even that person (and family) who were implicated.
- It has paid off for the well connected to steal taxpayer's money.
- Because too often the culprits get to keep the moneys they have stolen.
- The worse culprits may not even be charged in Court for their crimes.
- Their names may pop up in the media.
- Investigations may be launched against them.
- Their moneys, bank accounts may get frozen.
- There may even be prosecutions initiated against them.
- Then after that - nothing happens.
- The cases against them can be dropped.
- They strike deals with the authorities - even in other countries.
- They still keep plenty of the moneys they have stolen.
- When will all this come to an end?
- The quick answer is NEVER.
- Unless the culprits are arrested, charged and then thrown in jail for their crimes.
- Unless ALL their ill gotten monies and ill gotten profits are confiscated.
- If that does not happen then the stealing will continue.
- But why does that not happen?
- Because the people do not seem to really care.
- Someone stole billions?
- The village idiots say 'Thats Bossku'.
- Then they found RM171 million in the other fellow's place.
- The village idiots got stumped - for about half a minute.
- One fellow even admitted 'I take all the blame'.
- OK thank you very much. Here steal some more.
You can fool all THEIR people all the time.
So what?
