Say No To Hudud

Sunday, December 19, 2010

Both BN and Pakatan are "sleeping at the switch"- major regulatory scandal and accounting fraud goes unanswered.

On May 11, 1998, the world was taken completely by surprise when the government of India conducted three successful nuclear weapons tests. The CIA didn't even know that India was working on a nuclear weapon until somebody at Langley said; ‘What was that noise?’

The Congress was furious. Senate Foreign Relations Committee Chairman Jesse Helms summed up the mood saying for the record; ‘I am astonished that the Indian government was able to catch the U.S. intelligence capability so sound asleep at the switch.’

Dato' Seri Haji Ahmad Husni Bin Mohamad Hanadzlah, on the 13th of April 2010, you signed and approved the Securities Commission (Audit Oversight Board) (Fees) Regulations 2010 as the Second Finance Minister. The regulations were to come into force on the 15th of April, and was also signed by Tan Sri Zarinah Anwar as the Chairman of the Securities Commission on the 8th of April 2010.  

Despite the fact that the regulations cannot be enforced without your approval and signature, the Audit Oversight Board went ahead and registered the accounting firm of PricewaterhouseCoopers on the 1st of April 2010. You can read more about the regulatory scandal here

Dato' Seri Haji Ahmad Husni, we ask you what is the value in your signature as the Second Finance Minister, if this can happen with total and utter disregard to the laws and regulations of the country; the very same regulations you had approved?

Dato' Seri Haji Ahmad Husni, now that you must be aware of what has been happening, we ask you what you are going to do about the regulatory scandal involving the SC, the AOB and the accounting firm of PwC?

If it is not bad enough that we have BN caught sleeping at the switch, we find that Pakatan Rakyat is also guilty of the same.

Dato' Seri Anwar Ibrahim, as the Ketua Pembangkang, with a total of 77 Members of Parliament, are we to accept that not a single one of Pakatan's MP's are aware of the regulatory scandal and accounting fraud by PwC that we have been continuously writing about here?

RPK's Malaysia Today, together with a few other seasoned bloggers have been carrying the posts  herehereherehere and here. Are we to believe that not a single one of the 77 MP's in Pakatan has read the postings in Malaysia Today until today?

Not only is there evidence of the biggest regulatory scandal this country has seen this year, there is also a major accounting fraud perpetrated by the firm of PricewaterhouseCoopers with regards to IBM in Malaysia to be answered.

The entire framework of Corporate Governance in this country is now suspect because of the regulatory scandal involving the SC, AOB and the firm of PwC, and the implications are so extensive, with such far reaching ramifications that it begs disbelief that not a single one of Pakatan's 77 MP's has seen it fit to ask questions of those involved.

The firm of PricewaterhouseCoopers does the audits for more than one hundred public listed companies in Bursa Malaysia. Are the taxpayers, shareholders and the Malaysian public in general expected to accept that everything is fine despite all the evidence to the contrary?

Is this not as important as APCO, if not more important to investor confidence, transparency and economic robustness of the country? Will this not have an impact on hundreds of billions of the rakyat's money placed in public listed companies by the EPF?

The regulatory scandal means that we have failed in our goal of achieving proper corporate governance as soon as we left the gates. How can the people be expected to accept the soundness of the regulatory process when even the Audit Oversight Board has been subject to such blatant disregard towards its own rules and regulations?

The accounting fraud by PricewaterhouseCoopers has been ongoing for more than 8 years now. The regulatory scandal has been allowed to remain unanswered for nearly 7 months now. How much longer will we have to wait to see a single MP from Pakatan raise this questions on behalf of the people?


  1. "sleeping at the switch" would be more appropriately directed at the ultimate boss of SC and the BNM...our very own MOF.

    If you expect the Legislative to do something about it....dream on.

    Don't go far...just look back at the PKFZ, how was the bond issued? Just how did SC approve a Bond with a so called guarantee...

    Lets not go into the trading fraud of the said securities by Deutsche Bank & Bank Bumi which neither SC nor BNM took any "real" enforcement..

    Keep up the pressure...who knows someone may notice it...

    One thing for sure ..a way out for SC is to provide a "special exemption" on all the listed companies that have used an "unlicensed" auditor.

    Heads must roll!

  2. What utter nonsense is this, are you from the sore loser side, dream on baby.