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Companies also have similar systems but Government manages huge sums of money, basically the peoples money and it is imperative that the managers follow the laws, rules and regulations. Corruption prevails in almost all Governments. But usually they involve relatively small sums. The work of auditors are supplemented by special anti corruption authorities to ensure that as little as possible of Government money is misused, abused or basically stolen by the people authorised to manage it. Governments can lose money through bad investments. We would know where the money is lost. But when huge sums of money disappear, then those entrusted with its management must answer for the disappearance. Disappearance is different from just losing. Disappearance is about money lost which cannot be traced. This can be because of corruption or theft. In Malaysia the PM and DPM usually hold one extra portfolio. Usually the Ministry of Home Affairs and Ministry of Defence alternate between the two. Occasionally while waiting for suitable candidate, the Ministry of Finance is held by the PM. Dato Sri Najib however prefers to keep the Ministry of Finance under him all the time. He has appointed a second Minister of Finance. This is his prerogative of course, but he must ultimately be responsible for what happens to the countrys finances. The first requisite for the management of Government money is the yearly budget. Prepared by the Ministry of Finance from feedbacks by all ministries and departments, the budget is first presented to the Cabinet. If passed it is then presented to Parliament. Government is expected to spend money according to the budget. If the yearly budget cannot meet an urgent need of the Government, a supplementary budget can be presented by Cabinet to Parliament. Drafts of the budgets are prepared by officers of the Ministry. Government raises money through taxes and fees of all kinds. Government may own special businesses such as Petronas, which may contribute to the budget. In Malaysia there is also off budget funds which may not be presented to Parliament but are still subject to scrutiny and approval of the Cabinet. Cabinet papers are secret of course. But in the case of 1. MDB the presentation to the Cabinet and approval by it seems to be unclear. There seems to be attempts to hide behind official secrecy. What we do know is that 1. MDB has as its advisor the Prime Minister and Minister of Finance. It is inexcusable that the management which is appointed by the PM would reject his advice. So like the British Advisor of old, the advice of the Advisor is a directive. Since then three CEOs of 1. MDB have resigned without explanation. Could it be because they could not accept the advice The Government invested one million Ringgit in the 1. MDB. According to known records 1. MDB then borrowed from various sources 4. Ringgit. 1. 2. A company with 1 million Ringgit capital with no assets cannot borrow 4. That 1. MDB is able to do so is because of Government guarantees. In other words it is Government which is borrowing the money. If 1. MDB loses money, the Government will bear the loss. Yet the operation of 1. MDB is not overseen by Government officers responsible for the management of Government funds. Why has the 1. MDB become controversial What is wrong with 1. MDB 1. 5. From the beginning it was wrong. It started off as an off budget and it was not put before the Parliament. The money was borrowed. So it is not sovereign wealth but sovereign debt. The bond raised by Goldman Sachs costs more than is usual for Government borrowings. The interest rate at 5. Government loans usually attract about 3 or below. In addition 1. 0 commission went to Goldman Sachs which means that 1. Employee Roster Template. MDB gets only 9. 0 of the money borrowed yet has to pay interest on 1. Averaging at 6, yearly interest on 4. Ringgit is about RM 2. Since 2. 00. 9 there has been no income from all the assets. And 1. MDB had to borrow RM2 billion to pay the interest. The loan is now RM4. Total initial borrowings amounted to 4. Ringgit. As far as can be ascertained the investments are as follows a. Purchase of Tanjong Energy now known as Powertek Energy Sdn Bhd from Ananda Krishnan for RM 8. This is higher than market price. The licence was about to expire. Purchase of Genting Sanyen Power now known as Kuala Langat Power Plant for RM 2. Again high above market price. The licence was abut to expire. Purchase of Jimah Energy for RM 1. Purchase of 7. 0 acres of land in Jalan Tun Razak for RM3. RM6. 4. 0. 0 psf. Land last sold in the area was at RM7,0. Purchase of 4. 95 acres of land in the former Sungai Besi TUDM airport now known as Bandar Malaysia about RM 3. RM 9. 1. 0. 0 psf. Estimated value RM1,0. Purchase of 2. 34 acres land in Air Itam in Penang RM 1. RM1. 35. 0. 0 psf. It should be noted that TRX land is close to land recently sold at RM7. Assuming the market price is RM3. Ringgit. The Government has therefore lost 5 billion plus because 1. MDB paid only RM3. With regard to the Sungai Besi Airport land, 1. MDB paid 3. 63. 5 million Ringgit for 4. RM9. 1 psf. Assuming market price for this land is RM1. Government lost approximately 2. Ringgit. 2. 2. The land in Penang is of poor quality and has more than 1. Yet 1. MDB paid RM1. RM 1. 35 psf. 2. 3. These are all the purchases that are known. They all add up to RM1. So there is approximately 2. Ringgit left. 2. 4. More than 1billion US Dollars were said to be paid to Petro Saudi without verification as to the value of this company or its assets. Where is the rest of the money A certain amount was registered in the Cayman Islands. What was the money used forWhat was brought back to Malaysia. What was brought back and deposited in a Swiss bank in Singapore. Why Where was the money brought back from Why is this money not used to pay the RM 2 billion interest. Why did Bank Negara allow the first tranche to be repatriated to Malaysia and not the second tranche. Now the Swiss bank has told the Singapore authorities that the document did not originate from them and does not represent a true account of the assets of 1. MDB. So where is the money said to be registered in the Cayman Islands and is now brought back. Clearly 1. MDB is not getting any return from its investments. Not only is it losing money but the Government has lost money when 1. MDB paid only RM6. TRX and Sungai Besi. Total loss incurred by the Government is approximately 2. Ringgit. 2. 8. 1. MDB revalued all its assets at 5. Ringgit. That is because Government land was brought at far below the market price. It can only use this money to repay loans if it succeeds in selling them off as land or after development. Progress on TRX is very slow and there is no work on Sungai Besi land. No money will be generated during development only outflows. It is this disappearance of a huge amount of borrowed money by 1. MDB and the inability to answer questions regarding what happened to the funds that disqualifies Najib from being Prime Minister of Malaysia.