KINIBIZ Tiger’s suspicions are raised. If after more than a year you have not filed your annual accounts with the Companies Commission of Malaysia, something’s just gotta be wrong.

1MDB has to be at least one of these things: negligent, incompetent, in big trouble or trying to hide something. In the jungle, we hide things so that other people can’t find them.

It could be that lip-smackingly delicious deer Tiger killed but was just too much to eat and so it stashes it away for another day and another meal.

In contrast, in the world of humans, there is a habit of hiding unpleasant stuff so that people don’t find it or at least not immediately.

That’s why you have governance - reports which tell you how things are going at companies for instance. But when those reports are long overdue, that’s a clear indication of trouble.

First, 1Malaysia Development Bhd (1MDB), the so-called strategic fund that has already borrowed over RM30 billion and invested in a number of dubious assets, faced a situation where its external auditors, KPMG resigned and Deloitte Malaysia was appointed instead.

This came to light in February and must itself must raise a lot of suspicion but 1MDB in a not-so-clever tai chi manoeuvre tried to attribute this to the complexity of its transactions.

Really? Is 1MDB so complex that its accounts take longer to prepare than some of the most complex companies in the world?

For the complete article go to KiniBiz.

This article was written by P Gunasegaram.