“We must not think that those entrusted with our money, accumulated based on a desire to fulfill the 5th Pillar of Islam – the hajj or pilgrimage to Mecca– would be able to resist the temptation to get rich quickly.
“They might belabour under the delusion that they can do anything that they want and yet would not get caught.”
The MP warned that there was nothing more emotional for the Malays than seeing TH in danger— even if TH made trouble for itself. After all, wrote Ariff, it’s not Bank Negara’s job to do valuations of TH’s assets; besides which, any valuations done by Bank Negara are based on data given by TH.
It’s no point claiming that Bank Negara did not take into consideration the fair value of its assets, summarized the MP, because “the fair value of assets exists only on paper and haven’t been realised”.
“What has real value are liabilities.”
He was commenting on TH’s assets reportedly being worth less than its liabilities and thereby forcing Bank Negara, the regulatory body, to issue a reminder to Minister in the Prime Minister’s Department Jamil Khir Baharom, TH Chairman Azeez Rahim and its CEO Ismee Ismail.
“All of them know that there’s a letter from Bank Negara on TH. But don’t expect any credible response from the Minister in charge of TH.”
The responses from the other two, the Chairman and the CEO, have not only been confusing but they contradict each other, continued Ariff. “The response from Azeez was typical for a politician: he claims he’s not aware of any such letter from Bank Negara.”
It’s clear from Bank Negara’s finding, said Ariff, that TH can only pay 98 sen out of every ringgit it owes. “What does this mean? It means that TH doesn’t have enough assets to cover its liabilities.
“In fact, TH went on a selling spree a few months ago.”
Ariff then wondered who will be responsible for paying the RM20 billion debts outstanding if TH has only RM80 billion assets against RM100 billion liabilities. “Will the government fork out the RM20 billion when it has no money?”
As it is, pointed out Ariff, the government might get a request from TH to step in and pay last year’s dividends and bonuses on its deposits.
This is obviously a pressing matter, and the Malay heroes who like to scream and cry everywhere about the rights and importance of the Malays being threatened, ventured Ariff, should do some research on TH.
“The Malays are more concerned about TH. They have no time to entertain ridiculous tales from Umno leaders about how they (the Malays) are being threatened.
“What are Umno leaders doing about TH’s crisis? Eventually, the shenanigans in the institution will be exposed.”
The English, recalled the MP, have a saying that “scum rises to the top”.
Read more: Bimbang dan ragu orang Melayu