M Santhananaban
Malaysia is facing another shock. The Royal Commission of Inquiry report into the mismanagement of Tabung Haji makes for critical – and devastating – reading.
The royal commission found that Tabung Haji should have posted a RM1.4bn net loss in 2017, not the RM3.4bn profit it declared – a gap of nearly RM4.8bn.
It also pointed to political considerations in board appointments and excessive profit payouts, alongside a string of troubled investments.
The question now is whether this will change things for the better for all of us. One cannot be too sure.
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Our authorities do not seem committed – or consistent – in upholding proper standards of accountability, good governance, transparency and trust.
This Tabung Haji debacle appears to sit alongside the 1MDB and Felda scandals. Could it be that those responsible felt confident they would be protected or would not be prosecuted?
Are our enforcement and regulatory agencies designed to focus mainly on smaller or petty crimes and not scandals worth billions of ringgit?
Let us watch and see what happens – beyond the initial expressions of shock and horror.
Dato’ M Santhananaban is a former ambassador with over 45 years of public sector experience.
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