KUALA LUMPUR (April 3): The Edge Malaysia in its latest edition has analysed the circumstances surrounding the conundrum that is 1Malaysia Development Bhd (1MDB) and how the Public Accounts Committee (PAC) pointed its finger at former chief executive Datuk Shahrol Azral Ibrahim Halmi.

The Edge said Shahrol is a mild-mannered graduate of Stanford. Smart and personable, it seemed that the world would be his oyster when he started work at management consultancy Accenture.

It said Shahrol was in the public services group — essentially the team involved in working with government-linked companies. He was involved in the Employees Provident Fund’s (EPF) transformation programme and in the mega-merger of Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden Hope Plantations Bhd in 2003.

People who know him say he was very excited when he was headhunted to be the CEO of Terengganu Investment Authority Bhd (TIA), which quickly evolved into 1MDB to drive strategic investment initiatives for the country, the weekly reported.

It said Shahrol thought it was a great chance to serve the country.

“He firmly believed in bringing about positive change in government,” the magazine quoted a person who knows him as saying.

But the soft-spoken Shahrol was soon to be caught in a complex combination of business, politics and financial dealings of a magnitude that he, and the country, could never have imagined back in August 2009 when TIA was started.

But Shahrol was not alone.

Joining him at 1MDB were other young professionals like ex-Hong Leong banker Casey Tang Keng Chee; Nik Faisal Ariff Kamil, who had worked in corporate finance at Aseambankers, RHB Bank and PNB; and lawyer Jasmine Loo Ai Swan.

Tang, Nik Faisal and Loo are now on the wanted list of Bank Negara Malaysia and the Malaysian Anti-Corruption Commission (MACC). They fled a year ago at the start of the investigations into 1MDB.

Shahrol, on the other hand, stayed behind and has been working in the energy unit of the Prime Minister’s Department since he stepped down as 1MDB CEO in 2013, but remained on the board.

While his former colleagues disappeared, he cooperated with investigators, including the PAC.

But if he thought that would be a mitigating factor, he was wrong. PAC, in its 106-page report tabled in Parliament last week, put the blame for all the troubles at 1MDB squarely on his shoulders.

“PAC is of the opinion that former chief executive of 1MDB Datuk Shahrol Azral Ibrahim Halmi must take responsibility for the weaknesses. As such, we request enforcement agencies to investigate (Shahrol) and others in management.”

Shahrol responded swiftly, saying emphatically, “I gave them (PAC) a full and honest account of my time as CEO of 1MDB. As explained to PAC, I wish to emphasise once again that there was no wrongdoing or illegal activity at the company under my watch.”

Strong and confident words from a mild-mannered individual.

So, why did PAC point the finger at him?

For the full analysis of the PAC report released last week and its implications on Shahrol, read the latest edition of the Edge for the week of April 11- April 17 available at newsstands now.

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