PM dodges 1MDB scandals

March 2, 2015

PM dodges 1MDB scandals


DAP’s Tony Pua says PM is either complicit in the company’s hanky-panky or guilty of gross negligence and incompetence in managing 1MDB.

najib-tony-puaTime to Fix 1MDB mess

Tony Pua has said that the Prime Minister cannot continue to disassociate himself from the gross failings of 1MDB in light of the current revelations detailing how the company played a role in an elaborate scam to siphon money.

He said this in response to recent documents involving a US$1billion Petrosaudi investment transaction that was exposed by the Sarawak Report and which pointed clearly towards “an elaborate scam to siphon money from 1MDB into a Swiss bank account owned by Jho Low’s private company”.

The MP for Petaling Jaya Utara said, “Even if the Prime Minister is indeed not complicit in the serious hanky-panky in the company, he is guilty of gross negligence and incompetence in managing 1MDB under his Ministry.”

Condemning Najib’s continued assertion that 1Malaysia Development Berhad was in “sound financial health” Pua pointed out three facts that were in direct contradiction to the PM’s statement namely that the company was unable to repay a RM2 billion loan without “begging” billionaire Ananda Krishnan for help; that 1MDB had requested for a RM3 billion emergency bailout fund from the Cabinet; and that 1MDB was unable to show proof that it had US$1.1 billion (RM3.9 billion) parked anonymously overseas after disposing of its Cayman investments.

“How can the Finance and Prime Minister allow the 1MDB shenanigans to sink to the current level of RM42 billion in debt while becoming practically insolvent?,” Pua asked.

He also pointed out Najib’s attempt to dismiss the Sarawak Report as being politically motivated, saying that in his triple roles as PM, Finance Minister, and Chairman of the 1MDB Board of Advisors, it was irrelevant whether this was so and that Najib was duty bound to get to the bottom of the scandal.

“I, for example, would seek to expose all corrupt activities of the ruling government to remove them during the next general elections. What is more important, is whether the documents and email communications are genuine,” Pua said.

Kanda, newly appointed president and group executive director of Malaysia's state investor 1Malaysia Development Bhd, poses for photographs in Kuala Lumpur1MDB’s New Miracle Man

He added that if indeed the documents are proved to be genuine, then the government must answer for the “brazen abuse of power” and added that Najib cannot continue to distance himself from 1MDB by claiming he was not directly involved in its day-to-day operations.

Throwing his support behind DAP elder statesman Lim Kit Siang who has called for a Royal Commission of Inquiry into 1MDB’s RM42 billion debt, Pua added that the move is important so the truth would come out and that the “crooks behind and abetting the scams will be punished and put behind bars”.


11 thoughts on “PM dodges 1MDB scandals

  1. Deal with it before our credit rating takes a severe beating. You do not need a Royal Commission if the Prime Minister has enough character to fix the matter. We must know the facts about 1MDB finances to enable the Malaysian public to support any rescue operation using taxpayers money. That rescue will come soon since 1MDB is already a national problem, like it or not.–Din Merican

  2. Dato, why do we need to save 1MDB if indeed it goes belly up? Why do I care if it indeed goes belly up? Why do I care if our credit rating takes a beating and if Standard & Poor’s downgrade Malaysia?

    Why do I care when the entire cabinet ministers and the chief clown do not care? Let them all die and if I have to die together, we die together…. why must we always save them? They have millions squandered away…..
    I don’t care about our politicians. Some of them should go jail and if they were in Singapore under LKY, they would. I care for Malaysia where I have spent 75 years of my life. We must care and ensure that we don’t vote in corrupt leaders.In stead we have to put in place leaders in our government who will punish the corrupt. –Din Merican

  3. “Royal Commission” this has become a waste of time and our money. Royal Commissions may get to the bottom of challenges but with all the recommendations given,no affirmative action is taken by the authorities. So Mr Lim dont waste your time and energy in calling for one. One glimmer of hope is that unlike the previous PAC, this present one does take the necessary action, although it might be a “sendiriwara”.Brian something is better than nothing.

  4. Continued denials from the Government, 1MDB or the PM will have no effect to reduce the criticism. The best way is for them to sue. Don’t sue the small-fry bloggers, go for the big boys who have been consistently loud in their criticism – mere threats to sue are not good enough either, they must follow through to the court of law. Let’s see ‘SIAPA BENAR’.

  5. 1MDB says that its purpose is to promote “the long-term economic development and growth of Malaysia.” It says its vision is to promote “new ideas and sources of growth.”

    So why was it investing in a Saudi oil company? How did that help Malaysia and the Malaysian people? Why was it “parking” its money in off-shore accounts, rather than in Malaysian banks, and exposing itself to foreign currency risks? Why did it think that a “bold new idea” was to create yet one more business/real estate center in KL, or that a “new source of growth” was to take over an IPP that YTL was willing to finance at a lower cost?

    Scandals aside, it seems that 1MDB has failed to do anything that it was set up to do. Where is the benefit to Malaysia in any of this? How has it benefited the Malaysian people? Yet it is the Malaysian people who bear the risk — and will have to pay the price if and when 1MDB fails.

  6. Now, my question is whether there is some like a senate inquiry leading to an impeachment or some other process, if he continues to remain mum other than accusing such criticism as a political ploy.

  7. Ambassador John Malott, exactly as you say or ask ‘ what’s the benefit to Malaysia in this so-called 1MDB Investment ‘ in a remote Canary Island in the Caribean ocean ‘< far far away from us ?
    Precisely to evade or avoid Scrutiny by the Khazanah or Bank Negara and monies can be made to dissipate in the ' dark ' .

    The whole exercise from the very beginning was PRESCIENT… was meant to be a loss in this Zero sum game of very shrewd and cunning ' Predators ' to thrive on the Misery of the poor & wretched of Rakyat Malaysia. Yes, Prescient from the start…..

  8. Right, Ali The Cat, sue the hell out of those who spread the bad news or criticize 1MDb. All of us loves to see that. But Mr Kitty what you have said is exactly what Najib and gang will never do. Truth is not on their side, no matter what mercenaries like you post.

  9. If 1MDB made USD488 million in the deal with PetroSaudi International (PSI) then its imple way to make us believe you…. show us the money. As Dr Mahathir said it too – which bank?

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