PUTRAJAYA was aware of 1Malaysia Development Bhd (1MDB)’s failings but these were hyped up and used as political ammunition against the government, Prime Minister Najib Razak told investors today.
“This is why I ordered one of the most comprehensive and detailed investigations in Malaysia’s corporate history, one that involved multiple lawful authorities, including a bipartisan parliamentary body. Their findings were taken on board – and the company’s board was dissolved, its management team changed, and its operations reviewed.”
But the prime minister, who started 1MDB and was chairman of its advisory board for a period, also said that 1MDB was targeted to boost claims that Malaysia’s economy was suffering.
“Within Malaysia, there was a concentrated campaign to sabotage our economy for political gain. Challenges at certain state-owned institutions, and you will all know I am referring to 1MDB, were amplified and used as a tool to suggest that our economy was collapsing.”
At last year’s Invest Malaysia gathering, Najib had also made the same remarks, acknowledging “lapses in judgement” at 1MDB but stressing the government’s move to conduct investigations.
Today, he reiterated Putrajaya’s moves to direct 1MDB to address its problems, such as the rationalisation exercise to reduce its debts and ensuring that its Bandar Malaysia and Tun Razak Exchange project remained attractive investments.
Najib has denied allegations of his role in corruption at 1MDB and siphoning of funds from the state investor and resisted calls to step down.
In 2016, The US Department of Justice (DoJ) said that about about US$731 million (RM3 billion) in siphoned funds had found its way into the personal accounts of Malaysian Official No. 1 (MO1).
The DoJ did not name Najib but MO1 was later confirmed to be the prime minister by Minister in the Prime Minister’s Department Abdul Rahman Dahlan.
The DoJ had also filed civil forfeiture suits over more than US$1 billion (RM4.3 billion) in real estate, movie rights and other assets. It then launched a criminal investigation last year and sought to delay the civil suits filed.
US attorney-general Jeff Sessions has called the 1MDB scandal “kleptocracy at its worst”. – January 23, 2018.
Comments
Posted 6 years ago by Bigjoe Lam · Reply
Posted 6 years ago by Mohanarajan murugeson · Reply
Posted 6 years ago by HC Lung · Reply
Mr. PM.... wow!!!!! lots of hot air somemore can claim --"lapses of governance". Ironically who is in the government that scheme up the 1MDB which resulted in collossal losses and damages , creating a severe dominoes effect dragging down the country other economic organisations and financial institutions. Oh yea not forgeting you are also heading the Finance Ministry and shamelessly an advisory Chairman in the 1MDB board for a period. Your speeches are high sounding but a very prevailing fake articulation is being observed in the reasons for the failure and arrogantly concluding with just a passing phrase--- "a lapses in judgement" which denotes a lack of sincerity to dwell deep into the issues. True !!! you can not just brush over this issues. The magnitude of this scandals is no more a small ripple effect as can be seen by endless stream of exposures on mismanaged GLCs all over the nations with direct or indirect linkage to your hot and saucy 1MDB. A failure is a failure no matter small or big except the bigger the failure the bigger the magnitude and heavier the responsibilities thats needs to be fully accountable. Stop your thousands of excuses and just give the nation one single solution. Be it your resignation or face DOJ to salvage the nation pride again. And that we salute you !!!!!!!!!!!!!!!
Posted 6 years ago by Lee Lee · Reply
RM50 billion were lost mainly through frauds and embezzlement from 1MDB, and every major financial dealing of 1MDB required your personal written approval.
The US government called it the largest kleptocracy case it has handled, and described it as “the worst of its kind.”
Its culprits are being criminally pursued by more than half a dozen countries, but in Malaysia, the crimes are completely swept under the carpet. No criminal has ever been pursued, not to mention arrested and convicted.
The full force of law will bear on this heinous crime when Harapan takes over the rein of power come next election.
Posted 6 years ago by Kim quek · Reply
Posted 6 years ago by Brandy henderson · Reply
GANTI took up a court case against 1MDB to ask how 1MDB finance the payment as demanded by IPIC. Najib's lawyer argued that GANTI has no local standi to file the case. The judge allowed the case to proceed. Actually GANTI has given Najib an opportunity to tell them and us Malaysians of what have happened to the money wrongly sent to an account that looks like IPIC but not the real IPIC. Certainly Malaysians will not agree to give the USD 3.5 billion as a gift to the BVI account holder, and not to take action to recover it.
Posted 6 years ago by Meng Kow Loh · Reply