1MDB’s RM42 billion debt not a loss, unlike Bank Negara’s forex losses, says Najib

Melati A. Jalil Melati A. Jalil Updated 6 years ago · Published on 2 Feb 2018 1:30PM · 20 Comments

Prime Minister Najib Razak says today it’s not fair to criticise 1MDB until we can’t see its fair share of good. – The Malaysian Insight pic by Seth Akmal, February 2, 2018.

PRIME Minister Najib Razak today defended the 1Malaysia Development Bhd’s (1MDB) RM42 billion debt, saying the money never disappeared, unlike the RM31 billion losses incurred in Bank Negara’s foreign exchange scandal.

Addressing 1,200 imams, kampung heads, tahfiz teachers and community leaders who received offer letters to perform the haj, Najib said the country suffered greater financial losses in the forex scandal, an apparent swipe against Dr Mahathir Mohamad. 

The Bank Negara forex losses occurred during Dr Mahathir’s tenure as prime minister in the 1990s. Dr Mahathir is now chairman of the opposition pact, Pakatan Harapan (PH), and a fierce Najib critic.

“We can’t criticise 1MDB until we can’t see its fair share of good. 

“Don’t slander or say that RM42 billion have disappeared… it was debts that we could settle with assets that are more than the debts,” he said at a ceremony to hand over the offer letters to the recipients at the Putra Mosque in Putrajaya.

This is the eighth year of the prime minister’s special haj programme, which was first introduced in 2011. The 1MDB foundation is also one of its sponsors.

Najib admitted on January 23 that there were lapses in the 1MDB management but to date, no one has been charged with any crime in the sovereign fund’s mismanagement.

About 1,200 imams, kampung heads, tahfiz teachers and community leaders received offer letters to perform the haj this year where sovereign fund 1MDB’s foundation is one of the programme’s sponsors. – The Malaysian Insight pic by Seth Akmal, February 2, 2018.

“Now, I am not going to brush over this issue. There were indeed failings at the company, there were lapses of governance. There was valid cause for concern,” Najib told investors at Malaysia 2018 in Kuala Lumpur.

“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.”

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.

“The loss of money, bigger losses like the forex RM31 billion happened during the administration of someone who said 1MDB-sponsored haj is not ‘Haji Mabrur’ (divinely accepted haj), that the God will not accept (the haj).

“I want to thank Perak mufti Harussani for making a statement it is the absolute power of Allah (to determine) and humans have no right, it’s not within his (Mahathir’s) knowledge,” he said today, adding the matter should not politicised.

In December 2016, Dr Mahathir was reportedly saying haj performed using 1MDB money would not be accepted (mabrur).

He said it was because the funds were allegedly stolen by Najib.

The PH chairman received backlash from several muftis who said it was Allah who determined whether prayers performed by Muslims would be accepted or not.

Najib also hinted on polling date, saying the 14th general election would be called before the pilgrims went to perform their haj in July.

“If the government doesn’t change, Insyaallah you can perform your haj in a comfortable manner,“ he told the 1,200 recipients.

Among those who were present at today’s ceremony were Minister in the Prime Minister’s Department Jamil Khir Baharom, Deputy Minister in the Prime Minister’s Department Asyraf Wajdi Dusuki, 1MDB chairman and Finance Ministry secretary-general Mohd Irwan Serigar Abdullah and 1MDB chief executive officer Arul Kanda Kandasamy. – February 2, 2018.

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Comments

  • YES IT IS. ITS ALREADY PAID FOR WITH LAND. Its bad enough to be a crook but a bad liar after that just shows incompetence.

    Posted 6 years ago by Bigjoe Lam · Reply

  • The real difference between 1MDB and Forex losses is 1MDB was a crime, the PROOF IS 100% AND MAHATHIR did not tell a bad lie. Forex losses was misadventure, not a crimem the proof is not even circumstancial, and Mahathir did not tell a bad lie.

    Posted 6 years ago by Bigjoe Lam · Reply

  • A thief and then a liar...

    Posted 6 years ago by Ali Along · Reply

  • Now even Mufti brought in from their pray session liike Hurussani . ONE BLUFF WILL LEAD TO ANOTHER....

    Posted 6 years ago by Mohanarajan murugeson · Reply

  • there were absolute losses in the fx trade.
    There have been losses due to lack of governance.
    we learn from mistakes
    the question moving forward is how do we build better internal control in
    our institutions.
    better internal control comes about with check and balances and the concept of separation of powers

    Posted 6 years ago by Satkunabalan K Sabaratnam · Reply

  • Mr. PM--- who the smart alec teaches you economics and investment structure. How can you have the audacity to state that debts can be settled with assets. ????????. In the first place 1MDB is not even a developement of investment as the DOJ and countries that are affected has labelled it as a scam and robbing of sovereign wealth by the kleptocrat government and that is you as the MO1 directly in the debacles epitomised into the top international scandals. Even a low tier financial experts know that a debts will occured if is a bad ventures through bad investment and due to variable factors. What investment ??? where there is no tangible work activities or assets purchased, save for intended monetary movements to personal account and that you term it as debts to be resloved by selling country assests. Now you are tying the religion to your 1MDB by allaying the clergy that they do not have to worry or bother, as you aresgiving the impression that you are still able to sell off more country assets to ensure they have comfortable trip

    Posted 6 years ago by Lee Lee · Reply

  • PM najib can lie through his teeth!
    U are such a moron!

    Posted 6 years ago by Ss Lee · Reply

  • The Bank Negara loss of RM 31 billion, and the 1MDB's debt of RM 42 billion are all the results of actions under the watch of UMNO chiefs. So UMNO should be made to give up power. GE 14 is to remove UMNO.

    Posted 6 years ago by Meng Kow Loh · Reply

    • In TUN's time, the stealing was done by cronies (and sons??) under the guise of "undervalued privatization" or "piratetization"

      Posted 6 years ago by Malaysian First · Reply

    • ...... all the senior UMNO members during that time benefited, eg the RM230 million (1996) man ....

      Posted 6 years ago by Malaysian First · Reply

  • Mahathir-era forex misadventure is called a 'loss' by a sham RCI initiated by cornered Najib. 1MDB shenanigan is called grand 'fraud', 'loss', 'crime', 'kleptocracy' by at many international investigating agencies in at least 6 countries such as DoJ, FBI, Finma, MAS, etc. Najib's infantile logic is fast disappearing like vapor.

    Posted 6 years ago by Kuasa Rakyat · Reply

  • Mr PM, if RM42 billion is not a loss, why dun u show us the Auditor General report on 1MDB. Having assets which were as good as given by the government to 1MDB for free due to the extremely low price paid by 1MDB don't mean there are no losses. Where are all the money from the bonds issued? There were no investments done which could proved that those money from the bond issues were invested in at all. Those money just disappeared into some secret accounts around the world which are now a subject of money laundering under investigation in many countries around the world. Dun lie. Malaysians are not stupid. using stolen money to bribe and bluff your supporters would make you a leader, It just confirmed that you are a thief as alleged by Tun Mahathir!!!

    Posted 6 years ago by S T Choo · Reply

    • Aiyah, some of the money from the bonds (1MDB) were paid to PAS, MCA, MIC, Gerakan, PBS, SUPP, etc .... for their expenditure in the coming GE14 and to ensure they remain subservient .... (UMNO bankrolled the other parties even from Tun's time) ...... only PBB may be financially independent after all the plundering they did in Sarawak ....

      Posted 6 years ago by Malaysian First · Reply

    • .... so other parties under BN also received "stolen" 1MDB money!!!

      Posted 6 years ago by Malaysian First · Reply

  • Of course the 1MDB $42 billion is not a loss in the business sense. But it is indeed public funds stolen by you and Jho Low.

    Posted 6 years ago by Rupert Lum · Reply

  • The good of 1MDB is seeing GST, higher cost of living, falling value of ringgit, more national debt, scandals…… all due to one world worst finance minister.

    Posted 6 years ago by Tanahair Ku · Reply

  •  "it was debts that we could settle with assets that are more than the debts,” 

    He's truly a "f"tard!

    Posted 6 years ago by John Smith · Reply

  • Najib, if 1MDB is not a loss, why replace the AG and MACC chief midway through the investigation? Second, why you classified the Auditor-General Report and the PAC Report under OSA despite your promises to be transparent when 1MDB was investigated? Third, why didn’t you allow Parliament to debate and have discussions on 1MDB? Fourth, why didn’t you sue SR and WSJ when they openly alleged of your involvement in the 1MDB scam? Fifth, why wasn’t Jho Low being called in for investigation? Sixth, why is it that Apandi refused to cooperate with Swiss, US, Singapore authorities investigating the 1MDB scam? Seven, why Is it that you dare not face Dr M openly or sue him for accusing you the biggest thief in the country and liar?

    Posted 6 years ago by Rupert Lum · Reply

  • Father of fake news fakes the fake news law via 1mdb news...corrupted klentongcrat

    Posted 6 years ago by Malay expert Ahmad · Reply