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Saturday, May 16, 2015

Najib: If I were a rich man I’d buy 1MDB ‘goldmine’

File picture of Prime Minister Datuk Seri Najib Razak delivers his keynote speech at the Economic Society of Singapore Annual Dinner, May 5, 2015. — Today picFile picture of Prime Minister Datuk Seri Najib Razak delivers his keynote speech at the Economic Society of Singapore Annual Dinner, May 5, 2015. — Today picKLANG, May 16 — Prime Minister Datuk Seri Najib Razak denied today claims that a large portion of some RM42 billion in debt accumulated by 1 Malaysia Development Berhad (1MDB) is unaccounted for, saying it is locked in with the value of two major development projects spearheaded by the state-owned fund.
He said the latent value of prime land in the Tun Razak Exchange and the planned Bandar Malaysia in Sungai Besi sufficiently accounts for the figure being touted by naysayers as having gone “missing”.
“They say RM42 billion disappeared... It did not disappear. Look at the Tun Razak Exchange, there are 70 acres. Bandar Malaysia has 500 acres,” he said in his speech at a gathering with Selangor Umno members and supporters here.
“This is a goldmine. If I were a rich man, I would buy there because I know its value after 20 years,” he added.
In March, Najib ordered the Auditor-General (A-G) and Public Accounts Committee to investigate 1MDB, amid growing demands for explanations over the state investment firm’s allegedly opaque investment decisions and for amassing a RM42 billion debt pile.
1MDB was incorporated in 2009, after the prime minister announced the decision to turn the Terengganu Investment Authority (TIA) state fund into a federal agency.
Najib also sits on its advisory board.
Since then, 1MDB has been dogged by negative publicity over its finances and debt, and most recently cash flow problems that saw it struggle to meet a RM2 billion loan payment.
Najib today repeated his pledge to go public with the A-G’s findings once the probe is completed and the investigation papers are presented to Putrajaya next month as promised.
“I already said, we will table the findings after the A-G is done with it. The A-G has already taken the files and said he will present his findings next month,” he said.
Najib has been under constant pressure in recent months, especially from Tun Dr Mahathir Mohamad who has been critical of the way 1MDB issue was handled and other policies implemented by Putrajaya.
Dr Mahathir, the country’s longest serving prime minister, even went public with his demand that the prime minister resigns before BN loses the next general election.
- MM

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