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Sunday, May 17, 2015

Nobody buys Najib’s big bluff on 1MDB’s RM42b, says Pua

Even a primary school student can do the maths and know that the PM is telling the biggest lies with the straightest face.
tony pua, najib, 1MDB
KUALA LUMPUR: Prime Minister Najib Abdul Razak lied outright, with a straight face, when he publicly claimed that 1MDB’s RM42 billion in debts was not an indication of monies lost but resides in the 70-acre Tun Razak Exchange (TRX), touted as an Islamic Financial Centre, and the 500-acre Bandar Malaysia.
“It impresses me,” conceded Petaling Jaya Utara MP Tony Pua. “He can tell the biggest of lies with the straightest of faces.”
“I cannot help but be amazed by how the Prime Minister could tell such a big lie with such a straight face, and fully expected the audience to believe him hook, line and sinker.”
Pua was commenting on Najib telling hundreds of Umno Selangor members in Klang that “the 1MDB RM42 billion was not lost. It’s there in the 70 acres TRX and 500 acres Bandar Malaysia lands.”
1MDB was unable to service or repay its debt because the rest of the RM28 billion are either locked into worthless paper assets, said Pua who is also DAP National Publicity Secretary, or have vanished altogether.
“Najib must explain with solid evidence where the rest of 1MDB’s RM42 billion went, after deducting the RM14 billion for real estate and energy companies.”
Firstly, asked Pua, are the 70 acres of Tun Razak Exchange (TRX) and 500 acres of Bandar Malaysia worth even anything remotely close to RM42 billion?
Based on the latest available financial statements of 1MDB as at 31 March 2014, added Pua, the two parcels of land are worth only RM5.83 billion. “How could RM5.83 billion be boasted and inflated to justify 1MDB’s RM42 billion debt?”
Secondly, stressed Pua, Najib failed to inform the audience that the respective pieces of land were purchased for only RM194 million and RM1.67 billion from the Government. “The cost to 1MDB was a meager RM1.86 billion.”
1MDB, he noted, did purchase an expensive piece of land in Penang for RM1.27 billion and acquired three independent power producers valued at RM10.9 billion in 1MDB’s books.
If all the “investments” – RM1.86 billion, RM1.27 billion and RM10.9 billion – are added, it only totals RM14 billion,” points out Pua. “That leaves a whopping RM28 billion out of the RM42 billion debt completely unaccounted.”
“Even a primary school student can call Najib’s big bluff.”
Perhaps, he ventured, the Umno President thought his brethren in Selangor are easy targets to delude and deceive. “He even put on the false bravado that ‘If I am a rich man, I would buy because it’s a prime area and I know the value (of the land) in 20 years’.”
Former Prime Minister Mahathir Mohammed was absolutely right, pointed out Pua, when he told fellow Umno members in Ipoh on Saturday that Najib “never speaks the truth, always lies”.
Pua noted that Mahathir even asked: “How to be a leader (like this)?”

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