Najib Razak / Socio-economy / Umno & Barisan Nasional

The Prime Minister confirmed 1MDB is in trouble

…and he did not even have to wait for the AG report to tell him that.

Finance Ministry Moves To Reduce 1MDB’s Debts

PUTRAJAYA, May 19 (Bernama) — Prime Minister Datuk Seri Najib Tun Razak said the Finance Ministry would take the appropriate measure to reduce 1Malaysia Development Bhd (1MDB)’s debt.

Najib who is also Finance Minister said issues surrounding 1MDB would be answered when the Auditor-General presents the audit report to the Public Accounts Committee (PAC) soon.

“I hope everyone will wait for the report,” he said at the finance ministry’s monthly assembly here Tuesday.

On March 4, Najib directed the auditor general to verify 1MDB’s accounts.

“We believe with this measure, we can reduce 1MDB’s debts. I’m confident of the finance ministry’s ability to execute it amidst all the criticisms.

“We will prove with this move, we can achieve the objective. From time to time, we will take the necessary measures,” he said.

The problem with 1MDB is its debt and the dodgy ways they have concocted to get it. Now, due to its high debt, the public had to pay more than RM2 billion per year on interests alone!

Is there no heads to roll because of this overly careless and ridiculously ill-advised venture perpetrated by the Ministry of Finance and 1MDB Board of Directors?

After months of telling the public that the finances of 1MDB is strong and secure by saying nonsensical stuff like the assets is more than the liabilities, 1MDB will not miss any payment schedule so on and so forth, the government finally today admits that yes, we have a problem.

The mess 1MDB created had caused the Prime Minister to have finally identified what the Finance Minister and 1MDB advisors had done wrong, and now wanted the Finance Ministry to find solutions to this problem.

Obviously he was talking to the mirror when he made that announcement.

This blog have always believed that the Prime Minister must, at the very least resign from his Finance Minister post in order to regain credibility. The easiest way is to not appoint himself to that particular post in the upcoming, long overdue cabinet reshuffle.

What better way to re-strategise and regenerate a flaccid performance? As it is, there is enough deadwood in his cabinet which could build a sampan.

The person ultimately accountable for all three entities is

The person ultimately accountable for all three entities that created this financial blunder is the same person that will punish the wrongdoer who is accountable for this blunder

4 thoughts on “The Prime Minister confirmed 1MDB is in trouble

  1. Ya. He tells everyone to shut up and remain in limbo, but he happily carries on with 1MBD announcements. It seems like 1MBD started on the premise of using the cash from every GLCs to fund its ambitious goals.

    Najib promised that all these transactions are government backed. But the question is, who will ultimately PAY for his excesses??

    The fact that it is off-budget, never presented to Parliament and not subject to scrutiny and approval of the Cabinet points to attempts at hiding behind official secrecy.

    Business models that utilise LOANS rather than surplus is definitely risky, especially loans with high interests rates.

    We pray that Allah keeps Tun Dr M in great health, in his quest to save Malaysia. Amin.

    Like

  2. Najib is either lacking the courage to summon 1MDB BOD to give full explanation regarding 1MDB dealings or he’s keeping them at bay to prevent further wrongdoings from being exposed.

    What ever moves the MOF plan to undertake to reduce 1MDB debts, Najib is not and must not be the person spearheading it. Nanti jadi macam tikus membaiki labu.

    Like

Astound us with your intelligence!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s