Rafizi: 1MDBs RM30bil debt a threat to us 2:51PM Sep 11, 2014 The more than RM30 billion debt said to have been incurred by 1Malaysia Development Bhd (1MDB) will pose a threat to Malaysias economic stability and the well-being of the people, says PKRs MP for Pandan Rafizi Ramli. Rafizi, a PKR vice-president, said he seldom agrees with former prime minister Dr Mahathir Mohamad, but this time he agrees with Mahathirs concern and criticism on this point on the debts of 1MDB. “I support the stand and views taken by Mahathir on 1MDB. I am of the view that 1MDBs finances and management, which are not transparent, may pose a threat to the economic stability and well-being of the people,” Rafizi said in a statement. In his blog Chedet posting yesterday, Mahathir expressed concern that Malaysia would not be able to repay the debts accumulated by 1MDB. Rafizi said reports obtained from financial documents have placed 1MDBs debt at more than RM30 billion and this was based on a series of bonds issued to collect funds, that were done several years ago. In past Parliament sessions, he said, Pakatan Rakyat lawmakers have posed several questions on the RM30 billion debt, which is guaranteed by the government. “Every time this question was posed, Prime Minister Najib Abdul Razak, who is also finance minister, has consistently said it was just RM5 billion from the issuance of the first 1MDB bonds. He gave his official answer in Parliament that other debts are not guaranteed by the Malaysian government. “I have documents to verify that what Najib answered is incorrect as this gives the wrong impression to Parliament. My investigation shows the whole debt by 1MDB amounts to RM30 billion and that it is borne wholly by the government,” Rafizi said. This, he added, meant that if 1MDB failed to repay the debt, the government would be responsible for the repayment, and that this would certainly entail the use of public funds. “Hence, my stand is that 1MDBs big debt could pose a threat to the economy as there is no indication of its performance showed by the company. I believe Mahathir has the same information, and he could not hide his concern,” Rafizi said. Rafizi also said that the last time he raised the 1MDB fund, which is kept in Cayman Island, that it is not transparent and that 1MDB sent a summons indicating it would take court action preventing him from raising it. “If what Mahathir had raised is incorrect, 1MDB should also issue a summons to the former prime minister. “I will reveal 1MDBs debt in the near future, to show that the government is responsible to the accumulated debts by the company,” Rafizi added.
Posted on: Fri, 12 Sep 2014 22:24:34 +0000
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