In addition to asking PM Najib to come clean on the impact of 1MDB’s mountain of debt on the national budget, members of parliament must scramble to move for a speedy probe and to seek remedies before it is too late to save this financial monstrosity from causing havoc to the nation. Simultaneous action by the parliamentary public accounts committee and MACC are called for, the latter to look into possible frauds over the many dubious and irrational asset acquisitions that run into billions at apparently inflated prices. Major issues to be tackled are: a) why and how it’s operation has strayed so far from its original noble mission of promoting foreign direct investment and catalysing the upgrading of the local economy, b) the economic and financial rationale for its major investments and asset acquisitions, for which a stupendous debt has been built up, c) whether it is facing an immediate financial crisis that may result in insolvency, and d) short and long term remedial measures.
Posted on: Tue, 07 Oct 2014 09:36:33 +0000