Prime Minister Datuk Seri Najib Razak insisted today that 1Malaysia Development Berhad (1MDB) will leave a lasting “legacy” despite the “shameful” criticism levelled at the state investment firm.
He added with the creation of two “vibrant new centres”, namely the Tun Razak Exchange and Bandar Malaysia, 1MDB’s rationalisation process, and the Public Accounts Committee’s (PAC) report disproved the allegations against the firm and his administration.
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“In the years to come they will be the real legacy of 1MDB. They will be what is remembered.
“And history will show that the shameful, politically-motivated allegations made to unseat a democratically-elected government were false,” he said when speaking at the Invest Malaysia forum in Kuala Lumpur today.
(I am not sure about legacy. Its a dream of everybody, especially leaders. On 1MDB....to me, it depends. Najib's critics may poke fun on what he said but the PM was serious)
He also reiterated that 1MDB’s assets exceeded its liabilities and the state-owned company’s debts have also been cleared through its Cabinet-approved debt reduction plan.
“The reality is that there is a rationalisation process, and it is working. Substantial debts have already been cleared — including the recent repayment of a RM950 million standby credit facility provided by the government last year,” he said during his opening speech at the conference.
He also reiterated that the PAC’s report, which was released last week, has also controverted allegations that RM42 billion went missing from 1MDB.
“Malaysia’s name has been unfairly dragged through the mud,” he said.
While conceding that there were “weaknesses” in 1MDB’s structure and management, he pledged to hold those responsible accountable and to take action should evidence of any wrongdoing surface.
PAC released its much-anticipated final report on the troubled state investment arm last Thursday after almost a year of proceedings, and the questioning of dozens of government and 1MDB officials, including its CEO Arul Kanda Kandasamy.
Among its findings, PAC found that the 1MDB board of directors had failed to ensure the fund’s management complied with good accounting practises.
The panel said the apparent negligence on the part of the board should be blamed for the management’s decisions that led to the fund amassing a debt pile of RM42 billion in just five years.
He added with the creation of two “vibrant new centres”, namely the Tun Razak Exchange and Bandar Malaysia, 1MDB’s rationalisation process, and the Public Accounts Committee’s (PAC) report disproved the allegations against the firm and his administration.
“And history will show that the shameful, politically-motivated allegations made to unseat a democratically-elected government were false,” he said when speaking at the Invest Malaysia forum in Kuala Lumpur today.
(I am not sure about legacy. Its a dream of everybody, especially leaders. On 1MDB....to me, it depends. Najib's critics may poke fun on what he said but the PM was serious)
He also reiterated that 1MDB’s assets exceeded its liabilities and the state-owned company’s debts have also been cleared through its Cabinet-approved debt reduction plan.
“The reality is that there is a rationalisation process, and it is working. Substantial debts have already been cleared — including the recent repayment of a RM950 million standby credit facility provided by the government last year,” he said during his opening speech at the conference.
He also reiterated that the PAC’s report, which was released last week, has also controverted allegations that RM42 billion went missing from 1MDB.
“Malaysia’s name has been unfairly dragged through the mud,” he said.
While conceding that there were “weaknesses” in 1MDB’s structure and management, he pledged to hold those responsible accountable and to take action should evidence of any wrongdoing surface.
PAC released its much-anticipated final report on the troubled state investment arm last Thursday after almost a year of proceedings, and the questioning of dozens of government and 1MDB officials, including its CEO Arul Kanda Kandasamy.
Among its findings, PAC found that the 1MDB board of directors had failed to ensure the fund’s management complied with good accounting practises.
The panel said the apparent negligence on the part of the board should be blamed for the management’s decisions that led to the fund amassing a debt pile of RM42 billion in just five years.