KUALA LUMPUR, 30 Oct: The Member of Parliament for Petaling Jaya Utara, Tony Pua, called the 1Malaysia Development Berhad (1MDB) a ‘stupid’ firm because they paid excessive commission to the Goldman Sachs investment firm.
He said that the commission payment was to organise a donation collection event in 2012 and 2013.
Pua was referring to a report by The Edge newspaper regarding the 10 percent commission from the RM15.2 billion managed to be collected at the fundraising event.
Pua also questioned why 1MDB paid such high commission because the rate for such events are usually between 0.2 to two percent from the funds collected.
“Under normal circumstances, raising RM15.2 billion by an entity wholly-owned by the Malaysian government should not have costs over RM152 million.
“Instead, 1MDB paid RM1.54 billion. The top management must be a bunch of incompetent fools,” he said during a media conference at the Parliament lobby quoted from Malaysia Kini.
NS