Najib needs to make a statement on the 1MDB issue in Parliament tomorrow

KUALA LUMPUR, 23 Nov: DAP advised the Prime Minister, Datuk Seri Najib Razak, to prove his credibility in making a ministerial statement regarding the 1MDB scandal in Parliament tomorrow.

DAP Opposition Leader, Lim Kit Siang, said that Najib’s move of threatening a legal suit against the Member of Parliament for Petaling Jaya Utara, Tony Pua, on the issue is clearly to evade accountability, thus showing an irresponsible attitude.

“Najib should not set the bad example to other Ministers to evade accountability. He should make a Ministerial statement in Parliament on Monday to answer questions regarding the 1MDB scandal.

“He should answer teeming questions on 11 aspects of the multi-billion ringgit 1MDB scandal,” said Kit Siang in a statement quoted from RoketKini.

The 11 questions brought up by Kit Siang includes the question as to why the government issued a ‘letter of support’ for the 1MDB bond worth USD3.0 billion in March 2013, the average payment of 10 percent in ‘certain commissions, fees and expenses’ to obtain a loan amounting to USD3.0 billion and USD1.75 billion in May 2012.

“I also want to know why did 1MDB divert US$1.1 billion of its US$3.0 billion raised by its subsidiary, 1MDB Global Investment Limited to repay the former’s own debt and cover its operating expenses?

“Why did 1MDB agree to accept a corporate loan guarantee by International Petroleum Investment Corporation (IPIC) of Abu Dhabi on behalf of 1MDB’s US$3.5 billion of bonds with such onerous terms?

“Why did 1MDB invest US$1 billion in a joint-venture with PetroSaudi in 2009, a company with no track record and dubious origins and subsequently converted the investment into a US$1.2 billion loan, which was subsequently increased to US$1.7 billion?

“Why did 1MDB invest the US$2.32 billion proceeds from the redemption of Petrosaudi loans in 2013 in an opaque investment fund with Bridge Capital Partners in Cayman Islands, an unknown fund manager with questionable origins and no comparable track record?” asked the Member of Parliament for Gelang Patah.

Kit Siang also urged Najib to arrange for a full debate in Parliament to be held on his Ministerial Statement on 1MDB.

“Although the current budget parliamentary meeting is to end on Thursday, 27th November 2014, it will the height of irresponsibility for Najib as Prime Minister, Finance Minister and Chairman, 1MDB Board of Advisers to evade and avoid accountability for the numerous questions that have been raised over the 1MDB scandal and which have not been satisfactorily explained by the Deputy Finance Ministe, Datuk Ahmad Maslan.


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