1MDB scandal is the root cause of all problems in the country

Yesterday, Prime Minister Datuk Seri Najib Razak shamelessly defended 1Malaysia Development Berhad (1MDB) in his blog by stating that the country could save RM200 billion in another 20 years.

The problems in the country need to be resolved now and not wait another 20 years when all the problems arising from 1MDB have to be assumed on our grandchildren.

  1. If what Najib Razak is saying about 1MDB is true by giving a positive picture, then I request for it to be debated in Parliament with facts.

Why the need to be afraid for it to be debated in Parliament?

  1. 1MDB’s debt is not like an ordinary government debt but it has reached billions of ringgit.

The fact is that 1MDB is a strategic development company fully owned by the Government of Malaysia through the Ministry of Finance, with a capital of RM1 million.

Therefore, the Umno BN government cannot say that this is an ordinary company’s problem and not a governmental issue.

  1. We already know that 1MDB’s debt has exceeded RM50 billion as announced by the Public Accounts Committee (PAC) in early 2016.

Justification after justification are given to cover-up 1MDB’s failure and the latest being the returns that we shall reap in 20 years time.

  1. 1MDB also bought lands in Jalan Tun Razak for Tun Razak Exchange (TRX) project and Sungai Besi RMAF Airport.

The 70 acres TRX land was bought for RM320 million, or RM64 per square foot, although the latest property transaction in the area was at RM7,000 per square foot.

The latest, a government-linked entity was said to have bought a part of the 70 acres TRX land, which the government had sold to 1MDB at a very low price.

1MDB also bought 495 acres of land at the former Sungai Besi RMAF airport (now known as Bandar Malaysia) for RM363.5 million, or RM91 per square foot. If based on market price, the land is about RM1,000 per square foot. 1MDB bought it many times cheaper causing the government to lose almost RM20 billion of revenue.

Why was 1MDB formed? Why no action is taken on 1MDB for putting money in the wrong places? What happened to the bandar Malaysia sale?

What we need now is a forensic inquiry on charges against several individuals involved in the 1MDB financial management.

By: Dato’ Saifuddin Nasution Ismail, Secretary General of the People’s Justice Party