Najib could be first PM to bankrupt country

DAP National Publicity Secretary Tony Pua said that Najib Razak might very well become the country’s first prime minister to plunge the country into bankruptcy.

Pua, who is also Petaling Jaya Utara MP said this in reference to the country’s controversial 1MDB fund.

“Should 100% Finance Ministry-owned 1MDB collapse with the burden of its debt … Najib will go down in history as the Prime Minister who will possibly bankrupt the Malaysian Government,” Pua said.

He also said Najib would be “missing the massive elephant in the room” if he refused to address the country’s RM36 billion debt when he announced the budget this Friday.

Pua added, “The irony of the massive cash call is that 1MDB actually has RM7.18 billion in liquid assets mysteriously invested offshore in the Cayman Islands.

The investment has generated a pitiful 5.76% in returns recorded in 2013 despite the fact that the cost of funds for 1MDB is in excess of 6%.”

Pua also said that the PM must provide a convincing answer as to why 1MDB funds were residing in well-known secretive tax-havens and not repatriated home for 1MDB’s local projects.

Another issue of contention was 1MDB’s splurging of RM1.38 billion for 238 acres of land in Penang where it promised to build 9,999 units of low-cost and affordable houses.

Pua said he wanted a detailed road map and full explanation of this expenditure that he said was made just six days before the last general elections.

He also quoted former premier Mahathir Mohamad who said the money for 1MDB was not from the country’s surplus, but from its national debt.
Saying this debt must be paid, Pua stressed that if this was not done, Malaysia would be bankrupt like Argentina.

-fmt