KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said he had not stolen 1Malaysia Development Berhad (1MDB) money and committed any wrongdoing as reported by the Public Accounts Committee (PAC).
Najib said, there is no sentence or word in the 106-page report that says he had done wrong and nowhere in the report that says the donation from Saudi government belongs to 1MDB.
“The full PAC report can be accessed by the public through the Internet. I would like to encourage everybody to read it,” he said during a dialogue with Datuk Seri Idris Jala at the launch of the 2017 National Transformation Programme (NTP).
The event was held at the Malaysia International Trade and Exhibition Centre (MITEC) on Friday night.
Najib said that to a question asked by Idris Jala, the adviser of NTP on the criticisms against 1MDB.
“The PAC was also represented by Dr. Tan Seng Giaw and Tony Pua from the opposition party. 1MDB has been investigated by Bank Negara Malaysia, police and auditor general and I would say the most investigated body in history,” Najib said.
Najib stressed that 1MDB is a business model with only RM1million capital injected by the government. It had to borrow a loan amounting to RM42billion (not lost) as it had big plans and programmes. If the interest rate is 5 percent it will amount to RM2 billion per year.
The Prime Minister claimed that 1MDB encountered problems in the attempt to publicly list Edra Energy Sdn. Bhd.
“The IPO (initial public offering) could not proceed and we faced cash flow problems into 1MDB. The government then took positive steps toward rationalization,” he explained.
On a question of Malaysia on the verge of bankruptcy following the government’s critical amount of debts, Najib said, the peak of the country’s debts was in 1986 when it was 103.4% of the Gross Domestic Product (GDP). Now the debt stood at 50.8% of the GDP.
Najib also explained that the Goods and Services Tax (GST) was not the cause of the increase in the prices of things as 578 items have not been taxed or tax exempted.
“The government wanted to implement GST since 1984 but had no political courage to do so.
“It is the right decision but at a political cost. We are willing to bear the political cost as the GST will benefit the people and the country in the long term,” he said. _ Malaysia World News
-Malaysia World News