Hornbill Unleashed

August 2, 2017

Khairuddin: Missing deadline proves 1MDB has problems

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

khairuddin-1mdb-1The reported failure of 1MDB to make payment of some US$600 million (RM2.57 billion) to the International Petroleum Investment Company (IPIC) by the noon deadline (Malaysian time) today proves that it is facing problems, former Batu Kawan Umno vice-chief Khairuddin Abu Hassan said today.

He said Malaysians should question Prime Minister Najib Razak on why the sovereign wealth fund had allegedly failed to make the first instalment of its full payment totalling US$1.2 billion to IPIC, a state firm under the Abu Dhabi government.

“All this while Najib Tun Razak had said that 1MDB had no problems. Supposedly, the company owned 100% by the finance ministry was on the right track,” he said in a statement today.

“Logically, if 1MDB is on the right track, there would certainly be no problem to pay off what is owed according to schedule on July 31, 2017,” the coordinator of the Deklarasi Rakyat movement added.

1MDB had reached an agreement in April to pay IPIC US$1.2 billion in two instalments. The state firm said payments would be made to IPIC by monetising investment fund units.

In a statement today, 1MDB said it was awaiting funds that were due to be received in July.

“Due to the need for additional regulatory approvals, the receipt of those funds has been delayed to August 2017,” it said.

“As these are the funds which will be used to pay IPIC, 1MDB has written to IPIC to inform them of our commitment to meet the obligations, originally due on July 31, 2017, in August 2017,” it added.

On July 25, Najib, who is finance minister, told local and foreign investors at the Invest Malaysia 2017 conference in Kuala Lumpur that the opposition was blowing out of proportion the plight facing 1MDB as a means to topple the government.

“Although 1MDB certainly has a problem, some politicians have blown it up in their attempt to sabotage the company,” he said, adding that efforts to redress the situation were being carried out.

“Instead of running from the problem, we ordered an investigation of the company on a scale unprecedented in the history of our nation. Instead of spending money to cover it up – the method employed by a former leader – I instructed a rationalisation of the company.

“Now many assets previously owned by 1MDB are performing well. You can see new construction at Tun Razak Exchange (TRX) as confirmation,” he said, referring to the 70-acre financial hub project now under development.

On July 28, the Federal Court dismissed leave applications by Khairuddin, DAP’s Zaid Ibrahim and the Malaysian Bar for a judicial review on the prosecutorial power of the attorney-general in refusing to frame charges against Najib over 1MDB’s finances.


Source : FMT Online


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1 Comment »

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