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Saturday, March 24, 2018

PAC didn't say I stole from 1MDB, says PM Najib



Prime Minister Najib Abdul Razak said he was not implicated by the Public Accounts Committee's investigation on 1MDB.
"I urge everyone to read their report. We need to ask ourselves some key questions. Firstly, did any paragraph claim that I stole 1MDB funds? Absolutely not.
"Secondly, did the report state I committed a crime? Did I do any wrong? The answer is no.
"Finally, in the report, did it say the donation from the Saudi government was from 1MDB? Absolutely not," he said.
Najib said this during a question-and-answer session with former minister Idris Jala prior to the launch of the first national transformation plan (NTP) report.
Najib had ordered an investigation on 1MDB to be done by the auditor-general and the PAC in 2015.
Following this, the PAC's report had pointed out several management problems and recommended further investigations by the police. To date, no one has been charged.
Investors still have confidence
The auditor-general's report on 1MDB, which Najib once promised would be a public document, has been classified.
However, much has happened since PAC filed the report, most notably punitive actions against banks and bankers involving 1MDB funds in Singapore and Switzerland.
The US Department of Justice is also seizing assets which were allegedly acquired with money laundered through 1MDB, such as the US$250 million mega-yacht The Equanimity.
The DOJ also claimed that US$731 million was siphoned from 1MDB and ended up in the bank accounts of a certain "Malaysian Official 1".
To a question by Idris on whether investor confidence was on the decline due to the 1MDB affair, Najib this was not true and pointed to the rapid development of Tun Razak Exchange (TRX) project as proof.
TRX was formerly a 1MDB project that has been taken over by the Finance Ministry after the company faced severe debt repayment problems.
1MDB, envisioned as a sovereign wealth fund by the Najib-administration in 2009, had problems repaying loans in 2015. Its present debts stand at RM31 billion. -Mkini

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