Monday, October 5, 2015

Najib explained 1MDB to US business leaders

Salleh Said Keruak

In his recent trip to the United States, Prime Minister Najib Tun Razak met business leaders during a meeting on business prospects in Malaysia now and in the future where he took questions from them regarding 1MDB. So the allegation that the Prime Minister refuses to address this issue or explain the matter is not true.

During a business luncheon a day earlier, Najib touched on the weakness of the 1MDB business model, which he described as too idealistic. Najib explained that only RM1 billion had been invested to undertake a huge property development and RM18 billion for the acquisition of power generation plants, resulting in the company having to go heavily into debt financing.

Najib then told the audience that he is confident that by the end of the year the company would be able to go through the process of rationalisation with a massive reduction of debt.

Najib also informed the business leaders that there would be an announcement in the coming days regarding a significant reduction of 1MDB’s debts to the tune of RM16 billion.

Needless to say, none of this was carried by the local news portals, which seem to want to avoid talking about any good news involving 1MDB.

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