Najib’s lawsuit won’t stop DAP pursuing 1MDB

 Kim Quek: The audacity and scale of financial malfeasance of 1MDB, as reflected by the many unanswered critical questions scandalising the so-called sovereignty fund, is mind-boggling, and easily surpasses any of the excesses of the Mahathir era.

It is obvious that this grossly mismanaged company has been struggling to stay afloat by repeatedly incurring new debts to cover old debts, thus creating a bigger gaping hole each time. Unless a complete revamp of the entity takes place, it is clearly heading for insolvency.

Penang CM Lim Guan Eng is hence right that, despite Najib’s threat to sue Tony Pua, Pakatan must continue to diligently and strongly pursue accountability from the prime minister.

It is only when the truth is revealed that remedial measures can be taken to avert a financial disaster – a failure so huge that it may just trigger a crisis of confidence in our financial status and our economy.

CHKS: PM Najib Razak’s threat to sue Petaling Jaya Utara MP Tony Pua is a blessing in disguise because it has drawn more people to the attention of 1Malaysia Development Berhad (1MDB) issue.

That Media Rakyat video in Youtube is generating more views than ever and it is growing. Many people have downloaded it (even if the video is going to be deleted), and many people are beginning to learn more about it and share this scandal with others.

MinahBulat: 1MDB is wholly owned by the Malaysian government. The CEO is one Mohd Hazem Abd Rahman. Najib as PM choose to go to the courts to claim that he has been defamed.

Look at Pua’s allegation – they based on several reports such as inThe Edge and Ant Daily and others that have been made public. The only speculation Pua did was that he alleged that the monies are no longer in Cayman Island.

He does so with empirical reasons. Fair enough Najib claimed that he had been defamed, he as head of government and his CEO can answer the questioned raised by DAP in court.

Hello, Mr PM not getting your accounts ready till now is a sign that 1MDB is suspiciously in a sorry state of affairs.

Mahatma: 1MDB is to assist government to propel Malaysia into developed nation status, one which is highly competitive, sustainable and inclusive. So why don’t we support our government, and give it a chance?

The problem is temporary and it is normal for big company to raising capital through the international debt markets to finance specific projects.

Basically: Really? Please explain what 1MDB has done to “assist the government”?

Frankly to me as a regular rakyat, 1MDB as an organisation is at best dubious. What has it got to do with 1Malaysia?

There are plenty of other GLCs (government-linked companies) that could do what 1MDB is supposed to do. So now we have a superfluous GLC that has free pass into our taxpayers money, and needs not account for what it does, and is in the direct control of the top leadership.

This is the sort of stuff Integrity Minister Paul Low used to pick on, but is now hired to whitewash.

Hippopotamus: Pua and Pandan MP Rafizi Ramli accused 1MDB of having overpaid for some of the power plants – many of them were listed assets.

Wouldn’t the price of a listed asset be at a premium instead and this premium or “goodwill” have to be impaired when taken private? When relisted, wouldn’t this premium then re-emerge?

They said the power purchase agreement for the plants that 1MDB bought will expire in a few years and we should let these agreements expire and buy these plants at a “song” or as “scrap metal”.

According to the Energy Commission, the reserve margin for 2013 is 31 percent with an installed capacity of 21,749 megawatt (MW) and a peak demand in 2013 of 16,562 MW.

According to the International Energy Agency, the ideal reserve margin for developing economies straddles between 20 percent and 35 percent since other mature economies with flat or marginal economic growth can manage with just 5 percent reserves, but would not be robust enough to match up with faster growth rates.

Negarawan: Najib probably knows that the growing exposure of 1MDB precarious financial position, the shady and financially unsound deals, and the potential identification of crony beneficiaries will precipitate his downfall and make him and his cronies the subject of corruption and criminal investigations.

There is a sense that a powerful rival Umno camp will be using the 1MDB issue to bring him down. Hence, various diversion tactics can be seen in the last weeks to play down the 1MDB issue, and to quell public interest.

The threat of legal action, instead of answering questions of public interest, only reinforces public suspicion. If there has been integrity and honesty in 1MDB dealings and management, then there should be no fear in complete transparency on Najib’s part.

Apa Ini?: Why can’t Najib do the right thing and answer these questions in Parliament? It involves billions of ringgit and the people have a right to know if the country is being put at risk by 1MBD.

Opposition members are doing their job asking the questions. If you’ve got the answers why the silence and the threats?

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