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Wednesday, April 24, 2013

Rafizi: RM7bil transferred by 1MDB to secret account could vanish into thin air if Najib loses GE13


Rafizi: RM7bil transferred by 1MDB to secret account could vanish into thin air if Najib loses GE13
VIDEO INSERTED UPDATED PKR strategy director Rafizi Ramli warned that the RM7billion transferred by Prime Minister Najib Razak's 1MDB investment fund to a secret account in the Cayman Islands could "disappear into thin air" if the latter's Umno-BN coalition lost in the May 5 general election.
"1MDB is seen and has been operating as if it is the private investment account of Prime Minister Najib Razak... because the RM7bil has been put into a secret account in Cayman Island which does not entertain any request for disclosure or recognize the authority of any government," Rafizi told a press conference on Tuesday.
"If the BN loses in the next general election, I think it is probable the RM7bil will disappear into thin air. Should the money disappear into thin air and if he is not forthcoming about the RM7 bil, he shall be held responsible for every single sen of the public money that the new government has to put in to bail out the RM5bil bond issue. This is an act with criminal implication and an investigation must be commenced immediately because this is the largest fund transfer ever in the past 20 or 30 years."
Very tough to recover the RM7bil
Rafizi was referring to 1MDB's recently released annual report which confirmed the transfer. He pointed out that 1MDB obtained its initial funding through a RM5billion bond issuance that was guaranteed by the Malaysian government.
Since its inception, the 1MDB fund has come under severe fire with critics claiming it was specially established to be Najib's own secret slush fund to hold on to political power.
"It is from this capital that 1MDB invested in several foreign projects especially in Petro Saudi International, whose activity has been shrouded in secrecy and is most worrisome," said Rafizi.
"We were shocked when we found that 1MDB in its own annual report said it had transferred RM7 bil into a segregated portfolio account in the Cayman Islands because everyone knows if you put money in Cayman Islands, you don't want people to know who put money into the account and where it comes from... putting money in Cayman means no one will have access to it except for the beneficiary.
He called on Najib to make an immediate clarification as the PM had full power over 1MDB. He will be lodging reports on the matter to Bank Negara, the police, and the Malaysian Anti Corruption Commission on Wednesday and Thursday.
"We want to ensure that the RM7bil is brough back to Malaysia as soon as possible and those responsible for transferring the money to the secret account brought to book," Rafizi said.
Malaysia Chronicle

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