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Friday, May 8, 2015

After Tabung Haji, will Najib next 'pilfer' from EPF to 'save' 1MDB?

After Tabung Haji, will Najib next 'pilfer' from EPF to 'save' 1MDB?
PAS has questioned which other state-owned financial institutions would be used to buy assets from 1Malaysia Development Berhad (1MDB) following confirmation that the pilgrimage fund, Tabung Haji, had entered a land deal worth RM188 million with troubled strategic investment fund.
The Islamist party’s vice-presidents Datuk Tuan Ibrahim Tuan Man and Datuk Husam Musa, in separate statements, warned that other institutions might be made to buy 1MDB assets at inflated prices.
"Will the Employers Provident Fund (EPF), Felda or Khazanah be used to buy 1MDB assets at a higher price which it initially bought cheap from the government?" Tuan Ibrahim asked.
He said that in order to repay its debts, 1MDB needed to liquidate more assets.
"This is an easy business plan for 1MDB. It’s like father selling to son for a cheap price, and then forces the son-in-law to buy it back at a higher price. Where will this final profit money end up?"
Tuan Ibrahim said Tabung Haji was hiding behind the word "investment" in making the land purchase of 1MDB's prized Tun Razak Exchange (TRX) project. - TMI

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