Take Zeti’s advice, settle 1MDB issue, Shafie Apdal tells Putrajaya

Umno vice-president Datuk Seri Shafie Apdal says Putrajaya must address the 1Malaysia Development Bhd (1MDB) issue in order to restore investor confidence in the country. – AFP pic, September 24, 2015.

Datuk Seri Shafie Apdal, who was dropped from Cabinet two months ago, has urged Putrajaya to accept the advice of Bank Negara governor Tan Sri Zeti Akhtar Aziz and settle the 1Malaysia Development Bhd (1MDB) issue so that investor confidence in the country can be restored. 

The Umno vice-president (pic, right) said he was convinced that Zeti's statement linking the drop in the value of the ringgit to 1MDB was the truth given that the central bank itself was involved in investigations into the debt-ridden state investor.

"Tan Sri Zeti, as the Bank Negara governor, issued a reminder which we are confident is based on the various information on 1MDB that needs explanation and a solution," Shafie told reporters in Semporna this morning.

Zeti had reportedly said that the ringgit would recover if all issues, including 1MDB and political matters, were resolved.

Shafie said if the 1MDB issue were not resolved soon, it would continue to affect investor confidence.

He added that although 1MDB had a huge asset base, it was not productive assets.

"We are aware that their assets value is higher than their debt, but we also know that these assets are unproductive, as they are not generating any profits, with 1MDB having to depend on other parties to overcome the debt situation," he said.

Shafie was dropped as rural and regional development minister in a Cabinet reshuffle by Prime Minister Datuk Seri Najib Razak in late July. He and Tan Sri Muhyiddin Yassin, who was deputy prime minister and education minister, were dropped after they questioned Najib's handling of the 1MDB controversy.

- TMI