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Wednesday, May 25, 2016

Gov't never said 1MDB is good business, claims Johari

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PARLIAMENT The government has never claimed that 1MDB was a good investment, said Deputy Finance Minister Johari Abdul Ghani.
"The government has never said that,” he told the Dewan Rakyat during question-and-answer session today.
Wrong business model, weak management and poor governance were the three reasons that (contributed to) 1MDB's lack of competitiveness, he said.

"1MDB relies on loans to run such a huge business and it was unable to gain profit in the short term; this is a mismatch or a wrong business model," he said.
He added that these were highlighted in the Public Accounts Committee's (PAC) report on 1MDB.
"The government has admitted there were issues in 1MDB, and that was the reason it wanted PAC to investigate," he said.
[More to follow]

--Mkini

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