Prime Minister Najib Abdul Razak claimed that 1MDB had played an important role in resolving the woes caused by the lopsided electricity power industry agreements signed by a "former leader".
"It (1MDB) was the lowest bidder in all agreements (signed) and thus will help Malaysia save RM200 billion in the next 20 years.
"In fact, a report by a research firm after reviewing this agreement had given the title 'Tiada lagi perjanjian pilih kasih' (No more sweetheart deals)," wrote Najib on his blog today.
Najib's 81-paragraph blog was published ahead of his Budget 2018 speech which will be delivered this Friday.
1MDB, through its subsidiary Edra, acquired power plants in Malaysia, Egypt, Pakistan, the United Arab Emirates and Bangladesh between 2012 and 2013, reportedly for around RM12 billion.
At the time, this made Edra one of the biggest power producers in the region.
After a failed IPO attempt in 2015, Edra was sold to China General Nuclear Power Corp (CGN Group) for RM9.83 billion.
Najib added that 1MDB had also built or improved eight military bases which "could not be done by previous governments", funded thousands of scholarships and funded pilgrimages.
"While it is true that 1MDB had problems, we had reshuffled the management to right the wrongs and returned the company to financial health," he said.
He said once the Bandar Malaysia project is signed, 1MDB will make more profits and cover its loses.
"By then, the lies about how the rakyat have to shoulder (1MDB's debt) due to 1MDB's decisions will be buried (for good).
"This is because once 1MDB's rationalisation programme is resolved, 1MDB will likely generate profits for the rakyat, all the corporate social responsibilities which have been implemented notwithstanding," he said.- Mkini
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.