1MDB TOO SHY TO SHOW UP? Scandal has pushed down the ringgit - Nazir Tun Razak disappointed at fund's' absence

CIMB Group Chairperson Nazir Razak today said that the earlier the 1Malaysia Development Bhd’s (1MDB) issue is cleared up, the better it would be for the rakyat.

“It's also important for us to put the elephant in the room behind us. This whole 1MDB issue, the earlier it is cleared up, the better for everyone.

“When issues are not cleared up, people tend to expect the worse,” he said.

Speaking to reporters at the sidelines of the Invest Malaysia 2015 forum in Kuala Lumpur, Nazir (pix, below) also expressed disappointment with 1MDB's absence at event.

He confirmed that the debt-ridden state investor had been officially invited invited for the annual event.

“We invited 1MDB but they turned us down,” he said, adding he did not know the reasons as to why 1MDB decided not to participate.

“I don’t know. They declined to participate and I am disappointed because I think they would have been an important element of Invest Malaysia, given the backchat on the topic,” he said.

This aside, Nazir cited Bank Negara governor Zeti Akhtar Aziz in saying 1MDB was not a “systemic issue”.

“So on that score, the show goes on. There are other issues and many companies to be displayed in front of investors,” he said.

Nazir pointed out there were “many negative news” affecting the valuation of the ringgit and investor sentiment in terms of performance of the stock market.

1MDB 'not helpful'

“I think this has impacted the ringgit and investors in general and it's important that Malaysian companies and the government go out and explain their case.

Asked whether 1MDB’s absence would hamper investor sentiments even further, Nazir admitted that it was not helpful that the company was absent.

“I don’t think that it's helpful that they are not here, that's why I said that I'm disappointed.

“But there could be other forums for them to present their case, and I hope that they do.”

1MDB, which was established in 2009, continues to be criticised by may quarters including former premier Dr Mahathir Mohamad for its unsustainable debts.

Najib last month ordered the auditor-general to independently verify the company’s accounts.

The audit report will then be passed to the Public Accounts Committee (PAC) for inspection, Najib had said. - M'kini