Najib’s defence of LTH makes no sense

The scandal-ridden 1MDB should not eye the hard-earned savings of would-be pilgrims.

KUALA LUMPUR: The Opposition has pointed out that Prime Minister Najib Abdul Razak’s defence of Lembaga Tabung Haji’s (LTH) controversial RM188.5 million purchase of 1.56 acres of land in Kuala Lumpur from the 1Malaysia Development Berhad (1MDB) was devoid of all logic.

If it was so easy for LTH to make a few million ringgit overnight through such purchases, stressed Petaling Jaya Utara MP Tony Pua, the question that needs to be asked is why the scandal-ridden 1MDB itself didn’t do it. “Instead, it eyed the hard-earned savings of would-be pilgrims.”

Najib’s own stepson, reminded Pua who is also DAP National Publicity Secretary, was reportedly buying properties overseas. “He should advise Riza Aziz, his stepson, to dispose of his luxury properties in the United States and purchase the land which 1MDB dumped on LTH since it’s so profitable.”

LTH, alleged Pua, was forced to pay cash upfront for the land and undertake the entire risk of holding the land on behalf of 1MDB to look for a buyer. “1MDB was desperate to sell assets obtained cheaply from the government since it has run dry after all its monies were siphoned out, among others, by Penangite Jho Low.”

Why couldn’t 1MDB, so desperate for funds, have found the reported willing buyers who were not only so readily available, they are apparently willing to pay RM5 million more than what LTH paid?

There’s absolutely no credibility in the claims by the LTH Chairman Abdul Azeez Abdul Rahim that the land would be sold in a week, he added. “He even committed that the land will be sold to a buyer at a profit of at least RM5 million and will be concluded within the next few weeks.”

If Najib insists that Malaysians have to bail out 1MDB, reiterated Pua, then it was only right that he set the example by asking his family members with immense unexplained wealth to repatriate their money to bail out 1MDB first.

It was reported in January this year by the New York Times, that Riza Aziz purchased his New York Park Laurel luxury condominium and Los Angeles Beverly Hills bungalow for USD33.5 million (RM121 mil) and USD17.5 million (RM63.2 mil) respectively.