Abu Dhabi investment firm International Petroleum Investment Company (IPIC) allegedly invested US$1 billion in debt-laden 1MDB and no one in the Cabinet questioned the deal. – IPIC pic, June 2, 2015.
DAP today demanded the details of the US$1 billion investment from an Abu Dhabi firm in debt-laden 1Malaysia Development Berhad (1MDB) and questioned why the Cabinet endorsed the deal.
National publicity secretary Tony Pua said despite the criticism from ministers over the state investment arm, which has amassed RM42 billion debts, they apparently agreed to the deal without any question.
He said Malaysians remained clueless as to why International Petroleum Investment Company (IPIC) would fork out US$1 billion (RM3.6 billion) for an "indeterminate transaction".
"The question is how did the Cabinet unanimously and blindly agree to and support the decision to accept a mysterious US$1 billion payment from a foreign government investment for transactions which were unknown or not finalised?
"Why was there no question asked by any Cabinet member? Was it because they understood perfectly the proposed 'restructuring plan' which was tabled and hence there was no necessity to question?
"Or was it because they were intimidated by Datuk Seri Najib Razak’s less-than-subtle threat: ‘if somehow, some of you feel uncomfortable with this, please hand in or write (your resignation), and I will understand'," Pua said in a statement.
Last Friday, Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah said IPIC would inject US$1 billion into 1MDB for early repayment of a US$975 million syndicated loan led by Deutsche Bank.
The funds from IPIC and its Aabar Investments unit (Aabar) come ahead of a June 4 deadline to repay the loan.
Following that, Utusan Malaysia reported yesterday that Najib issued an ultimatum to his Cabinet, telling ministers to resign if they did not support him over the rehabilitation of the state fund.
This, however, was denied by Culture and Tourism Minister Datuk Seri Mohamed Nazri Abdul Aziz, who told The Malaysian Insider that Najib practised inclusivity and wanted consensus from his Cabinet colleagues.
Pua said today the lack of questions from cabinet members over the transaction proved that they were more interested to protect their ministerial posts than to protect the interest of billions of ringgit of Malaysian taxpayers’ funds and liabilities in 1MDB.
"This was despite all the hoo-haa expressed by various ministers prior to the Cabinet meeting that there needed to be accountability, transparency and clear explanations."
Criticism has been mounting over the wholly owned Finance Ministry investment vehicle, established in 2009, which has chalked up debts of up to RM42 billion, backed by Putrajaya.
Scrutiny has grown more intense following Sarawak Report's recent exposes, which piled pressure on Najib and prompted opposition politicians, former and current Umno leaders, including former prime minister Tun Dr Mahathir Mohamad, and anti-graft bodies to demand a thorough investigation into the fund.
The auditor-general is currently going through 1MDB's books, with a preliminary report expected to be submitted to the Parliament in June, while Parliament's Public Accounts Committee (PAC) has also started its investigation into the company.
- TMI
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.