OUT OF 'RESPECT' TO NAJIB, MALAYSIAN GOVT PRETENDS 1MDB DOESN'T EXIST - IS IT?

This is from Ganesh Sahathevan's Blog here. Very brief and to the point.

http://sahathevan.blogspot.com.au/2015/10/malaysian-government-pretends-1-mdb.html

by Ganesh Sahathevan

Malaysian Government pretends 1 MDB does not exist.

Budget 2016 a worthless document for the exclusion

The extract at the link below from the Economic Report 2015-2016 details the position of the Malaysian Government's Non-Financial Public Corporations (NFPC, formerly NFPE).

The financial position of the NFPCs are incorporated in full into the national accounts, and comprise a major chunk of the total public sector debt, asset and income position.

By its own definition the Malaysian Government ought to have included 1 MDB in the public accounts but did not. It is as if the company does not exist.

Given the magnitude of that entities borrowings, debt defaults, and likely contingent liabilities, the 2016 Budget announced on Friday is a worthless document..

My comments : 29 GLCs are included in the Treasury's Economic Report, from Axiata Bhd to UEM Group to Mass Rapid Transit Corporation Sdn Bhd, including their borrowings of course.

Ganesh Sahathevan asks how come 1MDB is not included in this list of NFPCs? Good question. And what about Khazanah Nasional as well ?

So 1MDB's RM42 billion debt is not included. Their interest servicing alone is about RM2.0 billion every year.

So who prepares the Treasury's Annual Report? Its this guy here :

Now you know why Jack Sparrow had to be the "Pirate of the Caribbean".

The Indian Ocean was already occupied. - http://syedsoutsidethebox.blogspot.my/