ALARMED AT EXTENT OF NAJIB’S PROFLIGACY, YOUNG MALAYSIANS START CROWD-FUNDING TO SAVE COUNTRY FROM BEING SWALLOWED UP BY HIS DEBTS DESPITE HIS BAILOUT DENIAL

PETALING JAYA: Let’s lend our country a helping hand.

Such is the rallying call of a young Malaysian who set up a fundraising page to crowd-fund towards reducing the nation’s federal government debt.

Nik Shazarina Bakti, a legal officer at Sisters in Islam (SIS), hopes to gather Malaysians and “the rest of the world” to help contribute towards the cause.

On the page, the 27-year-old law graduate reminded Malaysians of the time when the rakyat gave up their jewellery, money and valuables so that Tunku Abdul Rahman and the then government could raise enough funds to go to London and claim Merdeka.

At time of writing, the “Please Help Malaysia” campaign on GoGetFunding has raised nearly US$3,600 of its US$100,000 goal with 92 backers.

On the page, Nik Shazarina said all proceeds will be channelled to the Government at the end of the campaign, and cited the Finance Minister as an example.

“Many have inquired on how sure will the funds be given to the Government, I know I am a stranger to most but believe me, I am not going to pocket any of the funds,” she clarified.

Nik Shazarina said she would update the PayPal account summary daily and upload proof of the funds being channelled to the Government “when the day comes”.

The campaign is slated to run until Tuesday, July 31, 11.59pm UTC.

“If we could work together during the 14th General Election (remember we trusted anyone who could help us), I am sure we can work together for another round,” she added.

Social activist Datin Paduka Marina Mahathir vouched for Nik Shazarina in a public post on her Facebook page.

“I know a lot of people have been wanting to help with our huge debt which just shows how much Malaysians love their country,” she wrote on Friday evening.

Though many people had approached her to do something, Marina was reluctant as she did not think it was appropriate.

“But this young person has taken her own initiative to do something by crowd-funding to save Malaysia. I happen to know her and am so proud of her. So if you can help, do support. Every little bit helps,” she added.

Some commenters on Marina’s post enthusiastically pledged their help, while others expressed their reservations and said they preferred an official, national platform for any such fundraising exercise.

The page can be found at https://gogetfunding.com/please-help-malaysia/. – ANN

MoF’s RM7b payment for 1MDB debts not a bailout, Najib insists

KUALA LUMPUR — The Ministry of Finance (MoF)’s RM7 billion payment to service 1Malaysia Development Berhad (1MDB) debts last year was not a “bailout”, former prime minister Datuk Seri Najib Razak insisted today.

In a statement posted on his Facebook page, Najib, who is also former finance minister, said that it is “wrong” for Finance Minister Lim Guan Eng to call the payments a bailout because 1MDB had transferred its assets to companies owned by MoF Inc in return for having the debts serviced.

“However, although MoF Inc took over the assets, the debt or liabilities of 1MDB remained in the company. Accordingly, the arrangement, as I can confirm, is for MoF Inc to service 1MDB debts, but in return for taking over the assets,” he said.

“Put another way, had those assets remained in 1MDB, it could have developed and sold the assets on its own, and used the proceeds to pay its debt,” he added.

Lim had branded MoF’s repayments of 1MDB debt as a form of “bailout”, saying that the strategic investment firm was practically insolvent and had no means to service the debt.

Recent reports revealed that the MoF under the previous administration had used funds collected from Khazanah and via a land sale to Bank Negara Malaysia (BNM) to service 1MDB debts.

“There is nothing wrong with such transactions, as each was approved per the relevant governance frameworks, were conducted on an ‘arm’s length’ basis and followed the correct laws and procedures,” he said.

“Therefore, the question of MoF or BNM or Khazanah bailing out 1MDB does not arise at all. It is, in fact, downright misleading to make such allegations. MoF Inc took over assets and it must be responsible for the liabilities— that is the only correct way, legally and accounting-wise,” he added.

The Pekan MP urged Lim to be more transparent in telling the “full story” by acknowledging the assets that were transferred from 1MDB to MoF.- Malay Mail

ANN / MALAY MAIL