Najib should present Ministerial statement in Parliament on Monday how as final approving authority, he had allowed 1MDB scandal to balloon into a RM42 billion scandal in six years

Now that it has been established beyond a shadow of doubt, with the Second Finance Minister, Datuk Seri Husni Hanadzlah finally admitting publicly in his TV1 interview on the 1MDB on Wednesday night that the Prime Minister, Datuk Seri Najib Razak is the final approving authority for 1MDB deals, investments and transactions, Najib should present a Ministerial statement in Parliament on Monday to explain how he had allowed the 1MDB scandal to balloon into a RM42 billion scandal in six years.

Among the issues Najib should explain in his Ministerial statement on 1MDB to Parliament are the following nine items:

1. What were the reasons for the amendment in August 2009 of the Terengganu Investment Authority (TIA)’s Memorandum and Articles of Association Agreement to include Clause 117 stipulating that “the Prime Minister must give his written consent for any TIA deals, including the firm’s involvements or any bid for restructuring” to pave the way for TIA’s becoming a federal agency the following month with name change to 1Malaysia Development Berhad (1MDB)?

2. Why was the information about the Prime Minister as the final approving authority for all 1MDB deals, transactions and investments leading to 1MDB becoming the biggest financial scandal in the nation’s 58 year history in six years withheld from Cabinet and Parliament in the past six years?

3. the number of times each year since 2009 that Najib had given “written consent” under Clause 117 of the 1MDB M&A Agreement, and the details of every such decision.

4. whether Najib had personally given “written consent” as Prime Minister under Clause 117 of the 1MDB M&A to the following deals:

*the initial USD1 billion investment in Petrosaudi International Limited.

*the additional USD1billion in loans extended to Petrosaudi.

*the US$1.16 billion (RM4.2 billion) which went into the account controlled by Jho Low (made up of payments of first US$700 million in 2009, then US$160 million in 2010 and finally US$300 million in 2011 – all to Good Star Limited, a company controlled by Jho Low).

*the siphoning of USD260 million from 1MDB for the acquisition of 53% shareholding in Utama Banking Group (UBG) from the latter’s substantial shareholder, Sarawak Governor Tun Taib Mahmud’s family vehicles.

*the raising of bonds amounting to USD6.5 billion by paying fees in excess of 10 per cent to Goldman Sachs International.

*the costly guarantee sought from Abu Dhabi’s International Petroleum Investment Corporation (IPIC) for USD3.5 billion of these bonds.

*the decision to move US$1.1 billion from Cayman Islands to a bank in Singapore.

*the deal with Mongolia-based company Gobi Coal & Energy Limited (GCE).

*the sale of Tun Razak Exchange land to the Lembaga Tabung Haji.

5. The number of occasions where Najib as Prime Minister has refused to give “written consent” to 1MDB deals, citing the instances.

6. The number of Cabinet meetings since 2009 which took decisions on the 1MDB, giving the dates and the decisions.

7. The actual relationship between Najib and Jho Low in the entire history of the 1MDB imbroglio.

8. What are the other companies which have a similar clause providing that the Prime Minister is the final approving authority of the company’s deals, transactions and investments.

9. The number companies, listing them, where the Finance Minister is the final approving authority of the company’s deals, transactions and investments.

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  1. #1 by Bigjoe on Friday, 5 June 2015 - 11:27 am

    How? Because he is an IDIOT with stupid ideas. The issue is HOW MANY STUPID IDEA NAJIB HAS AND HOW MUCH IS IT GOING TO COST US?? Pembinaan PFI, SRC International, BR1M, MRT, HSR, possibly Prima1, GST etc.. If you are conservative, the damage Najib could inflict on this nation for the next decade or so could be has high as in the Hundred BILLION ringgit range..

    Where do people think they are going to get the money to pay for it???

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