Don’t just sit and wait, Nazir tells 1MDB bosses

Board members of state investment firm 1Malaysia Development Bhd must appoint an independent auditor to verify its accounts or resign, says CIMB Group chairperson Nazir Abdul Razak.

Nazir is the younger brother of Prime Minister Najib Abdul Razak, who is chairperson of 1MDB’s board of advisors.

“The immediate check for a responsible board is to appoint an independent (auditor) now […] otherwise the board and management, in my view, should resign.

“It is your basic responsibility. There’s a complete mistrust in your financial situation. You have to responsibly deal with that. But instead you sit there and wait for AG (auditor-general).

“To me that’s irresponsible. If you do that then it’s better for you to step down and let someone else come in and take over,” the banker was quoted by The Star as saying over luncheon at the Asean Business Club forum today.

1MDB has been attacked for remaining silent despite numerous reports of mishandling of funds.

On Wednesday, Singapore’s Business Times reported that a group of banks led by Deustche Bank is demanding early repayment of a RM3 billion loan after doubts rose over 1MDB’s collateral held in a Singapore bank.

1MDB said it could not comment on the matter due to confidentiality issues.

The early repayment demand could trigger a cross default, with the government admitting that 1MDB has poor asset liquidity. This could affect the government’s credit ratings.

May 14, 2015 – Malaysiakini
Don’t just sit and wait, Nazir tells 1MDB bosses


0 Responses to “Don’t just sit and wait, Nazir tells 1MDB bosses”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

The dawn of A Better Malaysia!
Rafidah Aziz, Hannah Yeoh, Ambiga at TTDI ceramah


Mahathir in Putrajaya ceramah


What happened to 1MDB’s money? – CNBC Video
Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?



%d bloggers like this: