Bursting Najib’s fantasy of RM42b TRX-BM land

MP SPEAKS I cannot help by be amazed by how the Malaysian prime minister could tell such a big lie with such a straight face, and fully expected the audience to believe him hook, line and sinker.

Yesterday, Najib Razak to hundreds of Umno Selangor members in Klang that “the (1MDB) RM42 billion is not lost. There, the 70 acres Tun Razak Exchange (TRX) and 500 acres Bandar Malaysia lands.”

Firstly, are the 70 acres of TRX and 500 acres of Bandar Malaysia worth even anything remotely close to RM42 billion?

Based on the latest available financial statements of 1MDB as at March 31, 2014, the two parcels of land are worth only RM5.83 billion. How could RM5.83 billion be boasted and inflated to justify 1MDB’s RM42 billion debt?

Secondly, Najib Razak failed to inform the audience that the respective piece of land was purchased for only RM194 million and RM1.67 billion from the government.

The cost to 1MDB was a meagre total of RM1.86 billion! And yet, the prime minister, who is also the chairman of 1MDB’s board of advisors has the nerve to boast that the RM42 billion in 1MDB isn’t lost because of these two sweetheart deals purchased for less than RM2 billion.

Still RM28bil short

To be fair to 1MDB, the company did purchase another piece of expensive land for RM1.27 billion in Penang. It also acquired three independent power producers valued at RM10.9 billion in 1MDB’s books.

However, even if you add up all of the above “investments” – RM1.86 billion, RM1.27 billion and RM10.9 billion, it only totals up to RM14.0 billion. That leaves a whopping RM28 billion out of the RM42 billion debt completely unaccounted for.

A primary school student would have been able to do the maths can call out Najib’s big bluff.

May 17, 2015 – Malaysiakini
By Tony Pua
Bursting Najib’s fantasy of RM42b TRX-BM land


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