11
Nov
15

1MDB created to borrow money, Dr Mahathir tells UK daily

State investment firm 1Malaysia Development Bhd (1MDB) was created with the aim of borrowing huge sums of money to fund cash handouts for the Najib administration, Tun Dr Mahathir Mohamad said in an interview with The Guardian.

Speaking on the current financial scandal plaguing Malaysia, the country’s longest serving prime minister said Datuk Seri Najib Razak had been struggling to fund cash handouts for support, in patronage to politicians as well as cash payments to low-income households.

“So how do you raise money? That is the beginning of corruption.

“1MBD was created so they can borrow huge sums of money,” the British newspaper quoted him as saying.

“He needs a lot of money because he doles out money by the millions according to his own supporters. That is corruption. If you want to be popular, do a good job, you will be popular. But to buy people, it’s something morally degrading,” Dr Mahathir said in the interview.

Repeating his concerns to the paper about Najib’s “cash is king” approach, Dr Mahathir added that money borrowed from 1MDB was “not traceable”, and that 1MDB officers had resigned because the money was not properly used.

“I told [Najib] that when you borrow the money, it is not sovereign wealth, it is borrowed money. You can’t do it like this.”

Dr Mahathir also told The Guardian he doubted that RM2.6 billion channelled to the prime minister’s personal accounts was really a donation and called for the funds to be investigated and its source traced.

The transfer of funds was first reported by The Wall Street Journal on July 2, citing documents from Malaysian investigators.

A large portion of these funds – US$681 million – was transferred to Najib’s accounts ahead of the general election in May 2013.

The Malaysian Anti-Corruption Commission (MACC) later said the funds were from a Middle Eastern donor whose identity has not been revealed, while Najib has denied taking 1MDB money for personal gain.

“He said he got the money from the Arabs. Well, show. If it is legitimate, why are you hiding it? Bring the Arab, we’ll find out how rich is he, what is his business before we can believe that he was given RM2.6 billion or US$700 million by a donor.

“How can you believe that?” Dr Mahathir said, adding that while he was prime minister, he had never been able to secure donations from Arabs.

…more
1MDB created to borrow money, Dr Mahathir tells UK daily
23/10/15 – TMI

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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
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