31
Mar
17

1MDB debts – Still more than RM39 BILLION outstanding!

1MDB ‘alternative facts’ can fool some but not all, says Pua

DAP leader takes to task Prime Minister Najib Razak for omitting 1MDB’s RM39 billion worth of debt, mentioning only RM3.8 billion repayments in Dewan Rakyat reply.

“Najib has conveniently and mischievously failed to disclose the multiple elephants squeezed into the room,” Pua said before elaborating on the various debts or guarantees by Putrajaya in relation to the state-owned investment firm.

Pua listed them as follows:

  1. A 30-year RM5 billion bond which is guaranteed by the federal government;
  2. Two 10-year US$1.75 billion bonds which were guaranteed by Abu Dhabi’s International Petroleum Investment Corporation (IPIC) but have since been indemnified by the Ministry of Finance, Incorporated (MoF Inc);
  3. 10-year US$3 billion bond, guaranteed with a “Letter of Support” issued by the finance minister;
  4. US$1 billion advance by IPIC, indemnified by MOF Inc; and
  5. At least US$230 million worth of interest payments by IPIC on behalf of 1MDB, indemnified by MOF Inc.

“Hence, the total amount of 1MDB debt still outstanding, and directly or indirectly guaranteed by the federal government are RM5 billion and at least US$7.73 billion, bringing it to a grand total of more than RM39 billion.

“This is despite the fact that the federal government has already bailed out 1MDB’s real estate division by assuming 1MDB’s RM2.4 billion worth of sukuk and another RM800 million borrowed from Socso,” Pua said, adding that the RM39 billion was still outstanding despite 1MDB having already disposed of its power plant assets for a total of RM9.83 billion.

Pua took Najib to task for omitting the RM39 billion worth of debt, and instead mentioning only 1MDB’s RM3.8 billion repayments in his reply in the Dewan Rakyat.

“He even carefully worded his happy conclusion, that 1MDB no longer owes any bank any money or any other short term debts, to skew the impression and perception of those who are not alert or informed.”

…more
1MDB ‘alternative facts’ can fool some but not all, says Pua
March 31, 2017 – FMT

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