In response to mounting criticism and speculation on the operations of troubled sovereign development fund 1MDB, Prime Minister Najib Razak has stated clearly that local billionaire Low Taek Jho – or Jho Low – has no connection to 1Malaysia Development Berhad.
â€œMr Low Taek Jho has never worked with 1MDB and all decisions and dealings of 1MDB was done by the management and board of directors,â€ Najib explained, as reported by The Rakyat Post.
Najib’s statement was part of a written reply to a query by PKR member of Parliament from Wangsa Maju Dr Tan Kee Kwong, who asked the PM, who also serves as Finance Minister, to clear the air over the speculated ties between 1MDB and Jho Low.
Jho Low, in an earlier interview with the South China Morning Post, also denied any involvement in the sovereign fund’s operations and decision-making process, insisting that rumours about his role in 1MDB were “politically-motivated”.
In the same written reply, Najib also commented on a question by DAP Petaling Jaya MP Tony Pua on whether the Federal Govermnent would be on the hook for a USD3 billion (RM11.1 billion) loan taken up by 1MDB Global Investment Limited (1MDBGIL), due to a letter of government support issued by Najib’s administration.
â€œ1MDBGIL should use internal company funds, including all of its assets first.
â€œIf all these steps were taken and the company still lacked funds to settle the loan, only then will a letter of government support be effective,â€ he said.-MYNEWSHUB.CC