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PM Warns Of Action If Wrongdoing Found In 1MDB

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KUALA LUMPUR: Action will be taken against any wrongdoing found in controversial state investment fund 1Malaysia Development Bhd (1MDB), Prime Minister Datuk Seri Najib Tun Razak said.

“The Public Accounts Committee last week submitted its report to Parliament. It identified weaknesses in 1MDB’s structure and management, and as I said last week, we must ensure that lessons are learnt.

“Action will be taken if any evidence of wrongdoing is found. In addition 1MDB’s board of directors has offered their resignation” Najib said in his keynote address at the 12th Invest Malaysia (IMKL2016) here on Tuesday.
However in defence of 1MDB, which the Prime Minister said had been a subject of wild allegations, he said there would be evident legacy of the fund when Tun Razak Exchange and Bandar Malaysia projects are completed.

“The reality is that there is a rationalisation process and it is working. Substantial debts have already been cleared, including the recent repayment of a RM950mil standby credit facility provided by the government last year.

“Its assets are more than its liabilities, and those assets are real and can be seen by the process they are fetching. The uses to which some of those assets will be put, will be evident in the future, when two vibrant new centres will spring up in Kuala Lumpur, at the Tun Razak Exchange and at Bandar Malaysia in the south of the city.

“In the years to come, they will be the real legacy of 1MDB. They will be what is remembered, and history will show that the shameful politically motivated allegations made to unseat a democratically elected government were false,” Najib said.

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