YOURSAY ‘The real damage was not done by critics with genuine questions.’

Dr M's claims damaging economy, says 1MDB

Odin Tajué: Blaming former PM Dr Mahathir Mohamad for adversely affecting the Malaysian economy with his allegations against 1MDB only goes to show 1MDB’s propensity for disseminating falsehood.

The negative image suffered not only by the country but the economy as well has been brought about by PM Najib Razak and 1MDB.

Najib's unexplained source of great wealth, the display of same by his family, and his backtracking on his word such as the strengthening instead of the abolition of the Sedition Act together with the dubious dealings of 1MDB have affected the perception among foreigners of Malaysia and its government.

The 1MDB statement said, "Hence, this would represent a gain over time of US$488 million" (regarding the ‘units’ in a Cayman-registered fund, which is being held through BSI Bank Singapore).

This means no gain (profit) has been made yet. In fact, the phrase “would represent” in the sentence means that there is only the possibility of making that much in profit.

But when this matter came up recently, 1MDB said it had not only recovered the investment fully, but made a US$488 million profit as well. Therefore, it lied.

The additional proof that 1MDB has lied is its complete inability to satisfy its obligation to Malaysian banks to the tune of RM2 billion - which was only the interest payment - and have had to borrow from tycoon Ananda Krishnan.

1MDB said, "In this particular case, 1MDB purchased power plants from the original private sector owners i.e. first generation IPP (independent power producer) investors, who were granted lucrative, long term, fixed price contracts during the time Mahathir was prime minister."

1MDB’s desire to put Mahathir in a bad light again is obvious. But never mind that. If the companies had enjoyed guaranteed profitability, how is it then that they have, as per your claim, racked up RM6 billion in debts and which fact has not been revealed until recently?

Have you, in fact, padded the selling price with that RM6 billion for reasons not hard to guess at?

Just cut all the camel dung from the Middle East and all the bulls**t from Malaysia. Just tell us if you have those billions invested here and there, how is it that you are unable to pay even the interests on your loans.

But you most likely can't. Shall we assume you can't because some of the billions have been spirited away? 

Pemerhati: Now Najib is blaming Mahathir. If Mahathir had not ‘stolen’ billions through various crooked schemes (e.g. secret lop-sided IPP and road construction deals hidden behind laws like the Official Secrets Act), the money could have been used to build infrastructure and all the roads could have been toll free and the electricity rates would have been very much lower.

One of the ways Najib is misusing large sums of money is by paying ridiculously high prices for the power plants (interestingly the same power plants from which Mahathir ‘stole’ billions when they were built) by borrowing money at ridiculously unfavourable rates, even though he could have got the old plants for almost free if he had waited a few years.

Najib knows that the more he borrows, the more he can siphon and the loans can be settled by getting the money from taxes like the Goods and Services Tax (GST) and he can stay in power by manipulating the elections and using the race and religion formula.

Speaking Sense: If 1MDB and the finance minister had come up with factual and truthful answers from the very beginning when concerns were raised by the opposition, there would have been no questions of damage done.

The real damage was not done by critics. It was done by a slew of misinformation and inaccurate answers and downright lies and denials from 1MDB, Najib, Husni Hanadzlah, Ahmad Maslan and the whole lot of ignorant and incompetent members of the cabinet.

So don't put the blame on others, 1MDB chief Arul Kanda and Co.

Anonymous 23651434356067: Indeed, if the questions were answered correctly and clearly, no one would continue to question 1MDB. Please do not think rakyat are stupid.

Anyway what is being done by the country leaders are itself damaging to the economy. It is the ordinary citizens who have to bear the cost.

Anon1: Our economy is based on ‘sucking’ national oil company Petronas dry and use its money for projects to benefit cronies, with the regime hoping that this will somehow trickle down to the rakyat.

The other way is to suck the monies of Malaysians via taxation to keep an overly bloated civil service happy so that they keep the regime in power.

Want to talk about rubber and palm oil? Refer to Thailand and Indonesia.

Jetty Lee: All Malaysian politicians beware. You can say whatever you want. What is the value of our ringgit now? It is no longer a strong currency.

The Japanese during their short occupation of Malaya in the early 40s introduced their 'banana currency' which is now worthless. With the current financial fiascos happening in Malaysia, is the ringgit turning into another 'banana currency'?

Anticonmen: Too bad. Mahathir removed all controls and checks and balances in government during his time and made it so easy for an unscrupulous successor to loot.

Who’s damaging the economy - Dr M or 1MDB?

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