YOURSAY ‘Wasn’t there also a recovery plan for both NFC and PKFZ?’
Najib confident recovery plan for 1MDB will work
Commentable: Prime Minister Najib Abdul Razak, do you know how many similar "recovery plans" were hatched for other failed state-owned projects and companies?
In the 1980s for example, there were the RM2.5 billion Bumiputera Malaysia Finance (BMF) scandal, the RM1.5 billion Maminco scandal, the RM1.5 billion Co-operatives Finance scandal; and in the 1990s, the RM30 billion Bank Negara forex scandal and the RM11 billion Perwaja scandal.
Then, in the 2000s we had the multi-billion ringgit Malaysia Airlines (MAS) and Scorpene scandals, the RM12.5 billion Port Klang Free Zone (PKFZ) scandal; and in the present day, the one that takes the cake, the 1Malaysia Development Bhd (1MDB) scandal.
Tell me honestly, of all the multi-billion ringgit scandals, how many of such "recovery plans" really worked? The rationale of a "recovery plan" is to put a company's financial books from red to black (or plainly, from negative to positive).
Tell me Mr PM, if 1MDB's business is so good and it is financially healthy, then why do you need a recovery plan? A RM42 billion debt is no small matter. Have you any idea what it takes to recoup back all that money?
By the way, Mr PM, since you already deduced that a recovery plan is needed for 1MDB, why do you still need answers from the Auditor-General's Department?
You already made a foregone conclusion that the money is already not there anymore, right? So now what needs to be done is to just follow the money trail. Cut all the chase, if you are really serious in getting the money back from the culprits involved.
Abasir: Recovery? Rescue? From what, Najib?
Didn't you and members of your advisory board always maintain that everything is fine, that no money has been lost, that 1MDB is a goldmine and that you will be vindicated once the audit is completed?
What happened? The RM42 billion gone forever? Stolen? Lost in the Caymans? Transferred to the accounts of persons known and unknown? Spent on jewellery? Properties along Fifth Avenue? Splurged on a wedding?
Onyourtoes: My dear PM, can you please stop talking nonsense. We didn't set up 1MDB to have a recovery plan for it. We formed 1MDB to create value and to make Malaysia prosper, am I right?
Why are we messing up everything we do? Why are we starting a 100 metre race 20 metres behind the others? The recovery plan to reduce 1MDB’s debts is baloney. Has it ever occurred to you that you are creating even more problems?
Frankly, I don't expect your ministry to understand what I am trying to say here. Knowing what you don't know is the beginning of wisdom. Not knowing what you don't know is nincompoopism. Your ministry if full of nincompoops, starting with your secretary-general.
Oh yes, I forget, there was also a recovery plan for the National Feedlot Corporation (NFC). And a recovery plan for the Port Klang Free Zone (PKFZ), too.
RCZ: Of course, there will be a 'recovery'. Government bodies will be forced to bail 1MDB out.
If billions of rakyat’s monies could be siphoned out so easily with absolutely no accountability and bordering on outright theft, billions of rakyat’s monies can be moved back in to cover the theft.
The answer we need is what happened to the billions in the first place and why did it go to unrelated companies and persons?
Prudent: Even if 1MDB becomes very profitable, it doesn't mean that we can forget about the missing RM28 billion. The two are different issues.
1MDB may well recover, given that the government sold its land in the Tun Razak Exchange (TRX) and Bandar Malaysia, which is centrally located in Kuala Lumpur, and that the licences of its power assets can be renewed and that the Penang land value is appreciating.
But only RM14 billion was spent out of the RM42 billion raised through borrowings. Where is the missing RM28 billion?
No Cow Sense: Mr PM, it is not about recovery. Of course, all Malaysians are worried and hope that 1MDB will recover from its present predicament. It is about corporate governance, transparency and accountability.
When you cannot explain in simple layman's term how the RM42 billion loan has been spent, it makes us very, very worried that a big chunk of the money has disappeared into someone's pocket.
The audit report will surely come out, sooner or later. But that report is for the professionals and maybe politicians to digest. We, the common people, need to know in simple terms where the money has gone.
Let the auditor-general's report take care of the nitty-gritty of an audit but you must convince the common people that the people's money is still safe. Please don't repeat the same old excuse that you must wait for the auditor's report.
Saphire: We are not interested in your projection of profit in future, which is uncertain. We are more interested in the remaining billions of ringgit after the purchases of land and power stations.
Najib, do not wriggle yourself out of the mess that you have created. Do tell us how the remaining billions vanished. Everyone wants to know. Stop telling cock-and-bull stories.
Bringon14: A plan must have set parameters by which others can judge to ascertain success or failure. These should be set out clearly. Without these clear parameters all that you are doing, Mr PM, is just talking.
You cannot have a plan that is to be judged using a ‘sooner or later’ criterion. What is the deadline? What are the criteria that must be met? As it is, all this is just smoke and mirrors.
Paul Warren: I am now confused. I believe and support PM Najib. Up to now, he has been saying 1MDB is on to a good thing and everything is all right and good. He even assured me that if he had the money, he would invest in 1MDB (which he described as a goldmine).
But now he talks about recovery. Recover from what? If it is on a roller-coaster ride upwards, what is the need for a recovery? Unless he is now saying that it is in the depths of the abyss?
Imanust Nais Yalam: I am just waiting for the banks to down grade in the credit rating of Malaysia when 1MDB defaults on its loans. It is a matter of time Najib goes, willingly or otherwise.
Victor Johan: PM-cum-Finance Minister Najib, can you just answer this simple question of how the loan of RM42,000,000,000 was spent, invested or whatever you want to call it.
Just answer this simple question, will you?
Well Thats Fantastic: Indeed, the 1PM doesn't know his goose is cooked already.
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