KUALA LUMPUR: State investment firm 1Malaysia Development Bhd (1MDB) will leave behind a lasting “legacy” despite politically-motivated allegations levelled against it, said Prime Minister Datuk Seri Najib Razak.
Najib said this was because allegations perpetrated against a democratically elected government, had been proven false and that the projects under 1MDB such as Tun Razak Exchange (TRX) and Bandar Malaysia are well underway.
“Certain people have placed their personal interests and agendas above the country’s interests, by making wild allegations against 1MDB,” Najib said in his speech at the Invest Malaysia 2016 forum today.
Najib said the report on 1MDB tabled by the Public Accounts Committee (PAC) recently had proven wrong many allegations made against the sovereign wealth fund.
“The PAC report has proven false allegations that RM42 billion had gone missing, for example. History will show that the shameful, politically-motivated allegations made against a democratically elected government are false,” said Najib.
He said with the establishment of two new “vibrant centres”, namely the TRX and Bandar Malaysia, time would prove that the allegations against 1MDB were fabricated in an effort to unseat the government.
“In the years to come, they (TRX and Bandar Malaysia) will be the real legacy of 1MDB.”
Najib, who is also finance minister, reiterated that 1MDB’s assets far exceeded its liabilities and debts had been paid up through the rationalisation plan outlined by the cabinet.
“The truth is that there is a rationalisation process, and it is working. Substantial debts have been cleared, including the recent repayment of a RM950 million standby credit facility provided by the government last year,” he said.
Najib gave his assurance that action would be taken against anyone found to have committed wrongdoing in 1MDB.
“The PAC report identified weaknesses in 1MDB’s structure and management. We must ensure lessons are learnt.
“Action will be taken if any evidence of wrongdoing is found. In addition, recently, 1MDB’s board of directors had offered their resignation,” he said.