A Penang Umno division leader today lodged a report against Putrajaya's controversial sovereign wealth fund 1Malaysia Development Berhad over the mismanagement of its finances.
Khairuddin Abu Hassan, who is Batu Kawan division leader, lodged the report at the Dang Wangi district police headquarters earlier today.
He said he was "suspicious" and doubted the financial management of 1MDB, which he noted was not transparent.
Calling for a “detailed and comprehensive” investigation, Khairuddin urged authorities to interrogate 1MDB’s directors, and representatives of any company that might be implicated.
He said he lodged the report against the company and its board of directors after studying various reports in national and international print media and online media that “clearly proved” that there were weaknesses in 1MDB’s management of taxpayers’ funds.
1MDB also failed to be convincing in countering these allegations of impropriety, he said..
“As a responsible citizen,” he said, “I am anxious and worried over the very opaque manner of 1MDB’s management of its funds.
“As of March 2014, 1MDB is burdened with debts to the tune of RM41.9 billion, bearing the risk of bankruptcy and the loss of public funds. This will burden the Malaysian government as 1MDB’s guarantor."
The Umno leader also said that he would lodge another report against Prime Minister Datuk Seri Najib Razak, who is also the finance minister, should no action be taken.
1MDB, which is Najib's brainchild, had recently come under much scrutiny after several opposition leaders highlighted the fund's massive debts, dubious land deals and secrecy over its transactions.
Former prime minister Tun Dr Mahathir Mohamad, also one of 1MDB's fiercest critics, asked Putrajaya to explain how 1MDB benefitted Malaysians, as it incurred a RM38 billion debt within just five years of its operations.
Dr Mahathir also hit out at Najib and other Umno leaders for failing to address the controversies surrounding 1MDB at last month's Umno general assembly.
The Malaysian Insider reported today that the issue was brought up at this week's cabinet meeting chaired by Deputy Prime Minister Tan Sri Muhyiddin Yassin after a minister brought up the issue.
Najib is away on an official visit to South Korea this week and did not attend the cabinet meeting.
The Malaysian Insider understands that several ministers are concerned that they are in the dark about 1MDB and cannot give a clear explanation about the property-to-power investment company.
1MDB is in the process of listing its power assets and is also involved in the Bandar Malaysia and Tun Razak Exchange property developments in Kuala Lumpur.
Khairuddin also revealed that he had been asked by other delegates not to raise the 1MDB issue at the Umno general assembly last month.
Malaysiakini reported that the management committee of the assembly had not allowed him to debate on the matter.
The report also noted that Khairuddin, who was a staunch supporter of Dr Mahathir, was not concerned about the backlash he expected to face over the report.
"A lot of them (Umno members) did not want me to make such a report, especially when it concerns a company which is closely linked with Umno," he was quoted as saying.
"I want to make it clear to a few Umno leaders that this is the approach that Umno should take.
"The public's perception of Umno should change and the people must feel that Umno is responsible for all Malaysians and must become popular again." – December 12, 2014.
- See more at: http://www.themalaysianinsider.com/...dges-report-against-1mdb#sthash.jti7IBSm.dpuf
Khairuddin Abu Hassan, who is Batu Kawan division leader, lodged the report at the Dang Wangi district police headquarters earlier today.
He said he was "suspicious" and doubted the financial management of 1MDB, which he noted was not transparent.
Calling for a “detailed and comprehensive” investigation, Khairuddin urged authorities to interrogate 1MDB’s directors, and representatives of any company that might be implicated.
He said he lodged the report against the company and its board of directors after studying various reports in national and international print media and online media that “clearly proved” that there were weaknesses in 1MDB’s management of taxpayers’ funds.
1MDB also failed to be convincing in countering these allegations of impropriety, he said..
“As a responsible citizen,” he said, “I am anxious and worried over the very opaque manner of 1MDB’s management of its funds.
“As of March 2014, 1MDB is burdened with debts to the tune of RM41.9 billion, bearing the risk of bankruptcy and the loss of public funds. This will burden the Malaysian government as 1MDB’s guarantor."
The Umno leader also said that he would lodge another report against Prime Minister Datuk Seri Najib Razak, who is also the finance minister, should no action be taken.
1MDB, which is Najib's brainchild, had recently come under much scrutiny after several opposition leaders highlighted the fund's massive debts, dubious land deals and secrecy over its transactions.
Former prime minister Tun Dr Mahathir Mohamad, also one of 1MDB's fiercest critics, asked Putrajaya to explain how 1MDB benefitted Malaysians, as it incurred a RM38 billion debt within just five years of its operations.
Dr Mahathir also hit out at Najib and other Umno leaders for failing to address the controversies surrounding 1MDB at last month's Umno general assembly.
The Malaysian Insider reported today that the issue was brought up at this week's cabinet meeting chaired by Deputy Prime Minister Tan Sri Muhyiddin Yassin after a minister brought up the issue.
Najib is away on an official visit to South Korea this week and did not attend the cabinet meeting.
The Malaysian Insider understands that several ministers are concerned that they are in the dark about 1MDB and cannot give a clear explanation about the property-to-power investment company.
1MDB is in the process of listing its power assets and is also involved in the Bandar Malaysia and Tun Razak Exchange property developments in Kuala Lumpur.
Khairuddin also revealed that he had been asked by other delegates not to raise the 1MDB issue at the Umno general assembly last month.
Malaysiakini reported that the management committee of the assembly had not allowed him to debate on the matter.
The report also noted that Khairuddin, who was a staunch supporter of Dr Mahathir, was not concerned about the backlash he expected to face over the report.
"A lot of them (Umno members) did not want me to make such a report, especially when it concerns a company which is closely linked with Umno," he was quoted as saying.
"I want to make it clear to a few Umno leaders that this is the approach that Umno should take.
"The public's perception of Umno should change and the people must feel that Umno is responsible for all Malaysians and must become popular again." – December 12, 2014.
- See more at: http://www.themalaysianinsider.com/...dges-report-against-1mdb#sthash.jti7IBSm.dpuf
