Will 1MDB be Najib’s Achilles' heel?
MalaysiaKini.com
Nov 13, 2014

YOURSAY ‘Whatever his motive, Dr M did the right thing in criticising 1MDB.’
 
Mahathir pans PM's debt-ridden brainchild

Ferdtan: For once, we are happy that former prime minister Dr Mahathir Mohamad is on the same page as the opposition with regard to the ailing state-owned investment arm 1Malaysia Development Bhd (1MDB).
 
His motive? It is not important as long as it is to the benefit of the rakyat that such criticism is being raised. Something must be done before our country plunges to bankruptcy.
 
The opposition, PKR's Rafizi Ramli and DAP's Tony Pua in particular, have been exposing the dangers of 1MDB’s borrowings for so long, but it had no traction because of the polarised politics we have in this country. It is a case of “you're either with us or against us”.
 
Pua, in one of his ceramah sessions, said in order to recoup the heavy losses, partly due to 1MDB's unexplainable buying up of unprofitable companies at inflated prices and huge interest rates for the billions of dollars of loans (possibly some with government guarantees), the government is now desperate to help out (read: bailout?).
 
Accordingly it seems that a few non-tendered utility contracts had been awarded to 1MDB without proper due process.
 
If more such special privileged treatments are given to 1MDB, it is a no-brainer that the company will turn around in no time, especially with full backing from the government. The question is, who loses in the end?
 
Prices and taxes will ultimately have to be raised. Now, since this 1MDB issue is raised by the former Umno president who still has a strong influence in the party, the people involved in 1MDB must be shaking in fear.
 
The government cannot just dismiss it like before. Will 1MDB be PM Najib Razak’s Achilles' heel?
 
Anonymous_3e21: Whatever his motive, Mahathir did the right thing by highlighting the 1MDB issue. It is a time bomb waiting to destroy the nation.
 
Yes, I do agree there were wastes in the projects launched by Mahathir but IMDB is beyond comparison and worse still, we do not know exactly how the fund is being managed or manipulated by those with vested interests.
 
But my greatest fear, knowing Najib’s level of intelligence, is that he too doesn't know what is going on with the fund. More so when Najib entrusts men like tycoon Jho Low to be in charge. 
 
Headhunter: The gist of the matter is that 1MDB is shrouded in secrecy and the fund is not in the country but parked offshore. Nobody really knows how much is injected into the fund and worst of all, where the money has gone.
 
The whole thing smells like a rat, a big scam in progress. And Malaysians will be losers in the end.  
 
Prudent: We still need Mahathir to check the rot - something that the opposition could not do before GE14. By GE14, Malaysia could be bankrupt and our bank deposits and Employees Provident Fund (EPF) savings seized to pay the debts.
 
The kleptocractic greed is without limits. I am all for Umno setting up a presidential council to supervise the PM, even if there is a danger that the presidential council itself could join the plundering.
 
It should at least buy the rakyat time before GE14. And even that, the opposition’s chances of toppling Umno-BN in GE14 is less than 50 percent, given the massive cheating in GE13 and the disarray within the Pakatan Rakyat ranks.
 
Ericlcc: Yes, I wholly agree with Dr M. This 1MDB is a needless waste of borrowed funds that is not being prudently used. Future generations will have to bear the bulk of Umno's financial folly today.
                                               
Loveforpeace: Malaysia has resources in abundance to pay back 1MDB's debt. Of course, debts in billions of ringgit might sound intimidating. But being among developing countries, debts in billions are required to meet the fast-paced development.
 
Mahathir was the brainchild of his costly Vision 2020 and now he is against it by criticising the 1MDB'S gutsy ventures.
                                                                                                           
Yum Seng: No 'thanks' to Mahathir who keeps on criticising Najib's administration. Yes, maybe on paper it shows that 1MDB has debts, but with the businesses that the company has invested in, it will profit the country. In future.
 
2Kali5: For once, lots of people will agree with Mahathir. How can one borrow by issuing bonds at highly discounted price with equally high interest rate and hope to make money?
 
It just doesn't make sense. It can be likened to a Ponzi scheme, in this case borrowing on collaterals by issuing sovereign letters of comfort. The people who ill-advised Najib on the scheme, and those who approved it, should be held accountable.
 
Not Smart: Mahathir, you have raised your concern on the nation's poor financial status at the right time.
 
Since the nation consists of over 60 percent Malay population, this issue must be seriously debated during the coming Umno general assembly as it will largely affect them, directly or indirectly.
 
Fair Play: And so it comes to pass that the enemy (Dr M) of Pakatan's enemies (BN) is their (Pakatan) friend. So, there is no such thing as a permanent friend or enemy in politics.

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