For years, former Prime Minister Najib Razak had been lying through his teeth about 1MDB financial health. As early as 2015, the crook claimed the sovereign wealth fund 1Malaysia Development Berhad (1MDB) had more assets than liabilities. Amazingly, gullible and ignorant village folks actually believed his simplistic cock and bull story.
Like a broken record, Mr. Najib’s paid cybertroopers, propagandists and bloggers screamed until foaming at the mouth that the 1MDB indeed had more assets than liabilities. So, if the assets were more than liabilities, how could anyone say 1MDB was a failed project, let alone going bankrupt?
It didn’t cross their minds that if 1MDB had more assets than liabilities, why was there a need to borrow (or rather steal) money from KWSP (EPF), KWAP, PNB, LTAT, Takaful, Tabung Haji and whatnot to rescue 1MDB. Yes, billions of dollars were siphoned through bonds, sukuk, credit and cash because Najib’s project actually had mountains of debts.
As of January 2016 – when Najib Razak was still in power – the Public Accounts Committee (PAC) already admitted that 1MDB’s debt stood at RM50 billion, a spectacular increase from 2009’s debt of RM5 billion, which went up to RM42 billion (2014). But after the Najib regime collapsed in the May 9, 2018 general election, declassified reports have changed the perception about the PM’s thievery skill.
A 2016 auditor-general report on 1MDB, which Najib the son of Razak had classified as an official secret for obvious reasons, revealed that the scandal-tainted firm had debt commitments totalling RM74.6 billion, inclusive of interest and borrowing costs, from November 2015 to 2039. That amount is nearly double the RM42 billion debts publicly revealed in March 2014.
Yesterday (Jan 8), Mr. Najib’s most hated media – the Wall Street Journal (WSJ) – exposed yet another article alleging secret deals of Chinese kickback offers to bail the corrupted Najib’s 1MDB project in return for lucrative infrastructure projects under President Xi Jinping’s “One Belt One Road Initiative” – including the East Coal Rail Link (ECRL) and Trans Sabah Gas Pipeline projects – at above-market values.
That two mega projects – the East Coast Rail Link (ECRL) and the construction of two gas pipelines – have been cancelled by the new government. When former premier Najib announced his pet project ECRL, it was announced that it would cost taxpayers RM55 billion for the entire 688-km line. The nightmare started after Mr. Najib lost the 14th general election on May 9th.
When the new Pakatan Harapan government revealed that the final cost of the ECRL project is actually jaw-dropping RM81 billion (US$20 billion; £15.4 billion), it raises eyebrows. But it was just the beginning. Well hidden amongst so-called “red-files”, the new Ministry of Finance later discovered – after weeks of digging – that Najib had stolen more than anyone can imagine.
The two gas pipelines – a RM5.35 billion (US$1.3 billion; £1 billion) oil pipeline connecting the towns of Malacca and Port Dickson to Jitra in northern Peninsula Malaysia, and a RM4.06 billion (US$1 billion; £760 million) gas pipeline in the state of Sabah, linking the Kimanis Gas Terminal to the cities of Sandakan and Tawau – would cost the country another RM9.41 billion.
Both ECRL and gas pipelines were awarded to China-backed companies by Najib Razak. Amazingly, RM8.3 billion had been paid in the case of the gas pipeline project, constituting 88% of total project value despite only 13% work completion. Eventually, ECRL project was suspended in early July pending Mahathir’s renegotiation deal with China.
Beijing had also offered to bug the homes and offices of WSJ journalists stationed in Hong Kong investigating the 1MDB issue to find out where the journalists were obtaining their information. Apparently, WSJ made the jaw-dropping discovery based on new documents – minutes of meetings – during a sweep of Najib’s office after the downfall of the previous regime.
As a sweetener, China also allegedly was going to use its influence in the U.S. to ensure that any charges on the 1MDB mega financial scandal will be dropped. More damagingly, WSJ reveals that the disgraced Najib would authorise China’s navy ships to dock at two Malaysian ports – seriously undermining the country’s sovereignty as well as its status as a neutral nation.
Of course, former PM Najib Razak and Chinese Embassy in Kuala Lumpur have denied the damaging news report. To admit otherwise would mean both parties were engaged in corruption of the highest order. Hiding behind China, Najib has even warned the Mahathir government to be careful about “offending” the economic superpower for believing the secret deals.
In actual fact, the WSJ exposure is nothing new. Back in 2016, the Sarawak Report had already unveiled Najib’s secret deal with China to pay off 1MDB massive debts, jacking up the ECRL project cost by a whopping RM30 billion of taxpayers’ money to bail out his 1MDB pet project. The meeting minutes found and published by the WSJ only confirms the crook’s talents in stealing money.
But the offer to allow Chinese People’s Liberation Army Navy to dock and use Malaysian ports is quite flabbergasted, although it’s not surprising. Sure, Najib has rubbished such arrangement or authorisation. But was such deal beyond his capability, because he would never betray the country’s sovereignty in exchange for cash?
Get real, Najib would sell his wife Rosmah Mansor to Beijing if the price is right. The clearest sign and proof that the world’s biggest crook would not think twice about committing treason is the revelation of him and his cousin Hishammuddin Hussein having deployed the country’s military to “Yemeni Civil War” in 2016 – without approval – just to suck up to Saudi Arabia’s royal family.
Despite his denial, Najib was infamous for his “You help me, I help you” mantra, in addition to his “cash is king” philosophy. He is not only a crook, but also a traitor who had sold the country to the Chinese Communist Party. Amusingly, 4-million gullible and ignorant voters still voted for him in the May 9 general election.
Source : Finance Twitter