Friday, February 27, 2015

No to Cash Injection for 1MDB

The Malaysian Insider learned yesterday that the Cabinet has turned down the proposed RM3 billion cash injection for the debt-laden 1MDB. Wow, it is showing that it has balls to say 'No'. 

If I was Najib Razak, I would be really pissed.

Other sources have also confirmed the Cabinet rejection, which is seen as a blow to the wholly-owned government company that the Prime Minister set up in 2009 to invest in key economic sectors.

"Options are narrowing for MoF as 1MDB cannot raise (their) own funds right now. It basically needs money from (their) only shareholder, the government", said another source.

Given the above, can Malaysians similarly expect the Cabinet to show it has balls by rejecting Najib?

In another development, the Public Accounts Committee wants the Auditor General's Department to immediately carry out an audit of 1MDB's deals. 

PAC chairperson Nur Jazlan Mohamed (left) said the immediate review should look into the source of the RM2 billion used to settle 1MDB's loans with local banks, the RM3 billion injection of government funds into the debt-laden company, its dealings with PetroSaudi International, and whether the money parked in Cayman Islands has been brought back.

I agree. The public needs to know the truth! Please, no more pussyfooting around.

I also hope this was a no-nonsense advice and not a political game.

The question is, will it happen?

But what’s the point? It seems that in December 2014, probably in the fourth week – all records were deleted from computers and servers at 1MDB. It was all hush-hush. Staff were contacted directly by phone or in person and told to take their machines immediately to the IT section in order to be wiped.

I hope I am wrong but it may already be too late to save 1MDB.

Nothing seems to be going right for my two teams, Celtic and Liverpool.

Yesterday, Celtic battled stoically in the San Siro before succumbing to a single stunning strike from Inter Milan's Fredy Guarin in the eighty-eighth minute and the Italian team sealed an aggregate 4-3 win to progress into the last 16 of the Europa League.

Also yesterday, Turkish side Besiktas emerged victorious (aggregate 1-1, penalties 5-4) against Liverpool. Rickie Lambert, Adam Lallana, Emre Can and Joe Allen scored but Dejan Lovren missed Liverpool's fifth penalty. With that, the Reds said goodbye to the Europa League. 

With this exit, Liverpool are left with the FA Cup as their last realistic hope of a trophy this season.

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