Monday, March 16, 2015

The Government Admit 1MDB Unsustainable

Second Finance Minister Ahmad Husni Hanadzlah (left) formally acknowledged on Thursday that 1MDB is in an “unsustainable” financial position with a “cash flow problem and a high net gearing of 17 times”. 

It confirmed what Malaysians have known all along – that the 1MDB entity represent a Najib Razak failed experiment in his far-fetched attempt to demonstrate his business acumen. 

1MDB are nothing more than an unsustainable edifice erected almost entirely on debt. Any business student worth his or her salt knows 1MDB are doomed right from the start. If this is how the prime minister shows the country how clever he is, then God help us!

Ahmad Husni also disputed a news report that the federal government had “loaned” 1MDB RM970 million, calling it “standby credit” instead and that the figure is lower at RM950 million. Whatever the actual amount is, the fact is public money is now being used. And this is official. Supposedly, RM600 million had already been used. 

The alarm bells are ringing, pealing and clanging. But the government are not paying heed. They are just pouring money down the drain. They are taking our monies to prop up an ailing enterprise that are sinking fast. They are being incautious, injudicious and irresponsible. 

From Friday to Sunday, Toastmasters from nine different clubs came together to host the SMK Subang Utama YLP (Youth Leadership Program) for fifth-formers. I am thankful that I could secure the services of Toastmaster friends to make this 3-day event a success.
The pictures all tell a story:

No comments: