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1Malaysia initiatives finally drowned in debts

S.Ramakrishnan, 19/3/2015

BN won due to gerrymandering and unfair delineation of electoral boundaries. After 2013 elections Datuk Seri Najib dumped 1Malaysia and made moves to win back Malay votes and strengthen his position in Umno. All his efforts failed and to top it Malaysians witness the MH370 disappearance, drop in oil prices and now the 1MDB. 

Even though 1Malaysia initiatives did not bring the much needed national unity and harmony, but 1MDB sovereign fund turned out to be swelling pool that might drag down even the BN government. The complex money trails round the globe and the complex wheeling and dealing is simply complicated for even professionals. It’s amazing that a MOF linked company will billions of dollars being handled by personals not in the management using dubious companies and the MOF, PMO, BNM and Security Commission as just watching it happen. Within 5 years since its inception the sovereign fund accumulated 42 billion in debts and still counting. 

Assets pasted their expiry dates were purchased with excessive prices and prime lands allotted at nominal prices hoping for high gains on valuations. Excessive loans with high interest rates taken to finance the purchase of overpriced assets finally exposed the unsustainable business model of 1MDB. Billions of dollars transferred out with no questions from BNM to dubious accounts in Cayman Island managed by unknown fund managers from Hong Kong makes 1MDB a thriller story. Malaysians may forget all the other 1Malaysia initiatives but 1MDB will be remembered and quoted as how funds should not be managed. It is sad that a noble initiative turned out to be colossal mistake.     

 

 
 
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