KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak is not involved in the daily operations of the debt-ridden 1Malaysia Development Bhd (1MDB), UK paper The Sunday Times quoted Putrajaya as saying.
The paper, which had collaborated with whistleblower website Sarawak Report to expose the role of businessman Low Taek Jho (Jho Low) in allegedly siphoning off US$700 million (RM2.53 billion) from 1MDB, was told by Putrajaya that 1MDB was run professionally and had had its accounts audited by international auditors.
“The Malaysian government said the prime minister was not involved in the day-to-day operations of 1MDB, which is run by a professional and experienced team. Its accounts were audited by Deloitte,” The Sunday Times reported in an article yesterday.
Najib, who is also finance minister, is chairman of 1MDB’s advisory board. The fund, which was his idea, is owned by the finance ministry.
The article, titled “Harrow playboy linked to troubled Malaysian fund”, was lifted and published on Sarawak Report’s website.
It carried this quote by Putrajaya: “Views expressed by certain quarters concerning 1MDB should be examined in light of political motivation. However, if any wrongdoing is proven, the law will be enforced without exception.”
The Sunday Times also reported that a source “close to Low” — who dismissed claims that Low had acted as a broker for 1MDB — said “he (Low) had not profited personally from the fund” although he had given his views to the company.
“The firm consulted Low on the project but he wasn’t paid,” The Sunday Times wrote, referring to 1MDB’s joint venture with little-known oil company, PetroSaudi International Ltd.
The Sunday Times also interviewed former prime minister Tun Dr Mahathir Mohamad, who said an investigation should be launched into 1MDB. “Somebody must be doing something stupid to part with US$700 million for no very good reason as far as I can see,” he was quoted as saying. — The Malaysian Insider
This article first appeared in The Edge Financial Daily, on March 2, 2015.