Friday 29 Mar 2024
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KUALA LUMPUR (Oct 30): Barely three days after calling for Felda Global Ventures Holdings Bhd’s top brass to be sacked, opposition lawmaker Tony Pua is now making the same call, this time, for Prime Minister Datuk Seri Najib Razak to sack the top management of 1Malaysia Development Bhd (1MDB) for paying RM1.54 billion in “certain commissions, fees and expenses" to Goldman Sachs Group Inc.

He was referring to The Edge Financial Daily’s report yesterday, which quoted the US investment bank as saying that the “certain commissions, fees and expenses” referred in the loan offer documents were standard terms used to describe part of Goldman Sachs compensation for the risks assumed in underwriting the bonds in question.

Pua said under normal circumstances, raising RM1.52 billion by an entity wholly-owned by the government should not have cost more than RM152 million.

“Instead, 1MDB foot a scandalous bill of RM1.54 billion,” he told a press conference at Parliament today.

Pua said the entire board of directors of 1MDB must also be taken to task for “failing its fiduciary duties to ensure that the management performs its tasks in a responsible and accountable for the shareholder, which is the government”.

“The chairman of the board, Tan Sri Lodin Wok Kamaruddin, who is also chief executive officer of Lembaga Tabung Angkatan Tentera, must account for why the 1MDB Board has been negligent to check on such incompetence and idiocy,” he added.
 

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