Friday 29 Mar 2024
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KUALA LUMPUR (April 12): 1Malaysia Development Bhd's (1MDB) planned Tun Razak Exchange (TRX) and Bandar Malaysia real estate projects here "will be the real legacy" of the Malaysian Government-owned company, Prime Minister Datuk Seri Najib Tun Razak said.

In his keynote address at Invest Malaysia 2016 today, Najib said TRX and Bandar Malaysia would become vibrant new centres. TRX is located along Jalan Tun Razak near the iconic Petronas Twin Towers while Bandar Malaysia is the site for the old Sungai Besi airport.

"The uses to which some of those assets will be put will be evident in the future, when two vibrant new centres will spring up in Kuala Lumpur, at the Tun Razak Exchange not far from here, and at Bandar Malaysia, in the south of the city.

"In the years to come, they will be the real legacy of 1MDB. They will be what [are] remembered. And history will show that the shameful politically-motivated allegations made to unseat a democratically-elected government were false," said Najib.

Najib, who is also finance minister, is also chairman of 1MDB's board of advisers.

He said 1MDB's rationalisation was working following its debt repayment. The debt includes the RM950 million standby credit facility from the government.

Najib reiterated that lessons must be learned from 1MDB's weaknesses, which were outlined in the Public Accounts Committee (PAC) report.

Action would be taken if any evidence of wrongdoing was found, he added.

He said there would be accountability for 1MDB as the success of government-linked corporations and consistent economic growth would not be possible without accountability.

"The report also shows that the allegations of RM42 billion going missing, as some claimed, are completely false. Malaysia's name has been unfairly dragged through the mud," Najib said.

 

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