KUALA LUMPUR(March 17): All guarantees to financial instruments and letters of comfort which could burden the people with debt should be tabled in the parliament, says Umno veteran Tengku Razaleigh Hamzah

"As an Members of Parliament, it is our duty to ensure all guarantee on the financial instruments and letters of comfort which have burden the people with debt be tabled in the chamber. This is to ensure that we can evaluate it with full responsibility whether the people should be contibued to be burden by it," Tengku Razaleigh said in his debate in Parliament today.

He said the practice of not tabling any guarantee by the government to the parliament was a new practice, as during his years as Finance Minister, everything will be tabled.

"As I remember it, this is a new practice, we always tabled everything, all, letters of guarantee, letters of comfort, letter of supports," He said in respond to a question post by Pandan MP Rafizi on the letter of support for 1Malaysia Development Bhd(1MDB)'s RM5.8 billion bond.

The longest serving MP said this after 1MDB, a wholly owned unit by the Ministry of Finance, have become the talk of the town as it was burdened with a whopping RM42 billion debt. The government has admitted last week that a RM950 million stand by credit was given to 1MDB to temporary ease its cash flow problem, of which RM600 million has been spent.

Tengku Razaleigh also said that the MPs should ensure the government's revenue was used for the people's interest and not to used to pay interest to debtors and bond holders. The MPs and the people have the right to know the real status of nation's debt, he added.

When asked at the lobby whether he was referring to the debt-laden 1MDB, Tengku Razaleigh, or fondly known as Ku Li, said, "Faham faham aje. (up to your understanding)."

The Gua Musang MP also asked the government to postpone the implementation of the Goods and Services Tax(GST) as the country's economy is in dire situation, furthermore, people who have already suffered from high household debts, which has risen to 87.4%, should not be burdened.

"The people has the rights to know whether the GST pending to commence on coming April is going to benefit the country or it is only to pay interest to debtors and bond holders. The reason to implement GST should not be kept a secret," He added.

Tengku Razaleigh also wants Finance Minister Datuk Seri Najib Razak to reveal the financial status of Emloyees' Provident Fund(EPF) and Kumpulan Wang Persaraan(KWAP) and its investments in financial institution burdened by loans.

"This bring us to the issue of good governance which is important to the financial management of the country. The Prime Minister and Finance Minister should not in anyway in a situation of conflict of interest. This is a serious problem and long had been deemed not good by the Dewan Rakyat," he said.

It is worth noting that SRC International Sdn Bhd, wholly-owned by MOF has taken a loan of RM4 billion from KWAP to invest in Mongolia.

One way to solve the problem of conflict of interest, Ku Li said, is for the Cabinet ministers, MPs and public and private sectors decisionmakers then till now to declare assets.

"The declarations should be made periodically and kept by a independent body established under the Parliament Act," he said.

The veteran also asked the MPs from both affiliation to choose whether to put the people's interest before the party's interest. He proposed that they choose according to their conscience.

"Yang Berhormat, you should make a decision whether you want to fulfill the vow you've made when you sworn in as an MP or relinquish your right as an MP to the force outside of the Dewan Rakyat.

"The decision should be one that is fundamental to the people. This will be a historical moment to all the Yang Berhormat to choose whether you want to serve and bow to the people's wishes or to be with the party's leader," he said.

He also urged the MPs to have courage to approve or reject any proposal for the people's interest even if it is against the party's will.