Terengganu denies 1MDB link

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(May 14): Terengganu Menteri Besar Datuk Seri Ahmad Razif Abdul Rahman has denied his predecessor’s claims that 1Malaysia Development Berhad (1MDB) tried to use the state’s oil and gas industry as collateral.

The Star reported him as saying that no such attempt was made by Terengganu Investment Authority (TIA), 1MDB’s previous incarnation either, and added that the two firms had no links to one other.

“No such thing. Our exco would not have agreed as we also have a team of experts to advise us and that would not have happened,” Razif was quoted as saying after State Legislative Assembly sitting at Wisma Darul Iman yesterday.

“In fact, TIA does not have any relation with 1MDB.”

He said the state government had initially planned to invest RM1 million in TIA, but backed out after the state executive council felt it could not take such a risk.

“This issue does not arise, as 1MDB did not even exist at that time. TIA was formed to diversify our options because we were aware that petroleum, which contributes 90% of the government’s income, would not last forever,” Razif was quoted as saying in a separate article by Malay-language daily Sinar Harian.

Last Tuesday, former Terengganu Menteri Besar Datuk Seri Ahmad Said told the state assembly that 1MDB had attempted to use Terengganu’s oil and gas as collateral, but the decision was later withdrawn.

He said the attempt was made when 1MDB was linked to TIA, and that Prime Minister Datuk Seri Najib Razak was unhappy with his decision. – The Malaysian Insider