Tuesday June 20, 2017
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Liow said the problems with 1MDB have been clearly articulated, such as poor business model, weak management or governance and excessive reliance on debt. — Picture by Saw Siow FengLiow said the problems with 1MDB have been clearly articulated, such as poor business model, weak management or governance and excessive reliance on debt. — Picture by Saw Siow FengKUALA LUMPUR, June 20 ― The United States’ Department of Justice (DoJ) must prove its latest allegations relating to 1Malaysia Development Berhad (1MDB) in a competent court of law, otherwise it will remain inconclusive, said Transport Minister Datuk Seri Liow Tiong Lai.

He said Malaysia has conducted multiple investigations into 1MDB as evidenced by the detailed report produced by the bipartisan Public Accounts Committee (PAC) which was in turn based on the findings of the Auditor-General’s Department.

He said in addition, Bank Negara Malaysia had also conducted an investigation and subsequently imposed fine on 1MDB.

“The police are continuing their investigation independently, without fear and favour.

“The government has therefore taken all necessary actions to look into the issue,” he said in a statement today.

Liow, who is also MCA President, said this in response to the latest DoJ’s lawsuit to recover assets allegedly embezzled from 1MDB.

He said the problems with 1MDB have been clearly articulated, such as poor business model, weak management or governance and excessive reliance on debt.

“These are painful but important lessons to be learnt. Through professional management and the strong leadership of Mr. Arul Kanda (Chief Executive Officer of 1MDB), the 1MDB rationalisation plan has been successfully implemented,” he said.

Liow said that the 1MDB issue has been over politicised by irresponsible parties in their effort to overthrow a democratically elected government.

“And now these irresponsible parties have gone to the extent of being willing to work with foreign forces to achieve their agenda which is unfortunate,” he said. ― Bernama

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