Dr M upset 1MBD not discussed at Umno general assembly
Dr M pours out his many grouses about Najib’s handling of 1MDB, TPPA and the country’s flawed education policy
(Free Malaysia Today) – Former premier Dr Mahathir Mohamad stated his extreme disappointment that 1MDB and other key issues gravely affecting the country were not addressed at the UMNO General Assembly last week.
In his latest blog entry, Dr M, as he is popularly known, did however congratulate the president of UMNO for retaining the Sedition Act, but said, “I’m disappointed that the rakyat is still complaining that they were unable to influence the stand of UMNO and the government.”
1MDB
The Sedition Act aside, Dr M was most unsettled by Najib’s outright refusal to bring up the issue of 1MDB, much less the mounting allegations heaped against it by various parties.
“The biggest question mark is not the rise in electricity tariffs because of the purchase of a power station, but the high purchase price, paid with money borrowed at the highest ever interest rate charged to the government and with a commission to Goldman Sachs of 11%.”
Why Cayman Islands?
Dr M also questioned the government’s decision to invest and deposit 1MDB funds in the Cayman Islands when this was the preferred location for ordinary companies and general investors who dabbled in hedge funds and currency trading. He said the government did not invest in hedge funds or venture into currency trading because these were high-risk gambles hence the decision to keep 1MDB funds there was questionable.
Dr M also cited Long Term Credit Management (LTCM), saying this was one of the hedge funds that experienced big losses that consequently bankrupted many banks and investors, resulting in it having to be rescued by Wall Street investors and the US government.
In explaining Malaysia’s position, he said, “The Malaysian government has been courted to invest in hedge funds before with guaranteed returns of 30%. We rejected the offer.”
“The government does not generate funds through gambling, whether directly or indirectly,” Dr M stressed.
Trans Pacific Partnership Agreement (TPPA)
Dr M also touched on the topic of the TPPA agreement, saying it was harmful despite efforts to improve the status of the Bumiputera. He said this was so because the agreement was more focussed on interfering with the affairs of the country and sanctions against China.
Dr M also expressed his regret that there has been no intention as yet by the government to distance itself from signing the agreement.
