AK is 1MDB’s white knight for Malaysia?

By admin-s On Feb 3, 2015

The implications of such a loan from an individual to a country, after all 1MDB is wholly owned by the ministry or government, speaks volume and to say the least, embarrassing.

Ng Kee Seng, The Ant Daily

Well, well. Is Malaysian tycoon Tan Sri T Ananda Krishnan (AK) 1Malaysia Development Berhad (1MDB)’s white knight to the rescue?

AK is reported to have firmed up an agreement to loan cash-strapped 1MDB as much as RM2 billion to help Prime Minister Datuk Seri Najib Razak’s pet strategic investment fund to settle a debt obligation to Malayan Banking Bhd (Maybank) and RHB Bank Bhd due at the end of this month.

If the report by The Edge, quoting sources, is reliable and accurate, the Malaysian government, specifically the Finance Ministry, is in a “financial crisis”.

The implications of such a loan from an individual to a country, after all 1MDB is wholly owned by the ministry or government, speaks volume and to say the least, embarrassing.

Consider these:

Malaysia, a country blessed with rich natural resources including oil and gas, needs a RM2 billion loan from an individual?
Is Malaysia in dire financial crisis, a result of a mammoth RM800 billion federal debt that is fast eroding confidencein the Ringgit?

Why would AK want to fork out money for 1MDB? To project himself as a saviour and do a national service?