One more major scandal coming right up, says Guan Eng

(TMI) – MALAYSIANS should brace themselves for another major financial scandal “related to the finance ministry” when it was helmed by Najib Razak, Channel NewsAsia reports today.

Finance Minister Lim Guan Eng told the news portal the government was preparing to reveal the details of yet one more case of financial misconduct and power abuse by the preceding Barisan Nasional administration.

“We hope to uncover all these within a hundred days. So after that we can move on,” he said.

“And I think that’s where the cleaning up begins… once the stock-taking is done, the cleaning up is done, the detoxification is completed, Malaysia can get back on track again.”

Soon after taking up office in the Finance Ministry on May 22, Lim had hinted that 1Malaysia Development Bhd’s multi-billion dollar losses affair could be just the tip of the iceberg.

He had revealed the existence of “red files” that could open the floodgates on financial scandals the ministry was involved in when Najib was finance minister.

The revelations that have ensued include the previous government having paid RM6.9 billion to service 1MDB’s debts since April last year, and that it had used proceeds from a deal with sovereign wealth fund Khazanah Nasional Bhd and from a land sale to Bank Negara to meet 1MDB’s debt obligations.

Lim had also blown the lid off a RM9.41 billion gas pipeline project, which contract had been awarded to a company linked to 1MDB. That company had allegedly received almost all of the payments it was due but had done none of the work.

Lim blamed all of the financial misdeeds linked to 1MDB squarely on the former prime minister and finance minister Najib .

He told Channel NewsAsia’ that Najib, who is formerly chairman of the board at 1MDB, was liable for the billions of dollars of debts faced by the insolvent state investment fund.

“I would personally think that he is fully responsible,” Lim said. “Only the finance minister can authorise these transactions. Of course, this is a matter for the investigative panel to decide, and if they think that charges are necessary, for the court to decide.

“As much as I feel that the buck stops at the former finance minister’s desk, we’ll let investigations and due process take its course.”

Najib is currently being investigated by anti-graft officials over allegations millions of dollars had been misappropriated from 1MDB, with police raiding residences linked to him and his family over the past few weeks.

Lim has accused him and his government of lying through their teeth when talking about the national debt, which the Pakatan Harapan government said was in reality closer to RM1 trillion than the RM689 billion they had declared.

“We should feel fortunate that we are able to change the government now,” Lim said.

“If the previous government is given another term, I think the RM1 trillion… that will become easily RM3 trillion. So by that time, nothing we do will be able to save the country.

“I would even think that we would be beyond salvation then.”