05-06-2015, 02:20 AM
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Malaysian ringgit could plunge to 1998 levels if 1MDB debt unpaid
An honorable member of the Coffee Shop Has Just Posted the Following:
Malaysian ringgit could plunge to 1998 levels if 1MDB debt unpaid: Malaysia Second Finance Minister
PUBLISHED: 9:17 AM, JUNE 4, 2015
“If the financial sector is quiet until now, that means the issue of money lost is not there,” he said.
He also insisted that the passing of 1MDB accounts through three different audit firms including KPMG and Deloitte was normal practice, saying that such firms would let go of the books after three years.
On the alleged involvement of billionaire businessman Low Taek Jho in 1MDB’s deals, Mr Husni dismissed the claims, saying the issue does not even arise.
In March, Prime Minister Najib Razak ordered the Auditor General and Public Accounts Committee to investigate 1MDB.
1MDB was incorporated in 2009, after the prime minister announced the decision to turn the Terengganu Investment Authority (TIA) state fund into a federal agency.
Since then, 1MDB has been dogged by negative publicity over its finances and debt, and most recently cash flow problems that saw it struggle to meet a RM2 billion loan payment.
THE MALAY MAIL ONLINE
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