Najib write Satu Malaysia, in Chinese 
Jul 30 2011, 05:33 PM
QUOTE(joe_mamak @ Apr 14 2011, 03:53 PM)
http://www.malaysiakini.com/news/161491
PM accused of pulling wool over public's eyes
PKR de facto leader Anwar Ibrahim has accused Prime Minister Najib Razak of hoodwinking the people pertaining to last year's financial statement of the 1Malaysia Development Berhad (1MDB).
"We have today 1MDB's financial statements that expose the Barisan Nasional's blatant abuse of government funds and how it continues to mismanage the country," he said.
He was basing his comments on the IMDB's financial statement dated March 31, 2010.
He pointed out that he had last year aired his concern over 1MDB when Pakatan Rakyat exposed how the fund, which had been already allocated RM5 billion in 2009 via government bonds, was planning to raise another RM10 billion, which would have pushed up the fund's liabilities to RM15 billion by 2013.
He alleged that Najib had hoodwinked the people when he said that 1MDB had declared a profit of RM426 million in the first year of operations.
"He never told us how," Anwar (right) said.
He added that 1MDB was able to declare a profit for March 31, 2010 because it entered into a very suspicious transaction tantamount to a blatant attempt to deceive the people.
Back and forth dealings
"The profit declared was nothing more than an accounting entry to hide a trail of arrangements to create slush funds for the Barisan Nasional.
"Hardly five months after paying RM3.5 billion in cash for an investment in a joint venture with PetroSaudi of Saudi Arabia, 1MDB sold the invest back to the owners of the Saudi concern for RM4.1 billion.
"On the surface, this looks like stunning financial returns, roughly a RM615 million gain that helped 1MDB show profit.
"But careful reviews of the 1MDB's financial statements show a different picture," he said, adding that PetroSaudi is now paying for the transaction through an 11-year old loan scheme that will only be fully repaid in March 31, 2021," Anwar said.
He said nearly 70 percent of 1MDB's original capital is now tied-up in a loan, with no certainty of repayment.
He said PetroSaudi and many of its associates are companies incorporated in tax havens, such as Cayman Islands and the British Virgin Islands.
"Therefore, there will be no transparency of the transactions among 1MDB and PetroSaudi and its associates which will remain shrouded in secrecy," he said.
Sleight of hand figures
PM accused of pulling wool over public's eyes
PKR de facto leader Anwar Ibrahim has accused Prime Minister Najib Razak of hoodwinking the people pertaining to last year's financial statement of the 1Malaysia Development Berhad (1MDB).
"We have today 1MDB's financial statements that expose the Barisan Nasional's blatant abuse of government funds and how it continues to mismanage the country," he said.
He was basing his comments on the IMDB's financial statement dated March 31, 2010.
He pointed out that he had last year aired his concern over 1MDB when Pakatan Rakyat exposed how the fund, which had been already allocated RM5 billion in 2009 via government bonds, was planning to raise another RM10 billion, which would have pushed up the fund's liabilities to RM15 billion by 2013.
He alleged that Najib had hoodwinked the people when he said that 1MDB had declared a profit of RM426 million in the first year of operations.
"He never told us how," Anwar (right) said.
He added that 1MDB was able to declare a profit for March 31, 2010 because it entered into a very suspicious transaction tantamount to a blatant attempt to deceive the people.
Back and forth dealings
"The profit declared was nothing more than an accounting entry to hide a trail of arrangements to create slush funds for the Barisan Nasional.
"Hardly five months after paying RM3.5 billion in cash for an investment in a joint venture with PetroSaudi of Saudi Arabia, 1MDB sold the invest back to the owners of the Saudi concern for RM4.1 billion.
"On the surface, this looks like stunning financial returns, roughly a RM615 million gain that helped 1MDB show profit.
"But careful reviews of the 1MDB's financial statements show a different picture," he said, adding that PetroSaudi is now paying for the transaction through an 11-year old loan scheme that will only be fully repaid in March 31, 2021," Anwar said.
He said nearly 70 percent of 1MDB's original capital is now tied-up in a loan, with no certainty of repayment.
He said PetroSaudi and many of its associates are companies incorporated in tax havens, such as Cayman Islands and the British Virgin Islands.
"Therefore, there will be no transparency of the transactions among 1MDB and PetroSaudi and its associates which will remain shrouded in secrecy," he said.
Sleight of hand figures
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