Guan Eng: Finance Ministry Has Been Bailing Out 1MDB

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KUALA LUMPUR, May 22 –  The government has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit, the newly appointed finance minister Lim Guan Eng said today.

The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to RM5.05 billion, he said in a statement.

“The above confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that they have been paid via a “successful rationalisation exercise. All these while it has been the MoF (finance ministry) who has bailed out 1MDB,” he added.

The previous government has “conducted an exercise of deception”, not just over 1MDB, but also misrepresented the financial situation in Parliament. Lim, who was sworn in as Finance Minister yesterday, also said treasury officials and the country’s auditor-general were not able to access certain accounts and reports.

He said a thorough investigation and discovery is still ongoing to uncover the necessary financial information and data. He also said the government aims to introduce a sales and service tax this year, in place of the widely-reviled 6 per cent goods and service tax.

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