Najib: 1MDB has more assets than liabilities

Najib: 1MDB has more assets than liabilities

PETALING JAYA - Government investment arm 1Malaysia Development Bhd (1MDB) has more assets than liabilities, said Prime Minister Datuk Seri Najib Tun Razak.

"It is important to remember that 1MDB's assets are greater than its liabilities. So, in very simplistic terms, if 1MDB were to be wound down tomorrow, the company would still have some assets and money left even after paying off all its debt," said Najib in a televised interview broadcast on Thursday.

Najib acknowledged that there were questions swirling around 1MDB, but said not all questions aimed at it were valid.

"Some of these questions are valid, but there are others that appear to be directed at the company solely with the intention of creating controversy.

"That is precisely why I have instructed the Auditor General to undertake a comprehensive audit of the company and independently verify its accounts.

"This report will then be passed on to the Public Accounts Committee, which as you know is a fully bipartisan body for scrutiny" said Najib.

He added that with this process as well as a restructuring of 1MDB underway, "we must let the process run its due course."

"However, there are some elements who continue to repeat the same old allegations about 1MDB, more often than not without full knowledge of 1MDB's affairs.

"The people behind these attacks know that they have the potential to damage investor confidence in the country, which in turn would have a negative impact on the economy, but continue to do this. That is irresponsible and putting politics before the interests of the nation," said Najib.

Najib and 1MDB has faced criticisms for debts which were said to have been incurred by the investment body, with former Prime Minister Tun Dr. Mahathir Mohamad being the most recent of those critics.

Mahathir had asked on Thursday that those supporting Najib to also declare their support for 1MDB, which has accumulated debts of RM42bil (S$15.6 billion).

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