Thanks to 1MDB, Petronas now enjoys huge reserves, says Najib

December 25, 2018

There you go.

Dateline 2018-11-06, FMT:

Days after two former ministers blamed 1MDB for Barisan Nasional’s defeat in the May 9 polls, Najib Razak has defended the state investment arm and says it indirectly helped Petronas increase its reserves.

In a Facebook post, the former prime minister said that for 15 years up to 2012, the national petroleum company was forced to subsidise gas that it supplied to independent power producers (IPP).

This led to Petronas incurring losses of over RM10 billion every year.

 


1MDB’s plans for a cash cow in nuclear power plant

September 1, 2015

I need an inroad to 1MDB. Where are TH’s land banks?

Dateline 2015-08-01, FMT:

The troubled government investment arm 1Malaysia Development Bhd may have plans to milk a future “cash cow” by going into the nuclear power generating business, according to a speculative analysis by a business school researcher.

Wan Ahmad Fayhsal, a fellow at Universiti Putra Malaysia’s Putra Business School, wrote about the links between 1MDB and Malaysia Nuclear Power Corporation, a government unit in the Prime Minister’s Department.

He also set out the links between key people in the two organisations, the role of financier played by Azman Hashim’s right hand man in AmBank group, and the Wei brothers, successful construction and property development businessmen and their links to Jho Low.


1MDB predecessor tried to use T’ganu’s oil and gas

June 13, 2015

Really? I did not know that TIA morphed to 1MDB.

Dateline 2015-05-12, Malaysiakini:

Terengganu Investment Authority (TIA) – the predecessor of 1Malaysia Development Bhd (1MDB) – tried to use Terengganu’s oil and gas assets as collateral, way back in 2008, former Terengganu menteri besar Ahmad Said revealed yesterday.

TIA was renamed as 1MDB in 2009 after it was taken over by Putrajaya.

Speaking in the Terengganu state assembly yesterday, Ahmad said the state government, however, pulled out of the deal due to a numerous problems.

“This was one of the reasons the Prime Minister (Najib Abdul Razak) was angry with me, including other problems which ended with (the state government) pulling out,” Ahmad (right) is quoted as saying by Malay daily Sinar Harian.