MP SPEAKS | Najib’s imaginary 1MDB profits

[superadmin]

MP SPEAKS | Last week I said former prime minister Najib Abdul Razak was making a complete fool of himself by showcasing how financially illiterate he was, after claiming that the government could redeem 1MDB bonds early to save on interest.

This, as I have previously responded, is not practically possible as bonds are structured very differently from loans taken from banks.

Yesterday, Najib claimed that 1MDB could have instead made RM9.7 billion in profit. This statement only confirms that our former finance minister is indeed financially illiterate.

Najib wrongfully argued that, since there were only RM17 billion of debts to be repaid, if we were to sell Bandar Malaysia for RM12 billion, and enforce the Abu Dhabi guarantee of US$3.5 billion (RM14.7 billion), 1MDB would make a profit of RM9.7 billion.



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