Whenever I see the word “foundation”, my antenna is inclined to buzz.
On 11 January, Bernama reported that PM Najib had announced the “establishment of Yayasan 1MDB to manage a RM100 million Corporate Social Responsibility (CSR) Fund“.
The 1MDB Foundation will soon launch “several key initiatives in bridging socio-economic gaps towards fulfilling the aspirational values of 1Malaysia”. Najib would be the chairman of the foundation’s board of trustees.
I have a few questions:
While we are rattled by the Allah controversy and the spate of attacks on places of worship, others are eyeing big bucks – in Sarawak.
The State Grid Corporation of China (SGCC), one of the world’s largest utility firms, and 1Malaysia Development Berhad (1MDB) have signed an agreement to enter into joint venture negotiations to undertake projects reportedly worth up to RM37 billion (US$11 billion).
The agreement reportedly involves the construction of three hydroelectric dams and a smelter plant in the Sarawak Corridor of Renewable Energy (Score) – and that’s just for starters. What are they going to do with all that electricity? Feed it to power-guzzling smelters, it would seem – and perhaps transmit the rest to the peninsula? What kind of impact will that have on local indigenous people, their land and the environment, especially Sarawak’s rainforests (what’s left of them) and the biodiversity? Don’t ask.
