Najib under enormous pressure over 1MDB, Tabung Haji deal

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How long can Najib last?

Everywhere you go, thanks to social media and instant messaging, the 1MDB scandal/Tabung Haji controversial land deal is on the lips of most people.

The 1MDB debt scandal … and now the Tabung Haji uproar over its purchase of land from 1MDB, widely seen as a bailout.

It doesn’t take a genius to figure out that there is a clear conflict of interest in this deal.

The Malaysian Insider in a commentary on 1MDB and Tabung Haji noted:

The only people, who appear to not be conflicted and who gave an independent view, were members of Tabung Haji’s risk management committee.

The committee stated clearly that the purchase was a high risk – a point that the management, investment panel and advisory board chose to ignore.

Never mind the opposition politicians. There is a gathering storm within Umno.

Not only has Mahathir come out with all guns blazing…

now, Muhyiddin has joined in.

And the latest to jump on the bandwagon are Mukhriz and Hishammuddin Hussein.

(Razaleigh meanwhile has slipped out of the media radar for a bit.)

But take a look at this statement from Penang Umno Youth chief Rafizal Abd Rahim. That should give Umno some real cause for concern.

Rafizal says despite Umno Youth’s local activities during the Permatang Pauh campaign, voters were more concerned about national issues. He lists them as follows and wants answers from the national leadership including the PM:

  • Lack of a satisfactory explanation and absence of findings from the Auditor General regarding 1MDB.
  • The soaring cost of living with the implementation of GST and lack of enforcement over profiteering.
  • The revelation of the 1MDB/Tabung Haji land deal a day before polling day in Permatang Pauh.

If you thought Pakatan was in a bit of disarray over Pas’ hudud initiative, Umno (forget about MCA and MIC) faces an internal revolt over Najib’s leadership and lack of accountability.  Apart from being PM, Najib is also Finance Minister and chairman of the Board of Advisors of 1MDB.

What is the Najib administration going to do now? Use the Sedition Act against the critics within Umno?

We cannot underestimate the emotive impact of Tabung Haji. A Muslim friend told me, all the adults in his immediate and extended family have accounts with Tabung Haji – and they are concerned. “Just among them alone, I estimate they have about RM400000 invested in Tabung Haji.”

For their part, ordinary people are longing for clean, accountable government with policies that put people – not corporations, property developers and cronies – first.

If Umno-BN does nothing about this affair, then they will be staring at a political abyss.

What do you think?

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atan

How long can Najib last?

We can expect Lim Kok Wing to produce more propaganda songs and videos elevate the image of 1PM and extend the expiry date of 1Malaysia.

http://www.themalaysianinsider.com/malaysia/article/lim-kok-wing-is-najibs-new-pr-strategist

oracle

Selain Lembaga Tabung Haji (TH), Permodalan Nasional Berhad (PNB) didakwa turut terlibat meminjamkan wang berjumlah RM579.2 juta kepada syarikat pelaburan 1MDB.

Black Widow

Everyday besides Dr M bombarment, the kampung folks receive whatapps pics with facts and figures about the nation’s misdeed (mismanagement or leakages or simply corruption).
Social bloggers if stay safe afraid to antagonize may lose the appeals (Anil to be alerted as well) to messages/pics sent direct via whatsapps to mobile phones easily.

iSupercally

For justice to flow like a mighty river the truth must prevail so there is no cause for Anil to be alarmed or afraid if it is the truth whatever it is by whatsapp, mobile phone message or pictures. There has been many deception by the oppostiion lately just like during the last election and in Permatang Pauh. They are making baseless allegation of bangla and phantom voters which were found to be false. Take the case of black 505 when the oppostion defacto called on the BN govt to resign as it obtained only 47% of the votes. DAP… Read more »

gk ong

isupercally forget to practise what he preaches?

His comment on Permatang Pauh by election and Pakatan is certainly irrelevant to the topic of discussion here.

ajith v

Selling TRX land to Indonesian’s Mulia Group for RM665 million is like selling out our interests to foreigners. I bet soon those cash-rich China developers will come in when 1MDB is desperate for cash to pay its debt. Just wondering how the (local) folks will react if (their) lands are sold to PRC Chinese.

eugene

TH, KWAP – is EPF next to 1MDB’s rescue?

http://www.malaysiakini.com/news/298062

kskang

PKR today has raised concerns over Putrajaya’s “over-enthusiastic” effort to save debt-ridden 1MDB, saying that it is not impossible for Datuk Seri Najib Razak’s administration to even go as far as printing more cash to manage the company’s debts.

If this was to happen, it would plunge the value of the ringgit even lower, causing further hardship on the people, given that most essential items were imported.

oracle

Please watch this Youtube video showing that you can’t simply print money to pay off debt. And what has happened when countries have tried to! And for that matter why a country having debt isn’t necessarily a bad thing. The only reason the US has the most debt is because the US dollar is considered the most trust-worthy currency and other countries see the US as a safe place to put their money. Printing more Ringgit will devalue the currency and make us suffer the fate of Zimbabwe:

iSupercally

This new MP is surely not fit to be one, making baseless allegation.

johanssmKhunPana

In Malaysia, it is not a crime to over pay for something. The govt’s annual audit proven that nobody goes to jail for over paying. The basic of investment is to buy low and sell high. Maybe their LUTH have a sucker in mind. The bad taste is that LUTH mentioned that they might be forced to sell to “Non Muslim” . Who is forcing them? and why the mention of “Non Muslim” when this have nothing to do with race and religion. Some of them are really good in spinning the wheels of hatred…. The issue is bad management… Read more »

justin
oracle

Najib to his vocal critics on the frontpage headline on mainstream media:
NST: ‘I will not bow to pressure’
Utusan: ‘Saya tak akan tunduk’.

Page 4 NST today: Picture of Umno Tawau with banner We love PM.
No mention of Wee kar Siong saying that the cabinet was not made aware of the TH-1MDB land sale.

justin

Former information minister Zainuddin Maidin, a firm supporter of former PM Tun Dr Mahathir, says that Umno’s leadership and grassroots no longer back PM Najib, ahead of Umno’s anniversary.

ajith v

Zainudin Maidin should realise that those inactive or retired Umno folks can talk all they can but the ketua bahagian only listen to those currently in power who can offer contracts and goodies. So Najib is still secure as his ‘I help you, you help me’ mantra is relevant to these ketua bahagian and those sitting on Majlis Tertinggi Umno.

Phua Kai Lit

It’s double blow to the public. In coarser language, the public are screwed twice:

1. Govt assets sold off at low prices – much below market value – to 1MDB (blow number one)
2. 1MDB then sells these assets back to public or quasi-public institutions such as
EPF, Tabung Haji etc. at very high prices (blow number two)

Meanwhile much of the 1MDB monies allegedly vanish into all sorts of offshore accounts.

iSupercally

Phua, Your obsession of the opposition have somewhat clouded your mind. At about RM 2611 psf its certainly not a cheap sale.

justin

Rafizi is right in wanting 1MDB to sell all its property assets back to the government at the original price it was sold at, which is RM72.20 psf. Any sale (of land) to Tabung Haji, KWAP, EPF, LTAT, and PNB must be done directly via the government, with cabinet approval after debate in parliment.

abb

even with the massive appreciation of value of the landbank given by the govt to imdb, the financial hole is probably as a large as crater hit by giant meteorite. the sale of assets just to service the interest only serves to confirm this.

rajraman666

and now MCA and MIC also jump into bandwagon questioning Tabung Haji Investment.

rajraman. Just wondering since i can’t ask direct who rob Indians more? I understand Batu Caves temples (allegedly) have more than 2 billions. Do they ever offer any scholarship to Indians? Who wipe out the largest investment created by poor Indians for this Political Trader call MIC?

Yang

Is 1MDB making money at the expense of Tabung Haji? I mean is Tabung Haji going to lose money so that 1MDB can make money? Actually, Tabung Haji is also going to make money, maybe even lots of it, but that is not the issue. The issue is…hell, I am not sure what the issue is.

http://www.malaysia-today.net/mass-hysteria-syndrome-of-the-malays/

iSupercally

Liew Chin Tong said the land is about half of a football field, to be precise about 1.6 acres or about 72,000 sq ft for 188 millions which come up to about RM2,611 per sq ft. If you call that cheap than Penang land, Tg Tokong @ 1300 psf hijacked by the CAT for a tunnel yet to be seen must be very very cheap.

Ed G

Other than the selling of land that were handed to them for a song by the government (read: the people), are there other profitable business ventures carried out by the 1MDB?

oracle

Tony Pua’s response to Najib,’s claim that selling the 0.64 ha land to Tabung Haji was a good commercial deal which would see Tabung Haji make a few million ringgit overnight: “The prime minister must be joking. If it is so easy for Tabung Haji to earn a few million ringgit, then why did 1MDB, who is so desperate for funds, not sell it to those parties who are allegedly willing to purchase it for more money than what Tabung Haji was willing to pay? Hence we call upon Najib to lead by example and immediately advise his own stepson,… Read more »

JJR

The difference is Tabung Haji paid CASH upfront and not like those of 10% and 3+1 month or terms of longer future years. 1MDB is in such a dire straits in short !

morpheus

PM is Najib…..FM is Najib and he is the adviser of so Many Government Linked companies…..this called for an Abuse of Power in his running of the country as all are within his reach and Powers to get things done and move….. Present Financial Fiascos is a Classic Example of Abuse of Power entrusted to Najib……!!!

fred

Einstein’s Milan Expo statement exposed he and his backers are ready to fulfill the RAHMAN prophecy!

Ming Chew

… Greed begats greed – simple.

Vijayan S

What irks me is that, Rafizi and Tony Pua have been ranting and raving about the RM42B exposure of 1MDB for such a long time. Yet half the nation was plodding on as though it was not their problem, but the opposition taking pot shots at the ruling Government.
But now that LTH has bought a property for RM188M, suddenly half of the nation has woken up worrying about their investments.
Geez, when do we ever get our priorities right ???

oracle

Those who have been duped by the reporting by BN’s mainstream media should now be awakened.
They should be thankful that the earlier expose by Rafizi and Tony Pua has actually prevented Tabung Haji being embroiled into the 1MDB scandal.

morpheus

1MDB had acquired the Sungai Besi land at dirt cheap price from the government – RM64 psf in 2011. And TH is paying between RM2,860 and RM3,900 psf!
Is this not a bailout?

It would have been a masterstroke deal if 1MDB could make such profit on land it bought overseas. But the ultimate loser here is the rakyat aa the Malaysian government has to tax rakyat via GST or to spend less on development. Why breed the monster in 1MDB that has caused our Ringgit to devalue and erode our purchasing power?

calvinsankaran and yang, what say you?

iSupercally

Morpheus ; Come on, if indeed if 1MDB need a bail out, 188 millions cannot bail it out. Please use some common sense

Rasputin

If this 1MDB financial scandal involving Lembaga Tabung Haji were to surface
before the recent Rompin by-election Pas would have won the election and Dr Wan Azizah
garnering a massive majority over UMNO-BN.

iSupercally

Delving in self consolidation or in local language shiok sendiri