Why no action against 1MDB, asks Husni


KUALA LUMPUR: Former Second Finance Minister Ahmad Husni Hanadzlah today questioned the government’s motive in setting up 1MDB which he alleged has seen a lot of misappropriation with no action taken.

Husni also asked why USD4 billion was invested in Aabar Investments PJS Ltd, which was not owned by IPIC.

IPIC and its subsidiary Aabar Investments PJS had said in a joint statement last April that the British Virgin Islands firm with an almost identical name, Aabar Investments PJS Ltd, “was not an entity within either corporate group”.

“Was there any legal action taken against the management of 1MDB for investing money in the wrong places?” he asked when debating the 2017 Supply Bill in Parliament.

The Tambun lawmaker also demanded to know what happened to the investment units worth USD1 billion, which were supposed to mature last year.

Husni, who has since resigned from all posts in Umno and Barisan Nasional, went on to question the reasons behind the Retirement Fund Incorporated (KWAP) decision to loan a lump sum of RM4 billion to SRC International, a former subsidiary of 1MDB.

“Usually a loan is given in stages.”

He also questioned the reason behind limited tenders in government procurements without the knowledge of the tender committee.

“There are also agreements that side the private companies.”

He also urged the relevant authorities to check the cost of the Pan Borneo highway.

Husni went on to state that while Barisan Nasional may win the coming general election, he was unsure as to “what will happen after that”.

This, he argued, was because there were many unresolved issues related to 1MDB.

This put the state investment arm at risk, apart from the fact that Switzerland and Britain were also probing 1MDB.

“What will happen to the country once the probe is completed? What will happen if the investigations do not favour us?”