KINIBIZ Just before Christmas, the 1MDB chairperson responded to recent press outbursts over 1MDB’s activities, expressing surprise over suggestions that the strategic development company has not responded to questions.

In a lengthy 2,500-word statement he proceeded to give 1MDB’s version of unfolding events. It was a crafty piece of work, using half-truths to mask the shenanigans taking place at 1MDB, wholly owned by the Minister of Finance Inc to bring strategic investments into the country.

Let Tiger demolish some of Lodin’s arguments by simply extracting the relevant paragraphs and giving his own take on what the chairperson says. The reader can judge for himself and if he wants context he can refer to Lodin’s statement reproduced in full without any alteration.

Lodin: In fact, in terms of actual funding, the company has only ever received RM1 million in equity, which was provided by the Finance Ministry at the time of its inception. Given that 1MDB does not receiving any funding from the government, it is therefore simply not true to claim that the company is investing or worse, wasting, the state’s - or the people’s - money.

Tiger: How Lodin forgets! Remember, the government injected two prime parcels of land cheaply into 1MDB - the air force base in Sungei Besi and other land between the air force base and the KLCC Twin Towers where the Tun Razak Exchange or TRX will be put up. 1MDB has since revalued the parcels upwards by nearly RM4 billion in its accounts. Without these revaluations, 1MDB would have made losses since its inception in 2009.

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This article was written by P Gunasegaram.