How can 1MDB's RM42b vanish? It did not, says PM

Prime Minister Najib Abdul Razak today said the RM42 billion supposedly lost by the 1Malaysia Development Bhd (1MDB) did not just "disappear".

In his speech at an Umno Veterans Club event in Kuala Lumpur, he also said he was confident that all problems could be solved as every problem had its own 'formula'.

"This includes 1MDB. The RM42 billion did not vanish because their accounts have been audited by (international auditing firm) Deloitte. 

"The auditor, even if RM1 million is missing, will not sign off (approve the accounts).

"How can RM42 billion vanish? It did not vanish. There are assets and liabilities.

"If we have the formula, we can solve this. But when it is politicised, even a good thing becomes something bad," he said.

TH land buy 'twisted'

He also cited Lembaga Tabung Haji (Pilgrims Fund Board)'s purchase of 1MDB's Tun Razak Exchange (TRX) land, which he believes was a good move.

"Tabung Haji's purchase which was good became bad. It's because of politics.

"They twisted the story, as though depositers' money will be used to bail out 1MDB. Of course people became angry.

1MDB had earlier purchased the entire 70 acres of TRX land from the government for RM194.1 million (RM64 psf).

It was further learnt that the Pensioners Fund Inc (KWAP) may have also purchased a 40-storey building from 1MDB but the fund said it has not made any commitment to buy the land.

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