The problems plaguing 1Malaysia Development Berhad (1MDB) is the result of repeating the same mistakes as its predecessor, Terengganu Investment Authority (TIA), a Terengganu MP said today.

PAS’ Kuala Terengganu MP Raja Kamarul Bahrin Raja Shah Ahmad said that 1MDB was merely a “new cinema with the same actors”, comparing it to TIA.

TIA was set up in 2008 as a sovereign fund to manage future oil royalties for Terengganu, but in 2009 was converted into 1MDB by Prime Minister Najib Abdul Razak.

Raja Kamarul pointed out that TIA took a RM5 billion loan and yet no projects had taken off by the time it was turned into 1MDB.

“We need to know, the RM5 billion is under whose liability? Who is paying for it?” Raja Kamarul asked during a press conference at the Parliament lobby today.

“TIA was a full-dress rehearsal, while 1MDB was the final implementation,” Raja Kamarul said.

Raja Kamarul described the situation akin to a person falling into the same snake pit twice, only to be bitten by a larger snake the second time around.

“The international actor remains the same, a Malaysian by the name of Jho Low ( left ),” he said.

The young tycoon Taek Jho Low was instrumental in the setting up of TIA and now he has been alleged to have been orchestrating 1MDB’s dealings as well, raking in millions in the process.