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'PM will solve 1MDB woes by year-end'
Published:  Jun 14, 2015 2:33 PM
Updated: Jun 15, 2015 2:41 AM

Prime Minister Najib Abdul Razak promises Umno divisions today that he will resolved 1MDB's problems before the year ends.

This promise was made to about 1,500 Umno division information chiefs and NGO representatives, during a closed-door briefing at PWTC this afternoon.

Former Bagan Datoh Umno division vice-chief Hasan Hamzah told reporters that the matter was thoroughly discussed during the meeting.

He said the explanation given by the premier was radically different from allegations made in the social media and the opposition.

"It is not easy to manage a big company (such as 1MDB). It requires time and he urged the public to be understanding.

"Give him adequate time and he will resolve 1MDB's problems in a few months," he said, according to Berita Harian online .

Will there by a 1MDB by year-end?

Meanwhile, Star Online reports that Najib held a similar briefing for Umno division secretaries at the party's training centre in Janda Baik, Pahang.

The 90-minute closed-door session also saw Najib addressing criticisms by former premier Dr Mahathir Mohamad and the economy.

Economic Planning Unit and 1MDB representatives were also present.

Cabinet has approved a plan to restructure 1MDB in the coming months, which involved removing the Tun Razak Exchange and Bandar Malaysia project from the company and selling off its power assets.

This had led to speculation that Putrajaya plans to wind down the company, which reputation has been tainted by a series of reports claiming that there were financial irregularities involved.

Last Monday, the Edge Financial Daily reported that the entire 1MDB board will step down as early as July, before the company is eventually wound down.

Najib established 1MDB in 2009 as a sovereign wealth fund. The company is owned by the Finance Ministry and Najib is also the finance minister.

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