COMMENT | Prime Minister Najib Abdul Razak seems to be experiencing an extended streak of bad luck. With the 14th general elections looming ever closer, that Najib is now frantic, is an understatement.
In good faith, l tweeted on the morning of July 31, asking the question:
"Mampukah M'sia bayar RM2.86bilion ke IPIC hari ini PM @NajibRazak? Dari mana dana itu, ada lagi ke 'Investment Fund Units' 1MDB yg disebut2 tu?" (Can Malaysia afford to pay RM2.86 billion to IPIC today PM @NajibRazak? Where is the fund from, do the much talked about 'Investment Fund Units' still exist?)
So are we to conclude that the much avowed “units" in "investment portfolio" in the PetroSaudi deal, via its notorious Cayman Island account, is truly a "grandmother's story"? And by extension, all the rationalisation programmes equally incapable of preventing 1MDB from defaulting?
Now it is known to the entire world that 1MDB is unable to pay and graciously given an extension until the 5th August. My guess is 1MDB and even MOF (Ministry of Finance) will still default.
No one has a clue of what this default really means to Malaysia and the Malaysian ringgit? Will Najib now do the obvious, ie resort to Petronas' coffers or EPF's savings?...