Guan Eng gets a shock- Ministry of Finance paid out RM6.98 Billion bailing out 1MDB since April 2017, debt more than a trillion

BEST FBKL : 1MDB have been lying about the rationalisation plan, as suspected MOF have been bailing out 1MDB

PUTRAJAYA: The Ministry of Finance has paid some RM6.98bil to bail out 1MDB by helping it service its debts, said Finance Minister Lim Guan Eng .

"We are extremely concerned as I was informed by Ministry officers that the Ministry of Finance has been bailing out 1MDB debt service obligations since April 2017," said Lim

Lim added that the revelation confirms public suspicions that 1MDB had deceived Malaysians by claiming that it had successfully serviced its loans via the company's so-called rationalisation exercise.

"The payments amounted to RM6.98bil," he told reporters at a press conference here today (May 22).

Lim said that an additional RM810.2mil worth of interest is due to be paid by 1MDB between September and November this year.

Lim noted that 1MDB president and chief executive officer Arul Kanda had insisted on Tuesday that the company is fully able to service its debt obligations.

"I have instructed Arul Kanda to brief the ministry if 1MDB is able to repay the due sum by next week," he said

Lim added that 1MDB directors Datuk Norazman Ayob and Datuk Kamal Mohd Ali would also be called in to provide a briefing on 1MDB's state of affairs.

Read more at https://www.thestar.com.my/news/nation/2018/05/22/guan-eng-1mdb-lied-bn-govt-paid-rm7bil-to-bail-then-out/#moQHqvBvcmLaPMIH.99

PUTRAJAYA: Finance Minister Lim Guan Eng (pic) was shocked that Finance Ministry officials were denied access to certain accounts, while so-called "red files" were only accessible to certain parties.

He said the shocking revelation came to light during a briefing on his first day as Finance Minister.

"It is clear that the previous government has conducted an exercise of deception to the public about certain hot-button items, especially 1MDB and even misrepresented the financial situation to

Parliament," he told reporters at a press conference here  on Tuesday (May 22).

He said most red files were connected to 1MDB and other items.

"We want to make sure that there are no more red files," he added.

On the country's fiscal situation, Lim said that the nation's debt was actually above RM1 trillion.

He added that these figures would be made much clearer once the relevant statistics from the relevant ministries are consolidated.

Lim noted that the nation's fundamentals were still strong and that necessary adjustments would be made to meet the challenges.

Read more at https://www.thestar.com.my/news/nation/2018/05/22/guan-eng-shocked-that-finance-ministry-officials-blocked-from-red-files/#BrlFf9dRY6ZC81R1.99
PUTRAJAYA: Finance Minister Lim Guan Eng (pic) has confirmed that Malaysia's debt is now above RM1 trillion (1,000,000,000,000).

He said this was revealed during the discovery exercise where all relevant departments were able to start consolidating their accounts and numbers.

“Previously, certain files were not accessible by certain people and therefore, consolidations were not available,” he said in his first press conference as the Finance Minister on Tuesday (May 22).

Lim added that he has also been informed that the ministry has been bailing out 1Malaysia Development Berhad (1MDB) with payments since 2017.

He had also instructed current 1MDB chief executive officer Arul Kanda Kandasamy to brief the ministry on 1MDB's affairs.

On Monday, Prime Minister Tun Dr Mahathir Mohamad has said that the country’s debt has reached more than RM1 trillion.
Read more at https://www.thestar.com.my/news/nation/2018/05/22/guan-eng-confirms-national-debt-more-than-rm1-trillion/#hHk8Q5QZDQJUO26k.99