Ramon: 1MDB-WSJ probes damaging investor confidence

He said there was a real need to expedite both investigations so the economy could pick up and the ringgit be revived.

PETALING JAYA: The ongoing investigations on 1Malaysia Development Berhad (1MDB) and The Wall Street Journal (WSJ) must be wrapped up quickly so that investors regain their confidence in the country, said Ramon Navaratnam, the Chairman of the ASLI Centre for Public Policy Studies.

“It’s very simple. Investors, whether domestic or foreign, will delay their investment plans as long as there is uncertainty.

“Many investors will take a ‘wait and see’ attitude before making any major investment decision,” he was quoted as saying in The Rakyat Post.

He also said the lack of investments in the country would then negatively impact the already struggling ringgit and remarked, “It’s been in slow decline ever since these issues came to the fore.”

He explained that if this dire state of affairs were left to fester, it was the people who would ultimately pay the price.

In commenting on the probe on WSJ, Ramon said, “If the story in WSJ was irresponsible, than it must be held in check in its tracks.

“It must not be allowed to spew poison which can hurt our economy.”

He was referring to an expose by the business daily on July 3 that alleged that USD700 million from 1MDB-linked companies had been channelled into the private bank accounts of Prime Minister Najib Razak.