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Thursday, May 5, 2016

Citizens will bear RM2.4b debt from Bandar M'sia sukuk, Rafizi warns


Pandan MP and PKR vice-president Rafizi Ramli today warned that Bandar Malaysia Sdn Bhd now has debts amounting to RM2.4 billion through the issuance of sukuk subscribed by Tabung Haji, and this would eventually be borne by the people.
He referred to the announcement yesterday that the Minister of Finance Incorporated (MOF Inc) has agreed to fully implement the various recommendations contained in the Public Accounts Committee (PAC) report on 1MBD.
Among the PAC’s recommendations were the transfer of ownership of Bandar Malaysia, TRX City Sdn Bhd, Air Itam lands and Pulau Indah land to MOF Inc.
Hence when Bandar Malaysia is transferred to MOF Inc, all its liabilities and responsibilities held by Bandar Malaysia will also be transferred, Rafizi said in a statement.
“This means that the RM2.4 billion debt from the issuance of sukuk is also transferred to the Malaysian government which is now responsible on the transfer and upgrade of the Sungai Besi Air Force base and eight other places.
“The government will be burdened by the RM2.4 billion in the face of cuts in various allocations following the present federal government's financial position. I have warned that it would be the public money which would be used to pay the debts by 1MDB and its subsidiaries,” he added.
Rafizi also alleged that the same method was employed to transfer the RM4 billion debt from 1MDB's subsidiary SRC International Sdn Bhd to MOF Inc.
For this reason, he said he will look into the possibility of filing an injunction against Tabung Haji from issuing the RM2.4 billion sukuk.
“I am in discussion with my lawyers how this latest development following yesterday's decision can taken into consideration in filing the injunction,” he said.

Yesterday, besides the takeover of 1MDB subsidiaries, the Finance Ministry also announced that it accepts the resignation of 1MDB's board of directors and the dissolution of the board of advisers and also cancelling Article 17 of the Memorandum of Articles of 1MDB and change any reference of prime minister to minister of finance.
Rafizi said Bandar Malaysia has two important issues (to settle) – a debt liability of RM2.4 billion and completing the work to shift and upgrade the current air force base, including the one in Sungai Besi and eight others.
He added that it also meant that besides the issue of debt from the issuance of sukuk, the people would also have to bear responsibility for shifting and upgrading the air force base. Mkini

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