{"id":12627,"date":"2015-04-02T13:14:03","date_gmt":"2015-04-02T05:14:03","guid":{"rendered":"http:\/\/www.therocket.com.my\/en\/?p=12627"},"modified":"2015-04-02T13:14:03","modified_gmt":"2015-04-02T05:14:03","slug":"selling-of-1mdb-energy-arm-shows-flip-flop-in-decision-making-dap","status":"publish","type":"post","link":"https:\/\/www.therocket.com.my\/en\/selling-of-1mdb-energy-arm-shows-flip-flop-in-decision-making-dap\/","title":{"rendered":"Selling of 1MDB energy arm shows \u2018flip-flop\u2019 in decision-making: DAP"},"content":{"rendered":"
\"PAC<\/a>

PAC member and DAP National Publicity Secretary Tony Pua<\/p><\/div>\n

The indecisiveness in which the beleaguered 1Malaysia Development Berhad (1MDB) showed in its attempts to restructure itself proves that there are a \u201c bunch of Ministerial clowns managing 1MDB\u201d, a DAP lawmaker has said.<\/p>\n

DAP Petaling Jaya Utara MP Tony Pua in a statement said the fickle-minded decision-making process shows that those managing the\u00a0‘RM42 billion debacle’ are \u2018clueless\u2019.<\/span><\/p>\n

\u201cCIMB Group Holdings Bhd announced last week on March 26 that they were appointed by the Finance Ministry to find strategic investors for the potential sale of 1MDB\u2019s energy arm, Edra Global Energy Bhd, and CIMB\u2019s role was to include identifying potential buyers and running a competitive process for Edra,\u201d Pua said. <\/span><\/p>\n

However, the banks\u2019 announcement followed a speech by Second Finance Minister Husni Hanadzlah in Parliament a day before, where Husni said CIMB was to conduct a third party evaluation for\u00a0 <\/span>the purposes of an initial public offering (IPO).<\/span><\/p>\n

\u201cThis was completely different from what CIMB announced as Husni claimed that CIMB was appointed only to provide a third-party valuation of 1MDB\u2019s energy arm strictly for the purposes of the IPO.<\/span><\/p>\n

\u201cNow, in a complete flip-flop by the Ministry of Finance, CIMB announced yesterday that CIMB has been informed by the Ministry that it has decided not to consider a sale of Edra to strategic investors and as such, CIMB’s services as Adviser to the potential sale are no longer required,\u201d Pua pointed out.<\/span><\/p>\n

Pua, who is also a member of the Public Accounts Committee (PAC) questioned these seemingly \u2018flip-flop\u2019 decisions.<\/span><\/p>\n

\u201cWhat in the world is happening to MoF and the management of 1MDB?\u00a0 <\/span>Who exactly is leading the entire restructuring exercise? Is it the newly announced taskforce comprising of Second Finance Minister Dato\u2019 Seri Ahmad Husni Hanadzlah, Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, Chief Secretary to the Government Tan Sri Dr Ali Hamsa and Treasury Secertary-General Tan Sri Dr Mohd Irwan Serigar Abdullah?<\/span><\/p>\n

\u201cOr is it the new President and CEO of 1MDB, Arul Kanda Kandasamy with his board of directors chaired by Tan Sri Lodin Wok Kamaruddin?<\/span><\/p>\n

\u201cOr for that matter, is the Finance and Prime Minister, Dato\u2019 Seri Najib Razak calling the shots?\u00a0 <\/span>Or worse, is it once again, the wheeling-dealing billionaire prodigy Jho Low masterminding behind the scenes?\u201d he said, adding that this debacle has\u00a0become the ultimate butt of jokes in the global financial community.<\/span><\/p>\n

The sovereign wealth fund which is aimed at being the government’s investing body, have in recent times found itself under intense scrutiny over its inability to meet its loan repayments and the scandal of its alleged ‘sponsors’, including businessman Low Taek Jho. An audit of the company by the Auditor General was ordered to be undertaken, before it is to be\u00a0presented to the\u00a0PAC.<\/p>\n

– The Rocket<\/p>\n","protected":false},"excerpt":{"rendered":"

The indecisiveness in which the beleaguered 1Malaysia Development Berhad (1MDB) showed in its attempts to restructure itself proves that there are a \u201c bunch of Ministerial clowns managing 1MDB\u201d, a DAP lawmaker has said. DAP Petaling Jaya Utara MP Tony Pua in a statement said the fickle-minded decision-making process shows that those managing the\u00a0‘RM42 billion […]<\/p>\n","protected":false},"author":1,"featured_media":11272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[],"class_list":["post-12627","post","type-post","status-publish","format-standard","hentry","category-current"],"_links":{"self":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/12627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/comments?post=12627"}],"version-history":[{"count":1,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/12627\/revisions"}],"predecessor-version":[{"id":12628,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/12627\/revisions\/12628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media\/11272"}],"wp:attachment":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media?parent=12627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/categories?post=12627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/tags?post=12627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}