malaysia

Dr M caused 1MDB IPO’s failure, minister claims

Minister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan said 1MDB was debt-ridden as it had lost out on investor confidence after scathing attacks from the former prime minister. — Bernama picMinister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan said 1MDB was debt-ridden as it had lost out on investor confidence after scathing attacks from the former prime minister. — Bernama picHULU SELANGOR, Feb 26 — A minister blamed 1Malaysia Development Berhad’s (1MDB) failed initial public offering (IPO) of Edra Global Energy Bhd on Tun Dr Mahathir Mohamad’s attacks on the fund.

Minister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan said 1MDB was debt-ridden as it had lost out on investor confidence after scathing attacks from the former prime minister.

“He (Dr Mahathir) felt if he lied, the listing won’t take place and then he knew the company would face complications. This led to the company to not be listed, that was the start of the problem.

“When 1MDB couldn’t be public listed, they had to make loans to support the current loans. Early 2015, when the problem turned for the worst, 1MDB had to sell their land. They had to make ends meet,” he said during a forum organised by Barisan Nasional (BN) here yesterday.

Abdul Rahman also labelled former Cabinet colleagues Tan Sri Muhyiddin Yassin and Datuk Seri Shafie Apdal as “hypocrites” for questioning Putrajaya when the 1MDB issue escalated.

“One day, PM lost it and asked Shafie and Muhyiddin to resign as gentlemen. Because Muhyiddin and Shafie were greedy, they didn’t resign.

“They should have resigned and said they cannot work with a hypocrite leader, but they didn’t. You’re a bunch of hypocrites,” Abdul Rahman said.

The Kota Belud MP also said that Prime Minister Datuk Seri Najib Razak was more transparent and forthcoming when it came to money matters unlike Dr Mahathir, whom he claimed kept control of finances by himself directly.

Dr Mahathir, who was prime minister for over 20 years, started opposing 1MDB in 2014 openly. The company had blamed him and media reports for its failed IPO.

The 91-year-old has since then formed a political party with Muhyiddin to go against Najib in the next general elections.

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