SHAH ALAM, 23 Dec: 1Malaysia Development Berhad (1MDB) should repatriate the estimated fund of RM18 billion which is placed in the Cayman Islands because it is vulnerable to the fluctuations in currency transactions that are currently happening.
The Chairman of the PKR Investment and Trade Bureau, Wong Chen, said that the rate of the Malaysian ringgit is currently weak with the sharp decline and exchange rate of up to USD1 to RM3.48.
“The 1MDB funds in the Cayman Islands have made significant gains in the exchange rate since September 2012, equal to RM0.41 cents or 13%.
“Having made substantial foreign exchange gains, why can’t 1MDB repatriate its funds to Malaysia?” he asked in a media statement.
On November 6, the Deputy Finance Minister, Datuk Ahmad Maslan, promised in Parliament to repatriate the 1MDB money that has been in the Cayman Islands to Malaysia by the end of the year.
However, the 1MDB Chairman, Tan Sri Lodin Wok Kamaruddin, said that the money will continue to stay there.
Wong Chen said that Lodin Wok’s stance is totally against the promise made by Ahmad Maslan and this problem will pose serious questions about 1MDB.
“Does the so-called money in the Cayman Islands still exist or has it completely disappeared in the nearby Bermuda Triangle?” he asked.
He added that PKR wants 1MDB to immediately disclose and publish the full account of its billion ringgit funds parked in the Cayman Islands .
“Najib Razak as the Finance Minister should 1MDB to repatriate the funds to Malaysia by year-end,” he said.
NS
