"Unless it can generate cash flow, it will not be sustainable,"
Minister Wahid Omar on 1MDB
"Tabik Wahid Omar"
PM defends 1MDB, says assets more than liabilities
1MDB not bankrupt, says Malaysia PM Najib
The minister in the prime minister's department said that 1MDB had taken loans from banks and the capital market to purchase assets, but failed to raise cash flow, causing it to be unsustainable.
"All this while, they have expanded by taking loans from banks and the capital market. They purchased assets, including IPPs, causing their debt to rise to RM42 billion as of March 2014.
"So you can imagine the quantum; it is very high and tough," he said at a forum in Petaling Jaya last night.
1MDB's total debts have been reported as RM42 billion.
Responding to questions posed by the audience, Wahid said that as long as the assets were not able to generate cash flow, 1MDB will fail to be sustainable.
"Unless it can generate cash flow, it will not be sustainable," he said.
Read more here.
,...now an open admission by a Minister that something is rotten in 1MDB?
I would say the top management of 1MDB are a bunch of highly overly paid bahaluls.
Heads must Roll...start from the top.
Tabik to Minister Wahid Omar.
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