PUTRAJAYA, Nov 3 — Prime Minister Tun Dr Mahathir Mohamad said emphatically that a scandal the magnitude of 1MDB will not be allowed to be repeated in Malaysia.
When asked if banking reforms were needed in response to the global corruption and money-laundering scandal, he said there were safeguards in the government that were designed to prevent such fraud.
However, he said these were circumvented by those now accused of defrauding the country of billions.
“It will never happen again, we won’t allow that kind of operation, setting up a company to bypass the rules of the government as to the limit of borrowing.
“What Najib did was to set up a company which is not governed by government rules, and then borrowed RM42 billion and that was stolen; we don’t do that anymore,” he said during a press conference at the Perdana Leadership Foundation.
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