But where government is involved, the objective is to deceive the public and the amounts are in terms of billions...In Malaysia Chronicle:
Anwar tells of Taib link, accounting fraud in '1Malaysia' treasure chest
The latest 1Malaysia Development Bhd’s (1MDB) financial results have exposed Barisan Nasional’s abuse of tax payers’ money and mismanagement, said Opposition Leader Anwar Ibrahim.
Recalling the revelation in 2009 where 1MDB was allocated RM5 billion in 2009 via government bonds and yet still planned to raise another RM10 billion which would increase its liabilities to RM15 billion, Anwar cast suspicion over the profit of RM425 million announced by 1MDB in its first year of operation.
“The profit declared was nothing more than an accounting entry to hide a trail of arrangement to create slush funds for BN.
"Hardly five months after paying RM3.5 billion in cash for an investment in a joint venture with PetroSaudi of Saudi Arabia, 1MDB sold the investment back to the owners of the Saudi concern for RM4.1 billion,” he added, saying the account was made to look like an impressive financial return - some RM615 million gain that helped 1MDB showed profit.
Recalling the revelation in 2009 where 1MDB was allocated RM5 billion in 2009 via government bonds and yet still planned to raise another RM10 billion which would increase its liabilities to RM15 billion, Anwar cast suspicion over the profit of RM425 million announced by 1MDB in its first year of operation.
“The profit declared was nothing more than an accounting entry to hide a trail of arrangement to create slush funds for BN.
"Hardly five months after paying RM3.5 billion in cash for an investment in a joint venture with PetroSaudi of Saudi Arabia, 1MDB sold the investment back to the owners of the Saudi concern for RM4.1 billion,” he added, saying the account was made to look like an impressive financial return - some RM615 million gain that helped 1MDB showed profit.
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