IN the spirit of inclusiveness – that every Malaysia has a say and the right to be heard – I would like to challenge the International Trade and Industry Minister, the Finance Minister 2 and the Bank Negara Governor to prove to us that China is actually bringing in the billions it promises.
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This has been the trick of many so-called foreign investors. They came to Malaysia as foreign investors but borrowed working capital from local banks.
Just a few days ago, Bloomberg news service reported that China General Nuclear Power Corp, which bought 1MDB’s power assets for US$2.3 billion (RM9.2 billion) this year, is considering listing the business as early as 2017.
The state-owned company could raise as much as US$400 million (RM1.6 billion) from a Malaysian initial public offering of Edra Global Energy Bhd.
Who would be the buyers of its IPO shares – PNB, EPF, KWAP and the local banks?
Why should we be funding foreign companies to buy our domestic assets?
Yes, 1MDB is so toxic that very few local companies would dare buy its assets. But not all assets that are being sold or franchised to China companies are related to 1MDB.
But since Najib had committed us to these massive China-led investments and had even aligned us to China militarily, we must raise our vigilance to ensure that we do not end up becoming the 21st century vassal state of China.