Anwar: I'm not jealous of Paris Hilton but 1MDB has no record

It pays to party like this - you may get a RM26bil contract!

Malaysia Chronicle

Opposition Leader Anwar Ibrahim blasted Prime Minister Najib Razak for entrusting an obscure business entity 1 Malaysia Development Berhad to oversee the RM26billion Kuala Lumpur International Financial District.

“I'm not jealous of Jho Low spending time with Paris Hilton, but the fact is that upon checking with the companies commission, 1MDB has no business address and no appointed auditor. How can the government approve such a company to take on a project of such national importance? What is the prime minister's interest in this?” Anwar asked Parliament on Monday.

He was referring to 27-year Penang millionaire Jho Low, who has shocked the nation with his extravagant entertainment of Hollywood socialite Paris Hilton.

The Rosmah connection
During his debate speech on Budget 2011, Anwar pointed out that 1MDB was barely a year old and has no track record to prove that it is capable of handling the mega-project.

Jho helped to fete Najib, Rosmah during their Monaco trip

Anwar reminded the House that the company was linked to millionaire Low Taek Jho, often referred to as Jho Low and that its background was suspicious.

1MDB was formerly known as the Terengganu Investment Authority, which Jho had helped to establish. However, he claims that he is not involved in 1MDB.

Nonetheless, speculation is rife that he is the point-man for Najib and his wife Rosmah Mansor in 1MDB and its Middle-Eastern deals.

Jho is a good friend of Rosmah's son from her first marriage and is known for his contacts in the Middle-East. Just the week before, Najib had announced that billions were due to flow in from several Arabian investors.

“It is also questionable that its chief executive officer only reported on Oct 12 that they made RM425 million profit, just days before the budget was tabled," Anwar said.

Last week, Najib unveiled a RM214 billion budget for 2011, the biggest in Malaysia's history. Although praised by former premier Mahathir Mohamad, opposition leaders and analysts have panned it for the reckless spending on super-mega projects totaling RM109.74 billion.

These include the RM40 billion MRT system for the Klang Valley, the RM26 billion KL International Financial District, an estimated RM10 billion worth of new highways, a RM10 billion mixed property development in Sungai Buloh by EPF as well as the RM5 billion 100-storey Warisan Merdeka skyscraper.