1MDB: Where is the RM4 billion loan from KWAP? - Rafizi

1Malaysia Development Berhad (1MDB) CEO Arul Kanda Kandasamy has been asked to disclose all information and facts about the RM4 billion loan taken from the Retirement Fund Incorporated (KWAP) in 2011.

PKR vice-president Rafizi Ramli said the loan was given to a subsidiary of 1MDB, SRC International Sdn Bhd.

"The RM4 billion loan, with the federal government as guarantor, was initially intended to buy a mining company in Mongolia by the name of Gobi Coal & Energy as a way to invest in Mongolia, as reported by The Business Times.

"The investment did not happen and up until now, we do not know what the RM4 billion was spent on," Rafizi told a media conference at the PKR headquarters here today.

He also gave Arul Kanda or the federal government one week to provide a substantial answer.

"Otherwise I will arrange for a group of pensioners whose pensions are in KWAP to take legal action against 1MDB, KWAP and the Finance Minister," he said.

Rafizi also said the matter of the loan was not only raised by the opposition, but members of the public and "some politicians in Barisan Nasional".

"Due to the lack of information on investments made by 1MDB, lawmakers do not have any choice but to conduct its own investigation and ask questions in Parliament and (raising the matter with) the media," he explained.

On a separate matter, Rafizi said the people are still waiting for the lowering of prices of goods and services following the sharp fall of global crude oil prices.

He said the government should play a more proactive role in lowering the prices, instead of blaming it on the traders.

"PKR believes that the government’s action is still inadequate and they pass the blame on to traders whom the government accuse them of not wanting to lower the prices of goods," he said.

PKR will now shift its focus on the issues relating to the prices of goods, he said.

"We will strive to disclose the various government agreements, policies and cost structure which led to the price hike; analyse the pressures on business monopolies that distort the prices, and put pressure on the government to get them to reduce the prices of goods," he said.

Rafizi said, while his focus will be on government policies to reduce the price of goods, Kapar MP G. Manivannan will lead the campaign on price checking at grocery stores and Kelana Jaya MP Wong Chen will focus on telecommunication tariff reviews.

Other sectors which will be monitored are energy, land and air transportation.

"All these are supposed to be the government's work. As Opposition, we're just supposed to raise issues.

"But since the government is not doing any monitoring, we will step in to do this," Rafizi added.