KUALA TERENGGANU: Terengganu Investment Authority (ITA), now known as 1Malaysia Development Berhad (1MDB), tried to use the state’s oil and gas industry as collateral, revealed former Mentri Besar Datuk Seri Ahmad Said (pic).
“1MDB was previously TIA with a paid-up capital that was paid by me on behalf of the state government but we detected hanky-panky business going on especially when they tried to pawn the oil and gas in Terengganu,” he said.
Ahmad said this and several other factors forced him to pull TIA out of the deal, adding that he received a scolding from Prime Minister (Datuk Seri Najib Tun Razak) because of this.
TIA was renamed 1MDB in 2009 after the Federal government took over.
Ahmad when answering a question from Satiful Bahri Mamat (PAS-Paka) on the relation between 1MDB and the state government at the State Legislative Assembly sitting on Tuesday.
Among other issues raised involved the East-Coast Highway Phase 2 (LPT2) and Bertam oil field.
Ahmad said that Terengganu should get 25% of the profits from the highway because the state invested RM1bil in the project.
“I do not know the exact cost of the highway but I was informed that it cost RM4bil.
“I hope the state government would seek clarification from the federal government especially now that PLUS is given the responsibility to collect the tolls starting this September,” said Ahmad, the Kijal assemblyman.
He questioned whether the state government had discussed the distribution of the income generated from the toll with the federal government.
On the newly discovered Bertam oil field at block PM307, located 120km from Pantai Geliga, Kemaman, Ahmad said:
“The Prime Minister has answered that it was found in Pahang and I would like to deny that because it actually belongs to Terengganu,” said Ahmad.
He highlighted that a Swedish oil and gas company, Lundin Petroleum, which is now in charge of the field, had already generated oil on April 4 at Bertam field.
He demanded a full explanation from the state government on the profits gained by the state government.
“We are one of the biggest energy producers in the country but we are not getting the profit that we expected,” he said.-thestaronline
