PRIME Minister Datuk Seri Najib Tun Razak (pic) has acknowledged the the business model of 1Malaysia Development Bhd (1MDB) was flawed as it was too idealistic and went into heavy debt financing.
“The business model was too idealistic. We did not use a lot government funds ... only RM1bil to undertake a huge property development and acquisition of power generation plants. So it was heavily into debt financing.”
