PM: 1MDB model was idealistic

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.”