KUALA TERENGGANU: Terengganu Mentri Besar Datuk Seri Ahmad Razif Abdul Rahman (pic) has denied claims that Terengganu Investment Authority (TIA), now known as 1Malaysia Development Berhad (1MDB), tried to use the state’s oil and gas industry as collateral.
“No such thing. Our exco would not have agreed as we also have a team of experts to advise us and that would not have happened,” Ahmad Razif told reporters after attending the third term of the 13th Terengganu State Legislative Assembly sitting at Wisma Darul Iman on Wednesday.
“In fact, Terengganu Investment Authority (TIA) does not have any relation with 1Malaysia Development Berhad (1MDB),” he said in relation to former mentri besar Datuk Seri Ahmad Said's claim that TIA had tried to pawn the state's oil and gas.
Ahmad Razif confirmed that the state government had initially planned to invest with TIA and that that investment arm was initially established as an option to diversify the state’s income.
“It was a unanimous decision by the exco to make an investment and that was how TIA was established where we invested RM1mil at that time,” he reiterated.
He, however, said that the state government had also unanimously decided to back out after realising that the time was not right.
“We backed out because we did not want to bear any risks when we realised the state could not manage TIA although they were making some good profits,” he said, adding that the state managed to get its RM1mil paid-up capital back.
“So there was no issue. We did not lose anything. Not even a single sen. End of story.
“We are transparent and I am open for all to act accordingly to address any wrongdoings through proper channels,” he said.
Ex-Terengganu MB: 1MDB predecessor tried to pawn state oil and gas