Najib: 1MDB not one man's fault, it's a systemic failure

The blame for the 1MDB scandal cannot be pinned on a single individual, according to former premier Najib Abdul Razak.

He said this in response to Finance Minister Lim Guan Eng, who asked when Najib would apologise after Goldman Sachs expressed remorse for former banker Tim Leissner's role in the matter.

“We put in the system, including Goldman Sachs and all these auditors. They were supposed to alert us if anything untoward happens. We also had the board, the management and so forth

“So it is a systemic failure. It just cannot be one man, it is a systemic failure,” said Najib when met in Cameron Highlands this evening.

Pressed further, the former premier insisted it was a systemic failure and criticised Goldman for failing in its task despite the exorbitant fee paid for the bank's services.

“Not just me alone, it is a systemic failure, that is the key to it. Goldman is a household name, and they were appointed with a very, very attractive fee.

“They were supposed to do things to keep an eye and protect our interests,” he added.

In his apology to the people of Malaysia, Goldman Sachs chief executive officer David Solomon said the nation was defrauded by numerous individuals, including the highest members of the prior government.

Quizzed on this, Najib said that Solomon should not shift the blame.

“That is his opinion. He cannot shift the blame because it is they who have a fiduciary duty and also everybody else, the management and the board together.

“But whatever, if I have done something wrong, I will accept (blame). But the key thing is the systemic failure,” he added.

According to the former premier, his focus in the past was to “get back every single sen”.

“That is why we went for the IPIC ( International Petroleum Investment Company) settlement. We wanted to maximise the value of the assets that we had.

“If that process of rationalisation was allowed to take place, we would have recovered all the money in terms of loans and bonds,” he added.

Earlier today, Lim said Najib continued to be in denial over the 1MDB scandal and was refusing to accept responsibility. - Mkini

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