1MDB claims USD3.5b paid to Aabar BVI ‘safe’

The company is studying its legal position after IPIC and its subsidiary, Aabar, in Abu Dhabi denied owning Aabar BVI in the British Virgin Islands.

PRESS STATEMENT For a yet to be determined reason, the International Petroleum Investment Corporation (IPIC) and Aabar, its subsidiary in Abu Dhabi, are only now seeking to deny ownership of Aabar BVI in the British Virgin islands or receipt of certain payments. This will no doubt be the subject matter of further inquiry and discussion.

1MDB is exploring all its options in this regard.

1MDB is confident of its legal position in relation to the USD3.5 billion cash deposits paid to Aabar BVI. In this regard, the company will pursue all available avenues open to it.

In addition, the company commits to fully cooperate with the police with its investigations, following the recommendations by the parliamentary Public Accounts Committee (PAC) in its Report on 1MDB. The company has always maintained and continues to maintain that if any wrongdoing was found, then action must be taken, according to the law.

It was therefore “wrong and unprofessional” of Petaling Jaya Utara MP Tony Pua to personalize the IPIC statement by linking it to 1MDB Chief Arul Kanda Kandasamy. It’s clear that the said transfers happened before Arul Kanda assumed his role at 1MDB. Therefore, he can only rely on what the company records show, in formulating his answers.

Pua has issued a statement on Tuesday with reference to IPIC. True to form, he has made a number of sensationalist and wrong remarks, despite being fully aware of the facts.

His remarks are also wholly unnecessary, given the ongoing investigation by the police.

1MDB has shared all documents in its possession, and those it could obtain, with the National Audit Department (NAD). Where relevant, substantial reasons were given for each omission.

These same documents shared by 1MDB with the NAD show the ownership of, payments to, and underlying legal documents relating to Aabar Investments PJS Limited (Aabar BVI). Hence, there are no “lies” or suppression of information, as wrongly claimed by Pua.

The relevant payments were made between 2012 and 2014. There are clear references to these payments in the publicly available 31.03.2013 and 31.03.2014 1MDB audited financial statements.

Furthermore, there has been significant public commentary by the media and others, on these payments, for at least the past three years, including by Pua himself.

In fact, notwithstanding the challenges and constant carping from Pua, Arul Kanda has delivered major asset sales and repaid all short term debt/bank debt, with 1MDB now having RM2.3 billion cash in the bank. The company has also recently repaid the RM950 million standby credit facility from the Government of Malaysia.

Even Pua has no choice but to admit this success, against all odds.

 

1MDB Media Team

 

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