1MDB may be victim of fraud in BVI

Photo credit: FMT

Petaling Jaya Utara MP Tony Pua should stop cherry picking and let the police do their job.

PRESS STATEMENT 1Malaysia Development Bhd (1MDB) could be a victim of fraud over the funds paid by it to Aabar BVI in 2012.

This was based on the recent statement by International Petroleum Investment Company (IPIC) that it had no links to Aabar BVI.

Given the recent denial by IPIC and the announcement by the Office of the Attorney-General of Switzerland, indicating that 1MDB could be a victim of fraud, 1MDB is exploring all avenues open to us.

Further announcements will be made in due course.

With reference to a statement by Petaling Jaya Utara MP Tony Pua this morning, I categorically and unequivocally deny any prior knowledge that Aabar BVI has been liquidated, apart from what I have read in recent press reports.

I challenge Pua to provide proof of this malicious accusation.

In a statement on Tuesday, 1MDB had stated that it was confident of its legal position in relation to the USD3.5 billion cash deposits paid to Aabar BVI in the British Virgin Islands.

I have no knowledge of Aabar BVI’s liquidation. Pua said that Aabar BVI had been wound up last June, six months after I took over 1MDB.

Pua is continuing to mislead the public.

In his statement on Wednesday, he conveniently forgot to mention that while 1MDB purchased the power assets at approximately RM12 billion and sold it at RM9.83 billion, the company also received approximately RM2 billion in cash dividends during the period of ownership, which totals RM11.83 billion, i.e. a cash-on-cash, near “break-even” position.

Pua knew this fact, as recorded in the Hansard of my explanation during the Public Accounts Committee (PAC) proceedings, yet he chose to hide it and mislead the Malaysian public.

The PAC Report, which he collectively approved, has now been tabled and the police have confirmed investigations are ongoing.

Pua should stop cherry picking and let the authorities do their job.


Arul Kanda Kandasamy

1MDB President and Executive Director


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