Pua: Clarity needed from 1MDB on Aabar (BVI)

Pua: Clarity needed from 1MDB on Aabar (BVI) Photo credit: FMT

1MDB disingenuous with its denial that the producer of “The Wolf of Wall Street”, Red Granite Pictures was funded with money originating from 1MDB.

PRESS STATEMENT If 1MDB fails to provide clarity on the nature and ownership of Aabar (BVI) with the necessary and appropriate documents, then any denials it makes about Aabar (BVI) not being an “intermediary” would have zero credibility.

In fact, the best thing for 1MDB to do now was to request International Petroleum Investment Corporation (IPIC) to issue an official statement confirming its alleged relationship with Aabar (BVI). It would put to rest all of the global allegations against 1MDB today.

Given 1MDB’s intimate relationship with IPIC and Abu Dhabi, why hasn’t IPIC come to 1MDB’s rescue?

1MDB was once again being disingenuous with its denial that the producer of “The Wolf of Wall Street”, Red Granite Pictures was funded with money originating from 1MDB.

Global news agencies picked up on the exposé by the Wall Street Journal  (WSJ) which claimed that Red Granite Pictures, the company formed by Riza Aziz to produce “The Wolf of Wall Street” was funded with USD155 million originating from 1MDB. The WSJ said that 1MDB had paid USD1.4 billion to Aabar Investment PJS Limited, a company established in the British Virgin Islands (BVI) in 2012.

Apparently, the payment was meant as collateral for the guarantee provided by Abu Dhabi’s International Petroleum Investment Corporation (IPIC) for 1MDB’s USD3.5 billion of bonds.  However, IPIC’s subsidiary with a similar name, Aabar Investment PJS was set up in Abu Dhabi. IPIC’s financial statements published on the London Stock Exchange has disclosed neither Aabar (BVI) as a subsidiary or the receipt of the USD1.4 billion ‘collateral’ cited by 1MDB.

Red Granite Capital then received USD105 million directly and another USD50 million indirectly via intermediaries from Aabar (BVI).  Red Granite Capital then funded Red Granite Pictures.

1MDB was relatively quick to issue a very short denial. 1MDB said it ‘has never invested in nor transferred funds to Red Granite Pictures, whether directly or via intermediaries’.”

However, 1MDB has failed to explain why it has made the above collateral payments to Aabar (BVI) which appears to be a completely unrelated entity to IPIC. 1MDB should clarify who is the ultimate beneficiary or owner of Aabar (BVI).

If 1MDB was unable to ascertain the ownership of Aabar (BVI), then why did it transfer such an enormous sum of USD1.4 billion to the company?

Hence, it appears that on paper, the transfer of USD1.4 billion is legitimately made for the purpose of providing collateral. But upon closer scrutiny, it may amount to a fraudulent attempt to mask the embezzlement of funds via the mystery Aabar (BVI) vehicle.


Tony Pua



Petaling Jaya Utara MP


DAP National Publicity Secretary


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