Press Release

Date: 
11-04-2016
1MDB’s Reply to IPIC Statement
1MDB’s Reply to IPIC Statement

1MDB refers to a statement issued today by the International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar) to the London Stock Exchange. In particular, IPIC and Aabar deny ownership of an entity named Aabar Investments PJS Limited (“Aabar BVI”).

1MDB states for the record that the substantial sums paid to Aabar BVI have been clearly recorded in the publicly available and audited 1MDB financial statements dated 31.03.2013 and 31.03.2014. Further, the amounts paid have been subject of much commentary, starting from 2013 right up to the present. Accordingly, 1MDB finds it curious that IPIC and Aabar have waited until April 2016 to issue such a statement.

1MDB company records show documentary evidence of the ownership of Aabar BVI and of each payment made, pursuant to various legal agreements that were negotiated with Khadem Al Qubaisi in his capacity as Managing Director of IPIC & Chairman of Aabar and/or with Mohamed Badawy Al Husseiny, in his capacity as CEO of Aabar. It is, therefore, a surprising claim that neither IPIC nor Aabar have knowledge of, nor have benefited from, payments made by 1MDB to Aabar BVI.

This statement is issued without prejudice to 1MDB’s respective rights or remedies, all of which are fully reserved.