Press Release

Date: 
12-04-2016
Don’t be trigger happy, Tony
Don't be trigger happy, Tony

1MDB refers to a statement issued by YB Tony Pua today. 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 PDRM.

However, 1MDB wishes to clarify a number of matters raised by YB Tony's remarks, as follows:

1. 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.

2. It is these very same documents shared by 1MDB with the NAD which 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 YB Tony.

3. The relevant payments were made between 2012 – 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 from YB Tony himself.

4. For an as yet to be determined reason, IPIC and Aabar are only now seeking to deny ownership of Aabar BVI or receipt of the payments. This will no doubt be the subject matter of further enquiry and discussion. 1MDB is exploring all its options in this regard.

It is therefore wrong and unprofessional of YB Tony to personalise this issue by linking it to Mr. Arul Kanda. It is clear that each of these transfers happened before Mr. Arul Kanda assumed his role at 1MDB, therefore he can only rely on what the company records show, in formulating his answers.

In fact, notwithstanding the challenges and constant carping from YB Tony, Mr 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 YB Tony has no choice but to admit this success, against all odds.

1MDB is confident of its legal position in relation to the US$3.5 billion cash deposits paid to Aabar BVI. In this regard, the company will pursue all available avenues open to it. In addition, 1MDB commits to fully cooperate with PDRM with its investigations, following the PAC recommendation. The company has always maintained and continues to maintain that if any wrongdoing is found, then action must be taken, according to the law.