Press Release

Date: 
17-12-2015
Response to Wall Street Journal
Response to Wall Street Journal
Category: 

We note with surprise that the Wall Street Journal continues its campaign to malign 1MDB, a campaign based on old and recycled allegations which were first published by an online blog, now known to be working hand in glove with certain political interests in Malaysia.

In fact, it is interesting that a number of opposition leaders and publications openly sympathetic to the opposition republished and commented on this latest article barely minutes after it was published, raising questions as to whether this too is part of a broader orchestrated campaign against 1MDB.

The fact is that the allegations contained within this article are simply a regurgitation of old claims carried by the Wall Street Journal in September, which it has re-written and re-published without offering any new information or evidence.

The timing of the article also raises questions, coming as it does at a time when 1MDB has made significant progress with its rationalisation process, as reflected in the successful execution of a Share Sale and Purchase Agreement with CGN Group, and the impending selection of a preferred development partner for its Bandar Malaysia project.

With respect to 1MDB’s past dealings with IPIC, the two companies continue to enjoy a strong business relationship. This was reflected in the execution of a binding term sheet that saw IPIC assume obligation for a USD3.5 billion bond principal and interest, currently held by 1MDB, and followed a USD1 billion cash payment made by IPIC to 1MDB in June 2015.

Furthermore, IPIC has since reaffirmed its commitment to working with 1MDB via a public statement issued in October 2015, and made interest payments on the aforementioned bond in October and November 2015.

Rather than engage in mud-slinging attacks against 1MDB, we ask those elements within the media and the opposition who are seemingly intent on derailing this process to await the results of the investigations currently being conducted by various independent lawful authorities, to whom 1MDB is extending its full cooperation.