Press Release

Date: 
17-08-2015
Tony Pua’s Monkey Business
Tony Pua’s Monkey Business
Category: 

Tony Pua’s Monkey Business

We refer to a press statement today by YB Tony Pua, further to his “chicken challenge” issued yesterday. We note that today, YB Tony Pua refers to himself as a “monkey”.

1MDB is glad that YB Tony Pua is the “monkey on our back” and not one that “sees no evil, hears no evil and speaks no evil”. Such public scrutiny and questioning by YB Tony Pua is important to establish the truth. Hence despite his repeatedly unproven, recycled and reused allegations, we share below past clarifications issued by 1MDB, on the items rehashed yet again today by YB Tony Pua:

Dialogue

On 16 January 2015, Arul Kanda, in good faith, offered to engage with YB Tony Pua and share with him facts on 1MDB. However, as evidenced by YB Tony Pua’s subsequent and ongoing conduct, it is clear he is not interested in the truth. Rather, his aim is to score political points, undermine ongoing investigations and negatively impact 1MDB’s rationalisation plan.   

Ongoing Investigations

YB Tony Pua is wrong to state that “there’s hardly anyone left investigating the company”. He has conveniently forgotten to highlight that lawful authorities such as the Attorney-General, Auditor-General, PDRM, BNM, MACC and PAC, are all currently pursuing investigations on 1MDB, in a thorough, professional and independent manner.

Fund Units

On 30 June 2015, 1MDB shared the following facts:

•          Further to an earlier joint venture arrangement in 2009, 1MDB invested US$1.83 billion cash in murabaha notes issued by JV Co, a company that, by then, was 100% owned by PetroSaudi following the termination of the joint venture in March 2010.

•          In June 2012, this entire amount was repaid by way of conversion into shares of PetroSaudi Oil Services Limited for a value of US$2.22 billion.

•          Subsequently, in September 2012, 1MDB sold its shares in PetroSaudi Oil Services Limited for US$2.318 billion and received fund units in a Cayman registered fund. These fund units were owned by 1MDB via its 100% subsidiary, Brazen Sky, and held through BSI Bank Singapore as custodian.

•          Accordingly, 1MDB invested a total of US$1.83 billion with PetroSaudi as murabaha notes, and ultimately received US$2.318 billion of fund units, representing a gain over time of US$488 million.

•          The valuation of the fund units was undertaken by the fund administrator and is clearly described in 1MDB’s audited financial statements.

Further information referred to above can be found in the notes to 1MDB’s financial statements. Accordingly, contrary to Tony Pua’s claim, 1MDB has clearly provided detailed information on this – as above – on a number of occasions.

Such “monkey business” by YB Tony Pua does not benefit anyone. Malaysia is not a jungle - we have due process, procedures and laws to be followed. Accordingly, the lawful authorities must be allowed to carry on with their investigations.

1MDB is very much focused on the implementation of our rationalisation plan to stabilise the company and reduce our debts to a sustainable level. Please let us carry on with our job.