Debt-laden 1Malaysia Development Bhd (1MDB) said it made US$488 million profit from a Saudi Arabian deal but a DAP lawmaker today called it a con job.
Tony Pua also said today instead of making money from the deal with PetroSaudi International, 1MDB's president Arul Kanda Kandasamy had to explain a loss of US$1.1 billion.
"The whole complex and mind-boggling financial manoeuvres all point towards the perpetuation and massive cover-up of a multi-billion ringgit fraud.
"Arul Kanda proudly announced that 1MDB made US$488 million of profit from the Petrosaudi transaction but what we have at hand is at least US$1.1 billion ‘missing’ in unknown whereabouts. The next question to ask is hence, where exactly is this US$488 million of ‘paper’ profit Arul was talking about?" he told a press conference in capital city Kuala Lumpur today.
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