PAC chief's 'relieved' statement outshines 'cari makan'

Public Accounts Committee (PAC) chief Hasan Arifin has become a national embarrassment for saying the PAC is satisfied with 1MDB's overseas business dealings, said Pandan MP Rafizi Ramli.

Rafizi described the statement as worse than the PAC chief's cari makan faux pas.

"It is one thing if the PAC chairperson wants to proverbially 'cari makan', but making a statement of this nature will make him a national embarrassment.

"It is not for him to be personally satisfied with 1MDB CEO's explanation.

"His responsibility is to uncover answers to all the questions that 1MDB needs to explain and the public will be the judge on whether or not 1MDB has erred," Rafizi told Malaysiakini.

Hasan in a statement today said "the PAC is relieved that 1MDB's business dealings and investments overseas are with reputable foreign companies".

This followed a five-hour hearing the PAC had with 1MDB boss Arul Kanda Kandasamy.

Rafizi shot down the notion of 1MDB dealing with reputable overseas companies.

"1MDB's most famous international venture is with PetroSaudi, a company with no track record, no trace of operations, far from being an MNC or a Fortune500. In fact, we don't know what PetroSaudi is.

"1MDB invested in segregated portfolio companies (SPCs) based in Cayman which were completely shrouded in secrecy," he said.

The 1MDB-PetroSaudi joint venture (JV) was the subject of controversy after the Wall Street Journal claimed 1MDB funds meant for it ended in the coffers of Good Star Ltd, a company allegedly owned by business tycoon Jho Low.

The JV was called off in 2011 and 1MDB was compensated with a 49 percent stake in PetroSaudi Oil Services Limited (PSOSL) valued at US$2.2 billion.

This stake was sold to Bridge Partners International Investment in August that year in exchange for promissory notes worth US$2.32 billion.

This was the alleged assets 1MDB had in the Cayman Islands. -Mkini