IPIC Statement: Who is Telling the Truth?

A Kadir Jasin

THANK you to debaters who had pre-empted me on the damning statement by International Petroleum Investment Company PJSC ("IPIC") on April 11 to the London Stock Exchange (LSE) concerning the activities of 1Malaysia Development Berhad ("1MDB").

In the nutshell, it told the London bourse that neither it nor its subsidiary, Aabar Investments PJS ("Aabar") had anything to do with an entity called "Aabar Investments PJS Limited" ("Aabar BVI").

[SIGN the People’s Declaration Here]

IPIC further said that from publicly available records Aabar BVI was shown to be a company incorporated in the British Virgin Islands and which was wound up and dissolved in June 2015.

Following is the full statement:

“Mon, 11th Apr 2016 08:50

RNS Number: 7586U

IPIC GMTN Limited

11 April 2016

Statement Re Press Comment

International Petroleum Investment Company PJSC ("IPIC") and its subsidiary, Aabar Investments PJS ("Aabar"), both incorporated in the Emirate of Abu Dhabi under Abu Dhabi and UAE Law, refer to recent media reports concerning the activities of 1Malaysia Development Berhad ("1MDB"). 

In particular, such reports comment that substantial payments have been made by entities within the 1MDB group to an entity called "Aabar Investments PJS Limited" ("Aabar BVI"), which IPIC and Aabar understand, from publicly available records, to be a company incorporated in the British Virgin Islands and which was wound up and dissolved in June 2015.

Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group.  Further, both IPIC and Aabar confirm that neither has received any payments from Aabar BVI nor has IPIC or Aabar assumed any liabilities on behalf of Aabar BVI. 

IPIC and Aabar's confirmation is reflected in each relevant accounting period by the audited financial statements of the IPIC Group. IPIC Group accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and, for the relevant periods, have been audited by Ernst & Young. Additionally, the Abu Dhabi Accountability Authority reviews the IPIC Group accounts in each year as well as the audit of such accounts. 

IPIC Group accounts are published annually and are filed with the London Stock Exchange.  

This information is provided by RNS, the company news service from the London Stock Exchange

END”

The people at 1MDB had all along claimed or given the impression that Aabar BVI was part of the IPIC-Aabar conglomerate. Through a series of joint ventures, capital raising exercises and global money transfers involving 1MDB, billions of dollars had funneled to this copycat offshore company believed to be controlled by Mohd Najib’s associate Jho Low.

Another of Jlo Low’s company is Blackstone Asia Real Estate Partners Limited, which mimics the New York Stock Exchange-listed Blackstone Group.

Copycat Does Not Have Nine Lives

Those who had followed the court case in Kuala Lumpur back in 2000’s about McDonald vs McCurry would understand this copycat trickery more easily.

Since a lot had been said about the IPIC statement, I would only like to add by asking the following questions:

1.Would IPIC openly lie to the LSE, its shareholders and the regulatory authorities in the United Kingdom and around the world via the above statement?

2.Who are more likely to tell a lie – the LSE-listed IPIC or the unlisted 1MDB and hoping to get away?

3.If 1MDB is truthful and has nothing to hide, why is it hiding Jho Low and other “fugitives” from Malaysian investigators?

4.Which do we trust more – IPIC’s letter to the LSE and broadcasted worldwide or a 2011-letter purportedly from an “Arab prince” that surfaced out of the blue a few says ago?

5.Why should the Auditor General’s report on 1MDB’s accounts be placed under Official Secrets Act if there’s nothing to hide?

The IPIC’s LSE statement should be read together with the letter from the mysterious “Arab Prince” and the recently issued report of the Public Account Committee (PAC).

The PAC report, though cautiously worded to avoid implicating the Prime Minister, (Datuk Seri Mappadulung Daeng Mattimung Karaeng Sanrobone), Mohd Najib Abdul Razak, directly is sufficiently damning.

No learned person believes the boy who cried wolf anymore.

And to make matters worse for 1MDB and Mohd Najib, investigators from many countries are collaborating with each other to make their cases against them watertight.

Wallahuaklam.