Finance Minister II Johari Abdul Ghani should publish the letter from the Registrar of Corporate Affairs claimed to prove that the British Virgin Island (BVI) registered Aabar belongs to Abu Dhabi’s International Petroleum Investment Corporation (IPIC), PKR vice president Rafizi Ramli said.
1MDB had paid US$3.5 billion to Aabar BVI for services in the issuance of two bonds, but IPIC says it has no links to the firm, which has an almost identical name with an IPIC subsidiary.
“He should publish the alleged letter of confirmation from BVI’s Registrar of Corporate Affairs so that the public can help him and the government get to the bottom of this issue.
“He should (also) publish the money trail that allegedly was fraudulently transferred to the wrong company so that the public can ascertain who was the final beneficiary,” he said in a statement.
He added Johari should resign from his post if he cannot reveal the letter, in the footsteps of former Finance Minister II Husni Hanadzlah, who after resignation raised questions on 1MDB in Parliament.
“Otherwise, his continuing attempt to wash his hands is getting pathetic.
“He is being paid to trace the money and bring back whatever is left out there.
“Instead, the country continues to lose money because of 1MDB and all he can say is ‘I don’t know’,” Rafizi said.
Johari yesterday told Malaysiakini that the government is certain that Aabar BVI belongs to IPIC because it has a letter from BVI’s Registrar of Corporate Affair to prove this.
Asked to show the letter, however, Johari said he can vouch for its veracity and that he has also raised this in Parliament.
He also said it is not unusual for 1MDB to have opted for a settlement in the midst of arbitration, and that the government had considered bilateral ties with Abu Dhabi before deciding to settle.
IPIC is an Abu Dhabi state investment firm.
‘Use letter for arbitration’
Rafizi said the possession of this letter should prompt Johari to try to stop the settlement from being ratified by the cabinet.
He also said the minister should return to the arbitration process to seek a better outcome.
“While that confirmation letter itself should be subjected to the highest scrutiny, it is indeed suspicious that after going on record that the government is confident of getting a good settlement out of the arbitration process the government backtracked and settled,” the Pandan MP said.
He also questioned the veracity of the letter given that the BVI is known for keeping details of company ownership strictly confidential.
“I am surprised that the (BVI) Registrar of Corporate Affairs actually issued a letter to confirm an ownership of a company because the very nature of an offshore company (either at BVI or Caymans Island) is intended to conceal the ownership and directorship of a company,” he said.
On Monday, IPIC in a filing with the London Stock Exchange said 1MDB agreed to pay IPIC US$1.2 billion.
The US$1.2 billion repayment is believed to be for the US$1 billion loan plus interest, which IPIC gave to 1MDB in 2015 to cover the defaulted interest payments on bonds. The bonds were guaranteed by IPIC and 1MDB.
The bonds, valued at US$3.5 billion, were issued in 2012 to finance 1MDB’s energy unit – 1MDB Energy (Langat) Limited and 1MDB Energy Limited. Both bonds are due by 2022.
As part of the settlement, 1MDB and Minister of Finance Incorporated (MOF Inc) agreed to assume responsibility for the two bonds.
IPIC also said the two parties will also head into further negotiations on payments made to “certain parties” – believed to refer to the US$3.5 billion 1MDB paid to Aabar BVI.
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