PAS deputy president Tuan Ibrahim Tuan Man said now is probably the best time to declassify 1MDB's audit report and be made public, in view of the reported settlement reached between Malaysia and International Petroleum Investment Company (IPIC).
The audit report has been sealed under the Official Secrets Act (OSA).
Tuan Ibrahim said although it was claimed to be a "settlement", it did not seem to benefit 1MDB or Malaysia as IPIC got what it asked for last year.
“The Finance Ministry is now exposed to paying the debt plus interests involving US$4.7 billion, including US$1.2 billion that 1MDB owed in 2015, plus future interests, and payment of the original sum of the bond totalling US$3.5 billion, which would mature in 2022,” he said in a statement today.
Tuan Ibrahim said 1MDB had previously said that the monetisation of its investment unit fund would be the biggest challenge, in its arbitration process with IPIC.
“If 1MDB fails in monetising its investment unit funds, who will have to pay for it? Would the public funds be used again?” he asked.
The PAS deputy president said since 1MDB had stated that the arbitration settlement was part of its major rationalisation plan, maybe the time is right for the 1MDB report be made public.
“This is for the public to understand how the rationalisation plan would be done. Actually, there is no need for such confidentiality in the 1MDB report,” he added.
Why Johari not involved?
Meanwhile, in a separate statement, Pokok Sena MP Mahfuz Omar asked why Finance Minister II Johari Abdul Ghani was not involved in the negotiations between 1MDB and IPIC, as the settlement took place with the participation of 1MDB board of directors and Prime Minister Najib Abdul Razak's officers.
Mahfuz (photo) said it is puzzling that the finance minister or the ministry were not involved in the negotiations since 1MDB is a subsidiary of Minister of Finance Incorporated.
Prior to this, he added, 1MDB was directly under Najib, and all matters related to finance and investment needed his approval.
He said article 117 of the memorandum and articles of association stipulates that any decision related to appointments and removals of 1MDB higher officers which have an impact on the federal government's guarantee needs the written approval of the prime minister.
“However, the government amended this by removing any reference to the PM in article 117, that led to the abolishment of 1MDB's board of advisors.
“Hence, why the need to have the involvement of PM's officers and not the Finance Ministry officers, in particular the second finance minister. How can Johari say he was not involved in the arbitration negotiation?” he asked.
The federal lawmaker further queried on what were being negotiated, and hidden from the Finance Ministry officers.
“We can only hope that the government would not sell its assets and the people's assets to pay for the 1MDB debts. For this reason, I urge that the 1MDB investigation be completed. Prosecute those who are behind it and seize their assets to repay the debts,” Mahfuz said.
It was reported that 1MDB and IPIC had reached a settlement and according to filings to the London Stock Exchange, IPIC said it will receive US$1.2 billion in two equal payments on July 31 and Dec 31.
The filing also indicated that the settlement involved only part of the total US$6.5 billion sought by IPIC, the remainder of which is believed to be subject to further negotiations.- Mkini
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