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Friday, May 19, 2017

Group demands PM to explain queries over 1MDB-IPIC deal

Gerakan Anakmuda Tolak Najib (GANT1) has delivered a letter of demand to Prime Minister Najib Abdul Razak calling for an explanation on certain lingering questions about 1MDB and its dealings with the International Petroleum Investment Co (IPIC).
GANT1, led by Parti Amanah Negara (Amanah) Youth deputy chief Faiz Fadzil, wants to know what are the legal actions that have or will be taken against IPIC officers such as Khadem Al Qubaisi and Mohamed Badawy Al Husseiny to recover the amount of US$3.5 billion (RM15.5 billion) that 1MDB paid to Aabar Investments PJS Ltd.
They also want to know what legal steps have already been initiated, or will be initiated by 1MDB against its previous managements, including but not limited to the former 1MDB board of directors and board of advisors.
In the letter of demand dated May 11, sent by GANT1's counsel Mohamed Haniff Khatri Abdulla, the respondents are given 14 days to reply to the questions.
The letter of demand, received by the Prime Minister's Office (PMO) around 3.15pm today, was also received by four other respondents; the Finance Ministry, 1MDB and 1MDB chairperson Mohd Irwan Serigar Abdullah.
This comes after Amanah Youth sent a memorandum to the prime minister on May 4, asking for an explanation on the agreement reached between 1MDB and IPIC after the arbitration process initiated by IPIC in 2016.
IPIC had initiated a claim against 1MDB in the London Court of International Arbitration in 2016, in which IPIC sought US$6.5 billion from 1MDB on the alleged claim that 1MDB had failed to fulfil its obligations to IPIC.
In April this year, IPIC reportedly said 1MDB and MOF Inc had agreed to pay US$1.2 billion as well as assume responsibility for US$4.8 billion in principal and interests for two bonds that were previously guaranteed by IPIC.
Under the settlement, 1MDB and IPIC would also enter into good faith discussions about funds 1MDB had paid to certain entities.
The opposition had then criticised Putrajaya's sudden agreement to a settlement, which would cost the Malaysian side US$6 billion, despite the US$3.5 billion that 1MDB had allegedly paid to IPIC remaining unaccounted for.

The "certain entities" mentioned are believed to refer to where the US$3.51 billion was paid to.
1MDB has said that the money was paid to Aabar Investments PJS Ltd (BVI), a company bearing a similar name to IPIC's subsidiary Aabar Investments PJS.
However, IPIC denied that the British Virigin Islands-registered Aabar Investments PJS Ltd is its subsidiary.- Mkini

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