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Wednesday, November 1, 2017

How much is Brazen Sky 'units' worth now? Putrajaya won't say



Putrajaya has refused to reveal how much the so-called Brazen Sky "units" are worth or reveal which institution is its custodian.
A parliamentary written reply on the matter by the finance ministry spoke only of 1MDB's oft-repeated plan to repay its debts, but made no mentioned of the Brazen Sky "units".
This was despite the question posed by Petaling Jaya Utara MP Tony Pua which read: "I urge the Finance Minister to state the value of the 'units' owned by 1MDB subsidiary Brazen Sky Ltd and the name of the institution which is the 'custodian' of the said units."
It is unclear what type of business Brazen Sky is involved in, but it remains a major part of the 1MDB saga and a key component of US Department of Justice investigations on 1MDB-related assets.
When under pressure from critics, 1MDB had in 2015 revealed that RM6.1 billion of the RM42 billion loaned by the company were channeled into Brazen Sky as "investment funds".
According to a press release by 1MDB in late 2015, the Brazen Sky "units" were originally valued at US$2.318 billion in September 2012 and was originally managed by a Cayman Islands-registered fund.
The "units", said the company, were the result of various equity and murabaha loan investments involving 1MDB's first joint-venture (JV) partner London-based PetroSaudi International Ltd.


This deal involved US$1 billion investment by 1MDB, raised through government-bank bonds by 1MDB's predecessor, Terengganu Investment Authority (TIA). The JV was ratified on Sept 28, 2009 and terminated just six months later.
1MDB claimed that US$1.412 billion has been redeemed, but the complicated nature of 1MDB's books and the fact that there has no financial statements since 2014, made the balance of the "units" difficult to determine.
Putrajaya, which wholly-owns 1MDB through Minister of Finance Inc, has also not been transparent on the financial institution which is currently managing the Brazen Sky "units".
Previously, Brazen Sky was supposed to be managed by BSI, but that bank was shut down in 2016 by the Singaporean authorities over money laundering and other misconducts.
In a statement today, Pua lashed at Prime Minister Najib Abdul Razak, who is also the finance minister, for refusing to answer his question and instead speaking about 1MDB's debt-repayment plans.
"He might as well have added that the sun rises from the East and sets in the West.
"The minister's answer could have been less than 10 words, and it would have answered my question perfectly: Value of units, and name of bank," said Pua.
Pua said his question to the finance minister was perfectly valid because 1MDB had stated publicly in April that the Brazen Sky "units" would be "monetised" to repay a debt to Abu Dhabi's International Petroleum Investment Company (IPIC).
A balance of US$602 million must be paid by Dec 31. The first tranche, due on June 31, was substantially delayed. -Mkini

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