This was sent as a comment into my earlier post :
WHY HUSNI RAN:
"Abu Dhabi-based (IPIC) has denied its subsidiary Aabar Investments PJS had ever guaranteed 1MDB's controversial "fund units" in a Cayman Islands-registered fund, according to the Wall Street Journal (WSJ).
This was despite 1MDB's auditors testifying before the (PAC) that it had scrutinised the Cayman investment and were satisfied with the guarantee, which they claimed was by Abu-Dhabi's Aabar.
The "fund units" invested by 1MDB's Singapore-based subsidiary Brazen Sky Ltd had previously generated controversy after Najib who is also finance minister, told Parliament it was kept in cash in the form of US dollars.
It was later revealed that there was no cash but "fund units" and 1MDB CEO Arul Kanda took responsibility for the "mistake".
In the latest development, IPIC in its 2015 financial report said: "1MDB has intimated the existence of guarantees of approximately US$940 million provided by Aabar in respect of fund units in a Cayman registered fund, owned by 1MDB subsidiary Brazen Sky and further guarantees from Aabar BVI of fund investments held with various third party fund managers in the amount of approximately US$1.5 billion.
"Both IPIC and Aabar confirm there is no record of any such guarantees being provided by Aabar and as such no disclosure of financial guarantees needs to be made in these consolidated financial statements and further confirm that neither IPIC nor Aabar has received any payments, assets or fund units from Brazen Sky," it said.
The financial report was filed with the London Stock Exchange yesterday."
IF PRESSED, WHO WILL KHADEM NAME AS CO-CONSPIRATOR?
Jeng jeng jeng......
HINT: Its face looks like a badly-skinned, half-boiled p_g's head with a few strands of cotton wool tacked on.
Friday, July 01, 2016 2:33:00 PM
"Abu Dhabi-based (IPIC) has denied its subsidiary Aabar Investments PJS had ever guaranteed 1MDB's controversial "fund units" in a Cayman Islands-registered fund, according to the Wall Street Journal (WSJ).
This was despite 1MDB's auditors testifying before the (PAC) that it had scrutinised the Cayman investment and were satisfied with the guarantee, which they claimed was by Abu-Dhabi's Aabar.
The "fund units" invested by 1MDB's Singapore-based subsidiary Brazen Sky Ltd had previously generated controversy after Najib who is also finance minister, told Parliament it was kept in cash in the form of US dollars.
It was later revealed that there was no cash but "fund units" and 1MDB CEO Arul Kanda took responsibility for the "mistake".
In the latest development, IPIC in its 2015 financial report said: "1MDB has intimated the existence of guarantees of approximately US$940 million provided by Aabar in respect of fund units in a Cayman registered fund, owned by 1MDB subsidiary Brazen Sky and further guarantees from Aabar BVI of fund investments held with various third party fund managers in the amount of approximately US$1.5 billion.
"Both IPIC and Aabar confirm there is no record of any such guarantees being provided by Aabar and as such no disclosure of financial guarantees needs to be made in these consolidated financial statements and further confirm that neither IPIC nor Aabar has received any payments, assets or fund units from Brazen Sky," it said.
The financial report was filed with the London Stock Exchange yesterday."
IF PRESSED, WHO WILL KHADEM NAME AS CO-CONSPIRATOR?
Jeng jeng jeng......
HINT: Its face looks like a badly-skinned, half-boiled p_g's head with a few strands of cotton wool tacked on.
Friday, July 01, 2016 2:33:00 PM
End quote. Ok here is that Wall Street Journal headline :
IPIC lost US$2.6 billion over 1MDB ? That is RM10 billion !!
The Swiss AG said they found US$4.0 billion of stolen money. That is RM16 billion.
How much exactly have they stolen? According to IPIC their claim on 1MDB is US$6.5 billion !! That is RM26 billion. Here is The Edge :
Abu Dhabi fund denies guaranteeing 1MDB’s Cayman investments
By Bloomberg / Bloomberg July 1, 2016
KL (July 1): IPIC didn’t guarantee 1MDB
(IPIC) investigating companies that used variations of name of Aabar
it said in an exchange filing on Thursday.
IPIC denied ownership of Aabar BVI, to which 1MDB sent US$3.5b
M'sian parliamentary committee identified US$4.2b transactions involving Abu Dhabi
1MDB intimated guarantees US$940m provided by Aabar
for "units" in Cayman fund owned by Brazen Sky
guarantees from Aabar BVI of US$1.5 billion
IPIC said in a financial statement released Thursday.
In Sept 2012, 1MDB sold shares for US$2.32b and received units
In Sept 2012, 1MDB sold shares for US$2.32b and received units
managed by Bridge Partners, a Hong Kong-based fund manager
1MDB said units owned by Brazen Sky held through BSI in Singapore
lawmakers told by auditor investment guarantee by Aabar.
‘No Record’
"IPIC and Aabar confirm there is no record of any such guarantee" IPIC said
‘No Record’
"IPIC and Aabar confirm there is no record of any such guarantee" IPIC said
"Neither IPIC nor Aabar received any payments, assets or units from Brazen Sky."
IPIC agreement with 1MDB in May 2015 to provide US$1b in exchange for assets
IPIC agreement with 1MDB in May 2015 to provide US$1b in exchange for assets
and assume interest obligations on US$3.5b of debt
deal included IPIC forgiving US$482m debt, financial statement showed
1MDB and Msia’s finance ministry "are in default" on binding term sheet IPIC said
tussle over repayments on bonds by 1MDB led to default in April
IPIC taking a US$3.5b provision related to guarantees it provided on 1MDB debt.
IPIC seeking US$6.5b from 1MDB and Msia’s finance ministry
IPIC seeking US$6.5b from 1MDB and Msia’s finance ministry
after they failed to "perform their obligations
submitted arbitration request to a London court
WSJ reported Friday delegation from M'sia in Abu Dhabi for talks
My comments : IPIC is claiming US$6.5 billion !! That is RM26 billion !!
Here is how arbitration works folks. Either party can only go for arbitration if they had already agreed to using arbitration to resolve disputes.
This arbitration is in London - under the LCIA (London Court of International Arbitration) which is a private body.
Arbitrations are fast, much faster than the Courts. Weeks instead of years. That is why people opt for arbitration. Otherwise why bother with arbitration.
If the arbitration decides against 1MDB / MOF then 1MDB / MOF must pay RM26.5 billion. If these clowns have RM26.5 billion lying around then they must pay. But paying that much money will bust our Treasury. The gomen will go broke. Even the GST collections were only RM32 billion.
If the arbitration rules againt 1MDB / MOF and they dont have RM26.5 billion or they dispute the arbitration and they dont want to pay up then Abi Dhooby can and will sue in a real Court to "enforce" the decision by the arbitration.
Since there will most likely be a proviso somewhere in their documentation that 'The laws of England shall apply' this means IPIC can go to a UK Court to "enforce" the arbitration. Plus the Abi Dhooby guys are listed on the London Stock Exchange.
If the UK Court accepts the "arbitration" as evidence (which has happened before) the UK Court can authorise a variety of options to IPIC including "seizure of assets".
It is difficult to seize a country's assets but it has happened before. A 'Navy' ship of one country was seized by a Court order before. It is easier to seize a company's assets.
p.s. Folks I have a very good idea how to solve this problem. Of course the crooks must be caught first. It will take a bit of time - not too much time I hope. I believe we can identify the exact amounts stolen (which is very important - we do not know exactly how much was stolen), recover the full amounts plus the illicit gains that have accrued over the past seven years (recall the money was first stolen in 2009, it has earned interest, appreciation etc over the past seven years. All that belongs to us).
Lets see what happens.
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