The settlement between 1MDB and International Petroleum Investment Corporation (IPIC) shows that 1MDB funds did not end up in Prime Minsiter Najib Abdul Razak's pockets, said Minister in the Prime Minister's Department Abdul Rahman Dahlan.
He said this is because the settlement shows 1MDB's funds held in "units" in Singapore exist and will be entirely monetised to pay IPIC.
"This not only proves that, contrary to the oppositions lies, the funds have existed all this while. But it also slams the door shut on their wild allegation that these funds were somehow transferred to the prime minister’s accounts – an allegation that had previously been rejected by no less than the Saudi Foreign Minister who publicly stated that these funds were a donation from the Saudi royal family," the Barisan Nasional strategic communications director said in a statement.
He was referring to the US$681 million, or RM2.6 billion according to exchange rates in 2015, when the issue first hit headlines, found in Najib's account.
Najib said it was a political donation from the Saudi royal family, but this has not quelled detractors' suspicions that the funds were linked to 1MDB.
In a statement following the settlement, 1MDB said it will monetise its investment fund units to pay IPIC, and that the first tranche of US$50 million cash has been received.
Bloomberg last week reported 1MDB will monetise its Brazen Sky and 1MDB Global Investment units worth US$2.5 billion.
It was earlier reported the Brazen Sky units, held in Singapore after redeemed from investments in the Cayman Islands, is worth US$940 million.
In its filing to the London Stock Exchange on the settlement, IPIC said 1MDB agrees to pay the Abu Dhabi state investment US$1.2 billion to cover the US$1 billion advance by IPIC used to pay interest on 1MDB issued bonds in June 2015. The additional US$200 million represent the interest payment on the advance.
1MDB also said it will also assume principal and interest payments for two bonds issued in 2012, to buy energy assets.
The parties will further negotiate on the disputed US$3.5 billion figure, which 1MDB said it paid to Aabar BVI for payments related to the issuance of the bonds, but IPIC said it is not linked to Aabar BVI.
Meanwhile, Abdul Rahman said the opposition should welcome the settlement instead of continuing to "sabotage" 1MDB's rationalisation plan - an act which undermines Malaysia's economy.
"There can now be absolutely no doubt that these allegations were malicious lies intended to bring Malaysia's economy to its knees, just for selfish political gain.
"The DAP-led opposition, and its supporter (former premier) Dr Mahathir (Mohamad), should accept that their campaign has failed," he said. -Mkini
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