Amanah Youth gives Najib 10 days to explain 1MDB-IPIC settlement

Amanah Youth has given Prime Minister Najib Abdul Razak 10 days to explain the agreement reached between 1MDB and International Petroleum Investment Company (IPIC) after an arbitration process.

Led by its deputy head Faiz Fadzil, the movement delivered a five-page memorandum to the prime minister's office in Putrajaya today.

After handing it over to PM's aide Nik Mohd Hussin, they pledged to also submit similar memorandums to the Malaysian Anti-Corruption Commission, Attorney-General's Chambers and the Conference of Rulers, if there is no response.

Faiz, who is a lawyer, said they want Najib to be transparent on the events which led to the settlement, namely on the US$3.5 billion "fraudulently" paid to Aabar Investments PJS Ltd, Aabar Investments PJS Ltd, incorporated in the British Virgin Islands (Aabar BVI).

The movement posed the following five questions:

• What are the terms of settlement, and whether it was made according to the direction, support and agreement by Najib as the PM?
   
• If it is true the settlement was made through the selling of 1MDB's units in its investments on Brazen Sky Ltd and 1MDB Global Investment Ltd, who are the purchasers, the dates and terms of the sales and purchase of the units?
   
• Will the taxpayers' money be used to pay both bonds which would mature in 2022, as the investments by 1MDB in Brazen Sky (US$940 million) dan 1MDB Global Investment (US$1.5 billion) are insufficient to pay the amount?
   
• Funds from which public institutions would be used to pay the arbitration demand that is expected to cost RM26.5 billion?
   
• What legal actions would the government take against individuals to get back the US$3.5 billion?

Amanah said Najib's silence on the issues raised showed he was not accountable and transparent as the PM and the chairperson of the 1MDB board of directors.

“Hence, concrete and credible public explanation must be given by Najib on the issues raised. The settlement in the arbitration had resulted in the country to lose a huge sum of money for the second time,” Faiz said.

He said Malaysians have the right to know where the money is spent.- Mkini