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1MDB: Pua’s Attacks ‘Repeatedly Unproven’

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PETALING JAYA: Tony Pua’s attacks on 1Malaysia Devleopment Bhd (1MDB) are “repeatedly unproven” as well as “recycled and reused allegations,” says its chief executive officer (CEO) Arul Kanda Kandasdamy.

“We refer to a press statement today by YB Tony Pua, further to his ‘chicken challenge’ issued yesterday. We note that YB Tony Pua refers to himself as a ‘monkey’,” said Arul of the Petaling Jaya Utra MP and Public Accounts Committee (PAC) member.

“1MDB is glad that YB Tony Pua is the ‘monkey on our back’ and not one that ‘sees no evil, hears no evil and speaks no evil’. Such public scrutiny and questioning by YB Tony Pua is important to establish the truth.

“Despite his repeatedly unproven, recycled and reused allegations, we share below past clarifications issued by 1MDB, on the items rehashed yet again today by YB Tony Pua,” said Arul.

Arul then proceeded to list down the below information, which was released by 1MDB on June 30.

• Further to an earlier joint venture arrangement in 2009, 1MDB invested US$1.83 billion cash in murabaha notes issued by JV Co, a company that, by then, was 100% owned by PetroSaudi following the termination of the joint venture in March 2010.

• In June 2012, this entire amount was repaid by way of conversion into shares of PetroSaudi Oil Services Limited for a value of US$2.22 billion.

• Subsequently, in September 2012, 1MDB sold its shares in PetroSaudi Oil Services Limited for US$2.318 billion and received fund units in a Cayman registered fund. These fund units were owned by 1MDB via its 100% subsidiary, Brazen Sky, and held through BSI Bank Singapore as custodian.

• Accordingly, 1MDB invested a total of US$1.83 billion with PetroSaudi as murabaha notes, and ultimately received US$2.318 billion of fund units, representing a gain over time of US$488 million.

• The valuation of the fund units was undertaken by the fund administrator and is clearly described in 1MDB’s audited financial statements.

Arul also explained that on Jan 16, he had offered to engage with Pua but he appeared “uninterested”, evidenced by continued attacks on 1MDB.

He also brushed off Pua’s claim that there was “hardly anyone left investigating the company,” pointing to ongoing investigations by the Attorney-General, Auditor-General, police, Bank Negara (BNM), the Malaysian Anti-Corruption Agency (MACC) and the PAC.

“Such ‘monkey busines’ by YB Tony Pua does not benefit anyone. Malaysia is not a jungle – we have due process, procedures and laws to be followed. Accordingly, the lawful authorities must be allowed to carry on with their investigations,” he said.

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