Posted: 11 Oct 2015 09:17 PM PDT
AGC is investigating money laundering and embezzlement in 1MDB, BNM is talking reporting that was made regarding investment in 2009 - 2011 in 1MDB & NOT THE RM2.6 BILLION in Najib's account.
Raja Petra Kamaruddin
The statement from BNM, however, talks about inaccurate reporting or reports without complete disclosure of material information. The AGC, however, was investiating allegations of money laundering and embezzlement and they did not find any evidence of that alleged crime. And that is why the AGC did not pursue the matter — because 1MDB did not commit the crime of money laundering and embezzlement.
So we have a situation here where BNM is talking about one thing and the AGC is talking about another. This, however, appears to be missed by most people. Or did they really miss it or are they intentionally trying to confuse the whole issue?
1MDB explained that the whole issue centres around the matter of the US$1.83 billion that it had sent overseas back in 2009-2011 as equity and murabaha loan investments in a joint venture with PetroSaudi after getting BNM's approval. 1MDB then explained that the use of those funds have been explained in detail in the notes to 1MDB's publicly available financial statements dated 31st March 2009.
1MDB went on to explain that in September 2012 the US$1.83 billion was converted into fund units valued at US$2.318 billion. This US$2.318 billion was then redeemed in 2014 and 2015 and then utilised to reduce 1MDB's debts. "The remaining US$940 million of fund units," 1MDB explained, "are guaranteed by Aabar and have been ear-marked for a 'debt for asset swap' with its 'AA' rated parent, IPIC, as part of the 1MDB rationalisation plan."
Tony Pua says that the money should be brought back to Malaysia. Dr Mahathir says 1MDB has too many debts and that these debts should be reduced. So who does 1MDB listen to, Tony Pua or Dr Mahathir? How do you do both at the same time when you can only do either one or the other: pay your debts or bring the money back?
One even more important point to note is that all this happened in 2009-2011. What was BNM doing in 2009-2011 when 1MDB's accounts declared all this and it was something that was already known back then and not something that was discovered only now? It appears like there are people who are trying to sabotage 1MDB's rationalising and debt reduction program because if 1MDB succeeds in doing this then there will be no more 'modal' to use against the Prime Minister.
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