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1MDB: Tony Pua is a ‘one trick pony’

Posted: 04 Apr 2016 12:38 AM PDT

1Malaysia Development Berhad (1MDB) called Petaling Jaya Utara MP Tony Pua a "one trick pony" after his comments that 1MDB failed to clarify the nature and ownership of Aabar Investment PJS Limited (BVI).

1MDB said in a statement on Monday that a US$1.4 (RM5.4)bil payment to Aabar was described in "clear and transparent terms" in its financial statements in 2013 and 2014.

It said for all major payments made by the company, 1MDB has provided detailed explanations along with supporting documentary evidence to the Auditor General's Department.

It added that it thoroughly explained all its major transactions at the recent Public Accounts Committee (PAC) proceedings.

"Sadly though, true to form, YB Tony Pua is a one trick pony, who can only recycle old and stale allegations," 1MDB said.

1MDB added Pua, who is a PAC member, not only has the requisite information but had the opportunity to ask for more information during the proceedings.

"YB Tony Pua, therefore, clearly has selective amnesia at best, or at worst, is once again up to his old tricks, to recycle allegations, ask questions to which he already knows the answers to and seek to confuse and mislead the public," 1MDB said.

Pua had said that if 1MDB fails to provide clarity on the nature and ownership of Aabar (BVI) with the necessary and appropriate documents, any denials it made about the company not being an "intermediary" would have zero credibility.

This was in response to a 1MDB statement denying any involvement in providing funds for the Hollywood hit 'The Wolf of Wall Street.'

Finance Ministry: 1MDB has no outstanding debts

Posted: 03 Apr 2016 11:36 PM PDT

1Malaysia Development Berhad (1MDB) does not have any outstanding debts currently, said the Finance Ministry.

"1MDB has never failed in settling all its debts including payment of loan interest," the Ministry said in a written reply to Mohamed Hanipa Maidin (PAS-Sepang) who wanted to know 1MDB's outstanding debts and lenders.

On the amount of 1MDB debt guaranteed by the Government, the ministry said it amounted to RM5.8bil.

On March 25, 1MDB said its subsidiary Edra Energy (Langat) Sdn Bhd, had fully repaid a RM700mil Syndicated Term Loan Facility to a consortium of domestic banks.

Last week, 1MDB president Arul Kanda Kandasamy said the company won't have any more short-term debt and bank loans within the next three weeks after it repays RM6bil in coming weeks with sales of its asset.

Arul Kanda said 1MDB would have a cash surplus of at least RM2.3bil after settling the debt.

Ringgit Opens Higher Against US Dollar

Posted: 03 Apr 2016 08:03 PM PDT

The ringgit opened higher against the US dollar today on stronger demand for the local note against the backdrop of a dovish Federal Reserve and better economic data from China.

At 9.04 am, the ringgit was quoted at 3.8750/8830 versus the greenback from Friday's close of 3.8880/8950.

A dealer said emerging Asian currencies, including the ringgit, would likely stay firm with expectations of a near-term US interest rate hike waning after the Federal Reserve recommended caution on tightening.

The expansion in China's manufacturing sector for March also provided a boost for the ringgit.

Against a basket of other currencies, the ringgit also traded mostly higher, except for the Japanese yen, against which it fell to 3.4763/4838 from 3.4603/4675 last week.

The local note rose against the Singapore dollar to 2.8727/8804 from 2.8826/8895 on Friday, improved vis-a-vis the British pound to 5.5165/5290 from 5.5692/5815 and strengthened to 4.4202/4309 from 4.4315/4411 versus the euro

1MDB denies ‘The Wolf of Wall Street’ involvement

Posted: 03 Apr 2016 07:01 PM PDT

1Malaysia Deve­lopment Bhd (1MDB) has denied funding the production of Holly­wood movie The Wolf of Wall Street which starred Leonardo DiCaprio.

In a statement, it said it was not involved with the film in any capa­city as alleged or implied by some foreign media reports.

"1MDB has never invested in or transferred funds to Red Granite Pictures, whether directly or via intermediaries. Any statement to the contrary is false," 1MDB said yesterday.

The Wolf of Wall Street was released in 2013 after US film company Red Granite Pictures invested US$100mil (RM389mil) in it.

The Red Granite Pictures website stated that it was co-founded by Riza Aziz and Joey McFarland in 2010.

Riza is a stepson of Prime Minister Datuk Seri Najib Tun Razak.

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