Sarawak Report: 1MDB Settlement CONFIRMS DOJ’s Case


April 26, 2017

1MDB Settlement CONFIRMS DOJ’s Case

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The Relentless  and Fearless Crusader–Sarawak Report Founder Clare Rewcastle Brown

The settlement between 1MDB and the Abu Dhabi’s International Petroleum Investment Corporation (IPIC) has derailed the US Department of Justice (DOJ) civil suit to seize more than US$1 billion in assets allegedly purchased using funds siphoned from 1MDB, said an Umno leader.“This arbitration settlement has weakened the US DOJ civil suit and claims that 1MDB’s funds were stolen,” said UMNO Supreme Council Member Mohd Puad Zakarshi in a statement today.

Mohd Puad is also the Director-General of the Information Ministry’s Special Affairs Division (Jasa).

The settlement announced yesterday will see 1MDB pay IPIC US$1.2 billion, as repayment after IPIC covered interest payments on 1MDB bonds in June 2015. The bonds, valued at US$3.5 billion, were issued in 2012 to finance 1MDB’s energy unit – 1MDB Energy (Langat) Limited and 1MDB Energy Limited. Both bonds are due by 2022.

MDB was supposed to pay IPIC US$3.5 billion for guaranteeing the bonds but IPIC said it never received payment. 1MDB said it had paid Aabar BVI, a British Virgin Island registered entity with an almost identical name as IPIC’s subsidiary. IPIC said it is not linked to Aabar BVI

Won’t touch taxpayer’s funds

This portion of the dispute will be further negotiated in “good faith” between the parties, IPIC said in its filing to the London Stock Exchange yesterday. “The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities,” it said.

Meanwhile, Puad said the settlement shows that 1MDB will be able to pay its debts without touching taxpayers’ funds.This is through monetising the “investment units” redemeed from the Cayman Islands and held in a Singapore bank via 1MDB’s subsidiary Brazen Sky Limited, which is reported to be worth US$940 billion.

“These obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units. 1MDB is pleased to confirm that a first tranche monetisation of approximately US$50 million has been received, in cash,” 1MDB said yesterday.

The Prime Minister’s Office said 1MDB will cash out all of its “investment fund units”. Fuad said this shows that the “investment units” have value, and are not worthless as earlier claimed by the opposition.

Sarawak Report comments:

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 Mohd Puad Zakarshi

Whatever qualifications were achieved by Mohd Puad Zakarshi, they plainly did not demand logic. Because, the settlement by 1MDB doesn’t undermine the DOJ case, to the contrary it confirms it. Period.

If 1MDB had really paid $3.5 billion in ‘guarantee deposits’ to IPIC, as Najib continues to laughably claim, then Malaysia would never have lost the arbitration case and been forced to pay back the $1.2 billion that IPIC later bailed them out with.

Instead, the court would have pointed out that the bail out was just a third of the up-front deposit and IPIC would actually still have over $2 billion of 1MDB’s money left.

This is not what has happened.  The settlement involves an agreement by 1MDB to pay back the bail out money and to take over the responsibility for the remainder of its debts.

It is therefore a concrete admission by Malaysia that it could not prove its claims that it had deposited a single cent let alone billions with IPIC.And that means that the money trails supplied by the DOJ investigations, showing instead that all the money was siphoned off into a bogus BVI account to pay for Jho Low, Rosmah and Khadem Al Qubaisi’s fun and frolics, has been confirmed by the settlement and not weakened.

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Najib Razak and Bull Buddies

It is plain as daylight, yet this Minister of Disinformation is attempting to say the opposite. How stupid does he think people are in Malaysia? He is also asking people to believe that the payment is going to come from the ‘monetisation’ of non-existant ‘units’ that 1MDB also doesnt have, because all the PetroSaudi money was funnelled into another off-shore company (Good Star Limited) and stolen as well.

Puad says we should believe his story because the PM’s office said it (just like they said IPIC received money which it didn’t). So, who is going to believe this illogical and mendacious fellow when he goes on to say that Najib won’t be touching taxpayer’s funds to repay the debt? Is there a single voter who believes that?

5 thoughts on “Sarawak Report: 1MDB Settlement CONFIRMS DOJ’s Case

  1. Guys,

    No matter how much is spun by UMNO apologists the scandal won’t disappear. With Clare’s relentless pursuit of justice, 1MDB is now engraved in the annals of our national history. Future generations will look at us as a bunch of cowards. I am ashamed that we have allowed this crook and pathological liar get away so easily.

    Let us hope the DJT Administration will pursue their case until justice is finally done. Only LaMoy knows how Donald Trump will react when he meets Najib Razak at the November 2017 ASEAN Summit in Manila in November 2017. –Din

  2. Yes, no one believe Najib’s UMNO tall tales no matter what the outcome. Even sycophants like Puad knows and it’s why he is over eager for any straw of excuses.

    The truth is Najib & Co is not relying on facts or truth. They are relying most of their voters can be tired and numbed, the rest bought or cheated – the end game being “sudah..Lah”.

    In the end, it’s not the financial lost and crime that is Najib’s biggest wrong. It’s the third rail politics track we are well on the way, irreversible and the end is certain failure. The jerk has wasted away the future of this country, our children and grandchildren future.

  3. Quote:- “So, who is going to believe this illogical and mendacious fellow when he goes on to say that Najib won’t be touching taxpayer’s funds to repay the debt? Is there a single voter who believes that?”

    A “single voter”?

    Sorry Clare, 47% of the voters, (give or take a few thousand), would believe it and may even feel proud and rejoice that our government has people smart enough to “settle” a multi-billion US dollar case.

    Our country’s international standing should likewise rise a couple of notch?

    As for the DOJ, what is there for them to continue investigating 1MDB now that the case is completely settled to the satisfaction of the feuding parties, 1MDB & IPIC? After all this case concerns 1MDB & IPIC only, isn’t it? What business is it of the DOJ?

    Clare, please get your facts right.

  4. Najib was quick to congratulate Trump after the election, noting their past golfing partnership and perhaps hoping the Department of Justice (DOJ) investigation into allegations that billions were looted from his brainchild investment fund, 1MDB, may move more slowly under Donald Trump. Najib may use the ASEAN summit at the Philippines to bring up the 1MDB case with Trump. It is not too difficult to persuade and influence a narcissist. All you’ve to do is to shower him with a lot of praises and flatteries.

    However, although the Attorney General is reporting to Trump, but DOJ had always taken actions in a rather independent manner. I may be biased because I’m an American, but I’ve faith in our American justice system and I believe the DOJ case won’t be affected by Trump’s presidency. Moreover, the DOJ documents did not name Najib, but mentioned an individual as “Malaysian Official 1″. To bring up 1MDB case with Trump is to admit Najib is the “Malaysian Official 1”.

    There is so much we still do not know about a Trump foreign policy, if he ever had one. I believe Trump is unlikely to to take much interest in ASEAN summits. His mind is so engrossed with North Korea and the stability of Northeast Asia, and he has absolutely no clue how to handle it. Since the Trump-Xi summit in Florida early this month, the two presidents had two more phone calls with each other. It’s obvious that Trump is depending heavily on Xi to handle the North Korean. What does he give back in exchange? Given that the Chinese hardly brought up the South China Sea during the Florida summit, I tend to suspect that the Chinese were given signals of Trump’s intention to retreat from Southeast Asia, leaving China the de facto dominant power in the region.

    It’s all speculation, I believe Pence’s recent trip to Asia was to let Japan, Indonesia and Australia know, maybe India, too, that they have to play a more active role in the front to counter balance the Chinese in the South China Sea. The US will only lead in the back.

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