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Wednesday, June 10, 2015

AMBIGA SAYS IT: 1MDB taking Malaysians for fools but 'we are not the target audience' - IS IT UMNO?

AMBIGA SAYS IT: 1MDB taking M'sians for fools but 'we are not the target audience' - IS IT UMNO?
KUALA LUMPUR ― 1Malaysia Development Bhd’s (1MDB) esoteric answers to allegations surrounding its finances have only served to heighten public suspicion rather than allay these, Datuk Ambiga Sreenevasan said today.
Commenting on a media exchange between the state-owned investment firm and business daily The Edge over the latter’s report that 1MDB executives allegedly helped businessman Low Taek Jho to buy up UBG Bank, she said unambiguous answers were needed to dispel such claims.
“They should stop taking us for fools, but I suppose we are not the target audience,” Ambiga told Malay Mail Online.
“The more they give technical non-responses, the more suspicious the transactions,” the former Malaysian Bar president added.
The Edge’s publisher, Ho Kay Tat, said on Monday that 1MDB’s denial of a report by business daily The Edge did not address the issues raised in the article published on June 6 about the alleged transfer of funds from 1MDB to purportedly aid Low in buying UBG Bank.
“What the article did say was that two 1MDB executives Casey Tang and Nik Faisal Nik Kamil had worked with Jho Low and top executives of Petrosaudi International to get 1MDB to subscribe to US$500 million (RM1.88 billion) of murabaha notes and that US$260 million was subsequently channelled to Jho Low’s Javace Sdn Bhd to buy UBG,” Ho wrote.
The core question of the article was not whether the board of 1MDB approved the money transfer, but if it had even been aware that the alleged arrangement had occurred.
Other questions Ho repeated from the article included whether the board was aware of the actions of Tang and Nik Faisal, whether it knew that half of the US$500 million raised was diverted to fund the purchase of UBG Bank, and whether the board has a duty to ensure funds sent out of the country are used for their declared purpose.
1MDB chief Arul Kanda Kandasamy had issued a statement to rebut the allegations contained in The Edge’s article, saying that the 1MDB board of directors “categorically” denies ever approving the transfer of funds from the company to any unintended third party.
Centre to Combat Corruption and Cronyism (C4) director Cynthia Gabriel said 1MDB’s about-turn in sharing more information now was too late.
“The explanation by Arul Kanda on the RM42 billion hasn't convinced public opinion, and C4 believes that without full transparency, the 1MDB controversy will continue to snowball out of control,” Gabriel told Malay Mail Onlin
“The complex money trail left behind by 1MDB’s messy business must be accounted for, and the use of public funds as a bailout is cannot be justified,” the lobby group head added.
Arul Kanda gave a detailed breakdown last Wednesday on how the RM42 billion that 1MDB had borrowed was used, dismissing claims that the money was “missing”.
DAP lawmaker Tony Pua, however, said in response that the 1MDB chief’s statement revealed nothing new as the information was already detailed in the company’s March 2014 financial statements.
1MDB is currently under investigation by at least three federal agencies including the Auditor-General, the Public Accounts Committee and Bank Negara Malaysia.
The investment fund was incorporated in 2009, after the prime minister announced the decision to turn the Terengganu Investment Authority state fund into a federal agency.
Since then, 1MDB has been dogged by negative publicity over its allegedly opaque deals and debt pile. - Malay Mail

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