1MDB to media: no comment on speculation or rumours

Singapore branch of Swiss bank alleges that certain 1MDB documents were falsified, giving an inaccurate impression of company assets. Free Malaysia Today has this report on Malaysian Insider’s attempt to get clarifications from 1MDB:

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“Thank you for your e-mail. While we welcome media enquiries, 1MDB does not comment on speculation and market rumours.”

That was the email The Malaysian Insider received when it sent an enquiry to 1MDB’s corporate communications department, reports The Malay Mail Online.

According to the report, The Malaysian Insider had asked 1MDB to comment on claims that they had provided falsified bank statements concerning a subsidiary.

The response email was sent by Grace Tan, 1MDB corporate communications vice-president.

The Malay Mail Online also referred to the Sarawak Report, which said that falsified financial statements were allegedly distributed to certain parties by 1MDB CEO, Arul Kanda Kandasamy.

BSI Bank, a well-known Swiss bank, told Singapore authorities that the statements did not originate from them, nor did they reflect an accurate picture of company assets.

Malaysian authorities were made aware of this situation a month ago, said The Malay Mail Online.

The 1MDB furore has dominated headlines for months. It has raised eyebrows, phenomenal debt, and questions of national importance.

None of these questions have been answered.

In January, Najib Razak, who is Prime Minister, Finance Minister and 1MDB Board of Advisors Chairman, provided a written reply to queries from DAP’s Tony Pua.

In his capacity as finance minister, Najib said that USD1.103 billion, previously deposited in a Cayman Islands account had been fully redeemed and was now kept in the Singapore branch of BSI Bank.

Najib relayed his answer to Pua, who is Member of Parliament for Petaling Jaya Utara, in Parliament last month.

Many have now questioned why the funds have not been repatriated back to Malaysia.

In a February interview with Singapore’s Business Times, Arul Kanda said:

““There’s a very sensible and simple reason for that. We are keeping the money in US dollars as we have USD6.5 billion (RM23.06 billion) in bonds out there, in which interest payments come up to nearly USD400 million (RM1.4 billion) a year.”

The Malay Mail Online report also said that 1MDB was currently being investigated by the Auditor-General’s Department and will further be probed by Parliament’s Public Accounts Committee.

 

Source:  http://www.freemalaysiatoday.com/category/nation/2015/04/24/1mdb-to-media-no-comment-on-speculation-or-rumours-2/