(FMT) Dr Dzul: Was smart alec Arul conned?..By Aabar Investment PJS Ltd (BVI)?..But Who is Aabar PJS Ltd (BVI)?

 | April 14, 2016

The Amanah man says it must have been th ‘divine intervention’ that brought the latest revelation about 1MDB.

PETALING JAYA: A Parti Amanah Negara official sees a spiritual force at work in the latest revelation of alleged wrongdoing in 1MDB.

“After all the attempts at absolving the Prime Minister of any wrongdoing, it’s divine intervention that is sending us this revelation that the US$3.5 billion 1MDB paid to an Aabar entity did not go to the Aabar entity that was supposed to receive it,” said Amanah Strategy Director Dzulkefly Ahmad.

He was commenting on a denial by Abu Dhabi’s International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investment PJS that they had any link to Aabar Investment PJS Limited in the British Virgin Islands (BVI). They also denied receiving any payment from 1MDB.

Dzulkefly said it would be ludicrous to think that a “smart alec” like 1MDB chief Arul Kanda Kandasamy could have been “conned.”   He told Arul to “come clean” and explain himself “without the verbose language.” Noting Arul’s statement that 1MDB was contemplating “legal or any other available action,” he asked: “But against whom?”

Referring to the denial by IPIC and its subsidiary, he noted that “they made it clear that IPIC and Aabar did not receive any payment from the BVI company, which actually was wound up last June, and that they would not assume any liability on its behalf.”

He noted a confirmation by the Public Accounts Committee in its report to Parliament that 1MDB sent a total of US$3.5 billion to “Aabar BVI.”

He said it was “bizarre and mind boggling” that no one could tell what happened to the money after it went to the British Virgin Islands.

“The US$3.5 billion paid by 1MDB to Aabar BVI included about US$1.4 billion from a privately placed bond that Goldman Sachs raised in 2012,” he said. “The 1MDB fund also made payments of US$855 million, US$993 million and US$295 million as security deposits and other guarantees for the bond to the BVI firm.

“As far as the taxpayers are concerned, whatever may be the cause of this misfortune – incompetence, negligence or simply ignorance or outright criminal breach of trust – the fact remains that the entire citizenry is just extremely incensed and totally enraged by this damning report.

“Going by all these damning revelations, I can’t help but paraphrase Bank Negara Governor Zeti Akhtar – that somebody is really going to prison.”

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