YOURSAY | ‘What documents were given to 1MDB to show ownership of false BVI entity’

IPIC denies ties to 1MDB-linked BVI firm

Odin Tajué: 1MDB, it does not matter one bit when Abu Dhabi’s sovereign wealth fund International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investment PJS issue their statement.

What matters is that news came out around the third quarter of last year that IPIC's documents filed with the London Stock Exchange indicated that a big sum of money that 1MDB had claimed to have paid to Aabar was not reflected in them.

The sum that 1MDB claimed to have paid to IPIC-Aabar Investments PJS was US$1.4 billion. According to various reports published in the third quarter of last year, this sum was not reflected in IPIC's financial statements for 2013 and 2014.

The chairman of Aabar Investments PJS and the CEO of IPIC at that time was Khadem Al Qubaisi, while the CEO of Aabar Investments PJS was Mohd Al Husseiny. Last we know, the two have been given the sack, their assets frozen, and the US has asked for Al Husseiny to be extradited.

It is reasonable to assume that these two, or Al Husseiny, or Jho Low registered a company called Aabar Investments PJS Ltd to make it seem the same as Aabar Investments PJS at the British Virgin Islands (BVI) and diverted the US$1.4 billion to it.

Instead of asking why IPIC and Aabar issue their statement only now, you should ask yourself why you didn't check last year to see what had happened to the money that you claimed to have paid to Aabar but which was not recorded by them to have been received.

But we all know the answer, don't we?

MerelyOne: Save us the mock surprise, 1MDB. Were you too busy trying to skype Jho Low asking him to read last week's Reuters news ?

“The United Arab Emirates central bank has told banks to freeze the accounts of Khadem al-Qubaisi and Mohamed al-Husseiny, two former senior officials in Abu Dhabi's state-owned International Petroleum Investment Co (IPIC) group, and provide information about their deposits and transactions.”

Res Ipsa: 1MDB, what is so curious about the silence from the two entities, IPIC and Aabar, until now?

Weren't they under the control and direction of the two men who were only recently removed from their positions and had their assets frozen?

Since they were allegedly part and parcel of the mega conspiracy to siphon out billions from Malaysia, naturally the scheme would have been kept under wraps from their principals.

What really is curious is how 1MDB could have entered into transactions with the BVI entity merely relying on the representations being made by the MD and CEO of IPIC and Aabar.

What documents were actually produced to 1MDB to show ownership of the BVI entity which 1MDB now seeks to rely on? Basic company law will tell you that the company is a separate legal entity from its owners/directors.

What due diligence did 1MDB undertake before contracting with the BVI entity? Our curiosity has long been aroused and is now fortified with IPIC’s statement to the London Stock Exchange.

SusahKes: “It is, therefore, a surprising claim that neither IPIC nor Aabar have knowledge of, nor have benefited from, payments made by 1MDB to Aabar BVI.”

Funny that 1MDB should say this. Didn't Tourism Minister Mohamed Nazri Aziz just defend his boss by saying that the PM doesn't know what he signs on documents because he is too busy to peruse the papers?

Nor does he have any knowledge of just how - or who in - SRC deposited RM42 million into his personal account.

Appum: Let me tell you of an incident when I was working in a large corporation. It sounds a bit like what is happening to us here.

One “contractor” came with a photocopied invoice claiming RM1.5 million for job done in one of our projects. The Finance Department. without serious checking and counter confirming, and without realising it was a photocopied invoice, paid the “contractor”.

Then it was found out that another exact payment was made. Every word and detail on the two invoices were correct except the spelling of the bogus company. Instead of "Ahmad Construction", it was spelt "Ahmat Construction", and one of the cheques was made out to "Ahmat Construction".

Of course, the bogus company was closed after the cashing in of the RM1.5 million cheque, and 30 or 40 years ago, this was a huge sum.

The finance director resigned. He signed the cheque after the accountants asked him to do so. Familiar story?

Jesse: Why was 1MDB so anxious to part with its money? Who signed off the transfer? It would seem that the finance minister is the only one who could do it, yet he is silent as a mouse.

Anonymous_1396435522: They will now say Arabs cheated them .

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