We have explained all to A-G's Department and PAC, says 1MDB

KUALA LUMPUR (April 4): 1Malaysia Development Bhd (1MDB) said it has provided detailed explanations along with supporting documentary evidence to the Auditor General's Department over its US$1.4 billion deposit paid to Aabar Investments PJS Ltd.

The strategic development company also said it had thoroughly explained all its major transactions at the recent Public Accounts Committee (PAC) proceedings.

It was responding to DAP national publicity secretary and member of parliament for Petaling Jaya Utara Tony Pua's remarks that 1MDB had failed to explain why it had made the collateral payments to Aabar for a guarantee provided by Abu Dhabi's International Petroleum Investment Corp (IPIC) for 1MDB's US$3.5 billion of bonds.

Pua had questioned why 1MDB transfer US$1.4 billion to Aabar if it was unable to ascertain the ownership of the company.

In a statement today, 1MDB said it has previously clarified the purpose behind the US$1.4 billion deposit paid to Aabar in note 24(a), page 96 of its financial statements dated March 31, 2013 and note 23(a), page 101 of the 1MDB audited financial statements dated March 31, 2014.

1MDB pointed out that Pua, who is a member of PAC, has the requisite information and, in fact, had the opportunity to ask for more information during the recent PAC proceedings.

"Sadly though, true to form, Pua is a one-trick pony, who can only recycle old and stale allegations," said 1MDB.

"Pua, therefore, clearly has selective amnesia at best, or at worst, is once again up to his old tricks, to recycle allegations, ask questions to which he already knows the answers to and seek to confuse and mislead the public," it added.

Pua had earlier today issued a statement questioning 1MDB's failure to explain why it had made collateral payments to Aabar, which appeared to be a completely unrelated entity to IPIC.

He also urged 1MDB to clarify who is the ultimate beneficiary or owner of Aabar.

Pua said that if 1MDB fails to provide clarity on the nature and ownership of Aabar with the necessary and appropriate documents, any denials it made about the company not being an "intermediary" would have zero credibility.

This was in response to a 1MDB statement yesterday, which had denied that the producer of The Wolf of Wall Street, Red Granite Pictures, was funded with money originating from 1MDB. An exposé by Wall Street Journal had alleged that Red Granite Pictures was funded with US$155 million originating from 1MDB.