PKR vice-president Rafizi Ramli is concerned that taxpayers will have to foot the US$1.2 billion bill amid reports that a preliminary settlement between 1MDB and Abu Dhabi's International Petroleum Investment Company is imminent.

Singapore's The Straits Times reported that the bulk of the US$1.2 billion would be raised through the sales of "fund units" held by 1MDB subsidiary Brazen Sky Ltd.

Rafizi pointed out that Brazen Sky was a subject of controversy when Prime Minister Najib Abdul Razak claimed the company held US$1.01 billion in cash in Singapore but later clarified it was "fund units".

It is not clear if the fund units exist or are worth the amount claimed as 1MDB's accounts have not been audited since 2015, while audit firm Deloitte has disowned its audit of 1MDB accounts for 2013 and 2014.

In view of this, Rafizi questioned which company would purchase the fund units from Brazen Sky Ltd/1MDB when the value cannot be verified...