A DAP MP today continued to questioned 1Malaysia Development Berhad’s (1MDB) staggering commissions paid for a fundraising exercise in 2012 and 2013, raising doubts on the conflicting answers given by 1MDB and Goldman Sachs regarding the commissions paid.

Petaling Jaya Utara MP Tony Pua said that while Goldman Sachs insisted none of the commission - which at 10 percent was way higher than the standard market rate maximum of 2 percent - was paid to third parties, 1MDB had claimed the extra commissions were discounts given to bond investors, contradicting the investment bank's version.

“Who is telling the truth? Is anyone telling the truth? Or are both parties telling only half-truths?” Pua asked during a press conference at the Parliament lobby today.

1MDB had paid RM1.6 billion in commissions to raise RM15.2 billion in bonds during two fundraising exercises.

Pua had previously said that going by market rates, 1MDB should have not paid more than RM152 million in commissions to Goldman Sachs.

Pua also said that based on his own reference of the Offering Circulars issued by Goldman Sachs in 2012 and 2013, the investment bank had underwritten the full 100 percent value of the bonds, while it was to be paid two payments amounting to RM 1.6 billion for the exercise.

“In other words, since its fully underwritten, why should there still be a need for 1MDB to give discounts?” he asked.

He said that unless the offer circulars, prepared by Goldman Sachs and a panel of international lawyers were “less than truthful”, 1MDB had attempted “a cover-up for cutthroat RM1.54 billion”.

He said that if 1MDB could not provide a proper breakdown of the commissions paid with the endorsement of Goldman Sachs, Malaysians can only “assume it is hiding the truth”.