Questions raised regarding 1MDB’s payment to a firm allegedly owned by the tycoon Jho Low are irrelevant, said Urban Well-being Minister Abdul Rahman Dahlan.

 

This is because all of 1MDB’s investment and profits in its joint venture with PetroSaudi International have already been repaid with profits by the latter, he said.

 

“This point is not relevant at all YB. All of 1MDB’s investments and loans from Petrosaudi have been repaid with profits.

 

“When all of 1MDB’s money and profits have been paid by Petrosaudi, how could YB say Jho Low ( photo ) had robbed money from 1MDB in the transaction?” he said.

 

The minister said this last night in an exchange over Twitter with Petaling Jaya Utara MP Tony Pua, who made a series of tweets last night raising questions about 1MDB.

 

The exchange involved at least 35 tweets between the duo – 19 from Abdul Rahman, and 16 from Pua.

 

This is despite the cabinet’s appointment for Finance Minister II Ahmad Husni Hanadzlah to be the government’s spokesperson on the 1MDB issue to avoid contradictory statements being issued.

 

Value unverified for assets 'worth' RM13.4b

The PetroSaudi-1MDB joint venture had transferred USD700 million (RM2.58 billion) into the Hong Kong-based Good Star Ltd, which is allegedly owned by tycoon Low Taek Jho, who is better known by the moniker Jho Low.

 

1MDB had said it made US$488 million (RM1.78 billion) in profits when the joint venture collapsed.

 

Meanwhile, the minister also downplayed 1MDB’s RM13.4 billion in ‘Level 3’ assets, which denote assets whose value could not be verified by auditors.

 

Abdul Rahman ( photo ) said these assets have already been liquidated, but the answer left Pua unsatisfied.

 

“If it is liquidated, then it is in cash. These assets have been ‘liquidated’ but it’s still hard as rock at (Singapore-based) BSI Bank. What kind of asset is that?” Pua said

 

He added that 1MDB wouldn’t need the government’s RM950 million cash injection earlier this year, nor the RM2 billion loan from tycoon Ananda Krishnan, if the assets were indeed liquidated.

 

Abdul Rahman however, said this was merely because 1MDB was cash flow issues and ‘bad timing’, and assured that it has assets to cover its debts.

 

“Haha. The only thing that is hard as rock is YB’s head. You didn’t do your homework, just whack! The Level 3 assets have been liquidated […]

 

“Here is where your analysis has gone wrong – The liquidation of 1MDB’s investment units could not support all of its cash flow. The timing was also wrong,” he wrote.

 

 

Ask questions in Parliament

To a question from another Twitter user, Abdul Rahman explained that not only is the money not enough, the time needed for the liquidation and 1MDB’s cash flow commitments are not in line with one another.

 

He also downplayed 1MDB CEO Arul Kandasamy and his predecessor Shahrol Azral Ibrahim Halmi’s move to seek a postponement of their hearing dates before the Public Accounts Committee (PAC).

 

He said during his term as a PAC member together with Pua, other witnesses had asked for postponements too and there was no issue.

 

Ultimately, Pua challenged Abdul Rahman to a debate, but Abdul Rahman did not appear keen.

 

Instead he replied, “YB, you have next week to ask more questions in Parliament. Please (go ahead). No problem.”