MP SPEAKS 1MDB president Arul Kanda Kandasamy during his press conference last Saturday informed Malaysians that “I will meet YB Tony Pua for live discussion, or talk show, or debate, without any condition.”
I would like to announce that the Members of Parliament for Kulai and Serdang, Teo Nie Ching and Dr Ong Kian Ming, will be representing me to conduct the necessary discussions with the team from 1MDB to finalise the format and details of the proposed “live discussion, or talk show, or debate” between 1MDB president Arul Kanda and myself.
While we wait for the much anticipated face-off, I would like to offer Arul Kanda the heads-up so that he can prepare the necessary answers, whether during replies or debate speech.
This way, Arul cannot feign ignorance or pretend that the documents were unavailable with him to provide the necessary answers. Therefore, let me disclose here the 10 questions which I will ask during the “live discussion, or talk show, or debate”:
How much was transferred to this unrelated account? Did this unrelated account belong to Good Star Limited and who owns or controls Good Star Limited?
In addition, were the rights to the Caspian Sea oil reserves terminated by PetroSaudi within two months after the signing of the joint venture agreement, which meant that Petrosaudi secured their 60 percent stake without investing anything significant?
What exactly is the total sum paid and payable to Aabar or IPIC? Why is it that IPIC disclosed in its December 2014 Financial Statements that 1MDB still owes IPIC a sum of US$481 million for the said termination?
In addition, if the US$993 million from the US$1.22 billion redeemed from Cayman Islands was not paid to Aabar or IPIC, where did the money go?
The question is, how come more than US$1.5 billion of the borrowings have been utilised for purposes other than specified as disclosed in the March 2014 Audited Accounts, particularly since the joint-venture has yet to be activated to date?
Why are these “fund units”, which were redeemed from the Cayman Island fund, still in the form of “fund units” and not in cash or, raw assets like property and shares? If they were in “fund units”, doesn’t it mean that the Caymans fund was never redeemed in the first place?
The Ministry of Finance (MoF) has also indemnified IPIC in the “debt of asset-swap” arrangement. Does it mean that if 1MDB fails to produce the necessary RM16 billion worth of assets by June 30, 2016, the MoF would have to compensate IPIC accordingly?
Hence reducing up to RM18 billion of debt via the disposal of Edra Energy will still leave 1MDB with more than RM18 billion of outstanding debt associated with its energy acquisitions. Therefore, how will the sale of Edra Global Energy solve 1MDB’s cash flow problem, since there’ll be no assets left to pay the balance of the RM18 billion debt?
All information have been derived from publicly available sources. Hence this is not a case of scoring political points but one that is meant to expose the truth, since Arul Kanda has consistently insisted that 1MDB has “nothing to cover up”.
Let me reiterate that I firmly believe that the biggest winners from the live discussion will be Malaysians out there who have been frustrated, perplexed and perhaps confused by the shenanigans which appear to have taken place in 1MDB.
TONY PUA is the MP for Petaling Jaya Utara and DAP national publicity secretary.