Kelana Jaya MP Wong Chen wants Prime Minister Najib Abdul Razak to clarify if a private equity fund had pocketed RM300 million in a deal involving 1MDB just for doing 'six months of paperwork'.

Among others, he urged Najib, 1MDB, and DuSable Capital Management LLC to explain who are the investors behind Yurus Private Equity Fund I (Yurus PE Fund).

He said a clarification was needed given the fact that 1MDB and DuSable said it bought 49 percent rights from Yurus PE Fund for US$69 million (RM300 million), under a master joint-venture agreement (JVA).

However, the master JVA was only signed six months earlier.

“I therefore urge the prime minister to again come clean on the matter and disclose more to the public about the owners of Yurus PE Fund so that we can all assess whether Yurus PE Fund had handsomely profited RM300 million after a mere six months of paperwork,” Wong told a press conference at the PKR headquarters today.

Wong was responding to a joint press statement yesterday by 1MDB and DuSable regarding its solar power plant projects.

The statement said that 1MDB subsidiary 1MDB Synergy Sdn Bhd and Yurus PE Fund signed a master JVA on April 11, 2014 to develop 500MW of solar power plants in Malaysia, with DuSable as the Yurus PE Fund’s investment adviser.

Yurus PE Fund held a 49 percent stake in the agreement while 1MDB Synergy held the remaining 51 percent.

Yurus PE Fund’s stake was purchased for US$69 million on Oct 2, 2014 as part of initial public offering (IPO) plans for Edra Global Energy Bhd.

“This acquisition ensured that 1MDB and Edra would own 100 percent of the rights to develop up to 500MW of solar power plants, prior to the launch of a proposed IPO of Edra,” they said in their joint statement.

Wong said that based on the statement, it was clear that the project has not started.

“So somebody in Yurus PE Fund has made RM300 million in six months doing basically nothing in terms of construction,” he said.

Wong added that the matter must be explained before US President Barack Obama arrives in Malaysia for his official visit later this month.

This is because DuSable is owned by Obama’s chief fundraiser Frank White Jr, he said.

He added that on Oct 17, 2013, DuSable had reported to the US Securities and Exchange Commission that Yurus PE Fund had raised US$505 million from two investors.

He urged that the identities of these two investors should be disclosed as well.