NEWS

WSJ still recycling unproven allegations, says 1MDB

Published
Modified 29 Dec 2015, 10:36 am

1MDB has again rubbished the latest article carried by US-based daily Wall Street Journal (WSJ) as "unsubstantiated allegation" that the media organisations had recycled since mid-2015.

"The fact is that there is no real news in this article. For reasons best known to its management, the WSJ appears happy to have become a noticeboard for conspiracy theories and smears propagated by the Malaysian opposition.

"This is a sad state of affairs for its readers, who deserve better," said 1MDB in a statement.

WSJ had alleged that 1MDB had prioritised political spending despite insufficient cash flow to repay its debt.

"The board of director wondered aloud if they would get in trouble. In a meeting on Dec 20, 2014, they discussed what to do about the police who came to investigate allegations of financial irregularities," the report cited a copy of minutes of the board meeting.

It further revealed that business tycoon Jho Low was brought into 1MDB to help handle the state fund's election-related spending, revealed a former Malaysian ruling coalition politician.

"As the newspaper itself admits several times in the article, no illegal activity is alleged to have taken place," said the state-owned firm.

"We are, therefore, perplexed as to why the WSJ continues with this campaign to undermine 1MDB, and Malaysia, and urge it to focus on real news instead," it said.

In its Dec 17 report, the US-based daily said cited unknown sources in alleging how US$850 million was transferred out of 1MDB.

It reported that 1MDB fund was sent to "Aabar Investments PJS Ltd", which closely resembles the name of Abu Dhabi International Petroleum Investment Co's (IPIC) subsidiary - Aabar Investment PJS.

1MDB brushed off the allegation as old and recycled allegation which meant to malign the state-owned fund.

WSJ: 1MDB prioritised political spending despite insufficient funds

'Jho Low helped disburse 1MDB political spending'

WSJ still recycling unproven allegations, says 1MDB

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