'How did 1MDB make 'equivalent' of US$350mil payment to IPIC?'

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DAP Petaling Jaya Utara MP Tony Pua has questioned how 1MDB made its “equivalent” of US$350 million payment to International Petroleum Investment Company (IPIC).

“How did 1MDB get its money in Malaysia?

“By all public pronouncements from 1MDB and by ministers in Parliament, 1MDB certainly doesn’t have “the equivalent of US$350 million” or nearly RM1.5 billion in cash sitting around in its local bank accounts,” Pua said in a statement today.

He recalled an announcement made by 1MDB in April this year about the IPIC settlement where the Finance Ministry-owned firm said that the company’s “obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units”...

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