PARLIAMENT | Najib Abdul Razak wants Putrajaya to go after International Petroleum Investment Co (IPIC) over the US$3.5 billion in missing Malaysian funds, as he himself is slated to be charged over his administration's dealings with the Abu Dhabi firm.

Speaking in the Dewan Rakyat today, the former premier said his government inked an agreement with IPIC in 2015, through which Malaysia would receive US$1 billion from the firm, while IPIC "agreed to return US$3.5 billion."

The US$1 billion was a bailout loan from IPIC to 1MDB, which was struggling to settle a US$97 million loan.

The US$3.5 billion, meanwhile, refers to funds 1MDB was supposed to repay IPIC subsidiary Aabar Investments PJS, which the Abu Dhabi firm said it did not receive.

It has been revealed that 1MDB had instead channelled payments to a British Virgin Islands company with a similar name but unrelated to IPIC – Aabar Investments PJS Limited (Aabar BVI) – which was then allegedly misappropriated by fugitive businessperson Low Taek Jho and his associates.

Najib said the Pakatan Harapan government must make efforts to secure the funds Malaysia had lost.

"They have to interview the people over there (in Abu Dhabi). If they lied, if they stole our money, no matter who it is, we must claim it back from them, don't let them go, that is our stand.

"I wanted to pursue this after the general election, which is why we made the settlement agreement They have to pay us back. We have until 2020," he added.

The former premier also urged the Harapan government to make public the settlement agreement so that the truth is revealed, and "there is nothing to hide."

However, Najib, in his speech, did not detail how IPIC had backed out from its deal to bail out 1MDB, and sought to reclaim the US$1 billion it gave the Malaysian firm.

He also did not mention that his administration had in April 2017 agreed to pay back IPIC the US$1 billion with an interest of US$200 million.

Legal action

Najib later published his speech notes on Facebook which showed omitted lines that clarified that under the April 2017 agreement, IPIC must pay Malaysia back by 2020 the US$3.5 billion.

This detail was not included in IPIC's filing to the London Stock Exchange which merely mentioned that both the Abu Dhabi firm and 1MDB "agreed to enter into good faith discussions" over payments the latter made to "certain entities".

It was, however, detailed in a Straits Times report prior to the settlement being announced in which sources said 1MDB could pursue legal action against IPIC if the latter did not make a full settlement on the US$3.5 billion.

Sources earlier confirmed with Malaysiakini that Najib would be charged this week following investigations into the settlement agreement.

It was also reported that MACC investigators had looked into how the former administration had settled a debt using taxpayers' money and who authorised the payment. This was allegedly done without cabinet's approval.

Meanwhile, Najib also called on Putrajaya to retain 1MDB assets, the Tun Razak Exchange and Bandar Malaysia, which he said could generate a lot of revenue.

The former premier also criticised the previous charges levelled against him for both "receiving" and "returning" RM2 billion.

"This is very strange, someone who returns money being charged," he said in reference to the 21 money laundering charges slapped on him last month.

An alias

One of the charges was for receiving RM2.08 million or US$681 million from Tanore Finance Corporation in 2013 – the transfer known as the RM2.6 billion donation.

Another charge was for him returning RM2.03 billion to Tanore in August 2013.

According to the US Department of Justice, Tanore is owned by Eric Tan Kim Loong, a close associate of Jho Low, who had also used Tan's name as an alias.

However, Najib claimed Tanore is owned by the Saudi royal family and has previously produced three letters by one "Saud Abdulaziz Al Saud."

In one of the letters, the author declares that Tanore belongs to the prince.