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Thursday, 28 May 2015

PM: Total audited value includes land for development in KL and Penang

KUALA LUMPUR: Assets owned by 1Malaysia Development Berhad (1MDB) are worth RM51.4bil.

“1MDB’s total audited assets for the financial year ended March 31, 2014, was RM51.4bil which include current assets worth RM19.5bil and non-current assets worth RM31.9bil,” said Datuk Seri Najib Tun Razak in his capacity as Finance Minister in a written reply to Wong Chen (PKR-Kelana Jaya) on Tuesday.

“1MDB has strong assets, among them land for development in the Tun Razak Exchange (TRX) and Bandar Malaysia in Kuala Lumpur, 234 acres (94.69ha) of land in Penang and 13 power and desalination plants in five countries,” he added.

“The value of 1MDB assets is supported by relevant valuation re­­­ports, or book value, certified by an independent auditor (De­loitte).”

In the question posed to Najib, Wong had requested the detailed listing of all assets and the value of each individual asset making up 1MDB’s approximate RM50bil in total assets.

In another written answer to Tony Pua (DAP-Petaling Jaya Utara), Najib said the agreement between 1MDB and the International Petroleum Investment Corporation (IPIC) was carried out in accordance with market standards.

“Based on the information submitted by the 1MDB management to the Finance Ministry, the agreement between 1MDB and IPIC was carried out under commercial terms in accordance with market standards,” he said.

Najib added that due announcements would be made once the final redemption option was completed and would be reported in upcoming audited financial statement.

Pua had questioned why 1MDB chose to obtain assurances from IPIC for bond issuances totalling US$3.5bil (RM12.76bil), which he claimed imposes heavy conditions.

He also requested for the disclosure of the amount paid by 1MDB to redeem the options granted to IPIC subsidiary, Aabar Investment PJS.

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