Dr Mahathir ‘recycling’ allegations, says 1MDB


  • Nation
  • Monday, 10 Aug 2015

PETALING JAYA: 1Malaysia Development Bhd (1MDB) has accused Tun Dr Mahathir Mohamad of recycling old and unproven allegations about the state investment firm.

The company said in a statement on Monday that the former premier was merely spouting allegations, which have been addressed by 1MDB.

"On 30 June 2015, in our response to one of Tun Mahathir’s postings, 1MDB has provided a detailed explanation on the flow of funds from our investment in the joint venture with PetroSaudi International.

"We have also explained, on several occasions, our rationale for the price we paid in the acquisition of our energy assets," said the company.

1MDB said the recycled allegations not only cast aspersions on it but also impacts the day-to-day operations of the company.

"1MDB would now like to remain focused on the successful implementation of our rationalisation plan, which was presented to the Cabinet on 29 May 2015.

"Since then, 1MDB has been making good progress, beginning with the repayment of a US$975mil (RM3.6bil) loan and execution of a binding term sheet with International Petroleum Investment Company (IPIC) that will ultimately result in the reduction of approximately RM16bil of the company’s debt," it said.

The firm added that it has received interest from 40 local and international parties to be development partners for their 486-acre Bandar Malaysia project.

"1MDB is also now in due diligence with shortlisted local and international parties in relation to a sale of our investment in Edra Global Energy Berhad.

"Collectively, these tangible actions by 1MDB will significantly reduce debt and ensure the long-term sustainability of our three core assets, namely TRX, Bandar Malaysia and Edra Global Energy," it added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Mahathir , 1MDB , Recycle allegations

   

Did you find this article insightful?

Yes
No

Next In Nation

Covid-19: Cases up by 1,109, bringing total to 61,861 (updated daily)
INTERACTIVE: Here’s how Macau scammers conned Malaysians out of RM256mil this year
Vaccines for 6.4mil M’sians next year
Kedah cops make largest drug bust
Cop needs another op to remove third bullet
Beach-goers warned about monsoon season risks
Groups: Hefty fine will ‘kill’ industry
Face to face campaigns not allowed, says EC
Budget meeting extended
DAP MPs slammed for not rejecting Budget

Stories You'll Enjoy