Najib reiterates call to make 1MDB-IPIC settlement agreements public

  • Nation
  • Wednesday, 31 Oct 2018

PETALING JAYA: Former prime minister Datuk Seri Najib Tun Razak has once again called on the Government to make the settlement agreement between International Petroleum Investment Co (IPIC) and 1Malaysia Development Bhd (1MDB) public.

Highlighting a news report quoting IPIC as saying that 1MDB did not owe any debt, Najib questioned whether the Government is lying.

The news report was released in response to the Government announcing that it will apply to the High Court in London for an order to set aside a US$5.78bil (RM24.16bil) consent award recorded in

May last year by an arbitration tribunal sitting in London.

Under the consent award, Malaysia is obliged to pay US$5.78bil (RM24.16bil) to IPIC and the bond trustee over a five-year period.

"In response to the Malaysian government’s statement, IPIC issued a statement stating that 1MDB did not owe any money to IPIC, which clearly contravenes the statement of the Pakatan Harapan government," Najib said on Facebook on Wednesday (Oct 31).

“So who is right and who is wrong?” Najib asked.

“Logically speaking, it does not make sense for a party, which is owed billions of ringgit by 1MDB, to suddenly say that there is nothing owed by 1MDB to them,” the former prime minister wrote on Facebook.

Najib said IPIC is the one who owes 1MDB money, which it needs to settle by Dec 30, 2020.

“The settlement agreement was to unravel the issue concerning 1MDB, so that every sen belonging to 1MDB could be recouped.

“This was why I asked at least five times for the government to reveal the 2015 and 2017 settlement agreements between IPIC and 1MDB to prove that I always prioritised the interest of the country.

“However, the government ignored my repeated calls to ensure the rakyat knows the facts,” Najib said.

The former Finance Minister said he was not able to reveal the settlement in the past because of his position as prime minister.

“My stance is that the government should not easily start a fight with other countries. I chose to find a good solution without any unrest,” he said.

The statement Najib was referring to was released by Mubadala, which merged with IPIC last year.

In a statement to Reuters, Mubadala was not aware of any legal action challenging the outcome of the arbitration.

“There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala said, adding that 1MDB did not currently owe any debt to IPIC or Mubadala.

“The 1MDB group issued US$3.5bil of notes to various noteholders for which IPIC has given guarantees to those noteholders. As issuer, the 1MDB group has the primary liability to pay the noteholders regular interest coupons and to repay the principal amount at maturity,” it said.

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