Najib denies committing fraud to pay IPIC

Datuk Seri Najib Razak speaks to reporters outside the Kuala Lumpur High Court October 25, 2018. — Picture by Azinuddin Ghazali
Datuk Seri Najib Razak speaks to reporters outside the Kuala Lumpur High Court October 25, 2018. — Picture by Azinuddin Ghazali

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KUALA LUMPUR, Oct 30 — Datuk Seri Najib Razak denied today the Attorney-General’s allegations that he had stolen US$5.78 billion (RM24.1 billion) in public funds to pay Abu Dhabi’s sovereign wealth fund International Petroleum Investment Company (IPIC).

The former prime minister was referring to Tommy Thomas’ statement that Malaysia will ask United Kingdom courts to affirm that it does not have to pay US$4.32 billion to IPIC or its subsidiary, Aabar Investments PJS, as Najib had allegedly defrauded Malaysian state investment firm 1Malaysia Development Berhad (1MDB).

“That is totally untrue,” Najib posted on Facebook.

“I have asked the government several times to reveal both resolution agreements in 2015 and 2017 if they really want to uphold justice for me and the people, but the PH (Pakatan Harapan) government is still silent. Why?”

Thomas noted that an arbitration tribunal sitting in London had on May 9, 2017 recorded a consent award for Malaysia to pay US$5.78 billion to IPIC and the bond trustee over a five-year period, with US$1.46 billion of this sum already paid.

But Thomas said that the government of Malaysia will apply to the Courts of England for a court order to set aside the arbitration tribunal's consent award, citing the alleged fraud. He added that Malaysia had the right to recover the US$1.46 billion already paid.

The AG said IPIC and Aabar Investments would have known about the United States Department of Justice’s allegations of misappropriation of funds against Najib, the “ultimate decision maker” in 1MDB, who was identified as MO1 in the department’s civil suits.

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