Tony Pua proposes special select committee to monitor asset recovery related to 1MDB, SRC, IPIC

Damansara MP Tony Pua speaks during a press conference at Parliament in Kuala Lumpur August 5, 2020. — Picture by Shafwan Zaidon
Damansara MP Tony Pua speaks during a press conference at Parliament in Kuala Lumpur August 5, 2020. — Picture by Shafwan Zaidon

KUALA LUMPUR, Aug 5 — Damansara MP Tony Pua has proposed that the establishment of a special select committee to monitor the government's actions in the recovery of cash and assets related to 1Malaysia Development Berhad (1MDB) and SRC International Sdn Bhd.

The DAP MP said he will be proposing this through a parliamentary motion to amend Umno Pontian MP Datuk Seri Ahmad Maslan's motion of thanks to the King in the Dewan Rakyat.

“I would like to add the following words: 'and resolves that a Special Select Committee will be set up immediately to monitor, evaluate and propose measures to the government for actions taken, and to be taken to recover cash and assets related to 1MDB and SRC International, including the settlements with Goldman Sachs, International Petroleum Investment Corporation (IPIC) and Riza Aziz',” he told reporters during a press conference at the Parliament building here.

On the first day of Parliament on July 13, Ahmad tabled a motion which stated: “Your Majesty, we, the Speaker and Members of the Dewan Rakyat in parliamentary sitting would like to present a humble speech from the Dewan Rakyat, to express our gratitude to Your Majesty's Royal Speech made during the opening ceremony of the Third session of the 14th Parliament.”

Pua explained that his reason for the proposed amendment was due to the recent settlement between the government and Goldman Sachs which he said has raised many questions and caused concern among Malaysians.

He also questioned Goldman's so-called guarantee to return at least US$1.4 billion (RM5.95 billion) in assets linked to 1MDB bonds.

“Malaysia is only receiving US$2.5 billion (RM10.5 billion) in cash payout while the other US$1.4 billion is in the form of asset return value and when it announced to the US Stock Exchange, Goldman said the US$1.4 billion amount will not affect them at all because they know they will get more in return.

“Former attorney general (Tan Sri) Tommy Thomas previously said that Malaysia had demanded US$7.5 billion (RM31.5 billion) from Goldman and legal action has been taken against the bank but it was dropped before the case went to courts.

“This is the reason why our negotiation power was affected and which is why we only get a US$2.5 billion (RM10.5 billion) cash in the settlement, which is a big reduction from the original demand (Malaysia made),” he said.

The previous Pakatan Harapan government had taken legal action against IPIC in London to undo the settlement agreement made between the company and the then Barisan Nasional government in 2017 under former prime minister Datuk Seri Najib Razak.

“Although the AG said (the settlement agreement) has yet to be broken, we (Opposition MPs) are worried that it (legal action) will be stopped because of this happening, it will bring no benefit whatsoever to Malaysians.

“I hope the Dewan Rakyat Speaker will let me raise this motion so that (the amendment will be included) and then debated so that we can set up the Special Select Committee,” he said.

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