PM Najib's response to Tony Pua reveals a debt to IPIC of an indeterminate, potentially very,very large sum: Delloites has questions to answer..
by Ganesh Sahathevan Prime Minister and Minister For Finance Najib Razak provided this carefully worded response to Parliament this week, in answer to a question from Tony Pua MP ,who asked if 1 MDB owed the International Petroleum Investment Corporation (IPIC) US$ 481 million: “Notes in the 1MDB financial report ended March 31, 2014, clearly state that no such amount was borne by 1MDB from IPIC,” said Najib, who is also the prime minister. Najib said any party had the right to determine the method of reporting their financial statements. (See story below) The choice of words is interesting in that the notes to the accounts do not anywhere say," no such amount was borne by 1MDB from IPIC". It would be curious if there was such a statement.Unless there is some obvious dispute, one would not find a note denying a liability. However, the notes do disclose a transaction with IPIC's wholly-owned subsidiary Aabar,and what is disclosed ought to be of greater concer...