IPIC re-issues 30 June accounts ,which EY has "reviewed" but cannot express an opinion-Details on 1 MDB debt suggest an indeterminate sum north of USD 5 billion

by Ganesh Sahathevan

It has been previously reported on this blog that PM Najib has in response to a question from Tony Pua MP effectively conceded that what 1 MDB owes IPIC is "potentially a very,very large sum".

Now it seems there is conformation from IPIC of  that fact.IPIC has for some reason re-issued its accounts for the period ended 30 June 2015, which have been "reviewed" by Ernst & Young Abu Dhabi, who say that being only a "review" and not an audit, they must refrain from expressing an opinion.
Be that as it may, the relevant part of the IPIC accounts state,at Note 22 on Page 29:

By 30 June 2016 IPIC is to have received a transfer of assets with an aggregate value of an amount which represents the sum of the Cash Payment, the Assumption of Debt and the Debt Forgiveness.

While this form of words is not new and IPIC has used it that same form of words since informing the LSE of its 1 MDB debt matter,what is interesting here are the figures for interest paid this far on behalf of 1 MDB.These figures, taken together with the whole statement ,suggest that  the item Debt Forgiveness  is not something that even IPIC who are owed the money are able to determine.As mentioned in the earlier article above, that could mean that whatever 1 MDB owes IPIC could be a very large amount, well in excess of the USD 5-5.5 billion that one can roughly estimate from the details provided below:

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The Ernst & Young report that is not an opinion is also provided here, for reference and amusement.





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