Tuesday, April 12, 2016

Although not involved in 1MDB-IPIC-Aabar multi-billion dollar scam, Arul Kanda can't deny role in cover-up of this heinous scandal

It appears now that Arul Kanda is already taking steps to clear himself of any wrongdoing in the light of  the disclosure by Abu Dhabi’s International Petroleum Investment Corporation (IPIC) that it does not own “Aabar Investment PJS Limited”, which was set up in the British Virgin Islands ‘Aabar (BVI)’ .

1MDB in the same statement yesterday, said it is “wrong and unprofessional of YB Tony to personalise this issue by linking it to Mr. Arul Kanda. It is clear that each of these transfers happened before Mr. Arul Kanda assumed his role at 1MDB, therefore he can only rely on what the company records show, in formulating his answers.”

Indeed, no one is claiming that Arul Kanda signed the agreements and paid US$3.51 billion to the ficticious Aabar (BVI). But Arul Kanda was fully aware of the fake BVI, and hence had refused since the allegation arose last year to answer any questions on the status of Aabar (BVI).

Now that the Hansard of the Public Accounts Committee’s 1MDB proceedings has been made public, Malaysians can read for themselves how Arul Kanda twisted and turned to avoid directly answering the question as to who are the owners of Aabar (BVI).

On 18th of December 2015, I had asked Arul Kanda the pointed question – “Is it true the allegations that the payment was made to an Aabar Investments PJS Limited which was set up in perhaps BVI or Seychelles, which is unrelated to Aabar itself?” (see the relevant page of the Hansard attached)
Arul Kanda, in a magnificent series of somersaults in his attempt to squirm his way out of giving a straightforward answer to the question. First  he  went  around  the world  blaming the  Wall  Street Journal,  the  Financial  Times,  the  Sarawak Report  and  even  leaks  from  the Auditor-General Report for a “clear campaign against 1MDB and the government, started on the  2nd  of  July... with the revelation of confidential banking transactions of  the Prime Minister”.

When  he  was  finally  forced  to  concede  that  1MDB  had  indeed  made agreements  and payments to Aabar (BVI), I asked whether “Aabar Investments PJS Limited was related to Aabar Investments PJS of Abu Dhabi?”

The best answer he could give was “As far as we are aware, yes”. I then pointed out to him that “we made an agreement with them we should know whether they are or they are not, cannot be ‘as far as we are aware’.”

Again, he twisted and turned without addressing the underlying major concern that 1MDB has paid billions  of  dollars  to  a  company, which  1MDB's  President  and  CEO  was  unable  to confirm with any certainty that the companies are related.

This only goes to prove that Arul Kanda knew at all times of the entire scam and hid those information from the Auditor-General and the PAC, hoping that we will turn a blind eye on the matter. 

1MDB has lost at least US$3.5 billion (RM14 billion) since Aabar Investment PJS Limited was wound up in June 2015

The most damning evidence however of Arul Kanda knowing that 1MDB has paid billions of dollars to a fictitious Aabar (BVI) is the fact that Aabar (BVI) as disclosed by IPIC, based on public information, has already been wound up 10 months ago in June 2015!

How  can  Arul  Kanda  not  know  that  the  US$1.367  billion  of  “refundable  security  deposit”, US$993 million of “refundable options termination payment” and  an  additional  US$1.15 billion of “top-up security deposit” have been paid to a company which have already ceased to exist!

In  fact,  all  the 1MDB  agreements  signed  with  Aabar  (BVI)  as  disclosed  by  the  Auditor-General and the PAC, are now completely void.

The announcement made by IPIC on  the London Stock Exchange has confirmed  without  a doubt that not only is the US$3.51 billion above unaccounted for, the money is definitely “missing”, as we have suspected all these while.

The question now is why did Arul Kanda hide these information from Malaysians and failed to institute  actions  against  the  relevant  parties  in  the  obscene  scam,  including  1MDB officials, the fake Aabar (BVI) and its officers, since Arul’s appointment was in January 2015, 6  months before Aabar  (BVI)  was  liquidated. If  he  hid  these  crucial  information, then  he must be investigated for being an accessory to the entire scam.
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