The Batu Kawan Umno deputy chief gives a long list of allegations for the authorities to probe.
Umno 1MDB2KUALA LUMPUR: An Umno divisional leader believed to be backed by powerful forces in the party today lodged a damning police report against 1MDB and its subsidiaries.
Batu Kawan Umno deputy chief Khairuddin Abu Hassan, in a report made at the Dang Wangi police station, gave a list of what he said were “questionable” business, investment and fund raising transactions and decisions.
He called for “detailed and comprehensive” investigations, including the interrogation of 1MDB’s directors as well as representatives of any company that may be implicated.
He said he decided to lodge the report after studying various reports in both the national and international print media as well as online media that “clearly proved” that there were weaknesses in 1MDB’s management of taxpayer funds.
1MDB had failed to be convincing in countering these allegations of impropriety, he added.
“As a responsible citizen,” he said, “I am anxious and worried over the very opaque manner of 1MDB’s management of its funds.
“As of March 2014, 1MDB is burdened with debts to the tune of RM41.9 billion, bearing the risk of bankruptcy and the loss of public funds. This will burden the Malaysian Government as 1MDB’s guarantor.”
The report urges the authorities to look into the following, among other things:
The procedures 1MDB follows in raising funds from overseas and in disbursing its funds
The question of 1MDB paying interest at rates higher than the market rate
The question of 1MDB paying fees to Goldman Sachs International that are considered exorbitant
The less-than-transparent parking of funds overseas, specifically in the Cayman Islands
Petaling Jaya Utara MP Tony Pua’s statement that the Finance Ministry had issued a letter of support to guarantee 1MDB’s loans and Deputy Finance Minister Ahmad Maslan’s subsequent assertion that no such letter had been issued
The workings of 1MDB subsidiaries, 1MDB Global Investments Ltd and 1MDB Energy Ltd
The purchase of energy assets from Powertek Energy and Sanyen Power Sdn Bhd at prices higher than the market price
The purchase of 234 acres of land in Air Itam at RM1.38 billion, which will be hard to recover from the proposed housing projects
The US$1.2 billion investment in PetroSaudi International Ltd, which was done without transparency
The purchase of land from Tadman Resources Bhd in Pulau Indah for RM317 million
The purchase, at a premium price, of the site for the Tun Razak Exchange project.
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