1MDB-IPIC: Bombshell letter from the British Virgin Islands Govt
(LSS) – Further to my blog post two days ago on the USD6 billion settlement between IPIC and 1MDB, there has been a new development.
In IPIC’s announcement to the London Stock Exchange on the settlement with 1MDB dated 24th April 2017, the last paragraph states this:
“The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities.”
By any account, this is an unusual statement to make as it hints that 1MDB may have paid IPIC or Aabar the disputed amounts but not directly saying it.
The reason is simple.
IPIC cannot say it as they had previously announced to the stock exchange and to the world that they had never guaranteed the fund units and that Aabar BVI does not belong to them.
In fact, they had issued a press statement back in April 2016 that effectively says it didn’t receive billions in payments sent by Malaysia fund 1MDB.
IPIC cannot now say “oops, we made a mistake” as it would be a big loss of face and unimaginable damage to their reputation.
It is as good as saying that their two top officials at IPIC and Aabar had cheated another country and pocketed billions.
Imagine if Malaysia Govt had to announce that their top officials of Khazanah and PNB had cheated billions from another country and pocketed billions in their accounts?
This is also the reason why the former IPIC Managing Director and Chairman of Aabar, Qubasi as well as the Managing Director of Aabar Badawy has never been charged for any crime in this whole affair despite all the evidence pointing to them in the signed agreements and payments.
Today, Finance Minister II Johari said again that based on the documents he has seen, he is very confident that 1MDB will win the arbitration.
Of even greater consequence, MalaysiaKini reported today that Johari has revealed that there is an official letter from the Registrar of Corporate Affairs of the British Virgin Islands Government dated Aug 11, 2016 that confirms that the disputed Aabar BVI is officially owned by IPIC.
