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Saturday, April 21, 2018

DoJ doesn’t have strong case, says 1MDB’s Arul Kanda

Two years after 'sensationalised press conference' on asset recovery, the suits have yet to be heard.
The superyacht Equanimity, allegedly linked to Jho Low, was named in the DoJ asset forfeiture suit. (Reuters pic)
HULU SELANGOR: The delay in the civil lawsuit trial against 1MDB by the US Department of Justice (DoJ) shows that the DoJ does not have a strong case against the company, said 1MDB chief executive officer Arul Kanda Kandasamy.
He said the asset forfeiture suit had yet to be heard since the DoJ held a “sensationalised press conference” in July 2016, and in March this year asked for a six-month extension period that will end in September.
“It is weird. If the DoJ has a strong case, why is there still no trial after two years?
“To me, justice delayed is justice denied. If there is indeed a strong and legitimate case, then let it be heard,” he told reporters after a talk on issues surrounding 1MDB here last night.
The DoJ has alleged that about US$4.5 billion was misappropriated from 1MDB, the government’s strategic investment fund, from 2009 to 2015.
Arul Kanda said 1MDB, as a company, would assist if it was asked and legal action must be taken under the law if there is indeed any wrongdoing.


“And we all want to have a clear picture and understanding on this,” he said, adding that 1MDB is not a party to the DoJ lawsuit.
On a related matter, Arul Kanda said 1MDB is currently in good faith negotiations with the International Petroleum Investment Company to for the return of a US$3.5 billion (RM13.6 billion) security deposit made to Aabar Investments PJS Ltd (BVI).
He said that 1MDB’s claim was against Aabar BVI, a wholly-owned subsidiary of Aabar Investment PJS, a company that is fully-owned by IPIC.
“What they (Aabar BVI) has done with the money is not in our knowledge and responsibility, that’s not our company.
“If indeed the DoJ allegation is correct, that Aabar BVI paid that money to purchase properties and others, we cannot claim those assets. Our claim is against Aabar BVI (not the assets),” he said.
In late February, Indonesian authorities in Bali seized the luxury superyacht Equanimity, linked to Low Taek Jho (“Jho Low”) at the request of the DoJ as part of its asset forfeiture suit investigation.
The DoJ claimed that the superyacht was bought using funds siphoned from 1MDB.
However an Indonesian court has ruled that the seizure was illegally conducted and ordered that the yacht be returned to its owner.
The Public Accounts Committee Report on 1MDB stated that the company declared it had paid a total of US$3.51 billion to Aabar BVI in the form of security deposits and payment for the termination of options. -FMT

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