{"id":13243,"date":"2015-07-14T16:58:41","date_gmt":"2015-07-14T08:58:41","guid":{"rendered":"http:\/\/www.therocket.com.my\/en\/?p=13243"},"modified":"2015-07-14T17:07:04","modified_gmt":"2015-07-14T09:07:04","slug":"1mdb-doctored-its-own-audit-reports-alleges-dap-mp","status":"publish","type":"post","link":"https:\/\/www.therocket.com.my\/en\/1mdb-doctored-its-own-audit-reports-alleges-dap-mp\/","title":{"rendered":"1MDB doctored its own audit reports, alleges DAP MP"},"content":{"rendered":"

(UPDATED<\/em>)<\/strong> KUALA LUMPUR, JULY 14: An opposition MP has accused the beleaguered 1Malaysia Development Berhad (1MDB) of doctoring its own audit reports.<\/span><\/p>\n

DAP Petaling Jaya Utara MP Tony Pua today said that 1MDB\u2019s audited March 2014 financial statements given to the Companies Commission (SSM), differ from those given to a consortium of local banks in relation to a US$1.22 billion (RM4.03 billion) loan it took.<\/span><\/p>\n

\u201cI call upon all banks which lent money to 1MDB to refer the latest audited financial statements for March 2014 in their possession, provided by the company,\u201d he told a press conference here.<\/span><\/p>\n

\"PJ<\/a>

PJ Utara MP Tony Pua<\/p><\/div>\n

He added that based on the copy of the Audited Accounts obtained from the SSM, the second paragraph of section 18 (ii) on page 93, reads:<\/span><\/p>\n

\u201cAs of the date of this report, the amounts received from the redemption of investments of US$1.22 billion (RM4.03 billion) in the SPC above have been substantially utilised for the purposes of debt interest payment, working capital and payments to Aabar as refundable deposits pursuant to a Settlement Agreement to extinguish the Options Agreements\u2026\u201d<\/span><\/p>\n

However, Pua alleged that the word \u2018substantially utilised\u2019 has been changed to \u2018substantially set-aside\u2019 in the copies received by the banks. <\/span><\/p>\n

\u201cBy changing just one word, from \u201cutilised\u201d to \u201cset-aside\u201d, 1MDB has transformed entirely the meaning of the paragraph.\u00a0 <\/span>Based on the certified true copy lodged with the SSM, the auditors confirmed that the US$1.22 billion redeemed has been more or less used up,\u201d he said.<\/span><\/p>\n

\u201cHowever, by amending to\u00a0 <\/span>\u201cset-aside\u201d, the Audited Accounts would provide a false assurance to the lenders that 1MDB has already \u201cset-aside\u201d nearly US$1.22 billion of cash to pay them when the interest and loans become due,\u201d he added.<\/span><\/p>\n

When asked if he had evidence to prove that the word \u2018utilised\u2019 had been changed to \u2018set aside\u2019, Pua said he is \u201cmaking these allegations\u201d, and he \u201cwould be happy to be proved wrong.\u201d<\/span><\/p>\n

\u201cYou can ask the banks to verify if the documents contain the allegations I have stated,\u201d he said, adding that he is treading a fine line in the law.<\/span><\/p>\n

\u201cHowever, I can say that would be ridiculous for me to make this allegation, which can be easily disproved, if I were not confident (of my allegations),\u201d he said.<\/span><\/p>\n

He added that he \u201cexpected nothing less\u201d than a swift response from 1MDB if his allegations were not true.<\/span><\/p>\n

<\/div>\n

Meanwhile, 1MDB in a statement several hours later refuted Pua’s allegations.<\/p>\n

“1MDB refers to various statements attributed to Tony Pua at a press conference this morning, as reported in various online news portals today. In particular,\u00a0he\u00a0alleges that 1MDB has shared tampered financial statements with banks.<\/p>\n

“It is unclear to 1MDB on what basis Pua, a third party who is not a banker to 1MDB – nor privy to the company’s internal dealings, is making such unsubstantiated and damaging allegations against 1MDB.<\/p>\n

“We note that YB Tony Pua has declined to elaborate further on the “valid reasons” behind his statements. In any event, interaction between 1MDB and its bankers, including confidentiality obligations, are governed by contract and national law.<\/p>\n

“1MDB highlights that no lender to 1MDB has declared an event of default for the reasons highlighted by YB Tony Pua. Furthermore, 1MDB’s official financial statements are publicly available at the Companies Commission of Malaysia (CCM) website. With a few clicks of a mouse, any concerned party can access the documents for verification purposes,” it said.<\/p>\n

The company added that it regretted the statements, as it has impacted the day to day operations of 1MDB, a 100% government owned company, and the implementation of the 1MDB rationalisation plan.<\/p>\n

– The Rocket<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

(UPDATED) KUALA LUMPUR, JULY 14: An opposition MP has accused the beleaguered 1Malaysia Development Berhad (1MDB) of doctoring its own audit reports. DAP Petaling Jaya Utara MP Tony Pua today said that 1MDB\u2019s audited March 2014 financial statements given to the Companies Commission (SSM), differ from those given to a consortium of local banks in […]<\/p>\n","protected":false},"author":1,"featured_media":13244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[],"class_list":["post-13243","post","type-post","status-publish","format-standard","hentry","category-current"],"_links":{"self":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/13243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/comments?post=13243"}],"version-history":[{"count":4,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/13243\/revisions"}],"predecessor-version":[{"id":13250,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/13243\/revisions\/13250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media\/13244"}],"wp:attachment":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media?parent=13243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/categories?post=13243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/tags?post=13243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}