Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investments PJS (Aabar) have denied any links to Aabar Investments PJS Limited (Aabar BVI) to whom 1Malaysia Development Bhd (1MDB) paid RM4.24 billion ($1.5 billion) in 2012.
“Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group. Furthermore, both IPIC and Aabar confirm that neither has received any payment from Aabar BVI, nor has IPIC or Aabar assumed any liabilities on behalf of Aabar BVI,” the two companies said in a statement to the London Stock Exchange.
The confirmation, they said, is reflected in each relevant accounting period by the audited financial statements of the IPIC Group.
“IPIC Group accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and, for the relevant periods, have been audited by Ernst & Young. Additionally, the Abu Dhabi Accountability Authority reviews the IPIC Group accounts in each year, as well as the audit of such accounts,” said IPIC and Aabar.
IPIC and Aabar said they note from publicly available records that Aabar BVI was a company incorporated in the British Virgin Islands that was wound up and dissolved in June 2015.
The Public Accounts Committee (PAC), in its report on 1MDB tabled in Parliament last week, said the board of directors of the strategic fund did not approve the payment of RM4.24 billion as a security deposit to Aabar BVI in May 2012.
PAC also noted that 1MDB has not provided any proof that the British Virgin Islands-registered company is related to IPIC and Aabar.
Meanwhile, 1MDB said the claim by IPIC and Aabar that neither have knowledge of, nor have benefited from payments made by 1MDB to Aabar BVI, was “surprising”.
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“Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group. Furthermore, both IPIC and Aabar confirm that neither has received any payment from Aabar BVI, nor has IPIC or Aabar assumed any liabilities on behalf of Aabar BVI,” the two companies said in a statement to the London Stock Exchange.
The confirmation, they said, is reflected in each relevant accounting period by the audited financial statements of the IPIC Group.
“IPIC Group accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and, for the relevant periods, have been audited by Ernst & Young. Additionally, the Abu Dhabi Accountability Authority reviews the IPIC Group accounts in each year, as well as the audit of such accounts,” said IPIC and Aabar.
IPIC and Aabar said they note from publicly available records that Aabar BVI was a company incorporated in the British Virgin Islands that was wound up and dissolved in June 2015.
The Public Accounts Committee (PAC), in its report on 1MDB tabled in Parliament last week, said the board of directors of the strategic fund did not approve the payment of RM4.24 billion as a security deposit to Aabar BVI in May 2012.
PAC also noted that 1MDB has not provided any proof that the British Virgin Islands-registered company is related to IPIC and Aabar.
Meanwhile, 1MDB said the claim by IPIC and Aabar that neither have knowledge of, nor have benefited from payments made by 1MDB to Aabar BVI, was “surprising”.
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