Tony Pua has released the ten questions which would be used during the “live discussion, talk show or debate" between himself and 1Malaysia Development Berhad (1MDB) president Arul Kanda Kandasamy.
The DAP National Publicity Secretary in statement today said that the questions released was as a heads up for Arul to prepare his necessary answers.
“While we wait for the much anticipated face-off, I would like to offer Arul Kanda the heads up, so that he can prepare the necessary answers whether during replies or debate speech.
“This way, Arul cannot feign ignorance or pretend that the documents were unavailable with him to provide the necessary answers,” stated Pua.
Pua added that Pua would be represented by Kulai and Serdang MP to finalise the format and details of the proposed event with the team from 1MDB.
“All of the questions are financial in nature, and none of the questions are political. No confidential Public Accounts Committee information has also been utilised to raise the above questions,” said Pua.
Arul on October 31 said that he was now willing to accept Pua who is also Petaling Jaya Utara MP’s challenge for a live talk show, without any condition which is - Pua must first resign from the Public Accounts Committee (PAC) as the bi-partisan committee is currently investigating 1MDB.
READ: No conditions, bring on the debate, Arul tells Tony Pua
Below are the list of questions which would be asked by Pua:
1. Why did Bank Negara withdraw its approval for 1MDB to transfer more than US$1.8 billion overseas? Was it because most of the funds were transferred to an account which is unrelated to the 1MDB joint venture project with Petrosaudi International Limited as revealed in the leaked Board meeting minutes which Arul Kanda has acknowledged to be true? How much was transferred to this unrelated account? Did this unrelated account belong to Good Star Limited and who owns or controls Good Star Limited?
2. Is it true that 1MDB had invested the initial US$1 billion cash to acquire 40% of 1MDB-Petrosaudi while Petrosaudi only need to invest its rights to certain oil reserves in the Caspian Sea and in Argentina for its 60% stake? In addition, were the rights to the Caspian Sea oil reserves terminated by Petrosaudi within 2 months after the signing of the joint venture agreement, which meant that Petrosaudi secured their 60% stake without investing anything significant?
3. Is it true that 1MDB had proceeded to sign the joint venture agreement with Petrosaudi in a rush, without securing the necessary Board of Directors approval at that point of time as revealed in the same Board minutes?
4. 1MDB Financial Statements dated 31 March 2013 and 2014 stated that US$1.4 billion was held as a deposit by International Petroleum Investment Corporation (IPIC) as a condition for IPIC to guarantee 1MDB's US$3.5 billion bond issue. However, the IPIC Financial Statements dated December 2013 and 2014 audited by Ernst & Young did not disclose any such condition for the provision of the guarantee. The balance sheet of IPIC also did not reflect any such refundable deposit received or held. Why hasn't 1MDB sought IPIC to clarify where the money has gone?
5. Did 1MDB pay US$993 million from the US$1.22 billion it partially redeemed from the Cayman Islands investment fund AND another US$975 million borrowed from Deutsche Bank led consortium to terminate options 1MDB granted to Aabar Investments as part of another condition by IPIC to guarantee 1MDB's US$3.5 billion bond issue? What exactly is the total sum paid and payable to Aabar or IPIC? Why is it that IPIC disclosed in its December 2014 Financial Statements that 1MDB still owes IPIC a sum of US$481 million for the said termination?
In addition, if the US$993 million from the US$1.22 billion redeemed from Cayman Islands was not paid to Aabar or IPIC, where did the money go?
6. It has been disclosed in 1MDB's financial statements, parliamentary replies and media releases that 1MDB Global Investment Limited borrowed US$3 billion in March 2013 for the purposes in investing in a 50:50 joint venture with Aabar Investments Limited where the joint venture will invest in the development of Tun Razak Exchange. The question is, how come more than US$1.5 billion of the borrowings have been utilised for purposes other than specified as disclosed in the March 2014 Audited Accounts, particularly since the joint venture has yet to be activated to date?
7. Arul Kanda had earlier informed Malaysians and 1MDB Directors, according to the above leaked minutes, that the balance of the Cayman Islands investment amounting to US$1.108 billion was fully redeemed and was held in cash in BSI Bank Singapore. However, the 1MDB President has since admitted that the redeemed amount was not cash but they were "fund units" worth US$940 million. Why are these "fund units" which were redeemed from the Cayman Island fund still in the form of "fund units" and not in cash or, raw assets like property and shares? If they were in "fund units", doesn't it mean that the Caymans fund was never redeemed in the first place?
8. Arul Kanda announced the "debt for asset-swap" deal with IPIC where the latter assumes some RM16 billion of 1MDB's debts in exchange for 1MDB's assets. IPIC has already advanced more than US$1 billion in the deal. Where is 1MDB going to produce these RM16 billion worth of assets to transfer to IPIC by 30 June 2016?
The Ministry of Finance (MoF) has also indemnified IPIC in the "debt of asset-swap" arrangement. Does it mean that if 1MDB fails to produce the necessary RM16 billion worth of assets by 30 June 2016, the MoF would have to compensate IPIC accordingly?
9. Arul had declared that the disposal of its subsidiary, Edra Energy will allow it to remove RM16-RM18 billion of 1MDB's debt. However, the total debts associated to 1MDB's energy arm amounts to approximately RM36 billion, comprising of US$3.5 billion of bonds, RM5.7 billion of direct loans and more than RM8 billion of inherited loans. Hence reducing up to RM18 billion of debt via the disposal of Edra Energy will still leave 1MDB with more that RM18 billion of outstanding debt associated with its energy acquisitions. Therefore how will the sale of Edra solve 1MDB's cash flow problem since there'll be no assets left to pay the balance of the RM18 billion debt?
10. Did the Federal Government issue a "letter of support" in May 2015 to Bank EXIM to borrow US$150 million (RM600 million) where the funds was utilised by 1MDB to pay for its land acquisition from Tadmax Resources Bhd for approximately RM300 million? If so, what was the balance of the proceeds from the borrowing used for?
Patsy Thomas
Tue Nov 03 2015
Tony stated that the questions released was as a heads up for Arul to prepare his necessary answers.
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.