Xavier Justo's arrest: Why should Najib's critics apologise? - Dr Mahathir
Ex-prime minister Tun Dr Mahathir Mohamad said the main issue is regarding the US$1.9 billion joint venture between 1MDB and PetroSaudi. - File Photo
Former prime minister Tun Dr Mahathir Mohamad brush aside claims that the critics of Prime Minister Datuk Seri Najib Tun Razak should apologise following the arrest of former executive in PetroSaudi International Ltd. Xavier Justo.
In a posting on his blog (chedet.cc), Mahathir stated the main issue is a US$1.9 billion deal was inked between 1Malaysia Development Berhad (1MDB) and PetroSaudi only to be aborted six months later.
“What is there to apologise? The fact remains that vast amounts of money has disappeared. Can Justo bring all the money back?
“When the JV was dissolved after only six months of its formation, it must have been due to the realisation that the venture was a bad one.
“What it (1MDB) should do now is to demand the equity and loan amounting to US$1.9 billion to be returned. And now, the money has been converted into a loan (murabahah).
"After the US$1.9 billion was given out, where is the money?" he asked.
Initial probes have revealed that some of the emails purportedly leaked by Justo had been tampered with.
“What is the proof that Justo had tampered with the documents ... does he have more incriminating document?
“Even if Justo tampered with the e-mail, it does not alter the fact that 1MDB forked out US$1.9 billion to the JV with Petro Saudi, which within six months was so worthless that the JV was aborted.
“After that the investment and the loan of US$700 million was converted to a loan to a partner you no longer believe could deliver through the JV.
“You had some direct control over a JV but not over the borrower.
“So, what has all this to do with Justo blackmailing PetroSaudi. Nothing.” he said.
Mahathir also said that Justo was given RM15 million when he was dismissed by PetroSaudi.
“That is a handsome amount to pay an employee or director after he had done something wrong.
"Normally, he would just be kicked out. But, we were told he was unhappy with this amount and demanded for more or else he would leak documents," he said.
Justo was arrested by Thai police last week at his home in Koh Samui, Thailand for allegedly blackmailing and extorting PetroSaudi pertaining to its deal with 1MDB.
Justo, a 49-year-old Swiss national was reported to be responsible in leaking the information on 1MDB to the UK-based blog, Sarawak Report on apparent mismanagement and misuse of government funds.
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