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Is 1MDB warning The Star?
Published:  Jul 11, 2015 1:54 PM
Updated: 10:45 AM

After MCA-owned daily The Star ran two articles citing unnamed investigators making critical remarks on 1MDB, the company has struck back by telling the newspaper that it needs a license to operate.

In a press release today, 1MDB had described The Star as a "regulated and licensed newspaper" twice in condemning their "sloppy" reporting.

"1MDB is concerned that a regulated and licensed newspaper such as The Star is presenting such unsubstantiated opinions as fact in its reporting.

"Further, it is a well known fact that a number of lawful authorities are conducting investigations on 1MDB and no final determination has yet to be made," said the company.

1MDB took issue with The Star's for quoting an unnamed source, purportedly an investigator poring over 1MDB's books, stating "even assets that are being held for sale cannot be easily liquidated".

However, the company said that its audited accounts for the year ending March 3, 2014 had described that US$1.22 billion (RM4.6 billion) had been liquidated and cash proceeds utilised.

Valuation report

On The Star's claim that "there was no document related to the existence of assets and valuation of PetroSaudi Holdings (Cayman)", 1MDB said this was "blatantly incorrect".

"There was a valuation report prepared when the investment was made and 1MDB has in fact submitted the same report to the lawful authorities for their review," said the company.

To back its case against The Star , 1MDB cited Public Accounts Committee (PAC) chairperson Nur Jazlan Mohamed had found that there was "nothing suspicious" about the company according to the National Audit Department's interim report.

Yesterday, Nur Jazlan had denied stating this. A source familiar with the interim report had also confirmed that this was not true.

1MDB is currently under investigations by the PAC, audit department and a special task force comprising the police, attorney-general's chambers, Bank Negara and the MACC.

The task force has suspended several bank accounts and have seized documents from 1MDB and 1MDB-linked companies.

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