Pua calls for special panel to oversee 1MDB settlements

A special parliamentary committee to oversee 1MDB-related actions has been proposed by Damansara MP Tony Pua.

KUALA LUMPUR: Damansara MP Tony Pua has called for a special select parliamentary committee to be set up to monitor the recovery of cash and other assets relating to 1MDB and involved parties.

Pua said the call for a select committee was contained in a motion he submitted to amend the motion of thanks for the royal address.

The motion of thanks was proposed by Pontian MP Ahmad Maslan.

Pua said he proposed that a special select committee be set up to oversee the government’s actions relating to 1MDB, SRC International, Goldman Sachs, International Petroleum Investment Corporation (IPIC) and Riza Aziz, stepson of former premier Najib Razak.

Tony Pua

Pua said there were fears that Malaysia may end up shortchanged in the government’s settlements with various parties in relation to 1MDB and SRC International.

Malaysia recently announced a US$3.9 billion (RM16.4 billion) settlement with international bankers Goldman Sachs to resolve outstanding charges and claims related to three bond transactions.

The settlement would result in more than US$4.5 billion (RM18.9 billion) being returned to Malaysia. However, Pua said the former attorney-general had demanded RM7.5 billion from the investment company.

On a separate matter, he said there were also fears that the government may decide to settle with IPIC, instead of continuing the court proceedings against the Abu Dhabi company in London.

“Even though the attorney-general chambers said it has not been withdrawn, we are worried that a settlement would not bring the best benefit for the people of Malaysia.”

The attorney-general has recently denied reports that the government has halted the court proceedings, following a report by The Sarawak Report that Putrajaya has put legal action against IPIC over a US$5.87 billion (RM24.8 billion) settlement dispute on hold in favour of a negotiated deal.

In 2018, the Pakatan Harapan administration filed a suit in London against IPIC to challenge its settlement with 1MDB as it was allegedly part of a cover-up related to the 1MDB scandal.

The government is seeking to recover US$3.5 billion (RM14.6 billion) in 1MDB funds paid out to IPIC subsidiaries.