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To bloggers, 1MDB-IPIC settlement ends controversy

1MDB CSR

Zaidi Azmi
Written by Zaidi Azmi

KUALA LUMPUR – April 25, 2017: A few pro-establishment bloggers have hailed the arbitration settlement between 1Malaysia Development Berhad (1MDB) and International Petroleum Investment Company (IPIC) as being the end of the controversy surrounding the former.

For A Voice, the settlement at the London Court of International Arbitration means that critics are now left with nothing to attack the government.

“With the resolution to the impasse, opposition supporters have no more issues left to pick on but to recycle the same old answered, debunked and resolved issues,” he blogged at Another Brick in The Wall.

According to a statement from 1MDB, certain payments to IPIC will be made, adding that it will also assume responsibility for all future interest and principal payments for two bonds issued by companies of the 1MDB Group due in 2022.

1MDB had, in June last year, agreed to IPIC’s arbitration application following the latter’s claim that 1MDB had failed to honour its debt obligations.

Saying that the bridge over troubled waters is now secured, Zakhir Mohamed of Big Dog reasoned that Prime Minister Datuk Seri Najib Razak will probably call for a general election soon.

“Najib’s current position should be likened to British Prime Minister Theresa May, exercising Carpe Diem (seize the day) and calling for a June general election, three years ahead of time.

“Politically, Najib’s position is more strengthened now especially with lots of people resolved and seen to be worked on. The party is strongly rallying behind him and he is even forging relations with Datuk Seri Abdul Hadi Awang (PAS president),” he wrote.

But a heated Facebook debate between social media practitioners Lim Sian See and Sat Dee continued to rage on since last night.

This followed Lim’s argument that IPIC had dismissed the claim that 1MDB had failed to pay a certain amount of money which had allegedly gone missing.

The dismissal, according to Lim, was apparent when IPIC stated that all parties in the settlement will enter into good faith discussions in relation to payments made by 1MDB to certain entities.

“The fact that IPIC has now finally acknowledged that there was a USD$3.5 billion payment from 1MDB to certain parties means yet another critical step for 1MDB to finally clear all its controversies and missing money allegation.”

Sat Dee however, rebutted Lim’s contention, arguing that the latter’s reasoning does not hold water.

He argued that almost all lawyers and accountants who have scrutinised IPIC’s annual accounts agreed that the supposed payment that 1MDB made to IPIC was completely bogus.

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About the author

Zaidi Azmi

Zaidi Azmi

Despite becoming The MOLE's journalist in 2014, he still has a hard time traversing the city. If he is not lost, this northern kampung boy can be found struggling to make some sense out of the Malaysian political sphere.