1MDB denies Business Times report

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) yesterday denied a report which they claimed relied on an unnamed source that suggested 1MDB’s binding agreement with Abu Dhabi’s International Petroleum Investment Co (IPIC) was “as good as off”.

“We note a speculative article carried by The Business Times of Singapore this (Wednesday) morning which relies on a conversation with an unnamed source to suggest that 1MDB’s binding agreement with IPIC is ‘as good as off’.

“1MDB strongly denies this unproven allegation and, in fact, confirms that 1MDB remains engaged in discussions with IPIC, to conclude the transaction per the terms as officially announced by IPIC to the London Stock Exchange on June 10, 2015,” 1MDB said in a statement.

1MDB is disappointed that a hitherto respectable and licensed publication such as The Business Times appears to carry a story based solely on unproven remarks by an unnamed individual.

“Such speculative reporting, which has no grounding in facts, is clearly unprofessional and unnecessary,” the statement read. “1MDB is focused on the successful implementation of its rationalisation plan and this is proven through the various official announcements made to date on the binding term sheet executed with IPIC, the shortlisting of selected bidders for monetisation of Edra Energy and the ongoing sale process for Bandar Malaysia.

“We reaffirm our commitment to the success of the rationalisation plan and will continue to issue official progress updates on a regular basis,” it added.