Reclaim US$3.5b from IPIC: Najib

KUALA LUMPUR: The ball is now in the federal government’s court to reclaim the supposed US$3.5 billion that Abu Dhabi’s International Petroleum Investment Company (IPIC) owes Malaysia, said Datuk Seri Najib Abdul Razak.

He explained that his government had inked a debt swap agreement with IPIC in 2015, which would see Malaysia receive US$1 billion to service 1Malaysia Development Berhad’s (1MDB) debts, and IPIC also agreed to return the US$3.5 billion given to them as part of a debt-forequity swap.

The Public Accounts Committee chairman Datuk Seri Ronald Kiandee said Najib will be questioned by PAC today on the alleged misappropriation of the RM19.4 billion Goods and Services Tax returns that went “missing” under the BN government.

While Malaysia had received the US$1 billion, which they later repaid with an additional US$200 million in interest, the US$3.5 billion has yet to be transferred back to Malaysia, Najib added.

“I hope the government will continue with our previous efforts to get back the US$3.5 billion. It must interview those people there (in Abu Dhabi), and must reclaim those funds.

“Don’t let them go. I wanted to pursue this after GE14, which is why we made the settlement agreement. They (IPIC) must pay back … The question now is about getting every ringgit back to shore,” he told the Dewan Rakyat yesterday.

Najib, who is also the former finance minister, urged the government to also make public the settlement agreement to ensure that the truth is revealed.

He said the PAC expects to wind up its investigations into the alleged misappropriation of the RM19.4 billion by the end of the Parliament sitting in December.