1MDB debunks Dr M’s claims

1Malaysia Development Bhd (1MDB) has debunked various claims by former Prime Minister Tun Dr Mahathir Mohamed in two blog entries entitled “The 1MDB Story” and “More Investments By 1MDB”.

Among others, were issues relating to Terengganu Investment Authority’s  (TIA) money, purchase of land as well as a joint-venture with PetroSaudi and RM2bil said to be borrowed from billionaire, Ananda Krishnan.

“There was no attempt to hijack TIA money,” said 1MDB in a statement on Tuesday.

In 2009, various discussions were held between the Federal Government and the Terengganu state government on how each party would provide its share of funding for the TIA, whereby a number of options were discussed, it said.

Eventually, the Federal Government’s contribution consisted of it guaranteeing a RM5bil sukuk issuance by the TIA, which happened on May29, 2015.