Malaysia says too early to conclude fraud in 1MDB-Abu Dhabi deal

KUALA LUMPUR (May 17): Malaysia said Tuesday it’s too early to conclude if fraud had occurred in dealings between its troubled state company and an Abu Dhabi sovereign wealth fund.

1Malaysia Development Bhd, which is the subject of global investigations, said last month it could be a victim of fraud if payments of US$3.5 billion ($4.8 billion) intended for Abu Dhabi’s International Petroleum Investment Co never made it there. IPIC had denied ownership of a company that received the funds known as Aabar Investments PJS Limited, or Aabar BVI.

"1MDB is still reviewing and taking steps to prove that IPIC and Aabar Investments PJS are responsible for the funds that had been paid by 1MDB to Aabar BVI totaling US$3.5 billion," the Malaysian finance ministry said in a written reply in parliament.

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