Johari confident 1MDB will win dispute with Ipic

PUTRAJAYA: Second Finance Minister Datuk Johari Abdul Ghani said he is very confident that 1Malaysia Development Bhd (1MDB) will win the arbitration in dispute with Abu Dhabi's International Petroleum Investment Company (Ipic), given the documents provided by 1MDB to the minister.
"As far as I'm concerned, I am very confident that we will win (the case), based on the documents that I have, supplied by 1MDB to me," he told reporters after attending the 2017 Budget focus group meeting today.
"So we need to make sure that we fight and win this case. We cannot let all the statements (against 1MDB) today weaken our position in order to claim for our rights, money that is supposed to be responsible by Ipic," he added.
On June, 2016, Ipic and its subsidiary Aabar Investments PJS (Aabar) submitted a Request for Arbitration (RFA) to the London Court of International Arbitration, claiming they are owed US$6.5 billion (RM26.27 billion) by 1MDB and the Ministry of Finance.
Ipic and Aabar denied that it has any links to Aabar Investments PJS Ltd (Aabar BVI) to whom 1MDB paid RM4.24 billion in 2012.
1MDB has since submitted a formal response to the RFA through its legal counsel, Weil Gotshal & Manges, a specialist in international litigation.
"It's too bad for them not to acknowledge that (Aabar BVI), because as far as the record is concerned, the company belongs to them (Ipic)."
"Now they suddenly say that the company is not belong to them. So we want to see them in court and let the arbitration look at our document," Johari noted.
Meanwhile, Johari said the announcement by 1Malaysia Development Bhd (1MDB) on change of auditor and its 2013, 2014 accounts can no longer be relied on will have no impact on the group, as if does not have any exposure on any local banks.
"As far as 1MDB is concerned, there is no impact, because they are not going to use these audited accounts to borrow (any) money," Johari said.