Malaysia: No due diligence done on IPIC deal, ex-1MBD CEO tells court

The High Court was told today that no due diligence was done by 1MDB before entering into a joint venture worth US$6 million with a company purportedly linked to an Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC).

Former 1MDB CEO Shahrol Azral Ibrahim Halmi said no formal due diligence was done with regard to Aabar BVI Ltd, which the 1MDB board of directors took as a subsidiary of IPIC.

Aabar Investment PJS was the real subsidiary of IPIC, while Aabar BVI Ltd was a company incorporated by fugitive businessman Low Taek Jho, or Jho Low, and his associates in the British Virgin Islands, and which was wound up and dissolved in June 2015.

The original full article can be found at freemalaysiatoday.com

(Picture: freemalaysiatoday.com)

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