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KUALA LUMPUR, Aug 10, 2015:

1Malaysia Development Berhad (1MDB) has chided former Prime Minister Tun Dr Mahathir Mohammad for his “recycled and old unproven allegations” against it.

The national investment arm lamented in a statement today that it had repeatedly responded to Dr Mahathir’s claims in the past, expressing hope to move on and focus on its upcoming plans.

“These recycled allegations not only cast aspersions on 1MDB but also impacts the day-to-day operations of the company.

“1MDB have repeatedly responded to these unfounded allegations by Tun Mahathir. as evidenced in our statements on June 10, 16, 18 and 30,” it stated.

1MDB’s grouses comes after Dr Mahathir’s lates blog post today in which he again trained his guns at the company and its dealings.

“On June 30, in our response to one of Tun Mahathir’s postings, 1MDB provided a detailed explanation on the flow of funds from our investment in the joint venture with PetroSaudi International.

“We have also explained, on several occasions, our rationale for the price we paid in the acquisition of our energy assets.

“As we had explained in our statement dated June 30, 1MDB believes that the value we paid for these assets — which may have involved a premium in certain instances, as is common when acquiring another business — commensurates with their existing and future potential,” it added.

1MDB also reiterated its focus on the newly-implemented rationalisation plan presented to Cabinet on May 29, saying it had been making positive progress ever since.

According to it, among its efforts since was the repayment of a US$975 million (RM3.6 billion) loan and the appointment of a real estate consultant for their land parcels in Bandar Malaysia, Air Itam and Pulau Indah.

“1MDB is also now in due diligence with shortlisted local and international parties in relation to a sale of our investment in Edra Global Energy Berhad.

“Collectively, these tangible actions by 1MDB will significantly reduce debt and ensure the long-term sustainability of our three core assets, namely TRX, Bandar Malaysia and Edra Global Energy.”

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