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Statement Re Press Comment
International Petroleum Investment Company PJSC ("IPIC") and its subsidiary, Aabar Investments PJS ("Aabar"), both incorporated in the Emirate of Abu Dhabi under Abu Dhabi and UAE Law, refer to recent media reports concerning the activities of 1Malaysia Development Berhad ("1MDB").
In particular, such reports comment that substantial payments have been made by entities within the 1MDB group to an entity called "Aabar Investments PJS Limited" ("Aabar BVI"), which IPIC and Aabar understand, from publicly available records, to be a company incorporated in the British Virgin Islands and which was wound up and dissolved in June 2015.
Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group. Further, both IPIC and Aabar confirm that neither has received any payments from Aabar BVI nor has IPIC or Aabar assumed any liabilities on behalf of Aabar BVI.
IPIC and Aabar's confirmation is reflected in each relevant accounting period by the audited financial statements of the IPIC Group. IPIC Group accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and, for the relevant periods, have been audited by Ernst & Young. Additionally, the Abu Dhabi Accountability Authority reviews the IPIC Group accounts in each year as well as the audit of such accounts.
IPIC Group accounts are published annually and are filed with the London Stock Exchange.
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