MEDIA STATEMENT: RESPONDING TO NAJIB'S CLAIM OF NO JV WITH DuSable
For this Parliamentary session, I put in a question for an update on the 1MDB solar power project in Kedah with DuSable Capital Management LLC (DuSable). The project was reported by The Star on 23rd April 2014.
Yesterday, I received an official Parliamentary reply from the Minister of Finance, YAB Najib Razak that 1MDB has not signed any joint venture agreement with DuSable in Kedah.
We have been told that the Prime Minister’s golfing buddy, President Obama will be visiting Malaysia again this November.
The co-founder of DuSable is Frank White Junior. He has been described by Bloomberg as President Obama’s top individual fundraiser, a former technology executive who collected millions of dollars for the Obama election campaigns. Bloomberg also reported on 10th October 2013 that DuSable is a private equity firm that was seeking USD500 million to USD1 billion of funds to invest in renewable energy projects.
On June 26th September 2013, DuSable in compliance with the needs of the US Department of Justice filed a statement that DuSable will be the investment adviser to a private equity fund in which 1MDB will be a limited partner. This statement means that 1MDB will be an investor of DuSable’s projects.
On 23rd April 2014, DuSable updated another statement to the US Department of Justice to clarify that 1MDB will not be an investor in Dusable but DuSable has engaged in a partnership with 1MDB to develop, finance and construct a 50MW solar project in Malaysia.
Based on the US Department of Justice website, there are no further updates on DuSable and 1MDB since then.
I have two follow up questions to the Minister of Finance:
To disclose all 1MDB dealings with DuSable before 26th September 2013 and what was the amount of investment that 1MDB originally contemplated to invest in DuSable? Was it the USD500 million to USD1 billion that DuSable was seeking and as reported by Bloomberg?
If there is no partnership whatsoever between DuSable and 1MDB, will the Minister of Finance file a formal complaint to the US State Department of Justice against DuSable?
YB Wong Chen
Member of Parliament for Kelana Jaya
28 October 2015
