Khalifa bin Zayed bin Sultan Al Nahyan
President of the United Arab Emirates,
the Emir of Abu Dhabi and the commander
of the Union Defence Force.
Leslie Lopez of ST Singapore has just reported:
Last week, IPIC informed 1MDB that the KL entity was in default of a complex bond agreement between the two, according to Malaysian government officials and financial executives close to the situation.
Malaysian government officials, who spoke to The Straits Times on condition of anonymity, said IPIC has informally told 1MDB that it has no intention of honouring the interest payment because of the alleged default of the bond agreement. For its part, the Najib government has taken the position that it will not step in to cover the payment because it has done nothing wrong.
This is a classic case of believing in one's own publicity, and of forgetting that in any legal dispute the facts of the matter are almost always paramount.In this matter the facts are simple, well known, count against Najib, 1 MDB and Malaysia. The facts in essence are these:
a) Sitting in a Thai prison courtesy of a compliant Thai judiciary is a PetroSaudi director named Xavier Justo who has an entire database of emails detailing Najib's "friend of the family" Low Taek Jho's dealings with PetroSaudi and IPIC , which have attracted the attention of government investigators from the US, Switzerland, the UK, Singapore , Hong Kong and Luxembourg.
b) Sitting pretty in London and Dubai is one Brian Lord, the former QCHQ man who at various times let it be known that he has full and complete access to the Justo database and more.
c) Sitting one presumes with a very high degree anxiety in Dubai under house arrest is Khadem Al-Qubaisi, the former managing director of IPIC, who has clearly angered Sheikh Mansour bin Zayed Al Nahyan, who heads IPIC , and the brother of Sheikh Khalifa bin Zayed Al Nahyan, the Abu Dhabi ruler and United Arab Emirates president.
All three , if not at least Lord and Khadem, are well within the control of the Al-Nahyans. All too easy for the family to rebut Najib's "we have dome nothing wrong", in fora and media of their choosing.
All this over payments that IPIC has assumed subject to a guarantee it provided 1 MDB.