Finance Minister Tengku Zafrul Aziz had claimed earlier today that the sum of US$954 million (RM4 billion) standing in the Assets Recovery Trust Fund as well as the repayments of RM15.76 billion by Ambank and RM515 million by Goldman Sachs were insufficient to settle 1MDB’s outstanding principal and interest of RM38.8 billion for the period 2023 to 2039.

In response, Najib called on Tengku Zafrul to account for the funds received from Abu Dhabi’s International Petroleum Investment Co (IPIC) as well as revenues from 1MDB’s assets.

“What happened to the settlement agreement with IPIC in which IPIC agreed to pay all the funds which allegedly disappeared from 1MDB after they were sent to or guaranteed by them before Dec 30, 2020?” Najib asked.

He claimed that even if that agreement had been cancelled, the government would still be entitled to receive US$3.5 billion from IPIC as IPIC had guaranteed 1MDB’s bond.

“Therefore, if 1MDB didn’t pay, IPIC must pay,” Najib said in a Facebook post.

IPIC was a co-guarantor of two 1MDB bonds totalling US$3.5 billion.

He also questioned the Finance Minister’s failure to account for revenue generated by 1MDB’s assets such as its land in Penang which was worth RM2.7 billion, its Pulau Indah land (RM300 million) as well as the TRX and Bandar Malaysia projects which had a gross development value (GDV) of RM40 billion and RM140 billion respectively.

“Are these assets worthless?” Najib asked. “Have they not generated a single sen since the projects began?”

Najib said he was preparing a written reply together with “evidence” in relation to 1MDB to be submitted to the Dewan Rakyat tomorrow.

Dewan Rakyat Speaker Azhar Azizan Harun had asked Najib to explain in writing claims by opposition MPs that he misled the House over the repayment of the 1MDB debt.

Tengku Zafrul mentioned the RM17 billion when replying to a question from Ong Kian Ming (PH-Bangi) in the Dewan Rakyat today.