“Here is where Jho Low comes in. He was always with the Arabs (and) never with 1MDB. We are not sure whether he was an agent or a broker but these people are the ones who went ahead to buy paintings, a yacht and properties.

“The Opposition parties criticise 1MDB for not claiming these assets. The thing is the DoJ case has not been heard in court yet. If there is no court decision that proves that the assets are from 1MDB funds, how can we take action?” he said.

Meanwhile, Arul said it would have been 'stupid’ for 1MDB to borrow US$3.5 billion and pay a deposit of US$3.5 billion (to Aabar BVI) at one go.

“The US$3.5 billion deposit was not paid at the same time. The first deposit of US$1.4 billion was paid as a collateral (to Aabar BVI), the second payment of US$1 billion was to terminate the option on 1MDB’s power asset, Edra Global Energy Sdn Bhd and the third payment was a result of 1MDB failing to fulfill conditions that resulted in 1MDB paying a higher collateral of US$1.15 billion.

“So altogether, it came up to US$3.5 billion over three years and due to various reasons as agreement was signed, this had to be paid. It was down to bad business decision,” he added.