Malaysia – Who really owns 1MDB?


The Rakyat Times

1MDB

The Rakyat, actually.

This, according to veteran journalist Datuk A Kadir Jasin, is because the sovereign wealth fund is a “government-owned company that is answerable to the people”.

Kadir Jasin

Hence, the former New Straits Times (NST) group editor-in-chief says the beleaguered 1MDB cannot “hide behind a technicality to justify its secret business dealings”.

Writing in his blog The Scribe, Kadir, who is seen to be aligned to former PM Tun Dr Mahathir Mohamad, said that “briefings and press conferences held by 1MBD’s top brass, including its chairman (Tan Sri) Lodin Wok Kamaruddin, left (sic)with more questions than answers”.

Kadir had been highly critical of the sovereign wealth fund in the past and many analysts see the ringgit’s falling value and Malaysia’s sovereign credit rating dive as a result of the vague transactions by 1MDB.

Some analysts are predicting a calamitous financial year of the Goat as the 1MDB debacle gets out of control.

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1MDB Winding down?

Arul Kanda, 1MDB’s president, said it will take measures to ensure it is positioned to service debt

1MDB, the Malaysian development fund, has pledged to make no more investments or start new projects and will limit future borrowing as it seeks to draw a line under months of controversy over its more than $11.6bn debt pile.

The fund, established in 2009 with the political backing of Malaysia’s prime minister Najib Razak, has been undergoing a “strategic review” since December after facing a barrage of criticism from Malaysian opposition politicians over a slew of questionable projects funded through multiple loans.

… “We recognise that our debt financed capital structure is no longer appropriate for the company, and intend to take measures to ensure that 1MDB and the standalone entities are well positioned to service debt and infrastructure obligations,” said Arul Kanda, 1MDB’s president, as the fund announced the outcome of a “strategic review” that was launched three months ago. Continue reading…

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