| Sovereign wealth fund 1 Malaysia Development Berhad today denied allegations that it was recklessly building up over RM37 billion in debt and impropriety in the commissions it paid for bond and fund-raising. In a statement on its website, 1MDB said that its ability to raise funds from quality investors showed the confidence vested in the firm, also pointing out that it had never missed any scheduled payments to its borrowers.
“All of our debt is backed by solid assets, and the total value of our assets (RM44.67 billion as at the financial year end of March 2013), comfortably exceeds the value of our total debts (RM37 billion for the same period),” it said in a lengthy statement in reply to concerns over its growing debt, which has attracted the attention of former prime minister Tun Dr Mahathir Mohamad...............................................Full Article: Source
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