| Overly leveraged is the oft repeated criticism of detractors of 1Malaysia Development Berhad (1MDB), the nation’s strategic development company. Other accusations include the issue of the company’s lack of transparency, a fair demand on a state-owned investment arm. Once the Terengganu Investment Company, a sovereign wealth fund for the state, it was renamed 1MDB in 2009.
When the prime minister announced the name change, he declared that the expansion was meant to benefit all of the population instead of merely the people of Terengganu. And this the country’s investment vehicle will achieve by boosting Malaysia’s economic transformation agenda, the avenue by which the country will become high-income and fully developed by year 2020, at the latest........................................Full Article: Source |