| Under fire over its billion ringgit funds parked at the Cayman Islands, 1Malaysia Development Berhad (1MDB) said repatriating it back to Malaysia would have exposed the money to fluctuations on the foreign exchange market.
This follows the decline of ringgit by 6.5% in the past nine months to RM3.48 against the US dollar. In a statement tonight, its board of directors chairman Tan Sri Lodin Wok Kamaruddin said to maintain a strong liquidity position with a truly diversified global portfolio, the funds were invested in a 1MDB subsidiary that was registered in the Cayman Islands...............................................Full Article: Source
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