| Second Finance Minister Datuk Seri Ahmad Husni Mohamad says 1Malaysia Development Bhd (1MDB) has made a mistake and misinterpreted the nature of its assets kept in BSI Bank in Singapore. "I feel it was a mistake, a mistake in the nature that it was interpreted when 1MDB said that it had redeemed (US$1.1 billion from Cayman Islands) and kept it in a bank in Singapore," he told reporters at Parliament lobby.
Ahmad Husni explained that it was "assets" and not cash that was redeemed from Cayman Islands as reported before. "It is actually savings (in the form of unit)... that is unit, that it is, unit that is being backed by the sovereign wealth fund," he said...............................................Full Article: Source
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