| An Abu Dhabi state investment fund has alleged that a US$1.4 billion (RM6.02 billion) payment from 1Malaysia Development Bhd (1MDB) to one of its subsidiaries is missing, The Wall Street Journal reports. International Petroleum Investment Co (IPIC), a United Arab Emirates state investment vehicle, had guaranteed the US$3.5 billion in bonds that 1MDB issued to finance the purchase of power plants in 2012.
In return, IPIC had the option to buy a 49% stake in the power plants as well as collateral for the bond. According to the auditor-general’s draft report, 1MDB made a collateral payment of US$1.4 billion which went to Aabar Investments PJS, a subsidiary of IPIC, said WSJ in its report highlighting the missing money...............................................Full Article: Source
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