02.06.2009 - A Malaysian state's suspect investment fund
From Asiasentinel.com: Those thinking about Malaysia's medium to long term credit health should be sending up red flares over the Terengganu state government's effort to borrow RM10 billion (US$2.87 billion) to start a so-called sovereign wealth fund, the Terengganu Investment Authority. When the fund was announced late last year, it seemed more a curiosity than anything. In principle of course it is a good idea for states, be they sovereign or not (as in the Terengganu case) to set aside windfall revenues from oil and other commodity bonanzas to create an income flow for the time when such revenues can no longer support the state's residents, or at least politicians, in the style to which it has become accustomed.........Full Article: Source