Saudi Arabia is about to confront a serious challenge: Where and how to invest the money in a gigantic new sovereign wealth fund created as part of an effort to diversify its economy and pivot away from its dependence on oil.
That is going to put a lot of pressure on whoever becomes the chief investment officer for the country’s Public Investment Fund, which may end up with responsibility for as much as $2 trillion. Before the Saudis start putting that enormous pile of money to work, they may want to take a moment to consider a few items related to costs and performance of the new fund………………………………………..Full Article: Source

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), including the selection of its CEO and projects shortlisted for making initial investments.
The second Governing Council meeting of the Rs 40,000 crore NIIF also discussed the follow-up action being taken on the MoUs signed with Rusnano of Russia, Abu Dhabi Investment Authority (ADIA) of Abu Dhabi and Qatar Investment Authority. “The Governing Council was apprised of the interactions that have been held with a large number of long term investors, Sovereign Wealth Funds, Pension Funds from across the globe, seeking to invest in the NIIF,” a finance ministry statement said………………………………………..Full Article: Source

Norway will probably continue to increase the spending of money from its $860 billion sovereign wealth fund next year as the government battles an economic downturn, Statistics Norway’s chief forecaster Torbjoern Eika (SSB) predicted on Thursday.
Norway’s structural non-oil deficit, a key measure of fiscal spending, is expected to rise to more than three percent of the value of the wealth fund in 2017 and 2018 from an expected 2.8 percent in 2016, SSB said………………………………………..Full Article: Source

The government is considering an ‘outcome-linked’ payment package as part of incentives for the recruitment of a chief executive of India’s first sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF).
Negotiations on the incentive payment, which will be paid for every $10 billion the fund succeeds in raising, are still on. But an official source said that it could be as high as Rs.10 crore. Another source privy to the details of the negotiations said that efforts are on to have it pegged closer to Rs.2 crore………………………………………..Full Article: Source

The new 1MDB board of directors must immediately instruct auditors Deloitte to resume its audit of the firm so as to get a full picture of the company’s financial standing, Petaling Jaya Utara MP Tony Pua said. The audit is on the financial year ending March 31, 2015 and March 31, 2016.
“Without a clear and accurate picture of the financial position of the company, the board of directors would be acting in a vacuum, rushing headlong into decisions without knowing the underlying status of the company,” he said in a statement………………………………………..Full Article: Source

Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund.
A three-member board headed by the treasury’s top administrative officer succeeded the board of directors of 1MDB, effective Tuesday, the Ministry of Finance said in a press release. “The change of board reflects 1MDB’s new direction as a nonoperating company, focusing on completion of the successful rationalization plan and on servicing future debt repayments.”……………………………………….Full Article: Source

Malaysia appointed new directors to 1Malaysia Development Berhad (1MDB) after dissolving the advisory board headed by Malaysian Prime Minister Najib Razak, amid global investigations into alleged money laundering and embezzlement at the state fund.
The three-member board will be chaired by the Finance Ministry’s top bureaucrat, Mr Mohd Irwan Serigar Abdullah, according to an e-mail statement. There were six members on the previous board including Mr Arul Kanda, who was brought in as president in January last year to fix 1MDB’s finances. He will remain as president, the government said………………………………………..Full Article: Source

Norway’s sovereign-wealth fund, the world’s largest by assets, said Tuesday that external organizations are managing more of its money compared with three years ago, as the fund continues to add local expertise in emerging markets.
“We want to invest in emerging markets, but we want to invest in the right companies,” said Erik Hilde, head of external strategies at Norges Bank Investment Management. “Since inception, the active external equity mandates have generated [annual average] excess returns of 1.7% after fees, compared with local market indexes.”……………………………………….Full Article: Source

Quantum Advisors, which picks Indian stocks for Norway’s $860 billion wealth fund, says investors should stay away from index investing in Asia’s fourth-biggest market. Investing in indexes is a poor place to put money because you don’t necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities.
“It’s a big mistake because you’re buying companies whose business premise isn’t that I have the best product for you,” he said of some companies in an interview Tuesday in Oslo after a seminar organized by Norway’s sovereign wealth fund, the world’s biggest. “The business premise is to have the best connection with the government.”……………………………………….Full Article: Source

Norway’s $860-billion sovereign wealth fund, the world’s largest, must develop a policy on how companies in which it has invested declare their taxes, parliament’s finance committee said. The fund, managed by a unit of the central bank, invests the income from Norway’s oil industry. It owns 1.3 percent of the world’s listed company equity, with stakes in some 9,050 firms.
The move is a first step by Norway to use the fund as a tool to combat the use of tax havens. It follows the Panama Papers leaks in April, which revealed details of corporate and individual tax evasion and triggered a global backlash. Two key committee members told Reuters of the move last week………………………………………..Full Article: Source

Ever wondered how the world’s largest sovereign wealth fund, the Government Pension Fund Global, Oslo, is managed? Well, now’s your chance to find out. In tandem with the 200th birthday of Norges Bank’s establishment, following Norway’s separation from Denmark; and the 20th anniversary of Norway’s Ministry of Finance’s first capital transfer to the fund, Norges Bank and the Norwegian Petroleum Museum have launched an anniversary exhibit at the museum in Stavanger, Norway, according to the museum’s website.
“From Oil Wealth to Financial Wealth” provides insight into how Norges Bank manages the fund’s roughly 7 trillion Norwegian kroner ($851 billion) of assets………………………………………..Full Article: Source

In an attempt to manage a significant amount of capital, the Qatar Investment Authority (QIA) is apparently shuffling up to $100 billion into new investment efforts in what Arabian Business magazine is calling a “major overhaul.” A magazine story in mid-May said the Qatari sovereign wealth fund (SWF) is creating a new internal division called Qatar Investments, to be headed by Ahmed Al Rumaihi, formerly a diplomat in the United States.
Changes also include new hires from Citigroup and other sources. The QIA fund has more than $250 billion in assets. Early this year, reports emerged that the QIA is opening an office in New York as part of an effort to invest $35 million in the United States in the next five years………………………………………..Full Article: Source

Norway will take a first step this week towards using its $850 billion sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday.
The country’s right-wing minority government will be asked to take a two-pronged approach to regulation, examining both the fund’s own use of ownership structures designed to cut its liability for tax on its foreign investments as well as that of companies it invests in, the politicians said. The move follows the Panama Papers leaks in April, which revealed details of corporate and individual tax evasion and triggered a global backlash against tax havens………………………………………..Full Article: Source

Saudi Arabia’s Public Investment Fund is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.
The fund may pay about 30 billion riyals (S$10.95 billion) - the amount already spent on the King Abdullah Financial District by the kingdom’s Public Pension Agency - plus the cost of undeveloped plots, a person with knowledge of the plan said, asking not to be identified as discussions are private. The plan includes a new company to oversee the project’s completion and management………………………………………..Full Article: Source

The banking regulator began a three-month consultation into the initiative on Tuesday, designed to ensure banks are ready to face online threats. The banking regulator is considering plans to require banks in the city to assess their resilience to cyber attacks and ways to train more qualified cybersecurity experts. From Tuesday, the Hong Kong Monetary Authority began a three-month consultation into the initiative.
The latest policy drive, which was named the “Cybersecurity Fortification Initiative”, was announced after the authority’s chief executive Norman Chan Tak-lam said at the Cyber Security Summit last week that the city’s financial sector could not be complacent, even though there were very few cases of serious cyberattacks reported in the past in Hong Kong………………………………………..Full Article: Source

Norway’s sovereign wealth fund known as the Oil Fund has followed through on its decision to start using its clout, as a shareholder in major companies around the world, to oppose huge executive pay packages. Newspaper Dagens Næringsliv (DN) reported that it was part of voting down bonus packages last week, for example, for the bosses of Deutsche Bank in Germany.
Oil Fund boss Yngve Slyngstad has warned that he intends to boost the campaign against excessive executive pay. That’s what happened on Thursday, when the board of Deutsche Bank had proposed pay packages with large bonus prospects for top management………………………………………..Full Article: Source

Sujoy Bose, the global co-head for infrastructure and natural resources at International Finance Corporation, is likely to be appointed as the first CEO of India’s pioneering quasi-sovereign wealth fund, (SWF) the National Infrastructure and Investment Fund (NIIF), official sources told FE.
The other contender for the post has been Luis Miranda, an adviser at Morgan Stanley Investment Management and a former CEO of IDFC Private Equity. The sources said Bose’s name has been recommended by the finance ministry to head NIIF as he will be able to hit the ground running given his current assignment at IFC, the private lending arm of the World Bank. His appointment order is expected shortly………………………………………..Full Article: Source

Malaysia said Tuesday it’s too early to conclude if fraud had occurred in dealings between its troubled state company and an Abu Dhabi sovereign wealth fund. 1Malaysia Development Bhd., which is the subject of global investigations, said last month it could be a victim of fraud if payments of $3.5 billion intended for Abu Dhabi’s International Petroleum Investment Co. never made it there.
“1MDB is still reviewing and taking steps to prove that IPIC and Aabar Investments PJS are responsible for the funds that had been paid by 1MDB to Aabar BVI totaling $3.5 billion,” the Malaysian finance ministry said in a written reply in parliament………………………………………..Full Article: Source

Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100bn of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals. About $100bn of the Qatar Investment Authority’s stakes in companies such as Qatar Airways and Qatar National Bank will be placed into a new internal division named Qatar Investments, they said.
The fund is seeking to bring greater oversight by having a single person in charge, the sources said. The Qatar Holding name, under which the state gained an international profile after investing in companies ranging from Glencore to Barclays, will now be replaced by the QIA name on international investments, according to the sources………………………………………..Full Article: Source

Measures are seen as a means of reducing the “huge fees” some funds pay to external managers. Sovereign wealth funds in the UAE are increasing in-house recruitment and consolidating their holdings under larger private equity players to cut costs, according to law firm Baker Baker & McKenzie.
Speaking to reporters in Dubai earlier Monday, Baker & McKenzie head of UAE corporate practice Borys Dackiw said some sovereign funds were still engaging in “very active buying” despite expectations that low oil prices would force them to cut back………………………………………..Full Article: Source

When the quiet one in the room suddenly shouts, people tend to listen. On that basis, the reserved and thoughtful Norwegians who run the country’s $850bn oil fund should get a decent hearing next time they visit Wolfsburg, having declared they will sue Volkswagen over the emissions scandal.
Class-action suits by investors are an oddly circular way to extract money from the pot they themselves own and should not generally be encouraged. The Norwegian action needs to be seen, though, in the light of VW’s peculiarly dysfunctional corporate governance and the wider strategy of the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Norway’s $850bn oil fund does not like commenting about individual companies it owns shares in. It usually goes out of its way to avoid saying anything about any of its more than 9,000 investments.
But Volkswagen is starting to become the exception that proves the rule. The world’s largest sovereign wealth fund has become increasingly open in its distaste for the German carmaker, culminating in it confirming to the Financial Times that it would take legal action against VW over its emissions scandal………………………………………..Full Article: Source

1Malaysia Development Berhad’s (1MDB) missed bond coupon payment in April highlights ongoing uncertainty around the finances and governance of the state-owned fund. The situation is unlikely to lead to an immediate crystallization of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, Fitch Ratings says.
The risk to the sovereign credit profile lies more in the potential for the affair to weaken policy focus or contribute to political instability. However, there is little sign of these risks materializing as yet………………………………………..Full Article: Source

Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), is reportedly planning to select a roster of local asset managers and securities brokerages as general partners responsible for the operation of its overseas alternative investments.
This will be the first time KIC has outsourced its offshore alternative mandates to domestic financial entities. Local media reported that KIC had held a meeting with the nation’s major asset managers and securities brokerages in Seoul on May 11 to select general partners, which will be responsible for its overseas infrastructure mandates worth US$2 billion………………………………………..Full Article: Source

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday. The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.
“As overseas construction projects are evolving to become large investment projects, customized financial support is all the more necessary now,” Eun Sung-soo, CEO of KIC, said in a meeting with heads of local brokerages and asset management firms in Seoul………………………………………..Full Article: Source

A top allocator to alternative investments at the $750 billion China Investment Corporation, one of the world’s largest state investment funds, is unsure most hedge fund managers are as smart as they think they are.
Roslyn Zhang, a managing director in the department of fixed income and absolute return investments at CIC, told attendees at the 2016 SALT Conference in Las Vegas that she was becoming increasingly “disappointed about quite a few aspects of the industry”………………………………………..Full Article: Source

Saudi Arabia is to transfer ownership of Riyadh’s floundering King Abdullah Financial District to the Public Investment Fund (PIF) from the Public Pension Agency (PPA), according to four sources aware of the matter.
The move is an attempt to rescue the project, started a decade ago with the aim of making the Saudi capital a global financial centre, and is another example of the burgeoning power of the PIF, which the Gulf state wants to make the world’s largest sovereign wealth fund………………………………………..Full Article: Source

The federal government has disclosed that it plans to reposition the Sovereign Wealth Fund managed by the Nigeria Sovereign Investment Authority (NSIA). The planned repositioning is in tandem with the infrastructure objectives of the federal government.
The Minister of Finance, Mrs. Kemi Adeosun made the disclosure in a statement issued by her Media Adviser, Mr. Festus Akanbinon. Under the SWF, which had a seed capital of $1.55bn, there are three categories of fund from which investments could be anchored………………………………………..Full Article: Source

Prince Mohammed bin Salman’s TV interview to launch Saudi Arabia’s Vision 2030 was an unprecedented event, where headline writers rushed to describe the details as a transformational plan to wean the country off oil. Most remarkable of the things said in that interview on April 25 was the deputy crown prince’s promise to end oil dependence by 2020 – in four short years.
How would this be achieved? Well, about US$100 billion of new taxes will be introduced by then, austerity would be into its fourth year, while Saudi Aramco’s transfer to the Public Investment Fund (PIF) would “make investments the source of Saudi government revenue, not oil”………………………………………..Full Article: Source

1 Malaysia Development Berhad, the troubled state fund, will undergo reorganization including the removal of its powerful advisory board. The move aims to give the fund a fresh start and to improve its tarnished image by passing the buck of decision-making to its parent, the Ministry of Finance, which is headed by Prime Minister Najib Razak.
Najib was chair of the advisory board. 1MDB, under the leadership of Najib, will appoint a new board of management, the finance ministry said in a statement on Wednesday. 1MDB’s debts had spiraled to $11 billion and the company had recently defaulted on the interest payment on a bond………………………………………..Full Article: Source

Malaysia’s Finance Ministry has taken up the recommendations put forward by a parliamentary committee probe into troubled 1Malaysia Development Berhad (1MDB), including the removal of Prime Minister Najib Razak’s veto power over major decisions by the state investor.
The ministry, which wholly owns 1MDB, yesterday also accepted the resignation of 1MDB’s six-member board of directors who offered to quit en masse after the Public Accounts Committee (PAC) tabled its report in Parliament last month………………………………………..Full Article: Source

Malaysia dissolved the advisory board of state investment fund 1MDB and is set to abolish a clause that gives the prime minister the final say over its investment decisions on Wednesday, as it moves to implement governance reforms recommended by a parliamentary inquiry.
The Malaysian parliament’s public accounts committee last month called for the fund’s advisory board — headed by premier Najib Razak — to be dismantled, following an investigation that found billions of dollars in transactions had not been accounted for………………………………………..Full Article: Source

A unit of Temasek Holdings has given a $62 million pool of investments to Argyle Street Management, in the second such allocation by the firm to the Hong Kong asset manager, according to people familiar with the matter.
Mainboard-listed TIH Ltd, the private equity firm owned by Argyle, will manage the investment, which includes stakes in Whiterock Medical, a locally based distributor of medical instruments, and Australian coal operations company Carbon Energy, the people said, requesting anonymity because the information is private………………………………………..Full Article: Source

The world’s biggest sovereign wealth fund plans to target excessive executive pay. Norges Bank is currently looking for a company that it considers to be overpaying executives, and will then use that firm as an example in a report to outline the fund’s position on pay.
With stakes in more than 9,000 companies and worth $870bn (£595bn), Norway’s fund has a powerful voice. In the UK, there have recently been a series of shareholder revolts over pay………………………………………..Full Article: Source

The world’s biggest fund is to use its huge influence to vote against fat cat pay and boardroom bad behaviour. Norway’s sovereign wealth fund - which has £595bn ($NZ1,240 billion) invested around the globe - will break its silence on excessive salaries at major companies and plans to shame the top payers.
It is a highly important move as the fund holds a stake in most of the world’s biggest firms. Last week the fund took the first steps towards a more active role on pay when it voted against a bonus plan at mining firm Weir that would have seen directors get a huge pay-off regardless how the company performed. It also voted against the £7.2m pay of Anglo American boss Mark Cutifani………………………………………..Full Article: Source

Head of world’s biggest wealth fund says levels of pay – not just structures – are now becoming a matter for international investor concern. Boardroom bosses have been put on alert that their pay has moved beyond being a focus for UK investors after the biggest wealth fund in the world said it was scrutinising pay deals.
At a time when the amount of revolts in this year’s annual general meeting season are coming thicker and faster than those in recent years, the Norway oil fund has revealed it is preparing to target high pay………………………………………..Full Article: Source

Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will add its influential voice to those of investors increasingly concerned by executives’ skyrocketing pay.
Worth nearly seven trillion kroner (US$868 billion), the fund will lay out its stance on the thorny subject in a “position paper”, a spokeswoman for the division of the Norwegian central bank responsible for managing the fund said on Monday (May 2). “It is a theme that we will watch,” Martha Skaar said………………………………………..Full Article: Source

The Nigerian Sovereign Investment Authority (NSIA) has retained its strong position in the latest first quarter 2016 Linaburg-Maduell Transparency Index concluded by the Sovereign Wealth Fund Institute (SWFI). The Linaburg-Maduell Transparency Index, the internationally-renowned analyst of sovereign wealth funds, was developed at the Sovereign Wealth Fund Institute in 2008 by Carl Linaburg and Michael Maduell.
It is an internationally-recognised method of rating the transparency of sovereign wealth funds around the world. For the second consecutive year, the Nigerian Sovereign Wealth Fund (SWF) scored nine out of 10 points, earning its rank in the league of the top rated global sovereign wealth funds in terms of compliance with international best practices………………………………………..Full Article: Source

Norway’s $870-billion sovereign wealth fund is focusing on executive pay, targeting high salaries at companies around the world as it seeks to exert more influence on this issue, the FT.com reported on Sunday.
The world’s largest wealth fund is looking for a first company to target, with its focus on pay in the coming months. “We have so far looked at this in a way that has focussed on pay structures rather than pay levels,” Yngve Slyngstad, Chief Executive of the fund, told the Financial Times………………………………………..Full Article: Source

Qatar’s sovereign wealth fund is reducing its focus on investments in Europe and placing more of its money with external managers following an internal review, sources familiar with the matter told Reuters.
Qatar Investment Authority, estimated by industry tracker Sovereign Wealth Fund Institute to hold $256 billion of assets, is known as an aggressive investor in high-profile European assets such as the Shard skyscraper and Harrods department store in London, as well as Credit Suisse and Volkswagen………………………………………..Full Article: Source

1MDB was directed in writing by Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) then managing director and Aabar Investment PJS chairperson - Khadem al Qubaisi and Mohamed Al Husseiny respectively - to transfer the money into Aabar Investment Ltd BVI.
The two men had the power to legally bind Aabar Investment PJS and the parent company, IPIC, to the transaction. 1MDB can claim to have made the payment in good faith based on the written instructions from the two most senior officers………………………………………..Full Article: Source

Singapore’s top state investment firms are shuffling senior management to help navigate choppy global markets. Investment firm Temasek Holdings Pte said on Tuesday that its Americas President Boon Sim is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”
GIC said last week it gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles……………………………………….Full Article: Source

Temasek Holdings has reorganised its senior management to refocus its investment team to cope with volatile markets. The reorganisation which sees the promotion of six investment professionals is a move by Temasek International (TI) chief executive Lee Theng Kiat to refine roles and set priorities.
Lee was promoted to his current post last September. Temasek on Tuesday said its organisation structure change is aimed at aligning the firm with its core priorities in these challenging global times………………………………………..Full Article: Source

State investment firm Temasek Holdings has appointed two new presidents in a management reshuffle to help it navigate “challenging times”. Mr Chia Song Hwee and Mr Dilhan Pillay have been promoted to presidents, joining president Gregory Curl, the firm said in a statement on its website on Tuesday (Apr 26).
Dr Fidah Alsagoff, Mr Michael Buchanan, Ms Png Chin Yee and Ms Juliet Teo have been appointed as senior managing directors. The appointments take effect on May 1. Temasek said it will also reallocate some functions across groups, such as bringing together its sector and market investment teams under a single investment group, creating a new portfolio strategy and risk group as well as a sustainability and stewardship group………………………………………..Full Article: Source

Singapore’s sovereign wealth funds are shuffling senior management to help navigate choppy global markets. Temasek Holdings said Tuesday that Boon Sim, its Americas president, is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”
GIC said last week it gave Lim Chow Kiat, group chief investment officer, the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles………………………………………..Full Article: Source

Singapore sovereign fund Temasek International is reorganizing its management structure to prepare for “challenging global times,” the fund announced Tuesday. The S$266 billion (US$197 billion) fund said it has appointed Chia Song Hwee and Dilhan Pillay—current joint heads of investments—as presidents.
Dilhan will also take over as head of Americas from Boon Sim, who will be leaving May 1 after four years, Temasek confirmed. Boon—who previously led Credit Suisse’s global mergers and acquisition team—will continue as an advisor, mainly helping to build the fund’s US presence………………………………………..Full Article: Source

Singapore’s sovereign wealth fund GIC has announced a management reshuffle involving the appointment of five new CIOs to oversee each of its main asset classes. Group CIO Lim Chow Kiat has been named deputy group president in addition to retaining his current position. President of Public Markets Jeffrey Jaensubhakij becomes deputy group CIO.
“The new senior appointments enhance the development of a strong leadership bench for GIC, allowing us to build new investment capabilities and extend our investment and operating platforms,” said Lim Siong Guan, GIC’s group president………………………………………..Full Article: Source

Singapore’s sovereign wealth fund GIC Pte gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles.
Lim, 45, will assume his new position as of June 1 while retaining his current role, GIC said in an e-mailed statement on Thursday. Jeffrey Jaensubhakij will become Lim’s deputy, while remaining president of public markets, according to the statement………………………………………..Full Article: Source

Sovereign wealth fund GIC has announced senior leadership appointments to strengthen its investment capacity, it said in a news release on Thursday (Apr 21).From Jun 1, Mr Lim Chow Kiat will have the additional appointment of Deputy Group President, while serving concurrently as Group Chief Investment Officer. Dr Jeffrey Jaensubhakij will be appointed Deputy Group Chief Investment Officer, and will also serve as President, Public Markets.
Mr Lim Kee Chong remains Deputy Group Chief Investment Officer and Director, Integrated Strategies Group. Mr Tay Lim Hock remains as President of Private Equity and Infrastructure, and Mr Goh Kok Huat as President of Real Estate and hief Operating Officer………………………………………..Full Article: Source

Malaysia’s prime minister and the company he founded, 1MDB, have weathered a year-long barrage of corruption allegations with nothing-to-see-here assurances, but a string of recent revelations is placing those denials under growing strain.
On Monday an Abu Dhabi sovereign-wealth fund which was helping 1MDB recover from massive debts abruptly withdrew its safety net, declaring the Malaysian state-owned company in default on a $1.1 billion loan. The move centres on suspicions that 1MDB — rather than repay the loan to the Abu Dhabi fund, International Petroleum Investment Co (IPIC) — instead diverted the money………………………………………..Full Article: Source