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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

1MDB land issue in Penang: Guan Eng demands answers

Posted on 29 September 2014

As more questions surface about the 1Malaysia Development Board (1MDB) and its lack of transparency, the Penang government is pushing for answers to the sovereign fund’s purchase of land in the state. With debts reportedly amounting to around RM38 billion after operating for five years, Chief Minister Lim Guan Eng said the people have the right to know how IMDB, which is the federal government investment arm, used its funds.
In Penang, he said the board purchased 234 acres of freehold land in Air Itam in two deals on April 29, 2013, just six days before the May 5, 2013 general election; and in a third and final deal on September 23, 2013………………………………………..Full Article: Source


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