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Sovereign Wealth Funds Briefing - Categorized | Financials

1MDB attempting to cover up massive losses by revaluing their assets, claims Rafizi

Posted on 11 November 2014

PKR said that the controversial government-owned investment company 1Malaysia Development Berhad could face bankruptcy if it continued to record massive losses year after year. Pandan MP Rafizi Ramli, who is a strong critic of the sovereign wealth fund, said Putrajaya was trying to cover up the real losses recorded by 1MDB by revaluing the entity’s assets.
He revealed that for the financial year ending March 31, 2014, 1MDB had recorded a loss of RM665 million, which was based on its profit or loss and financial position statements that were audited and filed with the Companies Commission of Malaysia………………………………………..Full Article: Source


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