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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials

1MDB abusing proceeds from US$3 billion bond, says DAP lawmaker

Posted on 18 November 2014

In another twist to the 1Malaysia Development Bhd (1MDB) saga, a federal lawmaker has claimed that the state sovereign fund is diverting part of the proceeds of the US$3 billion (RM9.6 billion) loan raised by its subsidiary to fund operating expenses and pay off its burgeoning debts.
This, said Tony Pua (DAP - Petaling Jaya Utara) clearly showed that 1MDB was facing difficulties in balancing its cash flow. The sovereign fund’s wholly owned subsidiary, 1MDB Global Investments Limited, had issued a bond to raise US$3 billion in March last year………………………………..Full Article: Source


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