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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Malaysia’s teetering state investment fund plagued by scandal

Posted on 24 February 2015

By meeting a repayment deadline for the first time in months, Malaysia’s troubled sovereign wealth fund, 1Malaysia Development Berhad, seems to have staved off a debt crisis that threatened the country’s entire banking system. Reports in Kuala Lumpur say Malaysian billionaire Ananda Krishnan came up with the $693 million that the fund, known as 1MDB, was due to repay by February 18 to the country’s largest bank, Malayan Banking Bhd, and a smaller financial house, RHB Capital Bhd.
While the payment appears to have given 1MDB some breathing space after the fund repeatedly failed to meet debt repayment deadlines, it has done nothing to remove questions about the $14.5 billion in debts the fund has accumulated since its founding in 2009………………………………………..Full Article: Source


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