19.11.2014 - 1MDB made RM1.6 billion from Cayman deal, says chairman
The chairman of scandal-ridden 1Malaysia Development Berhad (1MDB) said the move to park funds in the Cayman Islands had yielded a profit of US$488 million (RM1.63 billion) from an initial investment of US$1.8 billion in an oil and gas venture. This comes in the heels of accusations that the sovereign wealth fund had “lost” the funds after accumulating RM38 billion debts in just five years of its operations. One of its fiercest critics is former prime minister Tun Dr Mahathir Mohamad, who asked Putrajaya to explain how a fund saddled with RM38 billion debt could benefit Malaysians........................................Full Article: Source
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