Are the wheels falling off the 1MDB wagon
15 Apr 2016, 10:17 am
Even as Malaysian government officials continue to insist that there has been no wrongdoing at strategic development company 1 Malaysia Development Bhd (1MDB), international investigators appear to be circling the battered wagon.
Some wheels have also fallen off, with the open spat between 1MDB and two of its partners over a missing US$3.5 billion ($4.8 billion). The following is a recap and explanation of the news flow of the past week:
- April 7: Mark Branson, CEO of Switzerland’s Financial Market Supervisory Authority, says investigations into Brazil’s Petrobras and Malaysia’s 1MDB point to “clear cases of corruption” and money laundering. “The extent of the cases and the sums involved are vast. We are talking about cash flows amounting to several billion US dollars, with individual transactions running into hundreds of millions,” he says;
- April 11: Abu Dhabi’s International Petroleum Investment Corp (IPIC) and its subsidiary Aabar Investments PJS deny that they had received US$3.5 billion from 1MDB, as claimed by the Malaysian entity. They say Aabar Investments PJS (BVI), which 1MDB said the money was paid to, is not part of IPIC.
- RHB confirms named as defendant in RM313m Taman U-Thant suit, to contest claims
- China sees another ‘50 golden years’ with Malaysia, says Xi
- Petronas Gas, RHB Bank, Lien Hoe, Mayu Global, Binastra, Skygate, Tomei, Binasat, Aurelius Technologies, Kerjaya Prospek, Scope Industries, Keyfield International, Bank Rakyat
- Lien Hoe’s independent auditors raise going concern doubts following FY2024 audit
- Ahmad Shahril appointed as Bank Rakyat CEO
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