IT’S been months since the inception of 1Malaysia Development Fund Bhd (1MDB) but truth is, the scrutiny (and scepticism to some extent) has been hard to completely shake off.
Much of it is rooted in its beginnings. It was originally meant to be Terengganu Investment Authority Bhd (TIA) – a state-owned sovereign wealth fund (SWF) with RM11bil in its coffers (indeed, an eye-popping amount considering the country’s recessionary pressures then) – RM5bil to be raised from government-backed debt papers and RM6bil worth of oil royalty.
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