Auditors highlight several critical areas in 1MDB's books


PETALING JAYA: The new auditors of 1Malaysia Development Bhd (1MDB) highlighted several critical areas in the accounts for the period ended March 31, 2013, which revealed that a sum of US$1.58bil (RM4.9bil) which was meant to be used for the development of the Tun Razak Exchange (TRX) has been placed with overseas investment institutions.

The latest amount invested through overseas licensed financial institutions adds to the controversial US$2.3bil that the fund had placed with a Segregated Portfolio Company (SPC) registered in the Cayman Islands on Sept 12, 2012.

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