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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , 1mdb flow out

   

Next In Business News

Govt decides to maintain electricity tariff from Feb 1, 2022 to Dec 31, 2024 Premium
Top Builders triggers PN17 criteria Premium
Sunway REIT net property income up 86.5% in Q6 FP2021 Premium
TNB gets nod for RP3; electricity tariff remains Premium
Inta Bina secures RM160.6mil construction contract Premium
Financial Sector Blueprint 2022-2026 initiatives complement current banking infrastructure Premium
Boustead, Boustead Plantations appoint new directors Premium
KLCC REIT returns to the black in 4Q Premium
SDP's report on forced labour allegation close to completion Premium
Bursa Malaysia ends broadly higher Premium

Others Also Read


Vouchers