Most Read
Most Commented
Read more like this
mk-logo
News
Analyst whose firm valued 1MDB's 'units' quizzed by S'pore authorities
Published:  Apr 29, 2016 6:50 PM
Updated: 11:51 AM

Singapore authorities had on April 20 charged one of its citizens Kelvin Ang Wee Keng, 34, for allegedly bribing an analyst S$3,000 to expedite the preparation of a favourable valuation report linked to 1MDB.

The Edge Markets reported that the analyst involved, Lee Chee Waiy, was also quizzed by Singapore investigators.

This was confirmed by the analyst himself who declined further comment, according to the report.

The report pointed out that according to Lee's LinkedIn profile, he was the associate director at NRA Capital between August 2008 and October 2015, the same firm which was engaged to value 1MDB's "units" in the Cayman Islands managed by Bridge Capital Partners.

According to 1MDB's statement on Nov 14, last year, 1MDB through its unit Brazen Sky Limited had US$2.33 billion worth of fund units in the Cayman-registered fund as of March 31, 2014.

The fund units investment was from the promissory notes 1MDB received from its termination of joint venture with PetroSaudi International.

Subsequently, in November 2014, US$1.22 billion of the investment was redeemed by 1MDB to pay off its debt interests and as payments to Aabar Investments PJS.

The status of the remaining US$1.1 billion million had previously generated controversy as Prime Minister Najib Abdul Razak, who is also finance minister, had said they were redeemed in US dollars.

It was later revealed the sum was still in "units" prompting MPs to accuse the finance minister of lying.

1MDB president Arul Kanda Kandasamy later said it was a mistake on his part and took full responsibility for the error.

The Edge Markets report said NRA Capital did not respond to requests for comments.

ADS