Renegade 1MDB has to be brought under control
KINIBIZ This jungle creature wonders if there is correlation between the current haze and 1Malaysia Development Bhd (1MDB), which promised in a recent statement to “clear the air”. That statement did no such thing but made things hazier than the haze out there. Here are 10 questions 1MDB must answer well to pave the way towards blue skies.
Ever since, it was set up in February last year, KiniBiz has been keeping a very close eye on developments at 1MDB. The first series of articles on 1MDB was on unanswered questions over billions of ringgit.
This series appeared in March last year and represented the most comprehensive series of stories written on 1MDB up to that point, blowing the lid on the way it operated, outlining how billions of funds were in suspect investments and explaining how RM4 billion and more could have been siphoned off upfront through loan mispricing.
Less than a month later, in April 2013, as more information unravelled from the one-year delayed release of 1MDB’s annual report for the year ended March 31, 2012, KiniBiz ran another series of articles highlighting further questions , including a new US$3 billion loan, movement of RM7 billion to Cayman Islands and an unexplained intimacy with US giant investment bank Goldman Sachs.
The release of its results for the year ended March 13, 2013, again more than a year late, in April this year saw KiniBiz write another series on 1MDB explaining how a disaster is unfolding right before our eyes. The series, amongst others, highlighted that 1MDB would have made billion ringgit losses if not for gains from revaluation of property; there were RM1.2 billion in writedowns of power assets bought, a RM23.6 billion cash pile obtained from massive borrowings etc. In short, an unfolding disaster.
For the full story go to KiniBiz
This article was written by P Gunasegaram.
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