1MDB's explanation that was not
KINIBIZ While 1MDB disclosed what its RM42 billion debt pile was used for , the explanation comes up short as billions remain unaccounted for to the general public.
Specifically, some RM15.4 billion, which was said to be investment funds, is in question here. Of this amount, RM6.1 billion went into Brazen Sky, another RM5.1 billion was 1MDB's GIL funds, and RM4.2 billion was deposited with Aabar Investments PJS.
1MDB offered no explanation as to what these funds were, how they arose, and why the self-styled strategic company continues to hunt high and low for money when it should have a lot of those.
KINIBIZ retraces the trail of these billions to illustrate why they are still unaccounted for.
The Brazen billions
Use-of-1MDB's-RM41.8-Billion-Debt-030615According to a previous report by The Business Times of Singapore, the RM6.1 billion Brazen Sky investments was part of a fund called Bridge Global Absolute Return Fund.
This fund was managed by Bridge Partners, an obscure firm from Hong Kong. In 2014, KINIBIZ reported a link between Bridge Partners and Singapore Ponzi king James Phang Wah, who operated the nation’s largest ponzi scheme to date.
For the full story go to KINIBIZ .
This article was written by Khairie Hisyam.
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