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KINIBIZ Even before it became 1MDB, it was mired in controversy as Terengganu Investment Authority (TIA) in 2009, Terengganu’s very own sovereign wealth fund. TIA was to be kickstarted with a RM5 billion bond issue guaranteed by the federal government.

In the same year itself, TIA, whose bond repayment was supposed to have been made from oil royalties to the state, was taken over by the Minister of Finance Inc after both the sultan of Terengganu and the menteri besar objected to financing methods. More on that later.

The brains behind TIA was none other than Low Taek Jho, also known as Jho Low, a well-connected young businessman-whizzkid known for his lavish parties all over the world with well-known celebrities and now reportedly in hiding in Taiwan.

Low and the others associated with the saga that 1MDB has become are dealt with in greater detail in the next article.

He has denied any links with 1MDB, indicating that he merely gave advice when asked and never had any management role. That may be technically correct but a series of email leaks from 1MDB management indicated that Jho Low was intimately involved in the decision-making at an unofficial level.

This eventually culminated in email revelations that US$700 million was transferred in 2009 into the accounts of a company, Good Star Ltd, allegedly related to Low. Good Star was not linked in any way then to any of 1MDB’s transaction.

For the full story go to KINIBIZ .

Tomorrow: The colourful family and friends of 1MDB