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Tuesday, January 13, 2015

1MDB subsidiary borrowed RM4 billion to invest in non-existent Mongolian venture, says Rafizi

PKR secretary-general Rafizi Ramli said the mining company allegedly purchased by 1Malaysia Development Berhad (1MDB) did not exist. – The Malaysian Insider file pic, January 13, 2015.PKR secretary-general Rafizi Ramli said the mining company allegedly purchased by 1Malaysia Development Berhad (1MDB) did not exist. – The Malaysian Insider file pic, January 13, 2015.
Government-linked strategic investment company 1Malaysia Development Berhad (1MDB), through its subsidiary, had borrowed RM4 billion from the Retirement Fund Incorporated (KWAP), PKR's Rafizi Ramli revealed today.
He said the RM4 billion loan taken by the controversial sovereign fund's subsidiary, SRC International Sdn Bhd, in 2011 was to purchase a mining company in Mongolia.
However, the PKR secretary-general said his investigations into the matter revealed that the said company did not exist, raising questions on where the money was actually spent.
- TMI

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