Friday, March 20, 2015

1 MDB became a party fund

1Malaysia Development Fund (1 MDB), leads market-driven initiatives to assist the Government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.

As a strategic enabler, 1MDB continues to explore areas that can catalyse new sources of growth and lay the groundwork for a brighter future.
Above is an extraction from 1MDB website.

1MDB and Petro saudi created a joint venture. Thereafter, when the audit comes. EY doesn't want to audit the matter, as the whole account was messed up. Then KPMG came in. The year end for 1MDB is 31 March . So KPMG advised 1MDB to dissolve the joint venture and give the money as loan to PetroSaudi.

From an investor, now became along. They never even got Bank Negara approval.

The company had to restructure the balance of the loan into a RM2 billion short-term loan and a RM3.5 billion 10-year bond.

I don't know what's wrong with our country now. It's rakyat's money and this stupid prime minister and his wife is eating our money.

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