Mystery of Malaysian 1MDB’s US$2.3b Cayman Islands fund
By Anita Gabriel From Business Times
It still has not given details of the funds or manager’s name.
The revelation comes at a time when 1MDB is under fire for placing funds in hedge funds abroad, particularly since almost all of its assets, power generation and landbank, are based in Malaysia
[SINGAPORE] Some US$2.3 billion ($2.9 billion) belonging to Malaysia’s state-owned fund 1Malaysia Development Bhd (1MDB), ploughed into unidentified Cayman Islands funds, is being managed by little-known Hong Kong firm Bridge Partners, The Business Times has learnt.
The revelation comes at a time when 1MDB is under fire for placing funds in hedge funds abroad, particularly since almost all of its assets – power generation and landbank – are based in Malaysia.
The said funds were invested by Malaysia’s state-backed fund through Brazen Sky Ltd – a wholly owned unit incorporated in the British Virgin Islands (BVI) – in a segregated 
portfolio company (SPC) called Bridge Global Absolute Return Fund managed by Bridge Partners, according to documents obtained by this newspaper.
1MDB has also been pressured to reveal the names of the Cayman Island funds and fund manager, but has not done so.
PHOTO Reuters
Related story:
Obscure Hong Kong firm manages 1MDB’s funds in Cayman Islands
From Malay Mail online
KUALA LUMPUR, May 12 — An obscure Hong Kong firm, Bridge Partners, is managing about US$2.3 billion (RM7.6 billion) belonging to 1 Malaysia Development Bhd (1MDB) invested in the Cayman Islands, according to a report by the Singapore Business Times.
Citing documents it had seen, the paper said the US$2.3 billion is invested in unlisted open-ended funds which focus on the energy sector.
The funds were invested through 1MDB’s wholly-owned unit Brazen Sky Ltd, the report added.
At the end of April, 1MDB said its board has full control over its funds managed in the Cayman Islands.
“The fund is managed under the mandate given by 1MDB and 1MDB can withdraw the funds as it so determines,” it added.
1MDB is wholly-owned by the government of Malaysia.
For more on this story go to: http://www.themalaymailonline.com/money/article/obscure-hong-kong-firm-manages-1mdbs-funds-in-cayman-islands#sthash.iU03RrBI.dpuf
See also iNews Cayman stories:
March 2, 2014 “2-Power project win for Malaysia’s 1MDB bolsters IPO prospects” at: http://www.ieyenews.com/wordpress/2-power-project-win-for-malaysias-1mdb-bolsters-ipo-prospects/
April 16, 2013 “1MDB raises required capital for Malaysia-Abu Dhabi venture” http://www.ieyenews.com/wordpress/1mdb-raises-required-capital-for-malaysia-abu-dhabi-venture/
April 30 2014 “1MDB funds back home” at: http://www.ieyenews.com/wordpress/1mdb-funds-back-home/
April 23, 2014 “MDB placed RM12.5bil out with foreign fund managers” at: http://www.ieyenews.com/wordpress/1mdb-placed-rm12-5bil-out-with-foreign-fund-managers/
There are additional related stories with the links attached with all of the above.
