RM7.09b fund safe and for strategic investment: 1MDB
KUALA LUMPUR, April 23 – 1Malaysia Development Bhd (1MDB) says the US$2.318 billion (RM7.09 billion) fund as stated in its audited accounts is safe.
1MDB in a statement today said these are proceeds and profits originating from its initial 1MDB-PetroSaudi International joint venture
“This fact is clearly reported in the company’s audited account that is publicly available from the Companies Commission of Malaysia and has been independently audited by a global reputable and established firm,” it said.
1MDB also brushed aside allegations that these monies were put in Cayman Islands companies and will vanish, saying they are baseless and an election ploy.
“1MDB has earmarked the proceeds for investments in the near future. Pending that, these funds for cash management purposes are currently placed under regulated and licensed international fund managers managing Cayman Island based international standard fund structures.”
It also expressed regret that “certain quarters with political agendas have hidden facts to persistently make baseless allegations”.
“This is a smear campaign for their own intended benefit,” it said.
1MDB is government-owned and supported but driven by private sector thinking and practices.
It strives to fulfill the aspirations of the Government with the agility of the private sector, and bonds raised are part of capital for its strategic initiatives, 1MDB said.
“The recent US$3 billion capital raised is an integral part of the government-to-government collaboration between Malaysia and Abu Dhabi on a strategic partnership sealed on March 12, 2013 during the official visit by Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, General Sheikh Mohamed Bin Zayed Al Nahyan.
“Both countries are committed to now kick-start the operations of this strategic RM18 billion partnership. Malaysia and Abu Dhabi have maintained a long-standing economic partnership and the ADMIC initiative is no exception and independent of the elections and should not otherwise be misconstrued,” it said. – Bernama
For more on this story go to:
