1MDB to become shell company after rationalisation

Photo: Reuters

Malaysia’s debt-ridden state fund 1Malaysia Developmnent Berhad (1MDB) will become a shell company once its rationalisation plan is fully implemented, according to its president Arul Kanda, state-run news agency Bernama reported.

“Based on the rationalisation plan and Public Accounts Committee’s suggestion that its subsidiaries are removed (from under the company‘s control), 1MDB will be a shell company,” Arul was quoted on Thursday as saying.

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