Malaysia’s 1MDB says not contacted by foreign investigators

Image from 1MDB homepage

Malaysia’s troubled strategic investment fund 1Malaysia Development Bhd (1MDB) has not been contacted by any foreign investigators on allegations of mismanagement and corruption, the fund’s president Arul Kanda said on Tuesday.

The power and property fund, whose advisory board is chaired by Prime Minister Najib Razak, has amassed debt of more than $11 billion and a number of foreign jurisdictions have reportedly begun investigations concerning the fund or its staff.

Najib is also at the centre of a political storm after Malaysian authorities probing 1MDB found that about $670 million had been transferred into an account in his name.

Kanda reiterated that no money had gone from 1MDB to Najib’s account, and said some media reports suggesting wrongdoing were politically motivated to attack the prime minister.

Swiss authorities said at the end of August they had opened criminal proceedings against two 1MDB executives for suspected corruption and money laundering. The Swiss said they had frozen several tens of millions of dollars at Swiss banks in conjunction to the probe.

But Kanda told Reuters in an interview that there had been no contact from the Swiss or investigators reportedly looking into the fund in Singapore and the United States.

“In terms of the Swiss investigations or the Singaporean investigations or the FBI investigations, 1MDB has not been contacted by any of those authorities,” Kanda said.

“So we have not received any intimation or indication from any of those authorities in relation to these alleged matters that have been carried out in the press.”

He said asset sales planned in the coming weeks would put 1MDB in a positive cash position from the beginning of 2016.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.