Abu Dhabi claims another $1 billion from 1MDB missing: Report

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Officials in Abu Dhabi are puzzled over another $1 billion payment from Malaysia’s state investor 1Malaysia Development Berhad (1MDB) to Abu Dhabi’s International Petroleum Investment Co (IPIC) that is allegedly missing, the Wall Street Journal (WSJ) reported.

Last week, WSJ reported that officials in Abu Dhabi were trying to understand why a $1.4 billion transfer that 1MDB said it made to IPIC was not received.

The officials are now “questioning a further $993 million that 1MDB reported it paid to the Abu Dhabi fund, the International Petroleum Investment Co., but which also appears to be largely missing,” WSJ said, quoting people familiar with the matter.

Officials from 1MDB and IPIC did not respond to WSJ’s requests for comments.

Responding to WSJ’s report last week, 1MDB said in a statement that it has made the payment, according to its records.

With the latest allegation, the mystery surrounding 1MDB and its missing funds deepens. The state investment fund is struggling to tackle its hefty MYR42 billion ($11 billion) debt in the midst of corruption scandals that has impacted the Malaysian economy.

Malaysian Prime Minister Mohd Najib Abdul Razak set up the fund in 2009, with the aim of investing in Malaysia’s economy.

In July, WSJ reported that Malaysian government investigations found $700 million had been deposited into the leader’s personal accounts, which Najib had said was from an unspecified donor from the Middle East.

Also read: 

Malaysia to help arrange for Swiss to interview witnesses in 1MDB probe

Malaysia’s 1MDB denies Abu Dhabi’s IPIC pulling out of debt plan

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

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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.