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.