IslamicFinance.de

Unsatisfied with 1Malaysia Development Berhad's (1MDB) explanation, PKR lawmaker Rafizi Ramli today challenged the company to disclose details on how it used the sukuk funds. He said 1MDB last night failed to address his main query, which was what had happened to the RM1.6 billion from the RM2.4 billion sukuk issued through Bandar Malaysia Sdn Bhd in 2014. 1MDB yesterday denied Rafizi's remarks and insisted the RM2.4 billion sukuk had been utilised in accordance with its agreement. 1MDB reportedly said the sukuk had been used to partly finance the relocation of the air force base at Sungai Besi, pre-fund the fees and expenses of the sukuk programme, fund the requisite financing reserve accounts, and fund the working capital requirements of 1MDB Real Estate Sdn Bhd (now known as TRX City Sdn Bhd).