Malaysia 1MDB Update: Bank Negara Malaysia Warned Government In 2014 About State Investment Fund’s Growing Debts
1MDB issued a statement Monday saying Abu Dhabi state-run fund International Petroleum Investment Corp. has failed to pay interest on $1.7 billion on the Malaysian fund's 2022 bonds. The Malaysian government was cautioned about risks associated with the debt-ridden fund in 2014. The state investment fund set up by Prime Minister Najib Razak, has been burdened with debt of over $12 million over the years and has been accused of mismanagement while facing corruption allegations. Apart from Malaysia, the 1MDB investigation is also underway in the United States, Luxembourg, Singapore, Switzerland, Hong Kong and Abu Dhabi.
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