IslamicFinance.de

Malaysian government investment fund 1Malaysia Development defaulted on a series of bonds on Tuesday, weighing on the country’s stock and currency markets and raising concerns that the government may eventually have to spend billions to bail out the fund. The cross default triggered by non-payment, the continuing stand-off with IPIC and a widening investigation across at least six countries into possible corruption and money-laundering connected to the fund are starting to affect the markets.