Malaysia Set to Close 1MDB
(Finews) – The Malaysian government is making preparations to shut down the state-owned 1MDB fund, the state investment firm that has become the centre of a scandal involving politicians, socialites and banks.
The remaining assets of the fund, which includes plots of land in Penang Island and prime areas of Kuala Lumpur, will be moved to two companies owned by the country’s finance ministry, according to Singapore-based «The Straits Times».
In an effort to alleviate its substantial debt late last year 1MDB disposed of another of its main assets, power plants owned by Edra Energy, the energy arm of 1MDB, to a Chinese firm, China General Nuclear Power Corporation, for close to $4 billion.
