Witness: M'sia still owes RM13.3b in 1MDB loan

2 years ago
Malaysia still owes US$3 billion (RM13.3 billion) in debt as a result of a joint venture (JV) between 1MDB and Aabar Investments, a former finance ministry officer testified.

Siti Zauyah Md Desa, who used to be part of the ministry’s loan management division, said 1MDB had never reported to her division regarding the JV (1MDB is wholly owned by MOF Inc).

During the RM2.28 billion 1MDB corruption trial against former prime minister and finance minister Najib Abdul Razak, the 23rd prosecution witness claimed that the Malaysian sovereign wealth fund tended to deal directly with the accused rather than going through her division.

Siti Zauyah noted that Najib signed the letter of support (LOS) for the JV between 1MDB and Aabar Investments PJS, which is a subsidiary of International Petroleum Investment Company (IPIC).

More: https://www.malaysiakini.com/news/624794