September 19, 2021

Rafizi: Where is 1MDB’s Caymans RM3bn now?

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1MDB-Cayman-Islands-Rafizi-Ramli-copyFrom FMT News

New 1MDB boss says money won’t be brought back, PKR’s Rafizi calls for probe.

1MDB, Cayman Islands, PETALING JAYA: The growing mystery over a RM3 billion deposit by 1Malaysia Development Bhd has deepened after a report in Singapore today that the money would not be repatriated after all from offshore accounts in the Cayman Islands.

The Business Times newspaper quoted new 1MDB chief executive Arul Kanda Kandasamy as confirming that the money would not be brought back to Malaysia.

This contradicts earlier statements by the government-owned strategic investment company that the money had already been repatriated, which prompted former prime minister Mahathir Mohamad, a harsh critic of 1MDB, to ask into which Malaysian bank the money had been deposited.

On the heels of today’s report, Parti Keadilan Rakyat secretary-general Rafizi Ramli demanded that Bank Negara begin an immediate investigation, and called for serious action by the Finance Ministry and the central bank.

Arul Kanda had been quoted as saying that the US1.1 billion in funds would be needed for servicing interest payments on US dollar-denominated debts.

Last month, Arul Kanda in an official statement confirmed that 1MDB had redeemed in full a US$2.318 billion investment in a Cayman Islands registered fund. 1MDB had previously redeemed US$1.215 billion, representing 60% of the funds invested, and has now redeemed an additional US$1.103 billion, representing the remaining balance of the total US$2.318 billion that was originally invested.

IMAGE: Rafizi Ramli copy

For more on this story go to:

See iNews Cayman related story with links to others published February 1 2015 “Shameful for 1MDB to borrow from Ananda Krishnan, says DAP” at:

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