Cynthia Gabriel | No further debt, C4 tells PM on 1MDB
Malaysians have every right to demand accountability, transparency and integrity in the management and operations of 1Malaysia Development Berhad (1MDB) and the use of its funds.
1MDB is Malaysia's second federal government wholly owned strategic investment arm or sovereign wealth fund (SWF) although it is widely seen as a cross breed between SWF and private investment vehicle.
It was set up in 2009 with a federal grant of RM5 billion as a catalyst to forge global partnerships and promote foreign direct investments in high-impact projects for sustainable economic growth in the long run.
Increasing criticisms from investors and policy makers, given the gargantuan debt size standing at a whopping RM38 billion at the financial year ending March 2013, must now become a cause for concern for every Malaysian.
Read more here: http://www.malaysiakini.com/news/276449
