Government-linked strategic investment company 1Malaysia Development Berhad (1MDB), through its subsidiary, had borrowed RM4 billion from the Retirement Fund Incorporated (KWAP), PKR's Rafizi Ramli revealed today.
He said the RM4 billion loan taken by the controversial sovereign fund's subsidiary, SRC International Sdn Bhd, in 2011 was to purchase a mining company in Mongolia.
However, the PKR secretary-general said his investigations into the matter revealed that the said company did not exist, raising questions on where the money was actually spent.
"Initially, the money was meant for buying a mining company called Gobi Coal & Energy as an investment in Mongolia, as reported in the Business Times," he said in a press conference at the party's headquarters in Petaling Jaya today.
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