Gov't says no plans to dissolve 1MDB

The government has no plans to dissolve 1MDB, said the Finance Ministry.

"At the moment, there are no plans to dissolve 1MDB," the ministry said in a parliamentary reply yesterday.

It was replying to a question by Dr Ko Chung Sen (DAP-Kampar) on whether 1MDB would be dissolved before 2020.

1MDB is the brainchild of Prime Minister Najib Abdul Razak, who is also the finance minister.

The scandal-plagued sovereign wealth fund is the subject of corruption probes in multiple countries, including Switzerland, Singapore, Hong Kong and the United States.

Bank Negara had also probed 1MDB, but attorney-general Mohamed Apandi Ali ordered that no further action be taken on the central bank’s findings.

Najib has consistently denied allegation that 1MDB funds had gone into his personal coffers, and said such allegations were a plot to topple him.

1MDB had also incurred massive debts over the years – said to be RM42 billion - which prompted the government to sell of key 1MDB assets including Edra Global Energy and Bandar Malaysia.

Throughout the crisis, the government maintained that 1MDB had more assets than debts. -Mkini