Retaliating against allegations of RM27 billion “missing” cash, 1Malaysia Development Bhd (1MDB) yesterday provided a summary and two infographics detailing how its RM42 billion of debt as at end-March 2014 is accounted for, including how RM15.4 billion or over one-third (37%) of the money has been invested in three parties.
Yet, the welcome statement left several pertinent questions unanswered.
Will 1MDB president and group executive director Arul Kanda Kandasamy be similarly detailed in replying to all these questions?
Does the sudden spate of transparency have anything to do with Bank Negara Malaysia’s statement the same evening that the central bank has commenced a formal enquiry to examine if 1MDB had contravened any of its rules relating to the cross-border movement of funds?
According to 1MDB, some 47.1% or RM19.7 billion of the money it borrowed, went to acquiring land and power plants.
It was only left with RM900 million cash…