The Malaysian government is working towards the winding up of state investment firm 1Malaysia Development Berhad (1MDB) under a plan spearheaded by a high-level government unit called the Budiman committee.
The state investment firm, which was established by Prime Minister Najib in 2009, is now being dissolved following allegations that its funds were used for personal reasons by the premier and his close associates, resulting in 1MDB’s debts peaking to $12 billion at one point.
The assets of the state development fund will be transferred in coming months to two companies owned by the Finance Ministry. These valuable assets are two massive plots of land in Kuala Lumpur and one on Penang island.
"The resolution of 1MDB's debt obligations will be carried out separately by the government," said a senior government official familiar with the exercise.
Second Finance Minister Johari Abdul Ghani, who leads the Budiman committee, recently told The Straits Times that the sale of 1MDB’s power plants under Edra Energy to a Chinese firm for $3.79 billion had helped settle debts owed to Malaysian lenders.
“Our next move is to kick-start the property development of Bandar Malaysia and TRX,” he said, referring to 1MDB’s two major property development on the outskirts of the capital.
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