Malaysia had plan to use Chinese money to bail out 1MDB, court hears [Reuters]
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Source: Reuters
Malaysia had plan to use Chinese money to bail out 1MDB, court hears - Reuters 3 Min Read KUALA LUMPUR (Reuters) - Malaysia’s former leader Najib Razak approved a plan to bail out troubled state fund 1MDB by offering stakes in several big infrastructure projects to Chinese firms in 2016, a former aide told a court on Wednesday. Najib, who was voted out of power last year amid public anger over alleged graft at 1Malaysia Development Berhad (1MDB), is on trial for allegedly receiving hundreds of millions of dollars from the state fund he set up in 2009. He has pleaded not guilty. Former special officer Amhari Effendi Nazaruddin said Najib sent him to China in June 2016 on a “secret mission” to reaffirm economic ties and investments between the two countries. The talking points prepared for his meeting with Chinese officials showed there were plans to use Chinese investments to help pay off the debts of 1MDB and its former unit, SRC International, Amhari told the Kuala Lumpur High Court.
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