1MDB trial: Ex-CEO says joint venture with Aabar Investment a bust | Malay Mail

📆 2019/10/01 19:02:00
📰 malaymail

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KUALA LUMPUR, Oct 1 — The much-touted US$6 billion (RM25.1 billion) joint venture between Abu Dhabi’s Aabar Investment PJS and 1Malaysia Development Berhad (1MDB) proved to be a bust when the entity formed to manage the Malaysian sovereign investment fund went inactive, Datuk Shahrol Azral...

Tuesday, 01 Oct 2019 11:43 AM MYTDatuk Seri Najib Tun Razak arrives at the Kuala Lumpur High Court October 1, 2019. — Picture by Miera Zulyana

Shahrol, testifying against former prime minister Datuk Seri Najib Razak, said 1MDB had pumped in US$3 billion into the joint venture company called Abu Dhabi Malaysian Investment Company Limited .To make matters worse, Aabar also did not provide its share of the US$3 billion, contrary to the agreement signed on April 16, 2013, Shahrol added.

Shahrol was referring to the special investment vehicle set up by Malaysia with Aabar, called 1MDB Global Investment Limited , that aimed to raise US$3 billion funds through bonds.

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