What’s special about SRC is all the money it received was from Malaysian pension fund and that money directly flowed from it via intermediaries into @NajibRazak’s personal bank account. Pretty straight forward
Najib Razak today blamed new government for spooking markets, leading to “real losses” to civil-servant pension fund Kwap. Under Najib, Kwap lent over $1 billion to a 1MDB unit called SRC. Yes, that’s the same SRC that allegedly sent 42 million MYR to Najib’s personal account.
Unlike the central bank, Khazanah, Malaysia’s top sovereign wealth fund, turned down a request from Najib to buy land to bailout 1MDB. See insert in story.
Malaysia’s New 1MDB Probe Risks Peeling Back Corruption Built Up Over Decades. How closely will Prime Minister Mahathir scrutinize business leaders when the economy needs investment to counter volatile commodity prices?
A BFM89.9 EXCLUSIVE: The Evening Edition speaks to Pulitzer-finalist and Wall Street Journal reporter Tom Wright about his epic search for the truth behind the biggest kleptocracy scandal in recorded history: 1MDB.