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More Probes Into 1Malaysia Development Bhd

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1Malaysia Development Berhad (1MDB) is a strategic development company owned by the Malaysian government whose goal is to assist in the long-term development of the country. Before 2009, there was a state-focused strategic investment fund called the Terengganu Investment Authority which received oil royalty payments. In 2009, Malaysian Prime Minister Najib Razak expanded Terengganu Investment Authority and formed it into a federal entity, renaming it 1Malaysia Development Berhad to focus on benefiting all of Malaysia. The development company had a number of goals including turning Kuala Lumpur into a key financial center and backing national economic developments. 1MDB has a board of directors which is chaired by the country’s prime minister, a board of advisors and senior management. Over the years, 1MDB forged relationships with numerous countries and heavy-weight organizations like the State Grid Corporation of China, International Petroleum Investment Company (IPIC), PetroSaudi International Limited, Abu Dhabi Future Energy Company, Qatar Investment Authority and Mubadala Development Company.

What Happened?

At the moment, 1MDB is having a challenging time repaying more than US$ 11 billion in accumulated debt. This has ensnared the attention of the press, Malaysian politics and the Malaysian prime minister. 1MDB’s deals have brought Goldman Sachs in the light again (Goldman is in a current legal battle with the Libyan Investment Authority), in which the financial advisor negotiated three of 1MDB’s bonds that total US$ 6.5 billion in 2012 and 2013, generating hefty fees. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Korea NPS Co-Invested in Delaware Basin Assets with Morgan Stanley

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The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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