Bank Negara launches formal enquiry into 1MDB
Bank Negara Malaysia has launched a formal enquiry into state fund 1MDB to investigate whether there has been any breach of its rules and legislation. A legal directive has been issued, requiring information from the company. A formal investigation is launched when money approved by the bank was not used for the indicated purpose, false information was submitted, or there was failure to comply with the terms of the approval. 1MDB has been hounded by controversy over its RM42 billion debt and financial mismanagement, and is currently under probe by the auditor-general (AG) and Public Accounts Committee (PAC). (The Malay Mail Online)
1MDB: RM42 billion accounted for
State fund 1Malaysia Development Bhd (1MDB) has clarified its RM42 billion debt, saying that the money was used to purchase independent power producers (IPP), investment funds, and land. Much criticism and speculation had arisen over the debt, in particular an allegedly lost or missing RM27 billion. (The Malaysian Insider)
Summary of 1MDB’s RM42 billion expenses (Source: The Malaysian Insider)
Paramount reaches RM157mil sales for Q1
Paramount Corp Bhd, one of Malaysia’s longest-standing investment holdings, has recorded RM157 million in sales from property in the first quarter of 2015, which it says was driven by concerns about the goods and services tax (GST). The company says it is on track for its target of RM400 mil for financial year 2015. It’s current landbank size is 900 acres with gross development value of RM9bil. (The Star Online)
(Inset) Teh (left) and Kong at the briefing to update on the company’s 88-acre Tropicana Metropark development. (Photo: THE STAR)
Tropicana Metropark total GDV RM7bil, central park worth RM800mil
The Tropicana Metropark freehold mixed development project by Tropicana Corp Bhd will have a total gross development value of RM7 billion, with its 9.2-acre central park worth RM800 million. The park will feature a man-made lake, pedestrian promenade, and a F&B strip for alfresco dining. The park’s estimated completion is by end of this year. (The Star Online)
MRT Corp says it’s not to blame for road cracks
Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) stated today that the cracks on Sultan Iskandar Highway (formerly Lebuhraya Mahameru) was not related to MRT Corp’s construction projects, following investigations by the company and its contractors. It pointed out that there were other infrastructure construction projects in the vicinity of the highway intersection. Cracks and deposition of sedimentary soil on Tuesday had caused the route heading south to be completely closed. (Bernama)
