Parliamentary report says govt had $5.2 billion exposure to 1MDB as of Oct

Reuters

7 April 2016 at 2:00 am

Construction workers stand in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia February 3, 2016. REUTERS/Olivia Harris/Files

KUALA LUMPUR (Reuters) - Malaysian government's risk exposure if troubled state fund 1MDB fails to pay off its debt was estimated at around 20.31 billion ringgit ($5.2 billion) in October, a parliamentary report said on Thursday. The report into 1Malaysia Development Bhd (1MDB) said the board of the troubled state fund had failed to carry out its responsibilities and its former chief must be further investigated. The fund sold its land and power assets last year as part of a restructuring plan and pared down a large share of its debt. ($1 = 3.8900 ringgit) (Reporting by Rozanna Latiff,; Writing by Praveen Menon. Editing by Bill Tarrant.)

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