1MDB
Be bold and daring… to break new ground and do things differently
Prime Minister Dato’ Sri Mohd Najib Tun Haji Abdul Razak
instructs the 1MDB team on 11 January 2010
instructs the 1MDB team on 11 January 2010
Vision
A strategic enabler for new ideas and sources of growth
Mission
To drive sustainable economic development by forging strategic global partnerships and promoting FDI
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Tun Razak Exchange
International Financial Centre to Rival Asia’s Best
In line with the Economic Transformation Programme’s identification of the financial sector and Greater KL as key sources of growth towards a high income nation, 1MDB officially launched the Tun Razak Exchange (TRX) on 30 July 2012.
1MDB acts as the master developer for the 70-acre area in Imbi fronting Jalan Tun Razak.
TRX will encourage innovation and propel growth by creating a strategic clustering of global talents, world-class multinationals and complementary lifestyle amenities in a highly connected location with state-of-the-art infrastructure and world-class sustainability standards.
“The tax and other incentives for Tun Razak Exchange (TRX)-status companies tabled at Budget 2013 are great steps taken to attract major international financial institutions into the country, according to industry players.
[Prime Minister Datuk Seri Najib Razak] launched the TRX with a gross development value of RM26bil as an initiative to promote Malaysia as an international financial hub and to attract foreign direct investment.
TRX will provide new investment opportunities by connecting the business community with the global market.
TRX is expected to attract 250 international financial services companies and offer 40,000 knowledge and skilled job opportunities.
Property consultancy C.H. Williams Talhar & Wong said the TRX “could create new demand for at least 6 million sq ft of new office space, which will buoy the office property sector.”
Aberdeen Islamic Asset Management CEO Abdul Jalil Abdul Rasheed said the "tax exemptions… underscored the forward-thinking approach on the part of the Government to position Malaysia as a central investment; and remain a vibrant and competitive financial hub in the years to come.”
(The Star, “Incentives for TRX-status firms will attract foreigners”
29 September 2012)
29 September 2012)
Dr M: Probe 1MDB without fear or favour
In a vehement and vitriolic attack, Dr Mahathir Mohamad has called for
any investigation of 1MDB to be executed without fear or favour.
“Investigations into Malaysia’s controversial 1MDB fund must be done
without fear or favour and those found responsible, no matter who, must
be prosecuted without delay and the sooner the better or the government
will suffer further reputation loss.
(Krishnamoorthy : Malaysiakini 15/05/15)
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1MDB receives clean audit report by CCM - Hasan
KUALA
PILAH, March 7 (Bernama) -- The 1Malaysia Development Berhad (1MDB) has
received a clean audit report (unqualified) for its audited financial
statements for the year 2010-2014 by the Companies Commission of
Malaysia (CCM).
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said until today, no reports of serious offenses such as fraud and dishonesty were detected during the audit of 1MDB.
It was an offense under the Companies Act 1965 if the auditor did not report any serious offense to the CCM, which carries a jail term of seven years or RM250,000 fine or both, he said in a statement here.
Therefore, he said, any wrongdoing of 1MDB funds was merely an allegation and had been refuted by related parties including 1MDB and Petro Saudi Limited.
-- BERNAMA
-------------------------------------------------------------------------------------------------------------
KUALA LUMPUR, Feb 18 (Reuters) - Malaysian state fund 1MDB said it would explore asset sales and the sale of development rights in prime property projects as it seeks to cut its debt - a $11.6 billion burden that has weighed on the ringgit and the country's sovereign credit rating.
The plans are part of a strategic review led by new 1MDB chief Arul Kanda as he attempts to make the fund more transparent after years of controversy over its debt, late financial reports and late loan payments.
1MDB, the fund whose advisory board is chaired by Prime Minister Najib Razak, said it recognised it had to reform its debt-heavy capital structure and would not take on any more projects or debt, helping the ringgit climb 1 percent against the dollar on Wednesday.
But the review did not contain any debt reduction targets and few details about a long-delayed $3 billion IPO for its power unit, Edra Energy, that is due this year.
"The announcement is positive but in order to get a bigger positive you need more clarity on the existing structure of debt and what kind of liabilities are outstanding and the repayment schedule in the next 12 months," said Michael Wan, an economist with Credit Suisse in Singapore.
Arul, who took the helm last month, said the firm has not set itself a debt reduction target, as more than three quarters of its debt is long term.
Just last week, 1MDB settled a 2 billion ringgit ($550 million) loan it owed to banks but financial sources have said it needed a loan from Malaysia's second-richest man Ananda Krishnan to do so.
"Of the short-term debt maturity the 2 billion ringgit debt was the biggest, which has now been paid," Arul told Reuters in an interview.
Arul declined to comment on IPO plans for the fund's power unit, which owns 15 power and desalination plants in five countries. 1MDB said only that it planned to "monetise" the asset this year, with some proceeds to go towards future growth and the rest going towards repaying short-term debt.
Some land assets it owns outside the capital may be sold outright or partly sold through joint ventures, 1MDB said.
But two projects in central Kuala Lumpur - the Tun Razak Exchange which is being developed into a financial district and Bandar Malaysia, a commercial and residential development - will continue to be owned by the finance ministry.
They will, however, now be run as standalone entities and in addition to the sale of land development rights, the projects could also enter into profit-sharing joint ventures, it said.
Fitch Ratings, which has put Malaysia's A-minus credit rating under review with a negative outlook, has said it has concerns over Malaysia's fiscal position and contingent liabilities such as those from 1MDB. ($1 = 3.6180 ringgit)
(Reporting by Al-Zaquan Amer Hamzah and Praveen Menon; Editing by Edwina Gibbs)
--------------------------------------------------------------------------------------------------------------
YANG DI BISINGKAN DAN DIHEBOHKAN BILA THP NAK BELI DULU
SUMBANGAN YAYASAN 1MDB
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said until today, no reports of serious offenses such as fraud and dishonesty were detected during the audit of 1MDB.
It was an offense under the Companies Act 1965 if the auditor did not report any serious offense to the CCM, which carries a jail term of seven years or RM250,000 fine or both, he said in a statement here.
Therefore, he said, any wrongdoing of 1MDB funds was merely an allegation and had been refuted by related parties including 1MDB and Petro Saudi Limited.
-- BERNAMA
-------------------------------------------------------------------------------------------------------------
KUALA LUMPUR, Feb 18 (Reuters) - Malaysian state fund 1MDB said it would explore asset sales and the sale of development rights in prime property projects as it seeks to cut its debt - a $11.6 billion burden that has weighed on the ringgit and the country's sovereign credit rating.
The plans are part of a strategic review led by new 1MDB chief Arul Kanda as he attempts to make the fund more transparent after years of controversy over its debt, late financial reports and late loan payments.
1MDB, the fund whose advisory board is chaired by Prime Minister Najib Razak, said it recognised it had to reform its debt-heavy capital structure and would not take on any more projects or debt, helping the ringgit climb 1 percent against the dollar on Wednesday.
But the review did not contain any debt reduction targets and few details about a long-delayed $3 billion IPO for its power unit, Edra Energy, that is due this year.
"The announcement is positive but in order to get a bigger positive you need more clarity on the existing structure of debt and what kind of liabilities are outstanding and the repayment schedule in the next 12 months," said Michael Wan, an economist with Credit Suisse in Singapore.
Arul, who took the helm last month, said the firm has not set itself a debt reduction target, as more than three quarters of its debt is long term.
Just last week, 1MDB settled a 2 billion ringgit ($550 million) loan it owed to banks but financial sources have said it needed a loan from Malaysia's second-richest man Ananda Krishnan to do so.
"Of the short-term debt maturity the 2 billion ringgit debt was the biggest, which has now been paid," Arul told Reuters in an interview.
Arul declined to comment on IPO plans for the fund's power unit, which owns 15 power and desalination plants in five countries. 1MDB said only that it planned to "monetise" the asset this year, with some proceeds to go towards future growth and the rest going towards repaying short-term debt.
Some land assets it owns outside the capital may be sold outright or partly sold through joint ventures, 1MDB said.
But two projects in central Kuala Lumpur - the Tun Razak Exchange which is being developed into a financial district and Bandar Malaysia, a commercial and residential development - will continue to be owned by the finance ministry.
They will, however, now be run as standalone entities and in addition to the sale of land development rights, the projects could also enter into profit-sharing joint ventures, it said.
Fitch Ratings, which has put Malaysia's A-minus credit rating under review with a negative outlook, has said it has concerns over Malaysia's fiscal position and contingent liabilities such as those from 1MDB. ($1 = 3.6180 ringgit)
(Reporting by Al-Zaquan Amer Hamzah and Praveen Menon; Editing by Edwina Gibbs)
--------------------------------------------------------------------------------------------------------------
YANG DI BISINGKAN DAN DIHEBOHKAN BILA THP NAK BELI DULU
Tun
Razak Exchange (TRX), Kuala Lumpur’s upcoming international financial
district, announced today that it has signed Indonesia’s leading
property developer Mulia Group on board to develop its Signature Tower.
This follows the signing of the Sale and Purchase agreement between 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of TRX, and the Mulia Group for the development rights of the plot. The land transaction is valued at RM665 million.
1MDB RE Chief Executive Officer Dato’ Azmar Talib said, “We are pleased to have the Mulia Group on board towards realising the potential of the Tun Razak Exchange. This significant investment underscores foreign investor confidence in Malaysia.”
The Mulia Group, which has a leading market share for premium commercial properties in Jakarta, developed, owns and manages seven premier office buildings in Jakarta's central business district, including the Wisma Mulia 1 and 2.
Wisma Mulia 1 and 2 are ranked amongst Jakarta’s tallest and most prestigious office buildings that together house key global and local blue-chip companies in Indonesia. The Mulia group has also developed and managed internationally renowned hotels, and residential and shopping mall properties.
Eka Tjandranegara, President Director and owner of the Mulia Group said, “As one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become the new landmark of Kuala Lumpur city. Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond."
“We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans. I am committed to personally seeing this project through, drawing from our vast experience.”
The Mulia Group’s properties also include their award-winning Hotel Mulia Bali which essentially comprises of The Mulia, Mulia Resort & Villas in Nusa Dua, Bali. In the past two years, the resorts have been awarded six prestigious awards by Condé Nast, with the latest award placing Mulia Bali as the #1 Beach Resort in the World.
The landmark Signature Tower building will be a highly visible focal point for TRX, targeted to be the best international business address in Kuala Lumpur. As it will be TRX's tallest building and have its largest floor plates, the tower is poised to be a Prime Grade A office space in Kuala Lumpur.
Mulia Group now joins the list of investors such as Lend Lease International, a global property and infrastructure group developing the RM8 billion Lifestyle Quarter; and Veolia Water Technologies, whose water management technology will halve potable water use in TRX.
TRX is investing significantly in its infrastructure to create a truly accessible world-class financial hub. Tenants are expected to enjoy unrivalled connectivity to the city center and the rest of Greater KL, being a few steps away from the largest integrated underground MRT interchange station.
The MRT will connect TRX to the upcoming High Speed Rail terminus station at Bandar Malaysia, linking TRX to Singapore’s financial center.
TRX will also have direct link to key roads and major highways such as SMART, MEX, Jalan Tun Razak and Jalan Sultan Ismail. It is working with Dewan Bandaraya Kuala Lumpur in uplifting the Imbi area, by upgrading surrounding streetscapes and constructing a pedestrian avenue that connects TRX with the Bukit Bintang shopping district.
------------------------------------------------------------------------------------------------------------
This follows the signing of the Sale and Purchase agreement between 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of TRX, and the Mulia Group for the development rights of the plot. The land transaction is valued at RM665 million.
1MDB RE Chief Executive Officer Dato’ Azmar Talib said, “We are pleased to have the Mulia Group on board towards realising the potential of the Tun Razak Exchange. This significant investment underscores foreign investor confidence in Malaysia.”
The Mulia Group, which has a leading market share for premium commercial properties in Jakarta, developed, owns and manages seven premier office buildings in Jakarta's central business district, including the Wisma Mulia 1 and 2.
Wisma Mulia 1 and 2 are ranked amongst Jakarta’s tallest and most prestigious office buildings that together house key global and local blue-chip companies in Indonesia. The Mulia group has also developed and managed internationally renowned hotels, and residential and shopping mall properties.
Eka Tjandranegara, President Director and owner of the Mulia Group said, “As one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become the new landmark of Kuala Lumpur city. Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond."
“We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans. I am committed to personally seeing this project through, drawing from our vast experience.”
The Mulia Group’s properties also include their award-winning Hotel Mulia Bali which essentially comprises of The Mulia, Mulia Resort & Villas in Nusa Dua, Bali. In the past two years, the resorts have been awarded six prestigious awards by Condé Nast, with the latest award placing Mulia Bali as the #1 Beach Resort in the World.
The landmark Signature Tower building will be a highly visible focal point for TRX, targeted to be the best international business address in Kuala Lumpur. As it will be TRX's tallest building and have its largest floor plates, the tower is poised to be a Prime Grade A office space in Kuala Lumpur.
Mulia Group now joins the list of investors such as Lend Lease International, a global property and infrastructure group developing the RM8 billion Lifestyle Quarter; and Veolia Water Technologies, whose water management technology will halve potable water use in TRX.
TRX is investing significantly in its infrastructure to create a truly accessible world-class financial hub. Tenants are expected to enjoy unrivalled connectivity to the city center and the rest of Greater KL, being a few steps away from the largest integrated underground MRT interchange station.
The MRT will connect TRX to the upcoming High Speed Rail terminus station at Bandar Malaysia, linking TRX to Singapore’s financial center.
TRX will also have direct link to key roads and major highways such as SMART, MEX, Jalan Tun Razak and Jalan Sultan Ismail. It is working with Dewan Bandaraya Kuala Lumpur in uplifting the Imbi area, by upgrading surrounding streetscapes and constructing a pedestrian avenue that connects TRX with the Bukit Bintang shopping district.
------------------------------------------------------------------------------------------------------------
SUMBANGAN YAYASAN 1MDB
Get
independent audit or quit, Nazir tells 1MDB directors - See more at:
http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
CIMB
Group Bhd Chairman Datuk Seri Nazir Razak said that the board of
1Malaysia Development Bhd (1MDB) should resign if they did not want to
take active measures to address concerns over its finances, The Star
reported today.
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
CIMB
Group Bhd Chairman Datuk Seri Nazir Razak said that the board of
1Malaysia Development Bhd (1MDB) should resign if they did not want to
take active measures to address concerns over its finances, The Star
reported today.
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying.
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying.
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
CIMB
Group Bhd Chairman Datuk Seri Nazir Razak said that the board of
1Malaysia Development Bhd (1MDB) should resign if they did not want to
take active measures to address concerns over its finances, The Star
reported today.
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying.
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
The brother of Prime Minister Datuk Seri Najib Razak said it was irresponsible for the debt-ridden state investment arm to do nothing and simply wait for the Auditor-General (A-G) to complete its investigation.
“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign," Nazir was quoted as saying.
- See more at: http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
Get
independent audit or quit, Nazir tells 1MDB directors - See more at:
http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
Get
independent audit or quit, Nazir tells 1MDB directors - See more at:
http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
Get
independent audit or quit, Nazir tells 1MDB directors - See more at:
http://www.themalaysianinsider.com/malaysia/article/get-independent-audit-or-quit-nazir-tells-1mdb-directors#sthash.snof8GXC.dpuf
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