Malaysia announces wind-up of 1MDB- Nikkei Asian Review

Malaysia announces wind-up of 1MDB- Nikkei Asian Review:

"Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund.

A three-member board headed by the treasury's top administrative officer succeeded the board of directors of 1MDB, effective Tuesday, the Ministry of Finance said in a press release. "The change of board reflects 1MDB's new direction as a nonoperating company, focusing on completion of the successful rationalization plan and on servicing future debt repayments."

1MDB sold off power generation companies and landholdings to Chinese companies to repay its debts. A parliamentary committee investigating the fund said in a report in April that 1MDB's debt had risen to 50 billion ringgit ($12 billion) in January, from 42 billion ringgit as of March 2014. The fund is in the process of transferring ownership of its remaining assets, including prime land in the capital earmarked for a new financial district and a high speed railway to Singapore, to the ministry."



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