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Malaysia's 1MDB has 40 potential investors in Bandar project: fund adviser

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Malaysia's debt-laden state fund 1Malaysia Development Bhd (1MDB) has received expressions of interest from 40 potential investors in its Bandar Malaysia property development, the fund's adviser on the project said on Monday.

[KUALA LUMPUR] Malaysia's debt-laden state fund 1Malaysia Development Bhd (1MDB) has received expressions of interest from 40 potential investors in its Bandar Malaysia property development, the fund's adviser on the project said on Monday.

The 495 acre commercial and residential development in Kuala Lumpur is one of two large projects that are key to 1MDB's efforts to reduce an US$11 billion debt mountain that is being examined by Malaysian authorities investigating accusations of financial mismanagement and graft.

"Among interested investors are government-linked companies, top Malaysian developers, world-class property brands, as well as foreign state investment corporations," Kuala Lumpur-based CH Williams Talhar and Wong, which is advising 1MDB on the project, said in a statement.

"Apart from Malaysia, interested investors are also from Singapore, China, Japan, Korea and Australia."

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The Wall Street Journal reported on July 3 that Malaysian investigators had traced close to US$700 million of deposits into personal bank accounts belonging to Prime Minister Najib Razak, who is chairman of the fund's advisory board.

Mr Najib has denied taking any money for personal gain and said the corruption allegations are part of a malicious campaign to force him out of office. 1MDB has denied transferring funds to Mr Najib.

An interim report on 1MDB by the Malaysian government found nothing suspicious after vetting its accounts, a parliamentary committee said on Thursday.

REUTERS

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