1MDB holds board meeting in Lucerne

Singapore

MALAYSIA'S state-owned fund 1Malaysia Development Bhd (1MDB) held a three-day board meeting this week in Lucerne, central Switzerland, to discuss several issues including a lofty solar power plan for the country.

A curious choice of venue, perhaps even extravagant, some may say for a sovereign wealth fund with largely home-based assets and given its highly indebted status - based on latest accounts, it has debts of over RM35 billion (S$13.6 billion).

But of much wider implication, as The Business Times understands, is a key agenda at the meeting - the state-backed fund's ultra-ambitious solar photovoltaic (PV) project that will generate up to 500 MW of electricity which it plans to build in various parts of the co…