1MDB's US$1.1b from Cayman are assets in US$, says PM Najib

Kuala Lumpur

MALAYSIAN Prime Minister Najib Razak said on Wednesday that the remaining US$1.1 billion that state investor 1Malaysia Development Bhd (1MDB) redeemed from its offshore account in the Cayman Islands into a Singaporean bank was in US dollar-denominated assets. Mr Najib had earlier said that the assets were in cash.

1MDB has been dogged by years of controversy over its management of funds and the US$11.6 billion in borrowings that it has amassed to finance the purchase of power assets, a burden that has also weighed on the ringgit and on Malaysia's sovereign credit rating.