KUALA LUMPUR (June 21): TRX City Sdn Bhd, a company owned by the Ministry of Finance (MoF), said in a statement this evening that it will be lodging a police report over funds meant for the Tun Razak Exchange development that was taken by 1Malaysia Development Bhd.
The MoF disclosed earlier today that some RM3.07 billion meant for TRX development had been misappropriated by 1MDB from about RM3.69 billion worth of government funds that were transferred to TRX City for the project.
KUALA LUMPUR (June 22): Human Resources Development Fund (HRDF) chief executive Datuk CM Vignaesvaran Jeyandran has tendered his resignation as the chief executive of the fund.
In a statement today, HRDF said Vignaesvaran's resignation was with effect from yesterday (June 21).
HRDF deputy chief executive Lim Kah Cheng will be acting chief executive, effective immediately.
UNTIL recently the Abraaj Group, a private-equity firm based in Dubai, was riding high. It was one of just a few such firms focused on emerging markets, and a darling of “impact investors”, who seek social or environmental returns, not just financial ones. Assets under management of $13.6bn made it the largest private-equity firm in the Middle East, and the 42nd-largest globally in 2017. Its Pakistani founder and boss, Arif Naqvi, a regular at Davos and a patron of the arts, had won awards for philanthropy. It is all the more surprising, then, that basic corporate-governance missteps led his firm to file for provisional liquidation on June 14th.The problems began in late 2017 when four investors in its $1bn health-care fund, including the Bill & Melinda Gates Foundation and the private-sector arm of the World Bank, grew worried. Nearly $280m of $545m they had been asked for was not promptly spent on acquisitions, as is standard in the industry. Abraaj blamed delays in the...Continue reading