1Malaysia Development Bhd., set up by the government five years ago to build infrastructure with borrowed money, will break up its assets, winding down after drawing political criticism and almost failing to repay loans.
The state investment company won’t undertake any new investments or projects after it sets up standalone entities for its two major property projects and raises cash from selling its power business, it said in a statement in Kuala Lumpur today. 1MDB will also sell or form joint ventures for other land it holds, signaling it plans to wind down.
