Economics
Scrutiny on `Insolvent' 1MDB Grows as Malaysian Team Meets FBI
- Directors questioned existence of some overseas investments
- 1MDB had said it has 31 billion ringgit of long-term debt
Insolvent 1MDB Unable to Repay Its Debt
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Scrutiny of Malaysia’s 1MDB intensified as the government said the state investment fund is "insolvent" and unable to repay debts, which the company previously said totaled more than $7 billion.
The government will honor 1MDB’s obligations as it had done in recent years, Finance Minister Lim Guan Eng said on Thursday. Separately, a Malaysian task force investigating the fund met with officials from the U.S. Federal Bureau of Investigation and the Department of Justice to discuss the focus and direction of probes.