UK Only Article:
One of the biggest controversies in Malaysian political history gets bigger
EARLIER this year authorities in Switzerland said they had begun criminal investigations into two former officials at 1MDB—a Malaysian state investment firm from which they believe some $4 billion may have been misappropriated through a series of deals struck between 2009 and 2013. On April 12th the Swiss said the scope of their enquiries was widening, and that they have now also opened files on two former public officials from the United Arab Emirates.
This latest escalation relates to a deal struck in 2012, in which IPIC, an Abu Dhabi state fund, agreed to guarantee bonds raised by 1MDB to purchase two power firms. 1MDB paid billions of dollars in collateral (and other monies linked to the guarantee) to a company registered in the British Virgin Islands, which bore a similar name to one of IPIC’s subsidiaries. But on April 11th IPIC issued a statement to the London Stock …