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Malaysia to go ahead with skyscraper despite stolen funds

Business Insider UK
Updated

KUALA LUMPUR, Malaysia (AP) — Malaysia says it will not cancel a skyscraper project billed as the tallest in the region even though 3 billion ringgit ($747 million) from the venture has been misappropriated by the 1MDB state fund linked to former premier Najib Razak.

Finance Minister Lim Guan Eng says Najib's government has since 2012 guaranteed borrowings, extended advances and purchased land from TRX City Sendirian Berhad amounting to nearly 3.7 billion ringgit ($921.4 million), but 3.067 billion ($764 million) of that was misappropriated by 1MDB, mainly to repay its loans.

Lim says the TRX management will lodge complains with authorities investigating the 1MDB scandal over the stolen fund.

A new government that won May's elections has reopened the investigation into alleged theft and money laundering at 1MDB that was stifled during Najib's rule.

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