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June 22, 2018

Malaysia skycraper to move ahead

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.


 
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