1MDB predecessor tried to use T’ganu’s oil and gas

June 13, 2015

Really? I did not know that TIA morphed to 1MDB.

Dateline 2015-05-12, Malaysiakini:

Terengganu Investment Authority (TIA) – the predecessor of 1Malaysia Development Bhd (1MDB) – tried to use Terengganu’s oil and gas assets as collateral, way back in 2008, former Terengganu menteri besar Ahmad Said revealed yesterday.

TIA was renamed as 1MDB in 2009 after it was taken over by Putrajaya.

Speaking in the Terengganu state assembly yesterday, Ahmad said the state government, however, pulled out of the deal due to a numerous problems.

“This was one of the reasons the Prime Minister (Najib Abdul Razak) was angry with me, including other problems which ended with (the state government) pulling out,” Ahmad (right) is quoted as saying by Malay daily Sinar Harian.