With state investment company 1Malaysia Development Bhd (1MDB) facing a claim for US$6.5 billion (RM26 billion) from Abu Dhabi’s sovereign wealth fund, how else not to panic!
1MDB Prime Minister Najib Razak is also facing tremendous pressure from the global money laundering probes in some 10 countries involving billions of dollars/ringgit linked to his so called “sovereign wealth fund”.
His wife, Rosmah Mansor, has also been reported by the Wall Street Journal (WSJ) to have splashed a whopping “US$6 miĺlion (RM24 million) on clothes, shoes and jewellery” between 2008 and 2015.
Her credit card payments have also been allegedly linked to 1MDB.
With a host of many other domestic financial scandals, one really wonders how Najib manages to go to bed these nights.
Before you read the Bloomberg report below, No News Is Bad News visitors should read this for context first (http://victorlim2016.blogspot.my/2016/09/with-1mdb-in-financial-coma-its-time-to.html).
Here’s the Bloomberg report as reproduced by the Malaysian-banned online news portal Malaysia Chronicle:
"RINGGIT TAKES DIRECT HIT: NAJIB’S POLITICAL IMPASSE, 1MDB ARBITRATION, LOW OIL PRICES CHASE INVESTORS AWAY
Politics | September 14, 2016 by | 0 Comments
Malaysia’s ringgit fell to the lowest in more than two months as a decline in oil prices and a controversy involving a troubled state fund damped demand for the nation’s assets.
The currency weakened as domestic financial markets reopened after a holiday on Monday even as Asian peers including the South Korean won climbed following comments from Federal Reserve Governor Lael Brainard that damped speculation U.S. interest rates will rise this month. Brent crude dropped 0.7 percent, erasing a gain Monday and adding to the pressure on the ringgit. Malaysia said it’s confident of winning in an arbitration hearing where state investment company 1Malaysia Development Bhd. is facing a claim for $6.5 billion from Abu Dhabi’s sovereign wealth fund.
“The ringgit is getting no joy from the oil markets right now,” said Stephen Innes, a senior trader at Oanda Asia Pacific Pte in Singapore. “The 1MDB political risk is still at the forefront.”
The ringgit retreated 0.6 percent to 4.0945 per dollar as of 9:19 a.m. in Kuala Lumpur and reached 4.0975, the weakest since June 28, according to prices from local banks compiled by Bloomberg. The won advanced 0.5 percent to 1,108.05 against the greenback.
1MDB and International Petroleum Investment Co. PJSC are locked in a tussle that spilled over to repayments on bonds issued by the Malaysian company. 1MDB and its sole shareholder — Malaysia’s Ministry of Finance — haven’t performed their obligations toward IPIC, the Abu Dhabi fund said in a London stock exchange filing in June. – http://www.bloomberg.com/"
Before you read the Bloomberg report below, No News Is Bad News visitors should read this for context first (http://victorlim2016.blogspot.my/2016/09/with-1mdb-in-financial-coma-its-time-to.html).
Here’s the Bloomberg report as reproduced by the Malaysian-banned online news portal Malaysia Chronicle:
"RINGGIT TAKES DIRECT HIT: NAJIB’S POLITICAL IMPASSE, 1MDB ARBITRATION, LOW OIL PRICES CHASE INVESTORS AWAY
Politics | September 14, 2016 by | 0 Comments
Malaysia’s ringgit fell to the lowest in more than two months as a decline in oil prices and a controversy involving a troubled state fund damped demand for the nation’s assets.
The currency weakened as domestic financial markets reopened after a holiday on Monday even as Asian peers including the South Korean won climbed following comments from Federal Reserve Governor Lael Brainard that damped speculation U.S. interest rates will rise this month. Brent crude dropped 0.7 percent, erasing a gain Monday and adding to the pressure on the ringgit. Malaysia said it’s confident of winning in an arbitration hearing where state investment company 1Malaysia Development Bhd. is facing a claim for $6.5 billion from Abu Dhabi’s sovereign wealth fund.
“The ringgit is getting no joy from the oil markets right now,” said Stephen Innes, a senior trader at Oanda Asia Pacific Pte in Singapore. “The 1MDB political risk is still at the forefront.”
The ringgit retreated 0.6 percent to 4.0945 per dollar as of 9:19 a.m. in Kuala Lumpur and reached 4.0975, the weakest since June 28, according to prices from local banks compiled by Bloomberg. The won advanced 0.5 percent to 1,108.05 against the greenback.
1MDB and International Petroleum Investment Co. PJSC are locked in a tussle that spilled over to repayments on bonds issued by the Malaysian company. 1MDB and its sole shareholder — Malaysia’s Ministry of Finance — haven’t performed their obligations toward IPIC, the Abu Dhabi fund said in a London stock exchange filing in June. – http://www.bloomberg.com/"
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