KL extends RM970m loan to 1MDB
Funds believed to be disbursed following a cabinet meeting a fortnight ago
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AMID allegations of improprieties levelled against 1Malaysia Development Bhd (1MDB) over its business dealings, which have triggered a high-level probe into its books, the Malaysian government has extended a nearly RM1 billion (S$373 million) loan to the debt-ridden firm.
The Business Times understands that the loan was provided by the Ministry of Finance, 1MDB's shareholder, to deal with the firm's cash flow woes as it is saddled with huge interest payments.
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