News by Ahmad Naqib Idris

“It appears that 1MDB’s finances were run like a Chinese coffee shop on Petaling Street," said prosecutor Datuk Seri Gopal Sri Ram

Representatives from Lebanese jewellery firm Global Royalty Trading SAL carried out the physical inspection of the seized items.

“The items forfeited were RM537,000, £2,700 and Sri Lankan Rupee 2.87 million.”

“There were no credible attempts made to show the nexus between the properties seized and the unlawful activities."

The properties concerned under the action against Goh, who is the 13th respondent, are the monies held in three Hong Leong Bank accounts and a bungalow located in Penang.

The applicant had merely shown that the monies were credited into seven bank accounts. 

Tropicana also disclosed that disclosing that PAHSB’s RM334.54 million entitlement in the venture is based on preliminary studies of the surrounding property market value, standard planning guidelines from the local authorities, and discussion with the proprietor.

Manu said there is bound to be consequences to the extraordinary quantitative easing, printing of money and low interest rates we have seen over the past decade.

Its wholly-owned subsidiary, Tropicana Senibong Sdn Bhd, will secure the development rights for the 363 acres of land parcels from Puncak Alam Housing.

The recovery actions, the report said, consisted of negotiations with related parties, legal proceedings and civil suits, enabling the government to reduce the financial impact from 1MDB’s liabilities on the fiscal position