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Saturday, October 17, 2015

Malaysia Weekly Highlights

WAHID: 1MDB issues to be resolved in 2 months

1MDB issues will be resolved in 2 months

Minister in the Prime Minister's Department, Datuk Seri Abdul Wahid Omar said in an interview with TV3 last Wednesday, "Prime Minister (Datuk Seri Najib Razak) issued a statement before this, saying that the issues related to 1MDB will be resolved in six months, meaning by end of this year." This means that in another 2 months, 1MDB issues will be resolved. 


Ampang Park in the 70s and now
The oldest shopping centres in Kuala Lumpur, Ampang Park Shopping Centre will soon be demolished to make way for the MRT station. The land on which the shopping centre stands is in the process of being acquired by the government under the Land Acquisition Act 1960 for the purpose of constructing the MRT Sungai Buloh-Serdang-Putrajaya Line. The mall was the brainchild of the Low brothers, following their successful development of People's Park Complex, the first shopping centre in Singapore.

FBI examines Goldman's role in 1MDB

Goldman Sachs being examined by FBI for role in 1MDB
Goldman Sachs Group Inc's role as an adviser to state development fund 1Malaysia Development Bhd (1MDB) are being examined by US authorities as part of a broad probe into allegations of corruption and money laundering, The Wall Street Journal reported last Wednesday. Inquiries by the Federal Bureau of Investigation (FBI) and the US Department of Justice are at the information gathering stage and there is no suggestion of wrongdoing by Goldman Sachs, the paper reported, citing people familiar with the matter. Investigators "have yet to determine if the matter will become focus of any investigation into the 1MDB scandal", the newspaper quoted a spokesman for the FBI as saying. 


It is not a good news for Malaysia but a survey done by the Asian Institute of Finance revealed that Malaysian young adults are accruing debt at an early age while some 40% are spending more than what they can afford. The survey of respondents, aged between 20 and 33 found that they are living on the "financial edge" and are facing money stress, with the majority living in high costs, loans and credit cards.

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