China offered to bail out Malaysia's 1MDB fund, WSJ says

China offered to bail out Malaysia's 1MDB fund, WSJ says

China offered to bail out Malaysia's 1MDB fund, WSJ says

Ng has been detained in Kuala Lumpur since Nov 1 a year ago, shortly after the US Department of Justice announced charges against him, Tim Leissner and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad.

China's effort is not exactly a goodwill gesture for Malaysia, but a strategic association that will enable it to acquire important stakes in the country supporting the One Belt, One Road (OBOR) initiative.

Moreover, Chinese officials also said that they would put recording devices into the offices and homes of WSJ reporters in Hong Kong who were looking into the 1MDB scandal, in order to ascertain the identities of their sources of information.

In 2016, Chinese leaders offered to help bail out 1MDB, the controversial Malaysian state fund that was at the center of a billion-dollar scandal, according to a new report.

Malaysian court on January 7 refused bail to former Goldman Sachs banker Roger Ng, pending his extradition to the United States where he faces charges related to suspected money laundering of funds siphoned off from state fund 1MDB.

Najib is said to have offered the Chinese leadership, also, that ships of war may, in the future, calling at two Malaysian ports.

The factors are the Malaysian government's review of various infrastructure projects undertaken by Chinese companies and China's tighter currency control measures.

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The former Malaysian Prime Minister, Najib Razak wanted to finish with the Chinese government appear to have a number of dubious Deals, the Beijing would have increased influence in the Region. However, since China posits that its Belt and Road projects are intended for mutually beneficial development, its Foreign Ministry denies that the money involved in the projects were involved in bailing out 1MDB.

The Najib administration was said to have inflated the value of the projects to divert money to 1MDB, which was struggling to pay its debts.

Leissner was also charged in the United States over the scandal, and pleaded guilty.

Among the projects under scrutiny are the Kuala Lumpur-Singapore High Speed Rail, East Coast Rail Line, and Forest City in Johor, while three oil and gas pipeline projects worth US$3 billion (RM12.44 billion) have been cancelled.

The fugitive businessman, through his spokesman, said the report by the Wall Street Journal (WSJ) was merely a trial by media, and shifted the blame on Prime Minister Tun Dr Mahathir Mohamad and his administration instead.

China supported Najib in the last elections, with the ambassador from Beijing campaigning with candidates from Najib's coalition. Several of the projects from that time are now idle.

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