[SINGAPORE] Some US$2.3 billion ($2.9 billion) belonging to Malaysias state-owned fund 1Malaysia Development Bhd (1MDB), ploughed into unidentified Cayman Islands funds, is being managed by little-known Hong Kong firm Bridge Partners, The Business Times has learnt. The revelation comes at a time when 1MDB is under fire for placing funds in hedge funds abroad, particularly since almost all of its assets - power generation and landbank - are based in Malaysia. The said funds were invested by Malaysias state-backed fund through Brazen Sky Ltd - a wholly owned unit incorporated in the British Virgin Islands (BVI) - in a segregated portfolio company (SPC) called Bridge Global Absolute Return Fund managed by Bridge Partners, according to documents obtained by this newspaper. 1MDB has also been pressured to reveal the names of the Cayman Island funds and fund manager, but has not done so.
Posted on: Wed, 14 May 2014 05:11:03 +0000
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