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The Terengganu Investment Authority (TIA) was initially established with the primary objective of fostering the economic development of the entire Malaysian nation.
Answer: False
Explanation: The source indicates TIA's initial mandate was focused on the economic development of the Terengganu state, not the entire nation.
1Malaysia Development Berhad (1MDB) was previously designated as the Terengganu Investment Authority (TIA).
Answer: True
Explanation: The Terengganu Investment Authority (TIA) underwent a name change and restructuring to become 1Malaysia Development Berhad (1MDB).
The Terengganu Investment Authority (TIA) was established in 2008, capitalized with an initial fund of RM11 billion.
Answer: True
Explanation: The source confirms that TIA was initiated in 2008 with an initial fund of RM11 billion.
The initial objective of TIA was to facilitate the economic development of the state of Sabah.
Answer: False
Explanation: TIA's original purpose was to ensure the economic development of the Terengganu state, not Sabah.
Jho Low played a pivotal role in advising TIA and orchestrating a significant bond issuance in May 2009.
Answer: True
Explanation: Jho Low served as a special advisor to TIA and was instrumental in arranging the RM5 billion bond issuance in May 2009.
The Minister of Finance (Incorporated) took over TIA in July 2009, subsequently renaming it 1MDB.
Answer: True
Explanation: On July 31, 2009, the Minister of Finance (Incorporated) assumed control of TIA and amended its name to 1Malaysia Development Bhd (1MDB).
The Terengganu Investment Authority (TIA) possessed an initial fund amounting to RM11 million.
Answer: False
Explanation: TIA's initial fund was RM11 billion, not RM11 million.
What was the prior designation of 1Malaysia Development Berhad (1MDB)?
Answer: Terengganu Investment Authority (TIA)
Explanation: 1Malaysia Development Berhad (1MDB) was formerly known as the Terengganu Investment Authority (TIA).
What was the principal original objective of the Terengganu Investment Authority (TIA)?
Answer: To ensure the long-term sustainable economic development of Terengganu state.
Explanation: TIA's original primary objective was to ensure the long-term sustainable economic development of Terengganu state.
Describe the process by which TIA transitioned into 1MDB.
Answer: The Minister of Finance (Incorporated) took over TIA, amended its name, and expanded its scope.
Explanation: The Minister of Finance (Incorporated) took over TIA, amended its name, and expanded its scope to become 1MDB.
What was the initial capitalization amount of the Terengganu Investment Authority (TIA) upon its establishment?
Answer: RM11 billion
Explanation: The Terengganu Investment Authority (TIA) was initiated with an initial fund of RM11 billion.
1MDB is classified as a private entity, operating independently of direct Malaysian government ownership or control.
Answer: False
Explanation: The source clarifies that 1MDB is a state-owned enterprise wholly owned by the Minister of Finance (Incorporated) of Malaysia.
1MDB was officially established on July 31, 2009.
Answer: False
Explanation: The official founding date of 1MDB is June 25, 2009, not July 31, 2009.
The principal headquarters of 1MDB are situated in Menara IMC, Kuala Lumpur, Malaysia.
Answer: True
Explanation: The source confirms that 1MDB's headquarters are located at Menara IMC, No. 8 Jalan Sultan Ismail, Kuala Lumpur, Malaysia.
Najib Razak, in his capacity as Prime Minister, did not hold a position on 1MDB's board of advisors.
Answer: False
Explanation: Najib Razak, as Prime Minister, chaired 1MDB's board of advisors.
What is the corporate classification of 1MDB, and by whom is it owned?
Answer: A state-owned enterprise wholly owned by the Minister of Finance (Incorporated) of Malaysia
Explanation: 1MDB is classified as a state-owned enterprise wholly owned by the Minister of Finance (Incorporated) of Malaysia.
Ascertain the founding date and principal location of 1MDB.
Answer: Founded June 25, 2009; Headquarters in Kuala Lumpur
Explanation: 1MDB was officially founded on June 25, 2009, and its headquarters are located in Kuala Lumpur, Malaysia.
Who presided over the board of advisors for 1MDB during its operational period?
Answer: Najib Razak
Explanation: Najib Razak, the then-Prime Minister of Malaysia, chaired 1MDB's board of advisors.
1MDB entered into a joint venture agreement with PetroSaudi Holdings (Cayman) Ltd on September 28, 2009.
Answer: True
Explanation: The source confirms that 1MDB established a joint venture with PetroSaudi Holdings (Cayman) Ltd on September 28, 2009.
Within the 1MDB-PetroSaudi joint venture, 1MDB contributed US$1 billion in cash for a 41% equity stake.
Answer: True
Explanation: The joint venture agreement stipulated that 1MDB would contribute US$1 billion cash for a 41% stake.
The US$700 million advance payment related to the PetroSaudi deal was accurately remitted to the designated official joint venture account.
Answer: False
Explanation: The US$700 million advance payment was transferred to Good Star Ltd, a PetroSaudi subsidiary, not the official joint venture account.
1MDB allocated US$2.318 billion to a Segregated Portfolio Company (SPC) managed by an experienced financial institution possessing a valid license.
Answer: False
Explanation: The SPC managing 1MDB's US$2.318 billion investment lacked a fund management license and relevant experience.
Funds originating from the SPC investment were pledged to Deutsche Bank as collateral for a loan, with the resultant proceeds utilized for objectives such as the termination of the 'Aabar option,' circumventing complete board authorization.
Answer: True
Explanation: Proceeds from the SPC investment were pledged to Deutsche Bank, and funds were used for purposes including terminating the 'Aabar option' without full board approval.
SRC International Sdn Bhd (SRC) primarily secured its funding from private investors and bond markets.
Answer: False
Explanation: SRC International Sdn Bhd (SRC) received its primary funding from government-backed sources, including the Retirement Fund Incorporation (KWAP).
SRC International allocated US$45.50 million to the Mongolian coal industry.
Answer: True
Explanation: SRC International invested US$45.50 million in the Mongolian coal industry through a joint venture.
From 2010 to September 2015, 1MDB procured real estate assets valued in excess of RM2 billion.
Answer: True
Explanation: Between 2010 and September 2015, 1MDB acquired five real estate assets totaling RM2.111 billion.
The Tun Razak Exchange (TRX) project was exclusively financed through initial capital infusions from 1MDB.
Answer: False
Explanation: The TRX project relied heavily on land sales for funding, and faced cash flow issues, with some funds diverted.
The transaction for the Bandar Malaysia project involving the IWH-CREC Consortium reached successful completion in 2016.
Answer: False
Explanation: The deal for the Bandar Malaysia project with the IWH-CREC Consortium collapsed in May 2017 due to the consortium's failure to meet payment obligations.
The development of the Air Itam land acquired by 1MDB progressed without encountering any substantial impediments.
Answer: False
Explanation: The development of the Air Itam land faced significant challenges, including ownership finalization issues, lack of state government support, and unresolved squatter situations.
The Pulau Indah land acquired by 1MDB was designated for the development of a new luxury condominium complex.
Answer: False
Explanation: The Pulau Indah land was intended for the development of Project 3B, related to the energy sector (a power plant).
1MDB's initial investments in the energy sector faltered owing to a scarcity of energy resources and restrictive government policies.
Answer: False
Explanation: 1MDB's energy sector investments faltered due to a lack of energy resources and government policies restricting gas supply to Petronas only.
Within the 1MDB-PetroSaudi joint venture, what critical deficiency was identified in the agreement's structure?
Answer: It lacked clauses to protect 1MDB's interests.
Explanation: A critical issue identified was the absence of clauses within the agreement designed to protect 1MDB's interests.
To what destination was the US$700 million advance payment from the 1MDB-PetroSaudi transaction directed?
Answer: Transferred to a subsidiary of PetroSaudi named Good Star Ltd.
Explanation: The US$700 million advance payment was transferred to Good Star Ltd, a subsidiary of PetroSaudi.
What was problematic regarding the entity managing the Segregated Portfolio Company (SPC) in which 1MDB invested US$2.318 billion?
Answer: It lacked a fund management license and relevant experience.
Explanation: The company managing the SPC lacked a fund management license and relevant experience.
What was the principal source of the RM2 billion financing obtained by SRC International Sdn Bhd (SRC)?
Answer: Financing from the Retirement Fund Incorporation (KWAP), guaranteed by the government.
Explanation: SRC secured RM2 billion in financing from the Retirement Fund Incorporation (KWAP), with government guarantees.
Identify which of the following was NOT among the real estate assets acquired by 1MDB between 2010 and September 2015.
Answer: A commercial building in downtown Kuala Lumpur
Explanation: The acquired assets included land for TRX and Bandar Malaysia, and parcels in Air Itam, Penang, and Alor Gajah, Melaka, but not a commercial building in downtown Kuala Lumpur.
What significant financial challenge confronted the Tun Razak Exchange (TRX) project?
Answer: Receipts from land sales were insufficient to cover costs, and some funds were diverted.
Explanation: The TRX project faced issues with insufficient land sale receipts to cover costs, and diversion of some funds.
Articulate the reason for the ultimate collapse of the deal to divest 60% equity in Bandar Malaysia Sdn. Bhd. to the IWH-CREC Consortium.
Answer: The consortium failed to meet its payment obligations.
Explanation: The deal collapsed because the IWH-CREC Consortium failed to meet its payment obligations.
What was the intended purpose for the acquisition of the Pulau Indah land by 1MDB?
Answer: To develop Project 3B, related to the energy sector (a power plant).
Explanation: The Pulau Indah land was intended for the development of Project 3B, a power plant initiative within the energy sector.
What factors precipitated the failure of 1MDB's initial investments in the energy sector?
Answer: Lack of energy resources and government policy restricting gas supply to Petronas only.
Explanation: The investments faltered due to a scarcity of energy resources and a government policy limiting gas supply exclusively to Petronas for IPPs.
In the 1MDB-PetroSaudi joint venture, what was the assessed value of PetroSaudi's asset contribution?
Answer: At least US$1.6 billion
Explanation: PetroSaudi contributed assets valued at least at US$1.6 billion to the 1MDB-PetroSaudi joint venture.
What was the ultimate disposition of the Pulau Indah land acquired by 1MDB?
Answer: It was put up for sale as part of a rationalization plan but remained unsold.
Explanation: The Pulau Indah land was listed for sale as part of a rationalization plan but remained unsold.
The principal scandal associated with 1MDB in 2015 predominantly involved allegations of environmental pollution.
Answer: False
Explanation: The major scandal surrounding 1MDB in 2015 primarily concerned allegations of international corruption, money laundering, and theft, not environmental pollution.
A lawsuit instituted by the U.S. Department of Justice (DOJ) posited that a minimum of US$3.5 billion was illicitly diverted from 1MDB.
Answer: True
Explanation: The U.S. Department of Justice's lawsuit alleged that at least US$3.5 billion was stolen from 1MDB.
The quantum of funds allegedly misappropriated from 1MDB was subsequently revised to US$4.5 billion in September 2020.
Answer: True
Explanation: The U.S. Department of Justice's estimate of stolen funds from 1MDB was revised upwards to US$4.5 billion in September 2020.
The Auditor General of Malaysia's report concerning 1MDB was promptly disseminated to the public upon its completion in 2016.
Answer: False
Explanation: The Auditor General's report on 1MDB was classified as an Official Secret and was not immediately made public upon its completion in 2016.
The 1MDB audit report underwent declassification on May 15, 2018, subsequent to a transition in Malaysian governmental leadership.
Answer: True
Explanation: The 1MDB audit report was declassified on May 15, 2018, following the electoral success of Pakatan Harapan.
By mid-2015, 1MDB's accumulated indebtedness approximated RM42 billion, resulting in the downgrading of its bonds.
Answer: True
Explanation: By mid-2015, 1MDB's accumulated debts reached RM42 billion, leading major rating agencies to downgrade its bonds.
The Malaysian Anti-Corruption Commission (MACC) confirmed in August 2015 that funds originating from 1MDB had been transferred to the Prime Minister's private accounts.
Answer: False
Explanation: In August 2015, the MACC confirmed that no funds from 1MDB had been transferred to the Prime Minister's private accounts.
The publication 'Billion Dollar Whale' is cited within the source material as recommended further reading concerning the 1MDB scandal.
Answer: True
Explanation: 'Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World' is listed as further reading.
Identify the primary nature of the scandal that engulfed 1MDB commencing in 2015.
Answer: International corruption, money laundering, and theft
Explanation: The scandal primarily involved allegations of international corruption, money laundering, and theft.
As per the U.S. Department of Justice (DOJ), what was the initial minimum sum alleged to have been misappropriated from 1MDB?
Answer: US$3.5 billion
Explanation: The U.S. Department of Justice (DOJ) initially alleged that at least US$3.5 billion was stolen from 1MDB.
What was the disposition of the Auditor General of Malaysia's initial report concerning 1MDB's financial activities?
Answer: It was classified as an Official Secret and not publicly released.
Explanation: The Auditor General's report was classified as an Official Secret and was not publicly released.
Specify the date of declassification for the 1MDB audit report and the underlying reason.
Answer: May 15, 2018, following the victory of Pakatan Harapan and at the request of Prime Minister Mahathir Mohamad.
Explanation: The report was declassified on May 15, 2018, following the electoral success of Pakatan Harapan and at the request of Prime Minister Mahathir Mohamad.
What was the approximate aggregate accumulated debt of 1MDB by mid-2015?
Answer: RM42 billion (US$12 billion)
Explanation: By mid-2015, 1MDB's accumulated debts totaled approximately RM42 billion (US$12 billion).
Identify the book cited in the source material as further reading pertaining to the 1MDB scandal.
Answer: Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World
Explanation: 'Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World' is listed as further reading.
What assertions did 1MDB's CEO, Arul Kanda, make regarding the company's financial status and clearance in public media appearances?
Answer: He claimed the company had been cleared of all wrongdoing by the Malaysian Attorney General and countered reports about frozen Singapore accounts.
Explanation: Arul Kanda claimed 1MDB was cleared of wrongdoing by the Attorney General and denied reports of frozen Singapore accounts.
What was the total debt of 1MDB as indicated by a Malaysian government report in September 2020?
Answer: US$7.8 billion
Explanation: A Malaysian government report in September 2020 indicated 1MDB's total debt was US$7.8 billion.
The 1MDB scandal exerted no discernible impact on the political trajectory of Malaysian Prime Minister Najib Razak.
Answer: False
Explanation: The 1MDB scandal significantly impacted Najib Razak's political career, contributing to his party's electoral defeat and subsequent legal proceedings.
Najib Razak was the inaugural Prime Minister of Malaysia to be convicted of corruption.
Answer: True
Explanation: Najib Razak's conviction on corruption charges made him the first former Prime Minister of Malaysia to be found guilty of such offenses.
Opposition leader Anwar Ibrahim commended 1MDB's transparency and financial reporting within Parliament.
Answer: False
Explanation: Anwar Ibrahim raised concerns in Parliament about 1MDB's lack of a business address and auditor, questioning its transparency.
The Public Accounts Committee (PAC) fully absolved 1MDB's board of directors in its May 2016 report.
Answer: False
Explanation: The PAC report blamed 1MDB's troubles on its board and former chief, stating the board had failed to fulfill its responsibilities.
Former Goldman Sachs banker Roger Ng was absolved of all charges pertaining to the 1MDB scandal in April 2022.
Answer: False
Explanation: In April 2022, a U.S. jury convicted former Goldman Sachs banker Roger Ng on corruption charges related to the 1MDB scandal.
Najib Razak commenced serving his 12-year custodial sentence on August 23, 2022, at Kajang Prison.
Answer: True
Explanation: Najib Razak began his 12-year jail sentence on August 23, 2022, at Kajang Prison.
Elucidate the significant impact of the 1MDB scandal on former Malaysian Prime Minister Najib Razak.
Answer: It contributed to his party's loss in the 2018 election and led to his eventual trial and imprisonment.
Explanation: The scandal contributed to his party's defeat in the 2018 election and led to his subsequent trial and imprisonment.
According to the source material, what specific concerns did opposition leader Anwar Ibrahim articulate regarding 1MDB in Parliament?
Answer: That the company had no registered business address and no appointed auditor.
Explanation: Anwar Ibrahim questioned 1MDB's credentials, stating it had no registered business address and no appointed auditor.
What was the judicial outcome for former Goldman Sachs banker Roger Ng in April 2022 in relation to the 1MDB scandal?
Answer: He was convicted by a U.S. jury on corruption charges.
Explanation: In April 2022, former Goldman Sachs banker Roger Ng was convicted by a U.S. jury on corruption charges related to the 1MDB scandal.
On what date did Najib Razak commence serving his 12-year custodial sentence for his involvement in the 1MDB scandal?
Answer: August 23, 2022
Explanation: Najib Razak began serving his 12-year jail sentence on August 23, 2022.
What was the significance of Najib Razak's conviction on July 28, 2020?
Answer: He became the first former Prime Minister of Malaysia to be convicted of corruption.
Explanation: Najib Razak's conviction on July 28, 2020, marked him as the first former Prime Minister of Malaysia to be convicted of corruption.
By August 2022, the U.S. Department of Justice had successfully recovered and repatriated over US$1.2 billion of misappropriated 1MDB funds to Malaysia.
Answer: True
Explanation: The U.S. Department of Justice recovered and returned more than US$1.2 billion of illicitly obtained 1MDB funds to Malaysia by August 2022.
1MDB commenced a legal claim against Amicorp Group in December 2024, seeking $1 billion.
Answer: True
Explanation: 1MDB initiated a legal claim against Amicorp Group in December 2024 for $1 billion, alleging facilitation of fund diversion.
Amicorp Group acceded to all claims presented by 1MDB in the December 2024 lawsuit and consented to remit the entire sum.
Answer: False
Explanation: Amicorp Group announced its intention to vigorously dispute the claims made by 1MDB in the December 2024 lawsuit.
The Malaysian Government initiated a lawsuit in February 2021 against former 1MDB officials Jasmine Loo and Casey Tang concerning tax arrears.
Answer: True
Explanation: The Malaysian Government filed a lawsuit in February 2021 against Jasmine Loo and Casey Tang for RM9.3 million in tax arrears.
What significant action did the U.S. Department of Justice undertake concerning misappropriated 1MDB funds by August 2022?
Answer: Recovered and returned US$1.2 billion of misappropriated funds to Malaysia.
Explanation: By August 2022, the U.S. Department of Justice had recovered and returned US$1.2 billion of misappropriated 1MDB funds to Malaysia.
What action did the British National Crime Agency (NCA) undertake in February 2021 pertaining to 1MDB funds?
Answer: They served a warrant on a law firm related to the recovery of US$330 million.
Explanation: In February 2021, the British NCA served a warrant on a law firm concerning the recovery of US$330 million in 1MDB funds.
What reason was cited for 1MDB initiating a legal claim against Amicorp Group in December 2024?
Answer: Amicorp Group allegedly facilitated the creation and management of shell companies used to divert funds.
Explanation: 1MDB cited Amicorp Group's alleged facilitation of shell companies used to divert funds as the reason for the legal claim.
What was Amicorp Group's declared response to the $1 billion lawsuit initiated by 1MDB?
Answer: They announced their intention to vigorously dispute the claims made against them.
Explanation: Amicorp Group stated its intention to vigorously dispute the claims made against it in the lawsuit.
What legal action did the Malaysian Government pursue in February 2021 concerning tax arrears associated with 1MDB?
Answer: Filed a lawsuit against former 1MDB officials Jasmine Loo and Casey Tang for RM9.3 million in tax arrears.
Explanation: The Malaysian Government filed a lawsuit against Jasmine Loo and Casey Tang for RM9.3 million in tax arrears.