Cabinet rejects $1.12b proposed injection into 1MDB

Cabinet rejects $1.12b proposed injection into 1MDB
Site of the Tun Razak Exchange in Kuala Lumpur, a $9.8 billion megaproject launched in 2012 that 1MDB wants to turn into Malaysia's first financial services zone a la Wall Street.

The Cabinet has rejected a proposed 3 billion ringgit ($1.12 billion) cash injection for the debt-laden 1Malaysia Development Bhd (1MDB), narrowing the financing options for the strategic investor to repay its debts on time, the Malaysian Insider reported on Friday, citing sources.

A majority of ministers at this week's Cabinet meeting on Wednesday did not approve the minutes of the previous week's meeting for the amount, the news portal reported. "The Cabinet rejected the proposed RM3 billion cash injection for 1MDB," a source told the Malaysian Insider in Kuala Lumpur on Thursday night.

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