Cayman funds: Government made a mistake - Ahmad Husni

Putrajaya has made a mistake in saying that the 1MDB redeemed its investments in the Cayman Islands in cash, when it was in ‘units’, said Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah.

“They are units, backed by sovereign wealth funds. We hope that we can bring it back as soon as possible,” he was quoted in news portal The Malaysian Insider.

Yesterday, Prime Minister Datuk Seri Najib Tun Razak said the balance of 1MDB investment managed by the Cayman Monetary Authority amounting to US$1.103bil has been redeemed in the form of assets, and not in cash.

“The amount was redeemed in US dollars and deposited in BSI Bank Ltd to balance 1MDB’s US dollar liabilities.

“The bank is acting as a custodian of the assets on behalf of 1MDB,” Najib had said in a written reply to Tony Pua (DAP-Petaling Jaya Utara) at the Dewan Rakyat.