China denies offering 1MDB bailout to further ‘One Belt, One Road’ agenda

China offered to help kill investigations into 1MDB: report

Malaysia to scrutinise China contracts after report of inflated deals struck to cover 1MDB debt

China also offered to bug the homes of journalists in Hong Kong investigating the fund, the minutes showed.

A recent report published by the Wall Street Journal claims that China has offered a bail out for the ongoing investigation into 1MBD investigation.

Huge sums were purportedly looted from the Malaysian government fund in an audacious fraud, which allegedly involved former prime minister Najib Razak and contributed to his shock poll defeat in May 2018.

The documents reportedly show that "Chinese officials told visiting Malaysians that China would use its influence to try to get the US and other countries to drop their probes of allegations that allies of then-Prime Minister Najib Razak and others plundered the fund known as 1MDB".

The government is unaware of the discussions detailed in the Journal report, which cited minutes from meetings the newspaper reviewed, and is examining the matter, said Finance Minister Lim Guan Eng.

"We promote the Belt and Road initiative under the principles of wide consultation, joint contribution and shared benefits, with an aim to pursue shared development and prosperity", it said.

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The WSJ report had alleged that China offered to use its influence to help resolve the 1MDB issue in exchange of securing lucrative projects, like the US$16 billion (RM65.8 million) East Coast Rail Link (ECRL) and the US$2.5 billion (RM10.3 billion) Trans Sabah Gas Pipeline projects.

"We know that the price (of projects with China) is inflated, but whether there was such a deal, I have to check", Lim added, according to Channel NewsAsia. The Chinese government information office didn't respond to requests for comment, the WSJ said, adding that China's foreign ministry has earlier denied that money in the program was used to help bail out the 1MDB fund.

But that's not all: Chinese-funded infrastructure projects were reportedly planned in Malaysia at "above market profitability", with the excess funds created intended partly to "settle the 1MDB debts". He pleaded not guilty and has consistently denied wrongdoing.

Ng has been detained in Kuala Lumpur since Nov 1 previous year, 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.

The US State Department alleges that US$4.5 billion was looted from the fund by Najib and his cronies, and spent on everything from artwork to high-end real estate.

The documents in question were found in Najib's office after he stepped down, and describe multibillion-dollar projects that would be financed by China's state banks. He denies any wrongdoing.

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