To get the $975m facility agreement from Deutsche bank, 1MDB had charged Brazen Sky – a special purpose vehicle set up to repatriate funds back to Malaysia – to the bank.
In reality, however, Brazen Sky never held any cash. It only had six promissory notes said to be worth $2.3bn, which we now know are actually worthless pieces of paper.
This information was, however, not disclosed to Deutsche, the court was told on 19 August.
Patrick Teoh presents for the Malaysian Insight.
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