1MDB: Who are Bridge Partners?

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No, it is not the people with whom the 1MDB folks play the card game bridge. Rather, Bridge Partners is the Hong Kong-based fund manager 1MDB appointed to manage RM7.7bn in funds in the Cayman Islands.

The full name is Bridge Partners Investment Management (Cayman) Ltd.

The RM7.7bn (US$2.3bn) funds were investment in a segregated portfolio company (SPC) called “Bridge Global Absolute Return SPC” which was registered in August 2012. This investment, expains business weekly The Edge, is in “a high-risk portfolio, and investors were warned they could lose everything”.

The Edge probes the background of Bridge Partners and how it was formed through a management buyout of Baron Asset Management Ltd in 2008 and some of the characters involved. And the paper concludes:

From available information, it appears that Bridge Partners is not really a big firm in corporate finance. And in the area of asset and fund management, its track record is even more obscure.

In the case of Bridge Global Absolute Fund, according to its website, it has funds in excess of US$2.5bn. Considering that US$2.3bn was from 1MDB, it is apparent that not many others are attracted to the fund.

The Edge then posed two questions:

  • Why did 1MDB park RM7.7bn in such a high-risk portfolio fund?
  • How does it fit in with 1MDB’s stated mission to drive sustainable economic development and promote foreign direct investments?
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Abb

Just wondering where r the yangs on imdb?

Wee Chin

Rafizi Ramli: Najib May Go Down With 1MDB

Forum: 1MDB Unconstructed

ken

Tony and Rafizi have raised very relevant queries on the 1MDB fund. The billion dollar question is “Why Park RM8 billion of the rakyat’s money in a place governed by secrecy laws? “Why did 2 auditors KPMG and EY resign earlier? Why is there a delay by the third auditor, Deloitte, in giving the audit report? How is anyone to verify the existence of the money in a secrecy-clad jurisdiction? Why should the people’s money be parked in an overseas account that cannot be verified? The rakyat has every right to know.

kee

I lost for words…

Thank goodness, we have tony pua and rafizi…

Yes, joe, suing tony pua now to threaten, to silent the opposition… and the judiciary is (perceived to be) with them…

gk ong

Suing Tony Pua is just a threat. I doubt Najib would want this issue to be escalated to the attention of rural folks, during the Umno assembly.

ken

Najib’s threat to sue MP Tony Pua has backfired as it has somehow helped to raise the awareness about the YouTube clip on the 1MDB “scandal”. Had it not because of that, my friends and I would have missed it! The pouring of the numerous & vigorous comments from PM’s supporters helps to alert the public even further of its potential harm to their pockets as the general belief is there’s no smoke without fire!

bigjoe99

My contacts are extensive and they are equivalent of what is known as a Bucket Shop-Boiler Room in the US – they charge high fees for high risk small deals. Who the hell put them in contact with these shysters? And why is a Soverign Fund doing business with a shop like this? Even in Wild Wild China, no respectable institution would..

More importantly is why is Najib suing Tony Pua when UMNO delegates will NOT debate it in their General Assembly?

Wee Chin

Umno will likely debate on vernacular education to sidetrack attention from 1MDB.

Peter Lim Swee Aik

Lim Sian See… you got your 10 questions. .. A lot of PR supporters here

abb

AND ACCORDING TO theedge, the characters behind this “fund mgmt” co have a record on the wrong side of law in hk/spore.