PAC confirms suspicion Bank Negara funds used for 1MDB bailout

The Public Accounts Committee (PAC) has confirmed suspicions that a plot of land Bank Negara Malaysia purchased from the federal government for RM2.07 billion in 2017 was intended to pay off 1MDB's debts.

The PAC, which tabled its report on the matter, said Bank Negara paid RM2.07 billion for the land, which the Valuation and Property Services Department had valued at RM1.422 billion.

"Proceeds from the sale were used for...