ibusinesslines.com July 19, 2018

'How did 1MDB make 'equivalent' of US$350mil payment to IPIC?'

13 August 2017, 07:45 | Erica Roy

'How did 1MDB make 'equivalent' of US$350mil payment to IPIC?'

'How did 1MDB make 'equivalent' of US$350mil payment to IPIC?'

Malaysia's crisis-hit state investment fund 1Malaysia Development Berhad (1MDB) said yesterday it has paid Abu Dhabi the equivalent of US$350 million (S$477 million) under a deal to settle its debts.

He recalled an announcement made by 1MDB in April this year about the IPIC settlement where the Finance Ministry-owned firm said that the company's "obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units".

Abu Dhabi this week extended a deadline for the troubled Malaysian fund to make a $603 million debt payment, provided at least $310 million was paid by August 12.

U.S. law enforcement is intensifying a criminal investigation into a multi-billion dollar alleged fraud at Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MBD), Bloomberg reported Thursday.

"By all public pronouncements from 1MDB and by ministers in Parliament, 1MDB certainly doesn't have "the equivalent of US$350 million" or almost RM1.5 billion in cash sitting around in its local bank accounts", Pua said in a statement today.

Bloomberg reported that court filings by the Department of Justice on Thursday showed the U.S. was escalating its probe in a global effort to uncover the amount of 1MDB funds that was allegedly misappropriated.

The criminal investigation was started before the civil lawsuits, the department said.

The payment comes as the United States intensifies a criminal investigation into money allegedly diverted from the state fund into luxury real estate, art and film productions.

Mr Low, whose whereabouts are not known, has denied accusations of wrongdoing. Under the agreement, 1MDB and the MOF also assumed all responsibility for all future interest under two bonds worth in excess of US3.5 billion.

Several high-level officials and their associates are accused of having stolen more than $4.5 billion from 1MBD, a Malaysian state investment fund created by Prime Minister Najib.

Last year, he was cleared of any wrongdoing in the 1MDB scandal by Malaysia's Attorney-General.

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