ibusinesslines.com August 21, 2017

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

13 August 2017, 07:45 | Erica Roy

1MDB says has paid IPIC US$360m

1MDB makes 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.

Other News

Trending Now

Anthony Scaramucci: Trump Should Have Been 'Much Harsher' On White Supremacists
But two things Kelly apparently could not control on Thursday: What Trump would say next or how long he would keep talking. Scaramucci was sacked after just 11 days on the job. "Lots of reporters tape phone calls", Stephanpoulos said.

GOT's Bronn's Mailman Is No Longer Talking To Him - With Good Reason
In real life, numerous stars of Game of Thrones face public backlash due to their characters' actions. The "Loot Train Attack" scene ended in a cliffhanger sequence that turned out to be totally badass.

Borussia Dortmund maintain Ousmane Dembele suspension
Dembele is under contract with Dortmund until 2021 and an initial offer from the Spanish giants has been rejected by Dortmund. Speculation mounted that the France forward was Camp Nou bound after he missed training without permission on Thursday.

Here’s How Transformers Became One of The Biggest Franchises in The World
When it comes to running a business, few strategies are more successful than franchising – that is, if it is done right. Needless to say, Hasbro has well and truly mastered the art of franchising when it comes to Transformers.

Asian stocks slump on profit-taking amid US-NKorea tensions
North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. South Korean stocks extended losses late Friday as North Korea risks continued to weigh on the main index.

Nepal: 33 people dead, 4 missing due to floods and landslide
Heavy rains have lashed Nepal for the past three days causing flooding and landslides at several places in the Himalayan country. The DHM has also forecast heavy rains in western Nepal, where floods have already swept away three concrete bridges.

CLOSE CALL: Vehicle almost hit by train after ignoring barrier in Poland
Other drivers stopped, stunned at what they had witnessed as the train continued racing towards the town centre. The back of the vehicle was clipped by the train, but none of the four passengers in the auto were hurt.