Malaysia's 1MDB Says $350 Million Paid to Abu Dhabi for Debt Deal

Dont't twist and turn legal issues merely for dishonest propaganda says Haniff

1Malaysia Development Bhd (1MDB) has remitted the equivalent of US$350mil to International Petroleum Investment Co PJSC (IPIC) as part payment of a settlement that was due on July 31, 2017, it said.

"All funds paid to IPIC are from proceeds of the ongoing rationalisation programme".

Earlier today, 1MDB said in a statement that it has made a payment of US$350 million to IPIC, pursuant to the amendment dated Aug 8, 2017 to the settlement deed with MoF Inc and IPIC.

The US Department of Justice is conducting a criminal probe into 1Malaysia Development Berhad (1MDB) and has asked for a stay on its civil lawsuits in connection with US$1.7 billion in assets allegedly bought with money stolen from the scandal-hit state fund.

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

"IPIC received US$350 million instead of US$310 million and got it early, " the report quoted a banker source as saying.

A total of US$602.73 million (RM2.56 billion), the first of a two-part payment, was due on July 31 under a debt-settlement agreement amounting to US$1.205 billion (RM5.16 billion) that was reached in April this year.

"Malaysians are entitled to know whether the difference of US$40 million was the "default interest" which 1MDB had to pay as a penalty for failing to (meet) the original July 31 deadline and a five-day extension for the first tranche", he said in a statement.

The Malaysian fund, founded by Malaysian Prime Minister Najib Razak, is facing money laundering investigations in at least six countries including the US, Switzerland and Singapore.

Najib has denied any wrongdoing and a Malaysian government investigation has cleared him of any charges.

The Malaysian leader admitted there were "lapses in governance" in the state fund, but maintained that government investigations found no wrongdoing, and that 1MDB is undergoing rationalisation to rid itself of its heavy debts.



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