KUALA LUMPUR: Malaysia's debt-ridden state investment firm 1Malaysia Development Berhad (1MDB), has entered into a binding agreement with Abu Dhabi's International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investments.
The deal will see IPIC make a payment of US$1b to 1MDB on or before June 4, 2015, money that will go towards paying off the power-to-energy fund's US$975m loan from a syndicate of international bank lenders.
1MDB has been at the centre of controversy in Malaysia over its massive debt pile and allegations of financial mismanagement by its CEOs and advisory board, headed by Malaysian Prime Minister Najib Razak.
Malaysia's auditor-general and Public Accounts Committee are both conducting probes into 1MDB's accounts.
In a statement, the Finance Ministry said the IPIC deal "marks a significant step towards reducing 1MDB’s overall debt levels, and is a crucial part of the rationalisation plan" for the firm, a plan that's expected to be implemented in full by early 2016.
The Finance Ministry said the agreement with IPIC also includes "further measures to comprehensively address the various financial asset and liability transactions between the parties".
God save my country!
20 comments:
I LOVE PM - https://www.change.org/p/najib-razak-rakyat-not-alone-najib-must-go
PM Najib should perhaps tell the foreign banks that 1MDB assets is more than liabilities!! Takut apa? Why so scare we will default? Try that statement with the foreign banks la. Why go get the Arabs into this again? Or perhaps Arul's ex-bosses are feeling generous. Wanna help out Malaysia. I don't trust these Arabs. Enough of this shit. How much we have to lose in the future for this favor? Again I can bet with you it will be the Malays will get the shorter end of the stick. Enough!!!
Aiikkksss ... tak payah tunggu audit ke? Orang lain kena tutup mulut, dia pulak happy happy buat keputusan.
Mana adil ... undur Najib!!
P.S. Is fat mama involved using her diplomatic wifey association eh?
My dear beloved Tun....
You've always been my mentor & inspiration for the transition from those backward days to the golden-prosperous-modern era (1981 2003). It's well documented that you're no angel, but....nobody can dub you being a Hitler, Idi Amin, Kim Jong Il or even Lee Kuan Yew for that matter. For certain, you're one of the greatest prime minister ever in the world who spoke and speak without fear or favour, in particularly to the damn Zionist Jew, arrogant USA/UK and the kiasu Little Israel-Spore.
Each country have their own folklores. Irrespective true or not, such tales has no doubt carry moral values and good teaching. My late mother used to tell me one famous Malay tales that tickled me till to this day about a moronic character named Pak Pandir and his wife, Mak Andeh with their funny funny acts. But much to my surprise, those characters have reappear in this modern era.
The modern day Pak Pandir and Mak Andeh, however, are no longer the much beloved & amusing couple as told in the Malay folklores. They are now villains owing to corruption, greed, & ego but stupid that devastating the country's prosperity and tarnishing the good image of the nation. These so called modern day Pak Pandir & Mak Andeh are now so notorious that they have become household talk and also laughing stock regionally and globally.
GUESS WHO and be my guest....!!
As if apanama understand all this to have an opinion hahaha ... Get a diploma in accounting or finance first before trying to comment a corporate road map. Stick to low level political commentary.
I would like to listen to your opinion of this so called corporate road map. Write it all down here..
Anon 8:26, you dont sound like no MENSA prodigy yourself. I hope Tun Dr. M and friends have a road map to salvage us from Jibby's non-sovereign wealth fund quicksand!
The Arabs know how to extract every last bit of blood from 1MDB because if they did not loan the 1US$ billion, 1MDB loan default would have triggered the greatest financial debacle seen this side of the world. Once more 1MDB has gotten deeper into debt. And this will happen every time their loan payments are due.
Dumb dumb, u don nid rocket science education 2 simply understand d thing goin on here.
No 1 in d world except the kangkung and his fellow robbers s dad idiot 2 jus giv a billion away 4 nothing n return..
We dont care of ur stupid map!!! We care for our lost money!!! Where is the money???
A binding agreement worth 1b, but what does Abu Dhabi get in return? How come this was so blatantly ommitted? An agreement for what, exactly?
If they think they can get away with stealing billions as long as the original 42 billion is repaid by selling land given to them for basically free, these buggers have another think coming. This is CBT, brader, serious business, dey. I think knowing THAT is the reason why PM is so reluctant to step down.
No matter. Step down now or after PRU14. He will still have to face the courts, sooner or later. It will be worse later, after BN loses and becomes Opposition, I promise you. This is why Mahathir gave him that option earlier on. He should have taken that offer then. Now it's too late. Stay on or step down, it's all over for Najib.
Please so not make any statements before the Audit report is out. But 1MDB can continue to borrow before the Audit report is out although nothing is wrong with 1MDB. What the f*ck?
8:26:00 p.m.
hahahaha ... it's really simple to understand - no need diploma in accounting or finance
you however hand NEED a paper qualification to have the confidence to comment?
hahahaha ... well your IQ level must be sub-par (like many UMNO apple polishers - they only polish)
kicking the can forward, that's what it is.
and getting into deeper s*&t with known sodomisers.
not sustainable.
apa punya roadmap ni ? alooo husni
and pls do not forget who got us into this situation in the first place. the attempts to find a financial solution DO NOT absolve the criminals. jangan terlupa pulak ye ?
1 bangak nyer ngo CAGM duk sebuk ugut nak saman tun kejap 100b pastu 50b...yg pelik statement ugut kuar dlu pastu baru kuar statement 'bounty' rm1juta utk maklumat tun's hidden $$$...lawak bodoh betul Si bangkai mohd zainal abidin ni... dia sendiri blum ada maklumat dah nak ugut2 dlu...berapa bebal la jibgor ambik macai bengap ni...
Minta tolong kkwan smua kasi background check mamat bangang zainal ni...
Simple jer bro mangkuk2 penyoking jibgor dan ssape yg kta tun ni...x yah blajar tinggi pun...
Kalau betul tun rompak dulu2, dia xkan berani buka mulut dah...nak2 bila melawan pm...gila dan bodoh namanya...dan kalu ada plak yg kata mmg tun gila dan bodoh, camne plak korang kata dia blh lesapkan duit byk tu.... kalau kesilapan mengurus yg diberitau kpd kabinet/parlimen secara detail mungkin ada dan kalau 'genuine' kesilapan nya, sya rasa rakyat blh trima bila dibandingkan dgn jasa beliau.
Masalah jibgor, duit lesap, x mau bg tau, tunggu audit, moa terang2 kata semua kuasa mutakhir di pm dan ditambah dgn statement jolo dan nasi kandar, menipu rakyat malaysia di parlimen, mengaku x tau langsung hal ehwal mdb (tipu lgi), jual arta negara macam sale kat sogo dan bukan pd smua glc tetapi hanya 1...iaitu mdb dan banyak lagilah
Just imagine those conmen having a field day telling lies and controlling the news, in the old days when there was no internet
Why doesn't Channel News Asia have anything to report about their own Government Investment Corporation and the tough times down there?
http://www.tremeritus.com/2015/05/30/how-pap-turned-against-sporeans-from-the-mid-80s/
This is not a love gift, the loan has to come with syarat2 and is 1MDB getting more into debt or agreeing to sign away more concessions on the energy shares, or giving the lenders more control of the golden jewels, or divesting property which the gomen sold to 1MDB at way below market price? All these are unclear and 1MDB still has not come clean. Why? Is there anything 1MDB and the gomen wants to hide? The rakyat has the right to know. Come clean 1MDB
In any case, we have been reminded by Arul that all financial dealings made by 1MDB have the written approval of PM Najib. He is not just the advisor, but the one holding the baby. JLow and Arul made that very clear.
Fresh off the press - Jibby & Son
http://www.tremeritus.com/2015/05/30/is-this-why-1mdb-accounts-were-cleared-without-qualification/
Telling his cabinet ministers, who disagree, to resign when 1MDB (under his stewardship) is being investigated is intimidating & improper. To be fair, Najib should relieve off his duties during the investigation period.
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