1MDB boss says M'sian fund, IPIC face cross default risks
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Kuala Lumpur
THE head of troubled Malaysian state fund 1Malaysia Development Berhad (1MDB) said his firm and an Abu Dhabi sovereign fund could face cross defaults on other debts if they fail to make an interest payment by Monday, The Edge Weekly reported.
The grace period for a US$50 million coupon payment due on a 1MDB bond expires on Monday, and 1MDB says Abu Dhabi's International Petroleum Investment Company (IPIC) has assumed responsibility for making the payment.
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