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Malaysia's 1MDB says it will meet other obligations amid debt dispute with IPIC

Monday, April 18, 2016 - 18:49

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Malaysian state fund 1Malaysia Development Berhad (1MDB) said on Monday it would meet all its "other" financial obligations, after an Abu Dhabi sovereign fund said 1MDB had defaulted on a an obligations relating to a US$1.75 billion bond.

[KUALA LUMPUR] Malaysian state fund 1Malaysia Development Berhad (1MDB) said on Monday it would meet all its "other" financial obligations, after an Abu Dhabi sovereign fund said 1MDB had defaulted on a deal agreed between the two in June.

1MDB said in a statement that the fund, International Petroleum Investment Company (IPIC), had agreed to assume its interest payments on the bond but one such payment due on Monday that had not been paid due to dispute between the two.

"1MDB wishes to make clear that it and its group entities will meet all of their other obligations under any other financing arrangements and have ample liquidity to do so," it added.

IPIC had said earlier in a filing to the London stock exchange that 1MDB was in default of obligations worth US$1.1 billion.

REUTERS

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