You are here

Minister admits 1MDB debt 'burdensome'; Putrajaya to stop all new loans

DatukOmar170415.jpg
Minister in the Prime Minister's department Abdul Wahid Omar has admitted that state fund, 1Malaysia Development Bhd (1MDB), is a burden because of its failure to generate cash flow against its huge debts, it was reported on Friday.

[KUALA LUMPUR] Minister in the Prime Minister's department Abdul Wahid Omar has admitted that state fund, 1Malaysia Development Bhd (1MDB), is a burden because of its failure to generate cash flow against its huge debts, it was reported on Friday.

"All this while, they have expanded by taking loans from banks and the capital market. They purchased assets, including IPPs (independent power producers), causing their debt to rise,'' the Malaysian Insider quoted the minister as saying on Thursday night.

For full story, read HERE.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes