Homepage / Asia / Abu Dhabi gives new deadline as 1MDB misses $600 million payment
Bonver Casino Cz Hrací Automaty S Bonusem Zdarm Magazyn Żużel Speedway W Polsce I Na Świeci Zakłady Sportowe Online Autógrafo Bukmacherska 1xbe “Pin-up O Melhor Cassino Do Brasil Web Site Oficial ᐈ Jogar Caça-níquei Zakłady Sportowe Online Obstawiaj U Bukmachera Gg Be What Industries Use Virtual Data Room? Advantages of a Data Room What Does a Board Room Provider Do? Data Room Analysis for Venture Capital Funding The Importance of Board Reporting Software Safe Uploading and Downloading Business Files How to Select the Best Board Management Software How to Organize the Work of a Company “gerçek Parayla En Iyi Slot Makineleri Ve Spor Bahisler Which is the Best Podcast For Stock Market Beginners? Virtual Data Room Facts How to Protect Confidential Documents for Boards Advantages of Online Meetings Business Issues to Consider When Choosing a Data Room Provider What Is a Data Room? Virtual Board Room Software Due Diligence Risk Factors How to Choose a Reliable Tool for Data Exchange test Users535352253 Board Software and VDR Programs Business Operations Management Software Keep Data Safe and Protect Your Business Data How to Conduct a Board Self-Assessment Uncomplicated Ways to Simplify Daily Business Transactions Due Diligence Blog Digital Data Rooms for the Netherlands The New Era of Business Software and Reporting What Types of Businesses Use VDR Software? Ma Analysis Mistakes The Corporate Governance Role Board Room Apps Secure Board Management With Secure Board Portals What Happens at Board of Directors Meetings? Board Room Software Review How to Prepare Board Rooms for Effective Board Meetings Board Room Software Boosts Performance and Communication Selecting a Secure Data Room Review Local Data Room Service Review How to Find the Best Virtual Data Room Review What to Look for in a Data Room uk Provider Document Storage and Distribution Software Everything About VDRs Corporate Software Advantages How to Choose a Virtual Data Room Provider The Most Secure Way to Transfer Files How to Manage Online Board Meetings Benefits Virtual Data Room Solutions – Must-Haves for M&A and Due Diligence Best Data Room Functions for the Different Types of Industries How to Choose a VDR Software Provider How to Choose an Online Board Portal The Benefits of a Boardroom Review Board Room Online Solutions – How to Get the Most Out of Your Board Meetings Why You Need a Board Room How a Board Room Blog Can Transform Your Business Choosing the Best Board Room Format How to Have Productive and Engaging Board Directors Meetings Choosing the Right Virtual Data Room How to Keep Safe Documents Storage Teaching Kids About Online Safety Avoid Costly Mistakes With Free Data Room Services Corporate Virtual Data Unlimited Data Room Software For Due Diligence Leading Business Software Features to Look For Secure Online Data Rooms Solutions How to Keep Share, Edit and Delete Your Data Safe Virtual Data Room Software Secrets for M&A Due Diligence What to Look For in Boardroom Providers Board of Directors Blog Posts How to Deliver Value at Your Board Meetings How to Have Effective Board Meetings Responsibilities of Board Members Deal Management – How to Effectively Manage a Complex Sales Pipeline Data Rooms For Mergers And Acquisitions How to Have a Successful Board Room Meeting Choosing a Board Room Service Provider What is a Board Room Service? Board Room Software Review – Choosing the Best Portal for Mother Board Meetings Why a Board Room Providers Review Is Important What Is a Board Room Review? Venture Software for VC Firms What Is an Assessment Report? The Importance of a Tech Audit Popular Business Applications What to Look For in a Data Room App What Are Business Applications? How to Choose a Virtual Data Room How to Plan a Data Room Review Coronavirus Guide What is a Virtual Data Room? What Is Data Science? What Is an Operating System? Turbotax Small Business Review How Online VDRs Are Used in M&A Deals Why Choose VDR Software?

Asia

Abu Dhabi gives new deadline as 1MDB misses $600 million payment

Abu Dhabi’s sovereign wealth fund has given 1Malaysia Development Berhad’s (1MDB) five days to make a $600 million payment, which the troubled Malaysian state fund failed to pay on Tuesday, further complicating a dispute hanging over Southeast Asia’s third-biggest economy.

The 1MDB fund said in a statement it was committed to meeting its obligations to Abu Dhabi’s International Petroleum Investment Company (IPIC), originally due on 31 July 2017, in August 2017. It did not speciify a date in August.

It said all payments to IPIC would be made from the proceeds of the 1MDB rationalisation plan, under which it is selling assets. It said the delay was also due to the need to get more “regulatory approvals”.

But Mubadala, which now owns IPIC, said in a separate statement on Tuesday that 1MDB and the Malaysian finance ministry (MoF) have just five days to resolve the non-payment.

“Under the Settlement, there is a five business day cure period for MOF and 1MDB to remedy their non-payment before MOF and 1MDB become subject to additional obligations to IPIC and Aabar,” Mubadala said.

Malaysia dissolved 1MDB’s advisory board last year, and its assets were either shifted to the government or sold off as part of the rationalisation programme, after the fund was linked to a multi-billion dollar global money laundering scandal.

One such asset sale — a $1.7 billion Bandar Malaysia property deal that was executed as part of the rationalisation plan — collapsed in May.

As part of the agreement with IPIC, 1MDB was to pay $1.2 billion in two installments. A second payment is due by the end of this year. 1MDB and Malaysia’s Ministry of Finance will also assume responsibility for all future interest and principal payments under two bonds worth $3.5 billion in total.

The agreement was reached after the Malaysian fund defaulted on its bonds in 2016, sparking a dispute with IPIC, which asked a London court to arbitrate a claim totalling some $6.5 billion.

IPIC was merged with Mubadala earlier this year.

Bonds linked to 1MDB remained largely unmoved on Tuesday.

1MDB’s 4.4 percent bonds due 2023 were trading slightly weaker at 91/93 while the bonds due 2022 were down half a point at 108.3/108.9 cents on the dollar.

“Despite the various guarantees and debt consolidation plans there is 1MDB debt outstanding, and the debt still presents a contagion risk to the government,” said Moody’s Analyst Christian de Guzman.

“We don’t have a clear picture of what the liability structure looks like but it is much smaller than the last publicly disclosed level of 4 percent of GDP in 2014,” he said.

1MDB, founded by Prime Minister Najib Razak, is the subject of money-laundering investigations in at least six countries, including the United States, Switzerland and Singapore.

In civil lawsuits, the U.S. Justice Department alleged that about $4.5 billion was misappropriated from 1MDB.

1MDB has denied any wrongdoing and Najib has denied all allegations of corruption against him.

“We do not expect this bilateral dispute to impact Malaysia’s sovereign ratings at this point,” said S&P Global Ratings analyst YeeFarn Phua.

“That said, failure to reach a settlement between 1MDB and IPIC would increase the possibility of these contingent liabilities crystalising on the Malaysia government’s balance-sheet. Should that happen, it will worsen Malaysia’s fiscal metrics.”

Najib faced the biggest challenge to his leadership in 2015 after allegations that hundreds of millions of dollars was misappropriated from 1MDB.

He has resisted all calls to step down over the past two years, and is widely seen to have averted the crisis, as he prepares to call early elections this year for a fresh mandate.

Source: cnbc china
Abu Dhabi gives new deadline as 1MDB misses 0 million payment

Comments are closed.