1 MDB IPIC rescue dead- Sarji and PNB board have no choice but to appoint receivers to 1 MDB


by Ganesh Sahathevan
Business Times Singapore has reported this morning that IPIC has pulled out of the 1 MDB bail-out:

The Business Times understands that IPIC and its subsidiary Aabar Investments, which have had significant dealings with 1MDB, are having second thoughts over the agreement that was hoped would cut 1MDB's debts by RM16 billion (S$5.3 billion) in exchange for undisclosed assets."The deal is as good as off," said a reliable source.
(Anita Gabriel , ,Business Times Singapore, Abu Dhabi's IPIC mulls pulling out of 1MDB's debt plan,,26 August 2015)

As previously reported on this blog, PNB and its board of directors  have a duty to protect PNB's interests in 1 MDB bonds, and should do so by appointing receivers to 1 MDB:
Ahmad Sarji and the PNB board may be compelled to appoint receivers to 1 MDB

Now that IPIC is no longer prepared to support 1 MDB, exercising that duty becomes  that much more urgent.
END

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