1 MDB shortfall- Nothing left for IPIC ?

by Ganesh Sahathevan

As earlier reported:
The deadline has arrived, the deals have been done ,and the rough tally stands at  RM 12.35 B + RM 7.4 B  equals RM 19.75 B , which  is not equal USD 5 B ,and counting ............

Consequent to the above post  1 MDB CEO Arul Kanda has said:
.....the first step in the rationalisation plan was achieved through the debt-for-assets swap with International Petroleum Investment Company (IPIC), which reduced 1MDB’s debt by RM16 billion. The second step was completed with the sale of all its energy assets. 1MDB initiated the sale through the execution of a share sale and purchase agreement on November 23. The sale will reduce its debts by up to RM17 billion once the transaction is completed by February next year. “And now, on the last day of the year, the end of the six-month period that was promised by the honourable prime minister of Malaysia, Datuk Seri Najib Razak, we have achieved the final piece of the puzzle,” said Arul Kanda. “The monetisation of our stake in Bandar Malaysia, with the total value, in terms of debt reduction, is of up to RM12.35 billion.” 

However, apart from the power stations and Bandar Malaysia land, 1 MDB has precious little that is worth giving away.It has always been assumed that assets that would be "swapped" with IPIC are the power assets and Bandar Malaysia land.Now however that has all been sold to Chinese interests, and the cash apparently earmarked for something else. There seems to be nothing left to give IPIC.
END

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  1. lleekhJanuary 1, 2016 at 1:50 AM

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