1 MDB debt problems not resolved ,not according to IPIC: IPIC still short USD 5 billion and counting ....

by Ganesh Sahathevan
 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.

Not so according to IPIC,on a number of occasions, the latest being on 8 December 2015, when IPIC re-issued its financial statements. The re-issued  IPIC accounts state,at Note 22 on Page 29:

By 30 June 2016 IPIC is to have received a transfer of assets with an aggregate value of an amount which represents the sum of the Cash Payment, the Assumption of Debt and the Debt Forgiveness.

In other words, 1 MDB still owes IPIC, and as mentioned on this blog yesterday, there appears to be nothing left for IPIC.

As to the amount owed, this explanation provided earlier on is provided :
While the form of words used in the re-issued financial statements  is not new and IPIC has used that same form of words since informing the LSE of its 1 MDB debt matter,what is interesting here are the figures for interest paid this far on behalf of 1 MDB.These figures, taken together with the whole statement ,suggest that  the item Debt Forgiveness  is not something that even IPIC who are owed the money are able to determine.That could mean that whatever 1 MDB owes IPIC could be a very large amount, well in excess of the USD 5-5.5 billion that one can roughly estimate from the details provided below:

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