Look again , MOF Inc defaulted not once but twice, in the first instance for U.S.$1,102,725,000 plus interest,for which there is no cure, grace or other remedy.

RNS
IPIC GMTN Limited  -  61HK   

Update to 1mdb Debt Settlement Arrangements

Released 08:28 18-Apr-2016

RNS Number : 4672V
IPIC GMTN Limited
18 April 2016
1MDB Debt Settlement Arrangements
On 10 June 2015, IPIC GMTN Limited issued an announcement (RNS Number 7064P) relating to a binding term sheet dated 28 May 2015 (the Binding Term Sheet) and other ancillary documents entered into between International Petroleum Investment Company (IPIC), Aabar Investments PJS (Aabar), Minister of Finance, Inc., Malaysia (MOF) and 1Malaysia Development Berhad (1MDB), in connection with:
1-   the extension by the IPIC group of financial support to the 1MDB group at the request of both 1MDB and MOF;
2-   the acknowledgement by 1MDB and MOF of the liabilities owed by the 1MDB group to the IPIC group; and
3-   the conditional settlement, release and discharge of certain obligations and liabilities between the parties.
Status of the Binding Term Sheet
IPIC has performed all of its obligations to date under the Binding Term Sheet. 1MDB and MOF have failed to perform certain payment and other obligations owed by them to the IPIC group pursuant to the terms of the Binding Term Sheet, including the obligation to pay to IPIC U.S.$1,102,725,000 plus interest accruing under the terms of the Binding Term Sheet.
As a result, 1MDB and MOF are in default pursuant to the terms of the Binding Term Sheet and IPIC's and Aabar's obligations under the Binding Term Sheet have terminated.
1MDB and MOF continue to be bound by their respective obligations under the terms of the Binding Term Sheet, including their continued indemnification of IPIC and Aabar for any non-performance under the Binding Term Sheet and in relation to any claims which may be made against IPIC pursuant to the guarantees entered into by IPIC in respect of certain 1MDB group bond issuances.
Following such default, IPIC and Aabar have engaged with, and extended opportunities to, both 1MDB and MOF to remedy their defaults without success.  IPIC and Aabar have now reserved all of their rights under the Binding Term Sheet and are considering their options in relation to this dispute, including referring the matter to the appropriate dispute resolution forum.


This information is provided by RNS
The company news service from the London Stock Exchange

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