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

Comments

Post a Comment

Popular posts from this blog

Ben Robert-Smith : How was Justice Anthony Besanko of the Federal Court able to find that the crime of murder has a civil twin, which can be determined on a balance of probabilities

Image
 by Ganesh Sahathevam                                                                                                                  The Hon Justice Anthony Besanko Media reports about the Ben Robert-Smith defamation matter  have at least given the impression, if not asserted,  that Justice Anthony Besanko of the Federal Court found  that Robert-Smith had committed murder. Most if not all reports have been at pains to stress that the finding was based on a balance of probabilities, and not beyond a reasonable doubt, for the matter was a civil and not criminal matter.  However,  reading his summary one can immediately see that Justice Besanko  found not that Roberts-Smith had committed murder but that the " respondents had, (on  a balance of probabilities) established the substantial truth"  that  Roberts-Smith had committed murder.  However, murder is a  crime and a finding of murder in a criminal court (which is the court in which crimes like murder can be determined!) inv
Read more

Who authorised former NSW Police Commissioner Mick Fuller to say anything about the Berejiklian era quarantine fee and why? Fuller's notice confirms suspicion that NSW Berejiklian government had no basis to impose the quarantine fee, nor quarantine persons who were COVID negative 

Image
 by Ganesh Sahathevan      Premier Gladys Berejiklian with NSW Police Commissioner Mick Fuller and Brigadier Mick             Garraway Who authorised former  NSW Police Commissioner Mick Fuller  to say anything about the  Berejiklian era  quarantine fee and why? Fuller's issuance of his  COVID  quarantine notice, and subsequent silence, would seem to confirm suspicions raised on this blog that NSW's Berejiklian government had no basis to impose its quarantine fee. Fuller's conduct also adds to suspicion that the Berejiklian government did not have the authority, even under its COVID emergency powers, to quarantine persons who were COVID negative. International arrivals had to test negative for COVID before boarding their flights to Sydney, and tests had to be administered within 72 hours of departure. Quarantine on arrival of those who exhibited no COVID symptoms was quite likely unnecessary. It did, of course help bolster Gladys Berejiklian's approval ratings. TO BE RE
Read more

Revenue NSW COVID Quarantine Fee payment demand notices suggest that Police Commissioner Mick Fuller breached the law with his demand for quarantine fees

Image
 By Ganesh Sahathevan  Anyone who has received a Revenue NSW Quarantine Fee demand for payment notice  will be familiar with these words that are contained in the notice: What is the quarantine service fee? A mandatory quarantine service fee applies to all travellers arriving in New South Wales (NSW) who are required to quarantine as part of the public health order. Mandatory quarantine is needed to stop the spread. of COVID-19 in NSW The qurantine fee has been charged pursuant to Section 70 of  the NSW Health Act. However, as previously reported, that section does not permit any imposition of mandatory fees.  However, in apparent defiance of Section 70 of the Health Act, Fuller issued a notice   in which he said  that Revenue NSW " will be charging a mandatory quarantine fee". TOE BE READ WITH  Former NSW Police Commissioner Mick Fuller said in his notice that Revenue NSW " will be charging a mandatory quarantine fee" - Former NSW Ministers Hazzard, Tudehope insis
Read more