Monday, April 4, 2016

Finance Ministry: 1MDB has no outstanding debts

1Malaysia Development Berhad (1MDB) does not have any outstanding debts currently, said the Finance Ministry.

"1MDB has never failed in settling all its debts including payment of loan interest," the Ministry said in a written reply to Mohamed Hanipa Maidin (PAS-Sepang) who wanted to know 1MDB's outstanding debts and lenders.

On the amount of 1MDB debt guaranteed by the Government, the ministry said it amounted to RM5.8bil.

On March 25, 1MDB said its subsidiary Edra Energy (Langat) Sdn Bhd, had fully repaid a RM700mil Syndicated Term Loan Facility to a consortium of domestic banks.

Last week, 1MDB president Arul Kanda Kandasamy said the company won't have any more short-term debt and bank loans within the next three weeks after it repays RM6bil in coming weeks with sales of its asset.

Arul Kanda said 1MDB would have a cash surplus of at least RM2.3bil after settling the debt.

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