1MDB pledges to resolve dispute with IPIC

1MDB pledges to resolve dispute with IPIC

KUALA LUMPUR: 1MDB has reiterated that it did not make certain interest payments due recently although it has “more than sufficient funds” due to its ongoing dispute with the International Petroleum Investment Corporation (IPIC).

The payments, it said, were for the Energy Notes and for an earlier interest payment for the USD1.75 billion fixed rate 5.75% notes due 2022, issued by 1MDB Energy (Langat) Limited (Langat Notes).

“All of 1MDB’s rights are reserved with respect to that dispute.

“We are committed to working openly with IPIC to resolve the dispute,” it said in a statement on Wednesday.

It reconfirmed that a call for all its USD-denominated bondholders will take place on May 23.

1MDB was commenting on IPIC making payment of USD52.4 million as interest due on May 11, 2016 in respect of the USD1.75 billion fixed rate 5.99% notes due 2022 issued by 1MDB Energy Limited (Energy Notes).

“We understand that IPIC has made the payment.”

1MDB recently started an engagement process for its USD denominated bondholders and is “encouraging” all holders to register at its micro site at http://sites.dfkingltd.com/1MDB.

The site contains all relevant information and will include regular updates for bondholders. Once registered, registrants will be able to submit questions online through the website.

‘1MDB issue now buried by Panama Papers’

‘1MDB issue now buried by Panama Papers’

KUALA LUMPUR: Governance issues on the financial management of 1MDB have no impact on foreign investor confidence in the Malaysian stock market, an investment guru said.

“Investors look at individual companies and government stability, among others,” Templeton Franklin Emerging Markets Group Executive Chairman Dr Mark Mobius said today.

“Also, such concerns are not unique to Malaysia, as we can see how the whole issue of 1MDB is now getting buried by the Panama Papers,.”

Speaking to reporters after the Global Islamic Finance Forum 5.0 in Kuala Lumpur, Mobius said the negative news surrounding 1MDB may have a short-term effect, but will not dampen long-term investor confidence.

“You will not see investors pulling out because of that (1MDB). It will not affect investor confidence.”

Fitch Ratings had said yesterday 1MDB’s missed bond coupon payment late last month showed there was ongoing uncertainty over the state-owned investment fund.

1MDB will have to pay an interest of US$52.4 million on a second US$1.75 billion bond it issued that is due on Thursday.

On April 25, 1MDB had missed a US$50 million coupon payment on a 5.75% bond due in 2022 as part of its dispute with IPIC. IPIC subsequently made the coupon payment.

IPIC says paid interest after 1MDB default

IPIC says paid interest after 1MDB default

ABU DHABI: Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) said today that it had paid interest of US$52.4 million due on bonds guaranteed by troubled state-investment fund 1Malaysia Development Berhad (1MDB), after 1MDB defaulted on them.

IPIC said this marked a third default by 1MDB. The Abu Dhabi company said it would step up its demands for 1MDB and the Malaysian government to compensate IPIC for its exposure to 1MDB, addin that it was now owed US$1.2 billion plus accrued interest.

1MDB has been disputing its obligations to IPIC under a debt restructuring agreement involving the companies last June.

– Reuters

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.

Bank Negara confident government will honour debt obligations

Bank Negara confident government will honour debt obligationsKUALA LUMPUR: Bank Negara Malaysia governor Muhammad Ibrahim said he was confident the government would honour all its debt obligations, as a deadline loomed on Wednesday for troubled state fund 1MDB to make a coupon payment on a US$1.75 billion bond.

“I’m quite confident the government will honour all of its debt obligations,” Ibrahim told reporters at the sidelines of an event in Kuala Lumpur.

“Also, with the resolution of 1MDB, it will improve market sentiments,” he added.

1Malaysia Development Berhad (1MDB) has to make a payment on a US$1.75 billion bond on Wednesday, but there was no indication yet on whether it would be paid.

Last month, 1MDB did not pay a US$50.3 million coupon on another US$1.75 billion bond, following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross-defaults on some of its other bonds.