Hornbill Unleashed

April 27, 2017

BN: Opposition sabotaging economy, untrue Malaysians have to bail out 1MDB

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

Datuk Seri Abdul Rahman Dahlan accused the federal opposition of wanting to continue undermining the country’s economy instead of welcoming the recent announcement of 1MDB reaching a settlement with IPIC. — Picture by Saw Siow FungThe federal opposition has been attempting to sabotage the country’s economy with untrue allegations such as the claim that Malaysians would have to bail out 1Malaysia Development Berhad (1MDB), a Barisan Nasional (BN) leader claimed today.

Datuk Seri Abdul Rahman Dahlan, BN’s strategic communications director, accused the federal opposition of wanting to continue undermining the country’s economy instead of welcoming the recent announcement of 1MDB reaching a settlement with Abu Dhabi fund International Petroleum Investment Company (IPIC).

“Now they are trying to distract the rakyat by spreading more lies, such as suggesting that Malaysian taxpayers will have to bail-out 1MDB and make US$6 billion (RM26 billion) in payments.

“This is absolutely not true and detracts from the fact that 1MDB’s fund unit’s assets worth up to US$2.5 billion have been monetised and a significant milestone has been achieved towards the completion of 1MDB’s rationalisation plan that started almost two years ago,” he said in a statement today.

He said that 1MDB has already received the first tranche of payments in cash, adding that both 1MDB and IPIC have said they will enter talks on other payments made by 1MDB that is separate from the US$ 2.5 billion amount.

“This not only proves that, contrary to the oppositions lies, the funds have existed all this while.

“But it also slams the door shut on their wild allegation that these funds were somehow transferred to the Prime Minister’s accounts – an allegation that had previously been rejected by no less than the Saudi Foreign Minister who publicly stated that these funds were a donation from the Saudi Royal Family,” he said, accusing the opposition of allegedly lying for “selfish political gain”.

Abdul Rahman’s statement comes after opposition leaders questioned whether Malaysians would be the ones footing the bill in 1MDB’s and IPIC’s settlement of an arbitration dispute over two bonds worth US$3.5 billion.

On Monday, 1MDB said the settlement at the London Court of International Arbitration would see it paying IPIC and assume responsibility for all future interest and principal payments for the two bonds that are due in 2022.

1MDB had said that it will largely meet these obligations through the monetisation of investment fund units that it owned and that it had already received approximately US$50 million in cash as the first batch of monetisation.

IPIC on the same day told the London Stock Exchange that the settlement terms are for it to be paid US$602.725 million by this July 31 and the same sum by this December 31.

According to IPIC’s statement, the two bonds due in 2022 were issued by 1MDB Energy (Langat) Ltd for US$1.75 billion with a fixed rate of 5.75 per cent and by 1MDB Energy Ltd for US$1.75 billion with a fixed rate of 5.99 per cent.

IPIC also said 1MDB and MoF Inc have made an undertaking to assume responsibility for all future interest and principal payments under the two 1MBD-issued bonds which are guaranteed by both 1MDB and IPIC.


Source :   @ Malay Mail Online


 

Advertisements

2 Comments »

  1. Penang and Selangor are solid example of good governance … and BN risk losing more states, including Sabah

    Comment by tigeryk — April 27, 2017 @ 6:04 PM | Reply

  2. Before Najib was PM there was no GST and a lot of things were subsidised by the govt and the country can still develope well. Is it that he has no credibility or corruption is too heavy in his time. Can anyone provide me the answer?

    Comment by JH — April 27, 2017 @ 10:28 AM | Reply


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: