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MALAYSIA: 1MDB UNABLE TO REPAY DEBTS – MINISTER GUAN ENG

PUTRAJAYA, Malaysia 1Malaysia Development Bhd (1MDB) directors have confirmed that the company is unable to repay its debts, says Finance Minister Lim Guan Eng.

He said former 1MDB Chief Financial Officer, Azmi Tahir, had written in March to the Ministry of Finance to state that 1MDB would not be able to service its interest due in April and May 2018.

Lim said he had instructed the ministry to appoint PricewaterhouseCoopers (PwC) to conduct a special position audit and review of 1MDB.

“We will then be able to determine the cost of the shenanigans to the tax-payers. We will submit the PwC report to the 1MDB Special Committee set up by the Prime Minister once it is completed,” he told reporters here today.

Earlier in the day, Lim held two separate meetings with 1MDB Directors Norazman Ayob and k Kamal Mohd Ali as well as 1MDB President Arul Kanda Kandasamy, who was accompanied by Azmi and 1MDB former General Counsel, Ivan Chen.

Yesterday, Lim revealed that 1MDB was due to pay its lenders RM143.75 million by May 30.

Source: NAM News Network

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