Govt will honour 1MDB's debt obligations, Guan Eng says

PUTRAJAYA: Finance Minister Lim Guan Eng today assured that the government will honour all debt obligations related to state fund 1MDB.

When asked whether bondholders of 1MDB, Retirement Fund Inc and Tabung Haji debts would be converted to equity in the Bandar Malaysia project, Lim declined to answer.The bulk of 1MDB’s bonds, amounting to RM24 billion, are believed to be held by foreign investors. The issuance of these debt papers, amounting to US$6.5 billion, was on the advice of Goldman Sachs.

Another RM810.2 million interest payment was due in the three months between September and November last year. In total, RM2 billion was needed to service 1MDB debts, exclusive of principal payments. Former prime minister Najib Razak is currently on trial over the alleged misappropriation of funds from SRC International.

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