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Wednesday, April 26, 2017

INSTEAD OF STOPPING NAJIB, BN HELPS HIM TO CART AWAY 1MDB’S STOLEN BILLIONS: CABINET DUNCE RAHMAN DAHLAN ACCUSES OPPOSITION OF ECONOMIC SABOTAGE

KUALA LUMPUR — The 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.
MALAY MAIL

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