Tuesday, April 26, 2016

1MDB IPIC SCRAP - ANOTHER DEFAULT NEXT MONTH?

1MDB has confirmed that the interest due was not paid and admitted being in default.

A report in the Edgemarket noted that the interest, in relation to the present disputed payment, for a USD1.75 billion bond tranche is semi-annual.

The IPIC's unaudited accounts 2015 has in note 22 stated that it had made interest payments of USD50,312,000 and USD52,412,000 on 16 October and 10 November 2015 respectively.

Which could mean that there will be another USD52,412,000 interest due, for the other USD1.75 billion bond tranche,
sometime next month.

If so and going by the latest actions of the disputing parties, will this interest due also be subjected to a default?

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