| Malaysia's debt-ridden state investment company, 1Malaysia Development Bhd (1MDB), has settled a loan amounting to USD975m to a consortium of international banks led by Deutsche Bank AG. In a statement, 1MDB, which had racked up MYR41.9bn (USD11.1bn in debts as of 31 March 2014, said the repayment is part of its commitment to reduce its liabilities and in line with strategy approved by the Malaysian cabinet.
Malaysia's The Start newspaper has quoted 1MDB president and group executive director Arul Kanda Kandasamy confirming the full repayment. Bloomberg has reported that the government said last month that funds to repay the loan would come from Abu Dhabi's state-owned International Petroleum Investment Co. 1MDB, in a separate statement, said it is cooperating with authorities that are investigating the fund, which has been weighing on the local currency..............................................Full Article: Source
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