| State-owned 1Malaysia Development Berhad (1MDB) was declared in default yesterday after it failed to settle a US$50.3 million (S$68 million) debt payment on billions of dollars in bonds guaranteed by an Abu Dhabi state-owned sovereign wealth fund which, for its part, said it would honour its obligations to bond holders.
The declaration of default against 1MDB by Abu Dhabi's International Petroleum Investment Corp, or IPIC, immediately exposes Prime Minister Najib Razak's government to more than US$6.481 billion in debt owed to the Gulf emirate...............................................Full Article: Source
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