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Sovereign Wealth Funds Briefing - Categorized | Financials

DAP rep, in diatribe, says 1MDB risks defaulting RM42 billion loan

Posted on 12 November 2014

1Malaysia Development Berhad’s (1MDB) dismal performance in paying up RM317.3 million for a land acquisition despite repeated extensions was a sign that it was financially stretched, said a DAP lawmaker in a scathing attack on the debt-ridden state investment vehicle.
Petaling Jaya Utara MP Tony Pua said 1MDB has just missed the third deadline to pay up for a RM317.3 million land from Tadmax Resources Bhd. “After paying the 10% deposit for the land in February this year, 1MDB had been unable to make payment for the balance of the transaction despite shifting the deadline from August 20 to September 30 to October 10 and then to October 31,” the lawmaker told reporters at the Parliament lobby today………………………………………..Full Article: Source


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