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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Support letter issued to 1MDB is not ‘explicit government guarantee’, says Ahmad Maslan

Posted on 13 November 2014

Deputy Finance Minister Datuk Ahmad Maslan insisted that Putrajaya’s letter of support for 1Malaysia Development Berhad’s (1MDB) fundraising exercise is not an “explicit guarantee”, sidestepping concerns that the federal government will have to foot the sovereign wealth fund’s debt. He stressed that the ministry had only given an explicit guarantee amounting to RM5.8 billion to the sovereign wealth fund.
At a press conference at the Parliament lobby today, Ahmad reiterated that the Finance Ministry’s letter of support — published in investment banker Goldman Sachs International’s (GSI) Offering Circular in 2012 and 2013 — only meant that 1MDB has to restructure its assets valued at RM51.41 billion to settle its debt if the sovereign wealth fund is unable to service its loan according to the stipulated terms………………………………………..Full Article: Source


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