It has emerged that tycoon T. Ananda Krishnan's Tanjong Energy Holdings had reportedly arranged to help pay off 1MDB's debt. – The Malaysian Insider pic, March 25, 2015.
Putrajaya now has another version as to how 1Malaysia Development Bhd (1MDB) settled its RM2 billion debt last month, saying that tycoon T. Ananda Krishan's Tanjong Energy Holdings had arranged for help to pay off the sum.
Just two weeks ago, the Finance Ministry in a parliamentary written reply had stated that the government-owned strategic investment firm had used its own Cayman Island funds to settle the RM2 billion debt.
Today, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said Tanjong had roped in private investors to come up with the money.
He said the RM2 billion was a form of refinancing or rollover.
"Tanjong arranged from private investors to come up with the RM2 billion, with the principal to be paid in 15 months, with the interest to be paid in six months.
"There is no exchange risk. The loan is given by private investors, it is not from Tanjong," he told Sim Tze Tzin (PKR – Bayan Baru) when wrapping up the debate on the Royal Address in parliament today.
Ahmad Husni said Tanjong, an independent power producer, had helped with the transaction because of 1MDB's purchase of Powertek Investment Holdings Sdn Bhd (PIH).
1MDB had acquired PIH for RM8.5 billion, a move which was criticised by opposition leaders who insisted the firm had overpaid the purchase.
In his earlier parliamentary reply to Tian Chua (PKR – Batu), the Finance Ministry said 1MDB’s RM2 billion loan was settled in early February from its Caymans funds and not reportedly with billionaire Ananda's help.
"Regarding the loan which 1MDB allegedly received from millionaire Ananda Krishnan, the report is not true," the ministry said in its written reply in mid-March.
On February 13, The Malaysian Insider reported that the government-owned strategic investment fund had settled the loan with funds from Ananda Krishnan, six days before bankers were to trigger a default.
The loan was settled on February 12 with intervention from the tycoon, whose company Usaha Tegas had guaranteed it, according to those with knowledge of talks between Ananda Krishnan and 1MDB.
The lenders were Maybank, which had 58.99% of the RM2 billion loan, while RHB had 32.41%. The others were Alliance Investment Bank Bhd (4.06%), Malaysia Building Society Bhd (3.24%) and Hwang DBS Investment Bhd (1.29%).
However, 1MDB president and group executive director Arul Kanda Kandasamy had dismissed talk of Ananda Krishnan's assistance as speculation.
The RM2 billion is part of a RM5.5 billion bridging loan to the relevant banks taken by 1MDB subsidiary, PIH, to refinance a RM6.17 billion bridging loan taken in 2012. It was to part finance the purchase of power assets.
The ministry's earlier written reply said that 1MDB had withdrawn its US$2.318 billion offshore savings in the Cayman Islands in two tranches, and had used the first tranche to pay back "loan interest, working capital and other scheduled commitments".
This tranche was US$1.215 billion, while the second tranche of US$1.103 billion was still kept in foreign currency at BSI Bank Limited Singapore.
The second tranche, the ministry said, would be used to repay loans in foreign currency that were due this year.
- TMI
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.