What are the assets that UAE's International Petroleum Investment Company (IPIC) will receive in exchange for taking over 1MDB's loans, former prime minister Dr Mahathir Mohamad wants to know.
"Curiously no mention is made of what the 1MDB assets are, which will belong to IPIC.
"What are the possible assets? If the power plants or the land, it would mean that these assets no longer belong to 1MDB to sell.
“So, how will 1MDB recover the RM42 billion it had borrowed?," Mahathir asked in his latest blog posting.
IPIC is to receive the 1MDB assets in June next year, after assuming the obligation to pay all interests, due under two IPIC-guaranteed 1MDB bonds, amounting to US3.5 billion, as announced on the London Stock Exchange.
Mahathir then asked if this was only the tip of the iceberg, and whether detained PetroSaudi International executive Xavier Justo had more to reveal.
"Is Justo going to reveal there is anything worse than what the London Stock Exchange has revealed?" he asked.
1MDB today defended its dealing with IPIC, saying it was not guaranteed by the government.
The investment firm also said it was negotiating with the Arab oil firm to settle RM16 billion of its debts. - M'kini
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