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Thursday, March 30, 2017

PM Najib: 1MDB has cleared its bank debts, short-term debts

Prime Minister Najib Abdul Razak said 1MDB, which has incurred debts up to RM50 billion as of January 2016, has cleared all its bank debts and short-term debts. 
"For now, 1MDB does not have any bank debts and short-term debts," he said in a written parliamentary reply yesterday. 
According to him, 1MDB made the following repayment:
  1. Paid off RM229.5 million revolving credit facility to Affin Bank in full by Nov 23, 2015.
  2. Cleared RM950 million standby credit to the government in full by March 31, 2016.
  3. Repaid RM2 billion term loan facility to Marstan Investment NV by April 8, 2016.
  4. Cleared US$150 million term financing facility with EXIM Bank by April 15, 2016. 
Najib, who is also finance minister, was responding to Er Teck Hwa (DAP-Bakri) who requested the updated figures on 1MDB's staff, cash flow, debts and assets. 
"Due to the ongoing rationalisation plan of 1MDB, there are no new assets acquired (by the state-owned firm) in the country and overseas, in 2015 and 2016," added the prime minister. 
[More to follow]

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