20
Jan
17

Report: 1MDB will not be wound up just yet

Report: 1MDB will not be wound up just yet

Finance Minister II Johari Abdul Ghani says there are still debts to settle and funds to collect from sale of assets.

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) is not being wound up as it still has debts to settle and amounts due from the disposal of its assets, said Finance Minister II Johari Abdul Ghani.

Speaking to Malaysiakini, Johari stressed that 1MDB has yet to enter the winding-up stage, dismissing a Singapore Straits Times report that Putrajaya was laying the groundwork to shut down the state-owned firm.

“It is not winding up but it is in run-off operation. We don’t conduct any new business.

“We can’t wind up the company until all the debts are settled and amounts due from disposal of assets are collected,” Johari told Malaysiakini in a text message.

According to the Singapore report, Budiman Committee, a high-level government unit chaired by Johari, planned to transfer 1MDB’s assets in the coming months to two companies which are owned by the Finance Ministry, called Piramid Pertama and Aroma Teraju.

The assets include the Tun Razak Exchange (TRX), Bandar Malaysia in Kuala Lumpur and a 94.7-hectare plot of land in Ayer Itam, Penang.

It has been reported that over the past two years, the cash-strapped 1MDB has been disposing its assets.

Malaysiakini reported that this move was part of 1MDB’s effort to reduce its debts, which amounted to around RM50 billion at its peak. 1MDB’s current debt is estimated to be US$4.78 billion (RM21.3 billion).

…more
Report: 1MDB will not be wound up just yet
January 14, 2017 – FMT

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