KUALA LUMPUR (Reuters) - Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit ($1.8 billion), the newly appointed finance minister said on Tuesday.
The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to 5.05 billion ringgit, Lim Guan Eng said in a statement.
“The above confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that they have been paid via a “successful rationalization exercise,” he said.
“All these while it has been the MoF (finance ministry) who has bailed out 1MDB.”
Reporting by Praveen Menon