May 22, 2018 / 9:00 AM / 7 months ago

Malaysia says finance ministry has been bailing out 1MDB

FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris//File Photo

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

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