RNS Number : 1128D
IPIC GMTN Limited
24 April 2017
START
International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.
Under the terms of the Settlement, IPIC will receive an amount of US$602,725,000 by 31 July 2017 and a further amount of US$602,725,000 by 31 December 2017.
Separately, 1MDB and MoF Inc., undertake to IPIC to assume responsibility for all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.
The parties have provided suitable undertakings and indemnities in respect of the performance of obligations under the Settlement.
The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities.
Under the terms of the Settlement, IPIC will receive an amount of US$602,725,000 by 31 July 2017 and a further amount of US$602,725,000 by 31 December 2017.
Separately, 1MDB and MoF Inc., undertake to IPIC to assume responsibility for all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.
The parties have provided suitable undertakings and indemnities in respect of the performance of obligations under the Settlement.
The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities.
STOP
This information is provided by RNS
The company news service from the London Stock Exchange
On 31hb July 2017, 1MDB via MOF is liable to pay IPIC the amount of US$ 602,725,000.00 equivalent to RM2,582,374,744.49...
The Malaysian government managed to conceal this news from its citizen, where the news is obtainable from the link below:
Don't get mad when the price of petrol is increased by 00.6 cents which will be used to supplement this payment.
Is it worth it to support this kleptocrate government?
Come Monday 31st July, the Malaysian government has to pay Abu Dhabi Aabar/IPIC its first award payment of RM2.4 billion i.e. the Malaysian government having lost its case in the UK Court of Arbitration against a claim made by Abu Dhabi Aaabar/IPIC.
What does this mean to Malaysians? It simply mean that the billions that 1MDB had paid to another Abu Dhabi Aaabar company having about a similar name is now lost. There isn't a way where the Malaysian government led by a world renowned kleptocrat could ever recover the lost money. But behold......we know from investigation carried out by the US Department of Justice (DoJ) that the money trail leads to no other than the infamous Penang born fugitive and close associate of PM Najib i.e. Jho Low and his gang of thieves.
The question now.......where is Najib going to get the money to pay RM2.4 billion to Aaabar/ IPIC? Does he has any more money left in his own personal bank account to pay off Aaabar/IPIC; money that he is alleged to have stolen from 1MDB? Or will he get his loyal UMNO members to donate to him to pay for his own folly? Now, if indeed the likes of Salleh Keruak, Rahman Dahlan, Azalina Osman and Nazri Aziz whose loyalty is steadfast with Najib, would they want to make a personal contribution to help their boss? Let's see who among the lot will be the first to start the contribution. My bet is that no one from among the mentioned lot would make their first personal contribution. It will be the rakyat through more taxes, and that will surely be the case.
Now Najib in his desire to win back the lost support from Felda settlers towards his leadership had recently announced a number of monetary 'incentives'. The cost to Felda is said to be around RM1.4 billion. Where do you think that amount of cash will come from? Didn't Shahrir Samad, the new Felda Chairman say that Felda since 2015 has been facing a shortage of funds to managed itself to the tune of RM1 billion yearly. Can FGV help?
Come Monday 31st July too, the Armed Forces veterans are expected to gather at MIECC to show/pledge support to Najib, and to listen to an announcement by Najib of some 'goodies', supposedly for non pensionable veterans. I am quite sure there will be some cash announcement made, because that has been Najib's way of soliciting support and loyalty from the rakyat. It is sad to see that Armed Forces veterans are so gullible and could easily be enticed with a promise of cash 'incentives' (just like Felda settlers) to support a leader who is mired with all kind of scandals. I have never given any thought that the Armed Forces veterans can be treated like Felda settlers.
My question to all............does the Treasury has any more cash left to pay off all the above?
author unknown
No comments:
Post a Comment