Friday 13 February 2015

Ananda Bailout. Quid Pro Quo?

1MDB repays RM2 billion loan after Ananda Krishnan bailout, say sources

Malaysia's debt-heavy strategic investor 1Malaysia Development Bhd (1MDB) settled a RM2 billion loan yesterday with money from billionaire T. Ananda Krishnan, six days before bankers triggered a default, say sources.
The Malaysian Insider understands from bankers familiar with the matter that the banks involved received the money yesterday evening, hours after Ananda was said to have agreed to the bailout.
The payment is a last-minute reprieve for 1MDB – a cross between a sovereign fund and a private investment firm wholly owned by the Ministry of Finance. Its debt woes were seen as pressuring the ringgit and Malaysia's sovereign credit rating.
"The money has come in. It was an Ananda bailout," said a source familiar with the matter.
Other sources confirmed the repayment of the RM2 billion for tranche 2 of the RM5.5 billion bridging loan to the relevant banks.

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