ّ1MDB
This country is so screwed up that it couldn't even pay US$600 million of debt to IPIC (International Petroleum Investment Company), Abu Dhabi's US$80 billion sovereign-wealth fund. After the dateline on Tuesday 1/8/2017, IPIC has given 1MDB (1Malaysia Development Berhad), a fund set up by Prime Minister, Najib Razak himself in 2009, five more days to make the payment (Sunday 6/8/2017).
Najib Razak, who is also Malaysia's finance minister, has rubbished that his administration was unable to pay but rather - it was a technical matter. He didn't explain what the technical matter was but his pet project, which has been classified as "Ponzi Scheme" by the Swiss Attorney General, said in a statement it was committed to meeting its obligations to IPIC.
1MDB said in a statement that it would pay in August 2017. But it did not specify a date in August. Obviously, 1MDB has trouble paying and is dragging its feet. But Mubadala, which is owns IPIC wasn't amused and said in a separate statement on Tuesday that 1MDB and the Malaysia Ministry of Finance (MoF) have just five days to resolve the non-payment.
Najib Razak, who is also Malaysia's finance minister, has rubbished that his administration was unable to pay but rather - it was a technical matter. He didn't explain what the technical matter was but his pet project, which has been classified as "Ponzi Scheme" by the Swiss Attorney General, said in a statement it was committed to meeting its obligations to IPIC.
1MDB said in a statement that it would pay in August 2017. But it did not specify a date in August. Obviously, 1MDB has trouble paying and is dragging its feet. But Mubadala, which is owns IPIC wasn't amused and said in a separate statement on Tuesday that 1MDB and the Malaysia Ministry of Finance (MoF) have just five days to resolve the non-payment.
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