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KUALA LUMPUR: Malaysia has been "bailing out" 1Malaysia Development Berhad's (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to RM6.98 billion (US$1.8 billion), the newly appointed finance minister said on Tuesday (May 22).
The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to RM5.05 billion, 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 rationalisation exercise'. All these while it has been the MoF (finance ministry) who has bailed out 1MDB," he said.
"It is clear that the previous government has conducted an exercise of deception to the public about certain hot button items, especially 1MDB, and even misrepresented the financial situation to parliament."
He added that more payments, totalling RM953.96 million, will fall due between this between this month and November. From 2022, "billions of ringgit of debt" will be due, he said.
After consolidating the nation's financial accounts, Malaysia's debt could be more than RM1 trillion, he said at a news conference, echoing what Prime Minister Mahathir Mohamad had said on Monday.
Read more at https://www.channelnewsasia.com/new...-deceived-finances-1mdb-lim-guan-eng-10257608
The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to RM5.05 billion, 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 rationalisation exercise'. All these while it has been the MoF (finance ministry) who has bailed out 1MDB," he said.
"It is clear that the previous government has conducted an exercise of deception to the public about certain hot button items, especially 1MDB, and even misrepresented the financial situation to parliament."
He added that more payments, totalling RM953.96 million, will fall due between this between this month and November. From 2022, "billions of ringgit of debt" will be due, he said.
After consolidating the nation's financial accounts, Malaysia's debt could be more than RM1 trillion, he said at a news conference, echoing what Prime Minister Mahathir Mohamad had said on Monday.
Read more at https://www.channelnewsasia.com/new...-deceived-finances-1mdb-lim-guan-eng-10257608
