This is more than just a tight slap on the face for 1MDB. This is an insult to Malaysia and Malaysians.
Maybe those in 1MDB, Arul Kanda Kandasamy included, are numb but Malaysians are not dumb.
If you had any sense of shame you would know that this insult is far more damaging and humiliating than the occasional news of Malaysian drug mules and football bookies (including well connected ones) in foreign prisons.
Below is IPIC's statement to the London Stock Exchange and 1MDB's past promises.
1MDB Debt Settlement Arrangements
On 10 June 2015, IPIC GMTN Limited issued an announcement (RNS Number 7064P) relating to a binding term sheet dated 28 May 2015 (the Binding Term Sheet) and other ancillary documents entered into between International Petroleum Investment Company (IPIC), Aabar Investments PJS (Aabar), Minister of Finance, Inc., Malaysia (MOF) and 1Malaysia Development Berhad (1MDB), in connection with:
1- the extension by the IPIC group of financial support to the 1MDB group at the request of both 1MDB and MOF;
2- the acknowledgement by 1MDB and MOF of the liabilities owed by the 1MDB group to the IPIC group; and
3- the conditional settlement, release and discharge of certain obligations and liabilities between the parties.
Status of the Binding Term Sheet
IPIC has performed all of its obligations to date under the Binding Term Sheet. 1MDB and MOF have failed to perform certain payment and other obligations owed by them to the IPIC group pursuant to the terms of the Binding Term Sheet, including the obligation to pay to IPIC U.S.$1,102,725,000 plus interest accruing under the terms of the Binding Term Sheet.
As a result, 1MDB and MOF are in default pursuant to the terms of the Binding Term Sheet and IPIC's and Aabar's obligations under the Binding Term Sheet have terminated.
1MDB and MOF continue to be bound by their respective obligations under the terms of the Binding Term Sheet, including their continued indemnification of IPIC and Aabar for any non-performance under the Binding Term Sheet and in relation to any claims which may be made against IPIC pursuant to the guarantees entered into by IPIC in respect of certain 1MDB group bond issuances.
Following such default, IPIC and Aabar have engaged with, and extended opportunities to, both 1MDB and MOF to remedy their defaults without success. IPIC and Aabar have now reserved all of their rights under the Binding Term Sheet and are considering their options in relation to this dispute, including referring the matter to the appropriate dispute resolution forum. - London Stock Exchange
Why is IPIC walking away from the world famous (albeit for the wrong reasons) strategic development company which is personally controlled by the Prime Minister cum Finance Minister of Malaysia Datuk Seri Mohd Najib bin Tun Abdul Razak?
Shouldn't IPIC be proud to be associated with Najib Razak the famous Prime Minister of Malaysia who has received billions of ringgit in donations from the 'unknowns of Saudi Arabia' ?
IPIC is wholly owned by the Abu Dhabi Government and they are walking away from the Malaysian Prime Minister controlled 1MDB, which is also wholly owned by the Malaysian Government.
What does that tell you?
The guys from Abu Dhabi no longer trust Najib Razak the Prime Minister of Malaysia, do they?
1MDB can go to hell together with all those conniving criminals but who will end up paying all those debts, the approximately RM50 billion, chalked up by the world famous 1MDB that is wholly owned by the Malaysian Government? Its you and me, most probably via GST.
Maybe Najib is not aware yet of this latest insult from Abu Dhabi as he was busy officiating a new police lock-up system on Monday.
|Whoever digs a pit will fall into it; if someone rolls a stone, it will roll back on them - Bibble.|
We shall wait for the Saudi Foreign Minister's words of wisdom. He must be aware of this latest lost of trust and confidence by Abu Dhabi too. I'm sure he is.