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Putrajaya paid US$50.3m interest payment for 1MDB Langat bond on Oct 18

KUALA LUMPUR (Oct 22): 1Malaysia Development Bhd (1MDB) has made a payment of US$50.31 million or approximately RM210.59 million for interests arising from bonds issued by the latter's wholly-owned subsidiary, 1MDB Energy (Langat) Ltd bond (1MELL), according to Finance Minister Lim Guan Eng.

In a press statement today, Lim said the government remains committed to repaying debt obligations inherited from the previous administration.

The 1MELL bond, issued on Oct 19, 2012, is valued at US$1.75 billion or approximately RM7.33 billion, and has a maturity date of Oct 18, 2022.

“The payment (made on Oct 18) was made using funds retrieved from recovered assets of 1MDB, which to date amounted to RM1.45 billion.

“A total of RM2.7 billion has been set aside for 2020 for debt service payments related to 1MDB and SRC International, on top of the RM2.4 billion for 2019,” Lim said, adding that the total RM5.1 billion could have been used for the benefits of Malaysians, if not for having to service 1MDB’s debts.

Meanwhile, 1MDB has to make two other interest payments on its debts by year-end, the minister said.

One amounts to US$52.4 million or approximately RM291.2 million towards the 1MELL bond, which must be paid by Nov 11. The other is RM143.75 million for an Islamic Medium Term Note (IMTN) by Nov 29.

“As of today, 1MDB debts and liabilities, inclusive of interests, total at RM51 billion. This includes the RM8.93 billion that has been paid for by the Ministry of Finance and Minister of Finance (Inc)," Lim added.

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