27 Feb '15, 8am

A Cabinet Snub For 1MDB?: A Kadir JasinA BIG thanks and kudos to the Cabinet if indeed it had rejected a requ...

Malaysia'sdebt-laden state fund 1MDB faces a fresh test of marketconfidence in coming weeks when a bond coupon payment falls due.Failure to pay could trigger a sovereign downgrade. 1Malaysia Development Bhd (1MDB), a property-to-energy fundwhose advisory board is chaired by Prime Minister Najib Razak,has built debt of nearly 42 billion ringgit ($11.73 billion) tobuild a portfolio of power plants. Investors have been edgy since the fund struggled to repay a2 billion ringgit (about $563 million) loan to local banksoriginally due at the end of last year, prompting a selloff inits benchmark 2023 bonds. The cabinet has also rejected a proposed cash injection into1MDB of 3 billion ringgit ($830 million), reducing the financingoptions for the firm, the Malaysian Insider news websitereported on Friday, citing unidentified sources. 1MDB declinedto comment on the report and the fina...

Full article: http://kadirjasin.blogspot.com/2015/02/a-cabinet-snub-for...

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