May 22, 2018 / 9:01 AM / in 5 months

Malaysia says finance ministry has been bailing out 1MDB

KUALA LUMPUR (Reuters) - Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit ($1.8 billion), the newly appointed finance minister said on Tuesday.

The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to 5.05 billion ringgit, 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,” he said. “All these while it has been the MoF (finance ministry) who has bailed out 1MDB.”

($1 = 3.9650 ringgit)

Reporting by Praveen Menon

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