KINIBIZ The contentious RM188 million Tabung Haji-1MDB land deal raises many questions - not least over issues of transparency, inflated prices, conflicts of interest and allegations of a bailout for 1MDB.
Another significant question - why is 1MDB disposing land at one of its prized assets - the centrepiece Tun Razak Exchange (TRX) project - in such a hasty and surreptitious way?
Many point out to the obvious fact that 1MDB is simply running out of options in raising cash to service its debts of approximately RM42 billion.
Deutsche Bank’s RM3.6bil bombshell
Yesterday, Singapore’s Business Times reported the bombshell that a consortium of six international banks, led by the Deutsche Bank, are seeking early payment of their US$975 million (RM3.6 billion) loan to 1MDB.
The loan is supposedly only due in four months (September 2015), but according to the Business Times report these banks are calling in their loan earlier because they are increasingly jittery about the whole 1MDB saga.
This led Arul Kanda ( photo ), chief executive office (CEO) of 1MDB to respond that “We are aware of recent press reports and statements concerning a loan taken by 1MDB in September 2014. Whilst we would like to respond in detail, this relates to a confidential banking matter, which prevents us from commenting at the present time.”
“However, we intend to update the market as soon as we are in a position to do so,” added Arul.
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