Putrajaya confirms RM950 million for 1MDB as standby credit

(TMI) – Putrajaya today confirmed injecting RM950 million into 1Malaysia Development Bhd (1MDB) as standby credit for the government-owned strategic investor that has to service its RM42 billion debt.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah disclosed this, a day after the Singapore Business Times reported that Putrajaya had given the money to 1MDB.

Husni in Parliament today disputed the business paper’s report that Putrajaya had “loaned” 1MDB RM970 million, calling it “standby credit” instead and revised the figure downward.

He added that the debt-ridden company’s cash-flow problems would be solved with an IPO (initial public offering), which had been postponed twice now.

Read more at: http://www.themalaysianinsider.com/malaysia/article/putrajaya-confirms-rm950-million-for-1mdb-as-standby-credit