Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (April 1): 1Malaysia Development Bhd (1MDB) said its subsidiary, Powertek Investment Holdings Sdn Bhd has fully settled the remaining RM3 billion balance of a RM3.5 billion loan facility. 

Powertek took out the loan facility in May 2014 with a syndicate of domestic banks led by Malayan Banking Bhd, to refinance a RM6.17 billion bridging loan taken in 2012 to part finance the purchase of power assets.

"It has now been fully prepaid, in advance of the original maturity date of May 2024, as part of the 1MDB rationalisation plan," said the strategic development company in a statement today.

1MDB has been heavily criticised for amassing RM42 billion of debt since its inception in 2009 and the difficulty in repaying its loans. Among its harshest critics are former prime minister Tun Dr Mahathir Mohamad, apart from opposition lawmakers who said its debts are a risk to the country's financial system.
 

      Print
      Text Size
      Share