Malaysia’s Rep­u­ta­tion Hit as State Fund De­faults

The Economic Times - - Around The World -

The Malaysian govern­ment’s rep­u­ta­tion took a hit on Tues­day af­ter state-owned 1Malaysia De­vel­op­ment Bhd de­faulted on a $1.75-bil­lion bond. The ring­git fell and 1MDB’s dol­lar debt slumped.The fund with­held a $50-mil­lion coupon pay­ment amid a wider dis­pute with Abu Dhabi’s In­ter­na­tional Petroleum In­vest­ment Co., the co-guar­an­tor of the bonds. The de­fault is the lat­est fi­nan­cial scan­dal that has rocked 1MDB, whose ad­vi­sory board is headed by Malaysian Prime Min­is­ter Na­jib Razak. Bloomberg

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.