Malaysia State Fund 1MDB Plans to Pay $1.5 Billion Debt Soon
- Fund selling off some assets, president says in interview
- 1MDB is subject of investigations in Malaysia, overseas
Signage for the Tun Razak Exchange (TRX) project, developed by 1Malaysia Development Bhd. (1MDB), stands in Kuala Lumpur, Malaysia, on Thursday, July 9, 2015. 1MDB is at the center of a July 3 Wall Street Journal report that about $700 million may have moved through government agencies and firms linked to 1MDB before apparently ending up in accounts bearing Najib's name.
Photographer: Goh Seng Chong/BloombergThe Malaysian state investment company at the center of multiple financial probes said it will repay 6 billion ringgit ($1.5 billion) in coming weeks as asset sales give it room to pare down debt.
1Malaysia Development Bhd. won’t have any more short-term debt and bank loans after the repayments, President Arul Kanda said in an interview on Wednesday at the fund’s headquarters in Kuala Lumpur. It will have a cash surplus of at least 2.3 billion ringgit after settling the debt, he said.