(MENAFN) Malaysian state fund 1Malaysia Development Bhd said that it denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts.
Reports showed that IPIC is considering withdrawing from the plan to help restructure 1MDB's debts, barely three months after agreeing to do so. The report pushed down the Malaysian ringgit.
The Malaysian fund has been dogged by controversy over its USD11 billion in debt and is the subject of multiple investigations amid allegations of financial mismanagement and graft.
"We in fact confirm that 1MDB remains engaged in discussions with IPIC, to conclude the transaction per the terms as officially announced by IPIC to the London Stock Exchange on 10 June 2015," it said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.