HONG KONG State investors 1Malaysia Development Bhd (1MDB) said on Tuesday it has not made a $50.3 million interest payment on its bonds due 2022 following a stand-off with Abu Dhabi sovereign fund IPIC, but said it will meet all its other liabilities.
1MDB said the missed interest payment had caused a cross default on its 5 billion ringgit ($1.28 billion) sukuk due 2039 and the 2.4 billion ringgit sukuk due between 2021 and 2024.
The two state investors are locked in a dispute over the interest payment on a $1.75 billion bond which was due earlier this month.
($1 = 3.9200 ringgit)
(Reporting by Umesh Desai; Editing by Lisa Jucca)
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Updated Date: Apr 26, 2016 09:45 AM