Wednesday, April 27, 2016

1MDB IPIC EPIC POKER GAME

In this unfolding game of wits or of will if you like, I wrote that the one who blinks first will make the interest payment.

As it turned out it became sort of an intermission.

IPIC has expressedly stated that it will honour all obligations as guarantor for the USD3.5 billion bond issue only after 1MDB had confirmed being in default. 

IPIC also stated that a default by 1MBD will not cause a cross default for it's own bonds.

This is strengthened by a Bloomberg report that supports IPIC's claim and the 1MDB default has had little impact on IPIC's integrity and bond issues.

I also wrote that there is another USD52,412,000 interest due from1MDB  next month and this is confirmed by the 1MDB CEO Arul Kanda.

The due date for the interest payment is 11 May.

Will this 1MDB IPIC dispute end up in the courts?  It looks that way. 

More drama in the next few days, all in.


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