Communications magnate and billionaire Ananda Krishnan is said to be stepping in to save the country’s sovereign development investment fund 1Malaysia Development Berhad (1MDB) from a looming RM2 billion debt, which must be paid up by February 18.
Sources close to the matter said according to The Malay Mail Online that Krishnan has agreed to settle the debt ahead of the deadline – itself an extension on two previous due dates for repayment to a host of creditors, including Maybank and RHB Capital.
Ananda had previously sold off his power plants to 1MDB, and has been in talks to become a cornerstone investor in the listing of the fund’s power assets, valued at USD3 billion (RM10.9 billion).
The sources intimated that Krishnan’s company Usaha Tegas had guaranteed the RM2 billion loan.
The banks already know Ananda is paying and everything is in process,” said one source.
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1MDB might default if doesn’t pay off a RM2 billion loan by February 18
