KOTA BARU: 1Malaysia Development Bhd (1MDB) will be shut down once the strategic investment company settles all its debts. 1MDB chairman Tan Sri Dr Mohd Irwan Serigar Abdullah said he was confident the company would be able to repay all its debts through the ongoing rationalisation plan. Pic by FARIS ZAINULDIN"Once the debts are paid, there will be no need for 1MDB," he said in a press conference after delivering the Economic Challenge Order to students of Universiti Malaysia Kelantan (UMK), here, today. Last year, according to the Deed of Settlement with the Minister of Finance (Incorporated) Malaysia and IPIC, 1MDB had fully paid to International Petroleum Investment Co (IPIC) the debts due on Dec 31, 2017. "Of course, there are companies that profit and suffer losses ... when the company suffers losses, it will shut down, but all debts must be paid first," he said.

Source: New Strait Times February 27, 2018 14:37 UTC