PUTRAJAYA: 1Malaysia Development Bhd (1MDB) is insolvent and unable to repay its debts, two of the company's directors have told the Finance Ministry. The revelation was made at a meeting between the Finance Ministry and 1MDB directors Datuk Norazman Ayob and Datuk Kamal Mohd Ali. "The directors of 1MDB confirmed that 1MDB was insolvent and unable to repay its debts," Finance Minister Lim Guan Eng told reporters on Wednesday (May 23) after the meeting. (From left) 1MDB CFO Azmi Tahir, Arul Kanda, and former 1MDB general counsel Ivan Chen. Besides the two directors, Lim had a separate meeting with 1MDB chief executive officer and president Arul Kanda Kandasamy as well as former 1MDB CFO Azmi and former 1MDB general counsel Ivan Chen.

Source: The Star May 23, 2018 11:05 UTC