KL to pay Abu Dhabi $1.7b for 1MDB's debt
KUALA LUMPUR • Malaysia has reached an agreement to pay Abu Dhabi about US$1.2 billion (S$1.7 billion) as settlement over the debt of embattled government fund 1Malaysia Development Berhad (1MDB).
Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) will get half the amount by the end of July and the rest by the end of this year, according to an IPIC statement on the London Stock Exchange yesterday.
1MDB will also assume the coupon and principal obligations for US$3.5 billion of bonds issued by it and co-guaranteed by IPIC, the statement added. These obligations will be met primarily via monetisation of 1MDB-owned investment fund units, 1MDB said separately.
Temiar people win land fight in Kelantan
KUALA LUMPUR • In a landmark ruling, the Kota Baru High Court has given recognition to the rights of the Temiar people over their 9,300ha of customary land in Pos Belatim, Gua Musang, in Kelantan.
Justice Zainal Azman Abdul Aziz ruled in favour of the judicial review against the state government over its plan to transfer the Temiar customary territories to state-owned Ladang Rakyat Development Corporation.
Justice Zainal Azman ruled that there was sufficient proof - based on the applicants' affidavits and testimony - that the Temiar had resided in the area for a long time, practised their customs on it, and managed the land.
THE STAR/ASIA NEWS NETWORK
Thailand gives nod to buy $547m China sub
BANGKOK • Thailand's Cabinet has approved the first of three planned submarine purchases from China worth 13.5 billion baht (S$547 million).
The plan to buy the three Chinese-built submarines worth 36 billion baht was confirmed last July, signalling warming ties with the regional superpower since relations with the United States cooled after a May 2014 military coup.
The purchase of the Yuan Class S26T was approved last week but was not disclosed as it was a matter of national security, a government spokesman said yesterday.