IslamicFinance.de

1MDB's recent sale of its 60 percent stake in the Bandar Malaysia development project is in violation of the terms for the sukuk Islamic bonds it issued to finance the relocation of several air force bases, PKR secretary-general Rafizi Ramli claims. This, he said in a statement today, is based on pages 30 and 32 of the agreement. Rafizi pointed out that under Item 2(w)(i)(12) of the RM2.4 billion sukuk issuance agreement, Bandar Malaysia Sdn Bhd (BMSB) – "the issuer" – must remain as the wholly-owned subsidiary of 1MDB. The sale, Rafizi argued, is now a major snag to one of the main pillars of the 1MDB debt rationalisation initiative. He vowed to continue with his crusade, for as long as there is no clear answer or remedy from 1MDB.