FINAL REDEMPTION OF FUNDS FROM CAYMAN ISLANDS
"Following a commitment made by the Chairman of the Board of Directors in a statement dated 23 December 2014, 1MDB can confirm that it has now redeemed in full the US$2.318 billion invested by the company in a Cayman Islands registered fund.
These funds originated from the repayment of a loan provided to PetroSaudi in 2011, in the form of Murabaha notes, following the termination of an earlier agreement to enter into a JV with the company. The notes, which were paid back in full - with interest, were subsequently invested in a fund under the regulatory supervision of the Cayman Monetary Authority.
1MDB had previously redeemed US$1.215 billion, representing 60% of the funds invested, and has now redeemed an additional US$1.103 billion, representing the remaining balance of the total US$2.318 billion that was originally invested.
1MDB hopes that the redemption of these funds, in full, draws a line under this matter.”
- Arul Kanda, 1MDB President and Group Executive Director