It was on the 269ft luxury yacht Alfa Nero in the south of France on Aug 28, 2009 that Najib and his wife Rosmah Mansor first met the shareholders of PetroSaudi International Prince Turki and Tarek Obaid with Jho Low. Also on board were Najib’s son Norashman and daughter Nooryana Najwa. Exactly one month later on Sept 28, 1MDB signed a US$1.0 billion JV with PetroSaudi. It was the start of 1MDB’s multi-billion ringgit scandal that will be a major liability to Malaysia’s finances for years to come.

SINGAPORE (July 2): Malaysia’s Ministry of Finance (MOF) has to set aside RM44.6308 billion ($15.1 billion) from now to pay the remaining interest on four 1MDB bonds and to redeem the principal sums when they expire.

The total principal sum of the four bonds is RM31 billion, of which RM14 billion is due just four years away in 2022 and another RM12 billion in 2023. The remaining RM5.0 billion is due only in 2039.

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