Signum Magnolia adds to reasons why LCIA IPIC-1MDB consent award must be withdrawn, if not quashed.

by Ganesh Sahathevan 

This writer reported last week:

IPIC made an announcement to the London Stock Exchange on 10 October 2018.The announcement concerned ,among other things, the  resumption of its !MDB guarantee obligations by Abu Dhabi's Mubadalla.The announcment included these statements:

Signum Guaranteed Obligations means the notes and loans of Signum Magnolia Limited which are collateralised by the USD 1.75 Billion 5.75% Guaranteed Notes due 2022 of 1MDB Energy (Langat) Limited guaranteed by 1MDB and further guaranteed by IPIC." 

There does not appear to be any mention of Signum Magnolia Limited in any previous IPIC announcement which concerned 1MDB. 

The earlier non-disclosure adds to the reasons why the  

LCIA IPIC-1MDB consent award needs to be withdrawn if not quashed:

LCIA IPIC-1MDB consent award further complicated by revelation that IPIC is directly involved in a sham transaction,not disclosed to holders of its debt securities.

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