‘In Maharlika’s case, it’s not a sovereign guarantee. It wouldn’t have the same character as a fund that was guaranteed by the government,’ Senator Mark Villar says.
Gatchalian pointed out that 1MDB also had the ability to issue bonds, which were indirectly guaranteed by the Malaysian government. This attractive offer was used to raise $6.5 billion from bond sales. Of that sum, about“Bonds were the source of the fundraising and the source of the kickbacks,” Gatchalian said. “Apparently the bonds were so attractive because they were packaged in a way that sovereign guarantee was existent, as well as Middle Eastern guarantees by different states.
That specific provision has since been removed from the amended Senate bill. Villar on Monday gave assurances that any international borrowings done by the MIC will have to go through the Monetary Board of the Bangko Sentral ng Pilipinas, and that bonds issued by the MIC itself will not be guaranteed by the government.
“In Maharlika’s case, it’s not a sovereign guarantee. It wouldn’t have the same character as a fund that was guaranteed by the government,” he later added.
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