1Malaysia Development Berhad (1MDB) received RM540 million loan from Export Import (Exim) Bank, with the government’s backing, said Deputy Finance Minister Datuk Chua Tee Yong.

Responding to the adjournment speech Petaling Jaya Utara MP Tony Pua, Chua said the government had issued a support letter for 1MDB to secure the loan, The Malay Mail Online reported.

He said the RM540 million loan was approved as it fulfilled requirements laid out by the bank.

However, Chua did not divulge more details of the loan deal.

Chua also denied that the loan was to help 1MDB to pay for a land it had purchased from Tadmax Resources in Pulau Indah, Klang.

Stressing that the land was purchased according to market price, Chua explained that the land purchase from Tadmax was made in February 2014.

1MDB had bought a 310-acre vacant leasehold land in Pulau Indah for RM294.37 million, after a 7.2% discount from the original RM317.34 million that was agreed upon in a share sale agreement in February 20, 2014.

Tadmax had already received a 10% deposit from Ivory Merge, a subsidiary of 1MDB, in February.

According to The Edge, 1MDB was supposed to settle the land payment in full on or before September 30, 2014 but had requested for an extension to October 10, and then a further extension to October 31.

1MDB had missed all the three deadlines.